Rare two-pence coin with 'major error' fetches £700 at auction

The 2p coin from 1983, which was sold at RWB Auctions last week, has an unusual wording that has piqued the interest of collectors worldwide.

A rare two-pence coin with a "major error" has sold for £700 at auction.

The 2p coin from 1983, which was sold at RWB Auctions last week, has an unusual wording that has piqued the interest of collectors worldwide.

Due to a mistake by the UK's Royal Mint, the coin reads "new pence" instead of "two pence".

This subtle error is believed to have occurred when an old dye was used to strike the coin, and only a few of these coins are thought to exist.

The rare 2p coin was part of a promotional giveaway called The Great British 1983 Coin Collection, a collaboration between The Royal Mint and Italian drinks company Martini and Rossi.

Despite thousands of sets being released, only a small number feature the rare 2p coin.

Jon White, of RWB Auctions, is now urging those born in the 1980s to check their coins, saying: "It is worth checking old coin collections for this set, particularly if you were born in 1983.

"Someone may have bought you one as a baby or as a Christening present. If they happened to get hold of a rare one, then you have a very valuable gift on your hands."

UK coins can be considered rare and valuable due to a mix of factors, including low mintage, production errors, historical significance, or unique designs.

Here's why some UK coins are more sought after:

* Coins with a low number of copies tend to be rarer and more valuable, reports the Mirror.

* Limited release coins become harder to find, making them more desirable to collectors.

* Some coins are minted with mistakes, such as misalignments, wrong designs, or incorrect dates. These error coins often become rare and valuable because of their uniqueness.

* Special coins minted to celebrate an event, anniversary, or historical figure are often produced in limited quantities.

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* These commemorative coins are popular among collectors and may increase in value over time.

* The condition of a coin, often referred to as its grade, is crucial to its value. A well-preserved coin with little to no wear will typically fetch a higher price than a worn one.

* Coins made from precious metals like gold, silver, or platinum are often more valuable, especially if the price of the metal increases.

* Older coins or those from important periods in UK history (like during the reign of a famous monarch) can carry a higher value due to their historical significance.