The exact detail to spot on a rare coin that could be worth a million – check if you have one
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COIN collectors are going crazy for a rare coin that could fetch up to £2,000 because of one key detail.
TikTok coin expert Coin Collecting Wizard has revealed a key detail that could make your change worth a small fortune.
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A rare King Edward VII coin could be worth up to £1million at auction
Credit: Coin Collecting Wizard
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Few of the coins were minted and many were melted down by the Royal Mint
Credit: Coin Collecting Wizard
As he explains in his most recent video, the coin could make you a millionaire but only if it has a certain king on it.
The Edward VIII coins are a series that were produced in the UK and other nations in the British Empire in 1936.
They were minted to celebrate the accession of Edward VIII to the throne.
But because of his short reign of just 325 days and eventual abdication he was never crowned.
The coins that were minted never officially entered circulation but a few of the coins did.
The exact number of Edward VIII coins in circulation is unknown.
The Royal Mint melted down the vast majority of the coins after Edward's abdication.
Some of the coins that still exist are kept in the Royal Mint museum.
Meanwhile, others have entered private collections.
But if you can get your hands on one of them then you could be sitting on a goldmine.
Olympic Aquatics 50p coin error
In 2020 an Edward VIII gold pattern coin sold for £1million at auction - the most for a British coin.
Coin Collecting Wizard warns: 'Have you seen this king on any of your coins? If so, you have a very rare coin and can easily sell for millions.'
But watch out as several private mints have produced replica coins also showing Edward VIII, he warns.
He added: 'Be careful as there are a lot of fakes and copies out there.'
Most of these are dated 1936 - even if they were made much later.
How to check if your change is worth anything
If you think you may have a rare coin then it is worth taking it to an expert to see if yours could sell for a hefty price tag.
The most valuable coins are those that were minted in very small quantities or contain errors.
You can check how much a coin has sold for on eBay by searching the full name of the coin.
Next select the 'sold' listing and toggle the search to 'highest value'.
It will give you an idea of what your coin could be worth.
But remember, a coin is only worth what someone is prepared to pay for it.
Sometimes collectors will pay more for a coin if it is part of a complete set.
Plus, it is not always the case that a coin has sold for the amount it was listed for.
Which coins are popular with collectors?
50ps are often one of the most popular types of coins to collect.
This is because they have a large surface area and there is enough space to add new and intricate designs.
50p pieces are the largest British coin and they are often used to celebrate big occasions such as historical events or anniversaries.
The fewer coins that were printed, the more valuable your coin is likely to be.
Meanwhile, errors make a coin unique, which means it is likely to be worth more.
As a general rule of thumb, the rarer the coin the more valuable it is to collectors.
How to sell a rare coin
There are several ways to sell a rare coin, including on eBay, Facebook or at auction.
If you decide to sell through Facebook then there are a few risks.
Some sellers have said they were targeted by scammers on Facebook who pretended they needed a courier to pick up the coin.
The seller then pays for the courier but it is never sent.
To make sure this does not happen, meet a Facebook seller in person when buying or selling items.
Meet in a public place in a well-list area and try to avoid using payment links.
Try to take a cash payment and make sure it is not counterfeit before you agree.
The safest way to sell a rare coin is usually at auction.
You can contact a local auction house to sell your coin or organise for it to be sold through The Royal Mint's Collectors Service.
Its experts can help to authenticate and value your coin.
Contact them via email and a member of the valuation team will get back to you.
Do you have a money problem that needs sorting? Get in touch by emailing money-sm@news.co.uk.
Plus, you can join our Sun Money Chats and Tips Facebook group to share your tips and stories
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