A RARE 20p error coin has sold for more than 1,000 times its face value after igniting a week long bidding war.
The coin was minted back in 1983 onto a copper coloured blank by mistake, resulting in a very rare bronze 20p.
A lucky seller found the coin and was intrigued by its colouring so sent it off to The Royal Mint to have it authenticated in 2016.
They then listed the 20p on eBay and managed to make a huge profit along with its letter of authentication for the Mint.
The coin received a total of 28 bids from five buyers, upping the bid each day for over a week until finally it sold for a whopping £232.
More valuable bronze 20ps have been discovered in recent years, being valued for as much as £750 in the past.
READ MORE IN MONEY
We’re coin experts – exact dates & errors to spot on rare 20ps worth up to £1,400
Rare error 50p coin sells for over 400 times its face value after bidding war
Kate Morgan, a coin expert from Change Checker, previously told The Sun: "In 2017, a collector reported finding a 1987 20p coin which appeared to have a very different finish to the others you’d usually find in your change."
The collector had assumed that the coin had been plated,but decided to send it off to The Royal Mint to be absolutely sure.
Kate added: "After examining the coin by X-ray fluorescence spectrometry, The Royal Mint confirmed that the bronze 20p was the result of an extremely rare minting ‘error’.
"It was ascertained that a bronze blank, which would usually be used for the production of 1p pieces, had been mistakenly used to strike this 20p."
Most read in Money
WIN BIG
Nine rare McDonald’s Monopoly pieces to look for as code expiry date revealed
SHUT DOWN
Full list of 52 Wilko stores closing for good this week – is your local shutting?
DRIED OUT
I tested £1 mini dehumidifiers – the winner will keep you cool AND prevent mould
CHOC HORROR
Supermarket using dummy boxes of Ferrero Rocher to thwart surge in shoplifters
Since then, in 2018 another collector found a 1990 coin which he also had checked by The Mint and was found to have the same bronze base.
Some of us may have rare coins hidden in wallets or down sofas and they could be worth a bit of dosh.
Coins with a minting error like this could be worth a small fortune because very few actually make it into circulation.
You can make money from these rare coins by selling them at auction, either online or in person, or through a dealer.
The price of a coin varies based on things like demand at the time and how common it is.
It's important to remember that you aren't guaranteed to fetch huge amounts if you do choose to sell your change.
Anyone can list a coin on eBay and charge whatever amount they wish, but it's only ever worth what someone is willing to pay.
By checking the recently sold items you will get a more accurate indication of what people are willing to pay for a specific coin.
How to sell a rare coin
Once you've deciphered whether a coin is rare or not, you can sell it in a number of ways, including through Facebook, eBay or in auction.
If you're selling through Facebook, be wary of the risks attached.
There have been instances where fraudsters have contacted sellers saying they want to buy a rare coin and ask for money upfront for a courier to collect it.
But the items were never picked up and sellers have been left out of pocket.
To avoid this happening it's always worth meeting a potential buyer in person when using Facebook Marketplace.
Of course, make sure it's in a public meeting spot that's well-lit.
If you're selling through eBay, you'll have to start by registering for an account – you just have to enter your email address and come up with a password.
Once you've done this you can list a product – but make sure you've got good pictures and detail the condition of the coin to avoid disappointing buyers.
In most cases, the safest way to sell a rare coin will more than likely be at auction.
You can organise doing this via The Royal Mint's Collectors Service, which has a team of experts who can authenticate and value a coin.
You can get in touch via email and a member of the valuation team will get back to you.
Do bear in mind you will be charged for the service though. How much depends on the size of your collection.
Read More on The Sun
Kylie cuddles up to boyfriend Timothee Chalamet during intimate NYFW dinner
The ‘silent’ symptoms of dehydration & heatstroke you might miss in your child
Meanwhile, a rare error 50p coin has sold for more than 400 times its face value after garnering dozens of bids.
Plus, coin experts have revealed how you could make £1,400 by spotting four exact dates and errors in rare 20ps in your spare change.
Do you have a money problem that needs sorting? Get in touch by emailing [email protected].
You can also join our new Sun Money Facebook group to share stories and tips and engage with the consumer team and other group members.
Source: Read Full Article