People have been alerted to keep a close watch for an ordinary-looking £1 coin that might just be worth an eye-watering £2,500 due to a minuscule production error

The sought-after £1 piece is from 2016, distinguishable as the newer 12-sided version.

People have been warned to look closely for a standard-trying to be used to good purpose.

People have been warned to look closely for a standard-trying to be used to good purpose.

The Royal Mint produced more than half a billion of the new 12-sided £1 coins in 2016 in anticipation of the currency transition, which began in March 2017.

However, a batch of the coins was double dated with both 2016 and 2017, rendering them highly valuable to collectors.

The date 2017 is so small that it may be difficult to view and is located on the tails side of the coin.

Coin aficionado, The Coin Collecting Wizard, recently shared a crucial tip with his followers on TikTok.

In his engaging video, he highlighted a specific variety of the United Kingdom £1 coin that commands a hefty price due to a rare dual dated error.

Addressing his viewers directly, he said: "What you need to look out for is a 2016 obverse coin with 2017 micro-engraving on the reverse. You may need a microscope."

This coin, valued at £2,500, is currently in the possession of a buyer in Spain.

Coin variety website Change Checker also noted that at least one example of the dual-dated £1 coin sold for an estimated £2,500 to a buyer in Spain in 2017.

They explained that the error is particularly difficult to spot due to the size of the micro-engraving.

Taking all factors into account, Change Checker's best value estimate for a dual-dated £1 Coin in excellent condition is currently in the range of £300 to £500.

A dual-error 2016 £1 coin was recently listed on eBay for £1,500 at the time of reporting.