Rare coin listed for £5million - but expert warns 'let's get one thing straight'
Whether you're a seasoned numismatist or just have a jar of change, rare coins could potentially make you a fortune.
Recently, coin enthusiasts were buzzing over a scarce 50p piece, with only 200,000 in circulation, that's worth more than its face value.
Now, the @CoinCollectingWizard, who has amassed an impressive following of 30,100 on Instagram, has debunked a myth about a 1971 penny believed to be worth a whopping £5million.
In a comprehensive post, he warned collectors against misinformation suggesting this penny could hold a life-changing value.
He stated: "1971 penny worth £5million!". You've probably seen the viral posts claiming that a 1971 1p coin is worth £5 million... but let's get one thing straight:".
"It's NOT true. It's NOT rare. It's NOT valuable.", reports the Mirror.
The coin enthusiast explained that around a million of these coins were minted as it was the first year of decimalisation in the UK. He added: "These coins are incredibly common and are worth exactly what it says on the tin: 1p."
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In a final word of caution, the coin collector warned: "There are scammers and fake posts circulating online, especially on social media and dodgy websites, trying to convince people they've got a fortune in their pocket.
"These are designed to trick you, either into handing over money, personal info, or just chasing fake dreams. Always double-check with reliable sources. If it sounds too good to be true... it probably is."
The Royal Mint has revealed that a total of 1.5 million of these coins were minted in that year to replace the old 'pre-decimal' currency which was being phased out.
According to the Britannia Coin Company, this is by far the largest annual mintage for 1p coins since decimalisation. Prior to this, all early decimal pennies bore the words 'NEW PENNY' on the reverse, including those dated 1971.
However, from 1982 onwards, this was changed to 'ONE PENNY'. While it's still possible to find portcullis pennies in your change, they are becoming increasingly rare.
This is due to The Royal Mint withdrawing old, worn coins in favour of newly minted ones. In other words, you'd be extremely fortunate to come across a penny coin dated 1971.
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