Brits urged to check wallets for 1p coin that could be worth up to £200,000

Brits have been urged to check their money jars and look for a 1p coin which could be worth 20 million times its face value.

A penny specialist, who is known as CoinCollectingWizard on TikTok, has shared that the 72-year-old coin could result in a major payout. According to the specialist, there are a few details on the specific coin for people to look out for.

He captioned the video on social media: 'Always be on the lookout for those old UK pennies'. The rare 1p coin is dated 1952 and is marked with a picture of George VI. The TikToker described the coin as the "rarest proof penny" of its entire collection of copper and bronze pennies.

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The specialist said: "Jiminy Cricket - £200,000 for this old penny. The existence of this unique 1952-proof penny was not known publicly until its initial appearance at Numismatic Auctions in October of 1997, some 45 years after it was struck. The British Numismatic world was astonished to see this coin appear and in proof quality, as this was not known to exist."

The TikToker then explained that the coin is particularly special because it is the "only unique proof striking" of a pre-decimal penny of the 20th century. The coin holds further value because it is the highest quality coin a mint produces, according to BullionByPost.

Companies such as the Royal Mint usually create just a small number of these each year, because of the lengthy process that it involves making the coins. It has been reported that it takes around an hour to strike 50 proof coins due to its hand-finished dyes and etching.

London-based dealer Sovereign Rarities states on its website: "It is perhaps understandable that the George VI 1952 Proof Penny remains a unique piece, as the King died very early in 1952 passing away on 6 February. Only the smaller denominations of currency coins that were in great demand were struck for circulation in 1952, with the larger denominations omitted in anticipation of a new reign and a new coinage for Queen Elizabeth II."

The CoinCollectingWizard added: "A lovely example went up for auction recently and sold for £200,000, so it is 100% a coin to look out for." However, this isn't the only penny that can change your fortune overnight. If you happen to have a coin which states the year, 1954, then you could be onto a winner.

TikTok user @thecoincollectorUK said: "It's definitely worth checking if you have any jars of old pennies lying around. You never know, you might just have one of the extremely rare 1954 pennies worth potentially hundreds of thousands, or even millions, of pounds."