Rare coin collector warning over 1p coin 'worth £5 million'
One person who is always quick to alert people to these gems is Coin Collecting Wizard, a keen coin collector who has more than 30,000 on Instagram.
Usually, he will be flagging rare coins that you may potentially have in your wallet that could make a pretty profit.
A post shared by CoinCollectingWizard🧙♂️ (@coincollectingwizard)
However, the Coin Collecting Wizard recently took to Instagram to issue an important warning about a new rare coin scam that is circulating on social media.
Viral posts have been widely shared that claim a 1p coin from 1971 could be worth as much as £5 million, but it is not true.
The Coin Collecting Wizard explained: '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.
'Millions of 1971 pennies were minted — it was the first year of decimalisation in the UK, so they made loads of them!
'These coins are incredibly common and are worth exactly what it says on the tin: 1p.
'Please be careful — 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 50 pence piece has become the most valued and collected coin in the UK, with many collectable designs appearing on its heptagonal canvas.
Its 27.5mm diameter makes it the largest of any British coin, and allows space for decorative pictures. It has often been used to celebrate big events over the past 50 years of British history.
The rarest coins tend to be of the greatest value, with the mintage (number of coins with each design made) being the fundamental attraction for collectors.
Along with the design, other aspects of the coin which increase value are the condition of the coin and whether it has an error in its design.
The way in which it is sold can also determine the coin's value - while some coin collectors will bid vast amounts of money on eBay or at auction, others opt for more robust valuations by selling via a coin dealer.
Here is a list of the top 10 most valuable coins, when they were made and how many were minted:
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