Rare Royal Mint £1 coin sells for nearly £700 on eBay

The 2017 coin sold for £699.30 on eBay on Tuesday March 31st due to being minted with a rare error, as it is "double struck".

A double-strike is a coin that is struck twice during the minting process.

Double-strikes generally occur when a coin is struck, fails to be ejected from the collar die, and is struck again with the second strike directly on top of the first strike.

A rare £1 coin has sold for almost 700 time its shop value because the Queen's head has been printed on it TWICE. (Image: Kennedy News & Media)

Oftentimes, double-strikes on-centre will be rotated between strikes, with the first strike not perfectly aligned with the second strike.

As a result, the portrait of Queen Elizabeth II appears twice on the obverse of the coin.

The Nations of the Crown design on the reverse of the pound coin also appears twice.

The listing reads: "Double strike 2017 £1 Coin (Mint error). Doubling on Queens Portrait."

After inspiring a mini bidding war, with 30 bids placed, one keen bidder snapped up the coin for £699.30 plus £3.42 postage.

That means the coin was sold for almost 700 times its shop value and will be sure to have Brits checking their change.

The £1 coin was first issued in April 1983 to replace the £1 note.

To make it easy to identify, the round £1 coin was thicker than other coins, while its 'yellow' colour allowed it to stand out from the cupro-nickel 'silver' coins already in circulation.

Since then, there have been several different variations of the coin.

In 2017, the familiar £1 round coin was replaced with an all new, 12-sided £1 coin.

Five Incredibly Rare and Valuable British Coins

What makes a coin valuable?

The 50 pence piece has become the most valued and collected coin in the UK, with many collectable designs appearing on its heptagonal canvas.

Its 27.5mm diameter makes it the largest of any British coin, and allows space for decorative pictures. It has often been used to celebrate big events over the past 50 years of British history.

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The rarest coins tend to be of the greatest value, with the mintage (number of coins with each design made) being the fundamental attraction for collectors.

Along with the design, other aspects of the coin which increase value are the condition of the coin and whether it has an error in its design.

The way in which it is sold can also determine the coin’s value - while some coin collectors will bid vast amounts of money on eBay or at auction, others opt for more robust valuations by selling via a coin dealer.

Royal Mint top 10 most valuable 50p coins

Here is a list of the top 10 most valuable coins, when they were made and how many were minted:

1. Atlantic Salmon (2023), 200,000
2. Kew Gardens (2009), 210,000
3. Olympic Wrestling (2011), 1,129,500
4. Olympic Football (2011), 1,161,500
5. Olympic Judo (2011), 1,161,500
6. Olympic Triathlon (2011), 1,163,500
7. Peter Rabbit (2018), 1,400,000
8. Flopsy Bunny (2018), 1,400,000
9. Olympic Tennis (2011), 1,454,000
10. Olympic Goalball (2011), 1,615,500