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Rare coin collectors hunt for one pound with special error that makes it worth 1k

This one pound coin is very special as it features an error which collectors would "pay premium for". It could be hiding somewhere in your stash and be worth up to 1,000

[One pound coin]

Check your change for this one pound coin(Image: Getty Images/iStockphoto)

Checking your wallets for rare coins has never been more important than now. It doesn't matter if it's 50p coins that could make you rich, or a 20p coin which is a little bit more than face value, some pieces are very desirable.

Keeping an eye on your stash can help you find hidden gems with a string of coins hitting headlines in recent months. Now Instagram user @CoinCollectingWizard recently told his 34,000 followers how this one pound coin is very special. If yours features a unique error on the front, then you could bag a few extra quids for it. So do you have it?

Discussing the 'Partial Collar Error', this piece is so unique that people across the UK would happily "pay a premium" to own one.

He said: "Have you ever seen a coin like THIS? It's called a Partial Collar Error and collectors LOVE finding them!"

The collector added: "Normally, when a coin is struck, it sits perfectly inside a metal collar that gives it that neat, round edge.

"But sometimes, the coin isn't seated properly... part of it slips out of the collar.

"The result? A coin that looks slightly off-centre, mis-shaped, or with a strange 'lip' around the edge."

The expert claimed these kind of coins "aren't damage" but are "true minting errors".

"And error collectors will pay a premium to add them to their collections," he continued. "Value depends on the coin, the size of the error, and demand... but trust me, people WANT these!"

This kind of error occurs when the collar, the device which holds the planchet (blank coin) in place during striking, only partially confines the planchet, resulting in an uneven edge and rim on the coin.

Instead of the full, normal rim, one portion of the edge will show the impression of the collar, while the other part might appear smooth, angled, or splayed outwards.

And often this creates a "railroad rim" effect on reeded coins.

Experts believe one of these errors can be worth from 5 to over 1,000, with the value depending on the coin's rarity, condition and, of course, demand.

These errors are one-of-a-kind or extremely uncommon so could even command higher prices.

Think you own one of these? It's best to get it valued by an expert who can reveal its full potential to you. Then when you have a price, you could decide whether to hold onto it or sell it at auction.

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