This penny coin has been spotted with a £5million price tag online, now one collector is issuing an important message over its price tag, urging many to check their change
A penny is currently hot topic after a rare coin collector urged Brits to check their change for a piece selling for £45,000 online. It’s not unheard of to discuss rare coins which are worth a lot more than face value.
It could be a 50p which sells for hundreds more than face value, or even a penny from the 1800s. Now one coin collector has issued urgent advice over a coin which has been spotted with a £5million price tag. Speaking with his 37,200 followers on Instagram, this modern UK penny has been doing the rounds for apparently selling for a life-changing sum of money.
He said: “A penny worth £5million?! You’ll probably have seen the photo doing the rounds claiming a modern UK penny sold for £5,000,000… and I’m going to say this very clearly.”
Discussing the three reasons the coin isn’t what people think, he added: “It is not true. There is no modern UK penny worth millions. There is no penny worth £5million. NONE.
“These images are usually fake, edited, or taken from completely unrelated auction results and slapped onto a penny photo to generate clicks and shares.”
However, he did note some pennies are collectible and a very small number of error or rare-date pennies can be worth good money, but never millions.
The expert concluded: “If you see a valuation that sounds too good to be true – it is. Always check verified auction results, not viral Facebook photos.”
He finished the post by urging others to share the message. There are a number of checks to determine if a rare coin is real.
How to spot genuine rare coin:
- Look up mintage numbers
- Verify its weight and dimensions
- Check small details, like seam lines and whether metal is non-magnetic
- Visit auction sites or eBay to check previous selling price
- Speak to a professional if you suspect you own a rare coin
In order to identify a rare coin, you must be vigilant over scams online. Often, a rare coin priced significantly below market value is a major warning sign.
Also fake coins tend to look too shiny or overly dull, while some might even have a strange colour. You can also compare the suspect coin to high-resolution, certified photos from official databases, paying close attention to every tiny design detail.
