An expert explained exactly how to spot this coin, which is worth far more than its face value.
Brits have been advised to “keep an eye out” for a penny coin from a specific date. In good condition, this rare piece could be worth up to £70 to collectors.
Speaking on social media platform TikTok, an expert known online as the Coin Collecting Wizard alerted his followers to a highly sought-after coin that could be sitting at home. While this coin is no longer in circulation as it pre-dates decimalisation, it could be stashed away in an attic or old coin jar.
He created the video in response to someone asking if their 1967 penny coin was valuable. To this the expert said: “There are many UK pre-decimal pennies that do hold value depending on the date, but unfortunately the 1967 penny isn’t one of them.
“Let’s look at one that is rare.” He continued: “The 1950 is a rare penny to look for.
“A very low minted penny. In 1950 they only made 240,000 coins. That means for £1,000 you could have bought all the 1950 pennies they ever made.”
He shared more about the unusual history of the coin. “Until very recently, numismatists have always thought that all the 1950 pennies were shipped to Bermuda for use after World War II,” he said.
“Now we know that this information is wrong. They were also sent to the Bahamas in the West Indies.
“Now these coins were actually used in circulation because after the war there was a great shortage of small change.” He added that these could be worth up to £70.
He said: “So to find a 1950 UK pre-decimal penny today, you are looking at between 30 and 70 pounds depending on condition. So keep an eye out for ‘1950’.”
Experts at Coincraft explained more. “The 1950 penny was issued during the reign of King George VI, this bronze penny showcases a design by Thomas Humphrey Paget,” they said. “The obverse features a left-facing portrait of the king with the inscription. On the reverse, the iconic image of Britannia, seated and holding a trident and shield, symbolising Britain’s naval power and strength.
“The 1950 penny was shipped to the Caribbean, along with other denominations of British coins. During the mid-20th century, British currency was widely used in many Caribbean territories, reflecting the colonial ties between Britain and the region. Coins such as the 1950 penny would have circulated in places like Jamaica, Trinidad and Tobago, and Barbados, where they were used in everyday transactions.”
At the time of reporting, examples of the coin could be found listed on eBay for £34 and above.