Collectors are constantly being urged to check their change now for specific rare coins in their pockets. Now there's a number of designs being listed for an eye-watering sum online, but it's not what you think.
Known as the @CoinCollectingWizard on social media platforms like Instagram and TikTok, the expert claimed how at "first glance" it looks like a life-changing goldmine, however, you shouldn't get too carried away. He warned the numbers are edited, the prices are fake and scammers are using these kind of posts to trick other UK collectors into thinking their coins are worth the big bucks when they're not.
Speaking with his 36,500 followers on Instagram, he said: "£12 MILLION for some old coins??! You won't believe the photo someone sent me... at first glance it looks like a life-changing goldmine. But hold up.
"These photos doing the rounds online have been doctored. The numbers are edited, the prices are fake, and scammers use them to trick people into thinking their everyday coins are worth millions."
He continued: "No UK coin is selling for £12 million. Not even close. If you ever see a photo like that with a crazy price tag slapped on it – be cautious. Anyone can edit a screenshot, add a fake valuation, and make it go viral."
The collector finished the post by urging others to "always double-check" their coins and "stay smart". "If you ever get sent something suspicious, you can always send it my way and I'll tell you if it's real or not," he concluded.
How to check if rare coin is genuine:Mintage: The fewer coins produced, the rarer they are. This can be intentional for collector editions or a result of historical circumstances like a monarch's abdication.
Condition: This is crucial as any coin in "mint" or pristine condition is worth more than any worn or damaged one.
Historical significance: Coins minted for historical events, like royal weddings or anniversaries, are highly sought-after.
Errors: Any coin with an obvious mistake which escaped quality control would be valuable due to their rarity.
Unique design: Coins with special designs that differ from standard issues can attract high collector interest.
Metal content: For some coins, the value of the precious metal they contain is a base value, but numismatic value is added for rarity and other factors.
Age and survival rate: Older coins can become rare simply because a large number have been lost or destroyed over time. Even if millions were originally minted, only a fraction may exist today.
