New Pence 2p coin worth £1,000: The Royal Mint coins date back to 1983 and are rising in value due to a rare mistake

TikTok user @CoinCollectingWizard explained: “Did you know about the New Pence 2p coin worth £1,000? Don't worry though this one is 1971 and not the rare date.

The Royal Mint coins date back to 1983 and are rising in value due to a rare mistake in the wording on the coins.

The error makes them highly sought after by collectors, with just a small number of the coins being minted.

TikTok user @CoinCollectingWizard explained: “Did you know about the New Pence 2p coin worth £1,000? Don't worry though this one is 1971 and not the rare date.

"Want to know what rare New Pence coins to look out for, keep watching. After the design changed from New Pence to Two Pence in 1982, a mistake was made during production of a small number of 1983 coins."

The coins to look out for were struck with the old inscription of New Pence rather than Two Pence, but still carry the 1983 date.

“If it says New Pence on the reverse instead of the words Two Pence then you have found it.,” they explained.

“If you are lucking enough to find a 1983 New Pence 2p in your change, then it is worth around £1,000. You are more likely to find the coin in the 1983 Royal Mint set though as this is where the mistake happened."

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.

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.

The Royal Mint has revealed the most valuable 50p coins in its collection.

One of the rarest is the Kew’s Garden 50p, which was designed to mark the 250th anniversary of the gardens in 2009. Only 210,000 coins were ever minted with this design.

The Kew Gardens 50p sells for £156.25 on average, but one seller received over £700 for one when they sold it on eBay.

The other rarest coins stem predominantly from the 2011 Olympics, with the wrestling, football and judo coins among the most valuable. Only 1.1million of each of these coins were produced.

Flopsy bunny and Peter Rabbit designs which were produced in 2018 are also highly valuable.

These coins - 1.4 million of which were minted - depict the characters from Beatrix Potter’s novels and celebrate the life of the English writer and these sell for around £5.

In 2019, 500 million coins were produced, with three new 50p designs.

These included one of Arthur Conan Doyle’s Sherlock Holmes, Paddington Bear at St Paul's Cathedral and the Tower of London.

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