Think you’ve got a rare coin? Here’s how you can work out how much it’s worth

RARE coins are often worth much more than their face value - here's what to do if you find a lucky penny in your pocket.

But first, you'll need to know how to identify a rare - and potentially priceless - coin.

Rare coins and valuable notes can be worth tens of thousands of times their face value.

But sometimes it's just tiny differences which make them so lucrative.

Here's how to tell the difference - and what to do if you think you can cash in.

Do I have a rare coin?

The most valuable coins tend to be ones with low mintage numbers or an error.

Those qualities typically make them valuable to collectors.

But other rare and valuable coins could be in your collection - ones that contain small and subtle minting errors.

For example, "New Pence" 2p coins from 1983 often sell for hundreds of pounds due to a mintage mistake - they stopped being called "New Pence" in 1981.

Meanwhile a 50p Olympic coin, which was released to celebrate the London 2012 Olympics, has a small error where the water passed directly over the swimmers face.

This was quickly rectified - but a small number were produced and entered circulation.

These coins have sold for up to £1,000.

If it’s not a coin on a list - don’t count it out.

It could be that you’ve found a new one that hasn’t been spotted before.

Check the value of your coin on eBay

After you’ve determined how rare your coin is by looking at the latest scarcity index,  the next step would be to take a look at what has recently sold on eBay.

Experts from Change Checker recommend to look at "sold listings".

That's because anyone can list a coin on eBay and charge whatever amount they wish.

By checking the recently sold items you will get a more accurate indication of what people are willing to pay for a particular coin.

Are your coins still available to buy in BU quality?

Your next step would be to check if your coin is still available to purchase in superior Brilliant Uncirculated quality from an official Royal Mint distributor, according to Change Checker.

Certified Brilliant Uncirculated coins have been specially struck to a superior unblemished quality which set them apart from the coins you may find in pockets.

So, if your coin is still available for sale, its very unlikely that collectors would purchase a circulation quality coin for the same price.

Selling a coin at auction or through a dealer

If you’ve got a coin that you would like to sell at auction then you can contact a member of the British Numismatic Trade Association.

They usually deal in very old coins but they may be able to help you assess whether it’s worth selling your coin at auction or whether it would be valuable to collector.

For this service they will usually charge a fee or take a slice of the sale money.

You’ll often have to visit them in person with the coin in order for them to assess it. Helpfully you can sort the members according the county where they are based.

Sell it on eBay

If you want to sell the coin you’ve found in your spare change on eBay then you need to know the risks.

Remember to set a minimum price that is higher or at the very least equal to the face value of the coin.

Even if your coin “sells” on eBay for a high price there’s no guarantee that the buyer will cough out.

It its terms and conditions, the auction website states that bidders enter a “legally binding contract to purchase an item”, but there’s no way to enforce this rule in reality.

The most eBay can do is add a note to their account of the unpaid item or remove their ability to bid and buy.

This is because in order to sign up to the website users do not need to put in valid bank or PayPal details before making a bid.

If a bidder refuses to pay, then the only option for sellers is to give “second chance offers” to other bidders or re-list the item.

For items of a high value eBay recommends that sellers put a limit on their listing to approve bidders.

It means bidders must email you before placing a bid but not that they must pay out the cash if they win.

We've rounded up the most rare and valuable £5 notes.

And stay up to date with all the rarest 50p, 10p and 2p pieces worth up to £1,450.