The coin from 2016 is highly sought after by collectors
An expert has urged Brits to keep an eye out for a highly valuable £1 coin in circulation. This piece could be worth as much as £500 if it bears a specific error.
In a video uploaded to social media platform TikTok, an expert known as the Coin Collecting Wizard introduced his followers to this rare £1 coin from 2016. The new 12-sided £1 coins entered circulation in the UK in April 2017, although a number of coins had also been minted in 2016 in preparation.
However, some were struck with a tiny error along its rim. The error means that the main date of the coin, by the Queen’s head will say “2016” while a tiny inscription on its outer rim will say “2017”.
The expert said: “Look out for this £1 coin as it could be worth £500. Here’s what to look for.
“A rare and valuable error has been discovered on some of the 12-sided £1 coins dated 2016, which feature a micro-engraving mistake that could make them worth up to £500.
“Although these coins are stamped with the year 2016 some carry a hidden micro-engraving on the inner rim that reads “2017” – a mismatch that should not exist.”
However, this error may be particularly hard to spot. He continued: “The micro-engraving is one of the coin’s advanced security features intended to match the date on the coin’s face.
“This particular error is believed to have occurred during the early stages of production possibly as test runs or transitional issues between design stages because the Royal Mint introduced the new £1 coin into circulation in 2017. Any micro engraving referencing 2017 on a coin dated 2016 is a minting anomaly.
“These coins are extremely scarce and sought after by collectors with some reported to have sold for hundreds of pounds. If you come across a 2016 £1 coin it’s worth checking under magnification.”
Experts at Change Checker supported his advice. They said: “Firstly, although both 2016 and 2017 obverse-dated £1 coins entered circulation in April 2017, the die-error mix-up appears to have only occurred on a limited number of coins with a 2016 date on the Queen’s head side. So it’s worth checking any 2016 coins.
“You’ll need to look just inside the rim of the design-side of the coin, where you will see some tiny writing. You’ll almost certainly need a microscope to properly see the writing, which should reveal the date.”
According to them, an example of this coin was sold for £2,500 to a buyer in Spain in 2017. However, they estimated that the value of this coin, in excellent condition, is between £300 and £500.
