Earlier in the week, I received a new 12-sided £1 coin in my change. Upon closer inspection, the year on the back of the coin is 2016.
I thought the coin only came out recently, so would have a 2017 date? A friend has told me that 2016 dated coins are in fact ‘rare’ and can fetch hundreds of pounds online.
Have I been lucky and found a valuable coin in my change? N.K, via e-mail.
Fuss over nothing: The new 12-sided £1 coin has had a vast number minted with the year 2016
Lee Boyce, This is Money consumer affairs editor, replies: The short answer to this question is no. But you’re not the first to ask.
My dad, partner and two friends have all asked me all this very same question this week about the 2016 £1 coin – they have received them in their change and heard they are worth way more than face value.
I have no idea where this myth started. It reminds me of the query we had about Benjamin Britten 50p coins last year which for one reason or another people believed to be rare and thus collectible. They’re not.
I visited the Royal Mint earlier in the year. At the time, I was told around half a billion £1 coins would have 2016 on them as they began production last year, in order to have enough coins ready for the 28 March launch.
No chance: There are dozens of listings like this one, claiming to be rare or to have the ‘wrong date’
The new 12-sided coins, which are made from two different coloured metals and have a hologram underneath the Queen’s effigy, have been designed to combat fraud. Many of the old style round £1 coins are fakes.
The £1 coins listed on online marketplaces such as eBay are likely to be posted by chancers hoping to suck people into believing they are collectible.
Half a billion £1 coins with 2016 dates would mean roughly eight for every Briton, making them plentiful.
In contrast, the Kew Gardens 50p, which genuinely can fetch upwards of £50 online, had a mintage of just 210,000.
The Royal Mint will strike a total of 1.5billion of the £1 coins by the end of 2017.
The only way a new £1 may have some sort of additional value is if there is a mistake on the coin. Don’t be fooled – your £1 is very likely to be worth £1.
For coins that can turn up in your change worth more than face value, check out this guide.