While it can be exciting to look for rare coins with a view to making a bit of cash off them, we should be wary of the fact that scammers will use any opportunity to steal from their ‘mark’.
This has been reiterated by a coin-collecting expert, who has spoken out about a common scam doing the rounds.
TikTok guru @CoinCollectingWizard warned his 30,000 followers on Instagram about a 1971 penny that people believe is worth a staggering £5million.
Sadly though, this is incredibly misleading. He said: “1971 penny worth £5million! You’ve probably seen the viral posts claiming that a 1971 1p coin is worth £5 million… but let’s get one thing straight: It’s NOT true. It’s NOT rare. It’s NOT valuable.”
According to the coin collector, about a million of these coins were minted because it was the first year of decimalisation in the UK.
He continued: “These coins are incredibly common and are worth exactly what it says on the tin: 1p.”
Urging followers to be careful, the coin collector concluded: “There are scammers and fake posts circulating online, especially on social media and dodgy websites, trying to convince people they’ve got a fortune in their pocket.
“These are designed to trick you, either into handing over money, personal info, or just chasing fake dreams.
“Always double-check with reliable sources. If it sounds too good to be true… it probably is.”
If you suspect you have a rare coin, follow these steps:
1. Handle with care
Hold the coin by its edges to prevent fingerprints or damage. Refrain from cleaning it, as this can diminish its value.
2. Identify the coin
Take note of the coin’s country, denomination, year, and any mint marks or unique features. Compare it to images and descriptions in coin catalogues or trustworthy online resources.
3. Evaluate condition
The coin’s condition (grade) significantly impacts its value. Look for signs of wear, scratches, or other marks. Professional grading services can provide an official evaluation.
4. Research value
Check recent sales of similar coins on auction sites (e.g., eBay, Heritage Auctions) or consult price guides. Remember, a coin’s value depends on rarity, demand, and condition.
5. Seek expert advice
If you still believe your coin is rare or valuable, take it to a reputable coin dealer, numismatist, or coin show for a professional opinion.
You can also contact a professional grading service like PCGS or NGC for authentication and grading.
So there you have it, five simple ways to check your coins. Happy collecting, everyone!
