If you’re new to rare coin collecting, you might want to know this one tip before you get scammed online. A popular TikTok viewer recently issued a warning in one of his videos
Starting a collection of any sort requires a lot of research and reading.
In recent months, rare coins have become hot topic, so it’s understandable for many people wanting to jump on the bandwagon themselves. This could, however, mean plenty of sellers are putting ridiculous price tags on designs which aren’t worth much.
Now one TikTok user, known as @CoinCollectingWizard with over 215,000 followers, issued an urgent warning to his fans over a 50p coin which is being sold for around £20,000, when it’s just worth face value.
He revealed the coin as the Brexit 50p, a commemorative piece which was struck to mark the planned withdrawal of the United Kingdom from the European Union on October 31, 2019. However, since the date was delayed, the minting of the coins was paused.
Now in the video, which begins with someone flying on a private jet because they found a “rare 50p coin worth £20,000”, the TikTok user revealed people should get a refund if this is ever the case. He said: “This has a mintage of over 5million.
“The arrival of the Brexit 50p, officially known as the withdrawal from the European Union, didn’t go smoothly just like the political maze of the Brexit process itself. Eventually the coin was released and sometimes pops up with high price tags online.
“But you really shouldn’t believe everything you see on the internet, as it’s just worth 50p.” Showing screenshots of previous listings, he issued some advice: “Just remember anyone can put these prices and you should be looking at sold prices rather than live listings.
“I promise you this 50p is only worth 50p and is one of the easiest coins to find in your change.” Since he shared the crucial warning, the post garnered plenty of likes and comments.
There are many ways to determine is a rare coin is genuine. Firstly, make sure to examine it closely for visual imperfections, check its weight and diameter, as well as doing a spot of research. Also a coin’s history can provide valuable information to prove its origin.
But if you have any doubts, it’s worth reaching out to any experts to help, like Coin Hunter or ChangeChecker. Just make sure you do your research before offering loads of money for it.
