The new £1 coin is supposed to be the ‘most secure in the world’ but some have LOOSE centres
THE new £1 coin has been dubbed the “most secure in the world” - but some have already been found to have a major flaw.
Dozens of new 12-sided coins where the centre has come loose are being flogged on eBay, with many hoping to cash in on the error.
The new £1 coin is made of two metal rings and includes a hologram, as well as a hidden security feature to protect it from counterfeiting.
But it appears that a minting error has caused a small number of the coins to separate.
The Royal Mint plans to strike a total of 1.5 billion coins with the new design by the end of the year.
Despite tight quality controls there a small number that slip through with mistakes.
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Coins often become valuable when they are made with an error. The small and subtle minting mistakes means they are more sought-after by collectors.
But how much will a coin with a loose centre fetch? The most one of these coins has sold for is £13.50, while others have been selling for just £3.
Other new £1 coins with minting errors, such as missing have sold for as much as £295 on eBay.
WHAT TO DO IF YOU'VE GOT A RARE COIN
Firstly, you need to make sure the coin is legit and not counterfeit. The Royal Mint is unable to value a coin but it can confirm whether it is real or not.
They will usually supply you with a letter to confirm this. Once you’ve found out whether the coin is real or not, you have a number of options - either selling it through a coin dealer, at auction or 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.
For more information about what to do if you've found a rare coin, read our guide.
Earlier this year, The Sun Online squashed claims that new £1 coins with the 2016 date were worth as much as £250.
Since the coin was launched on March 28, hundreds of 2016 new £1 coins have been listed on eBay.
The sellers say they are rare, claiming they have been misprinted with the 2016 date.
Some have even tried their luck by listing them for as much as £750,000.
But these estimations have been vastly overblown. Some coins have even gone for LESS than their original value as sellers forget to put a minimum limit on their eBay listing.
The Sun Online contacted the Royal Mint for a comment.
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