Urgent warning issued to coin collectors as Brexit 50p is being sold for £20k when it's actually just worth face value

A TikTok user, known as @CoinCollectingWizard, recently issued an urgent warning to his 215,000 followers about money found online

A TikTok coin collector has issued an urgent warning to his followers about money found online.

The user, known as @CoinCollectingWizard, has 215,000 followers on the platform and regularly shares his knowledge about coins.

In a recent post, he warned his followers about the Brexit 50p, which is selling for £20,000 online when it's actually just worth face value.

The coin was released to celebrate the planned withdrawal of the United Kingdom from the European Union on October 31, 2019.

But as the process was delayed, the minting of the coins had to be paused for a brief period.

When the coins were finally released, a whopping 5 million entered circulation, making them very easy to find.

In the video, which begins with someone flying on a private jet because they found a "rare 50p coin worth £20,000", the user said that people should get a refund if this is ever the case.

He said: "This has a mintage of over 5 million.

"The arrival of the Brexit 50p, officially known as the withdrawal from the European Union, didn't go smoothly - just like the political maze of the Brexit process itself.

"Eventually the coin was released and sometimes pops up with high price tags online.

"But you really shouldn't believe everything you see on the internet, as it's just worth 50p."

Showing screenshots of previous listings, he added: "Just remember anyone can put these prices and you should be looking at sold prices rather than live listings.

"I promise you this 50p is only worth 50p and is one of the easiest coins to find in your change."

Since he shared the crucial warning, the post garnered plenty of likes and comments.

One follower said: "I saw this on eBay and thought I was rich for a second."

Another added: "I've got two of these in my change jar."

And a third said: "I knew it was too good to be true."

It comes after another TikTok coin collector revealed how to spot a genuine rare coin and avoid being scammed.

The user, known as @CoinHunterBen, said you should always examine a coin closely for any visual imperfections, check its weight and diameter, and do a spot of research.

He also said a coin's history can provide valuable information to prove its origin.

But if you have any doubts, it's worth reaching out to any experts to help, like Coin Hunter or ChangeChecker.

Just make sure you do your research before offering loads of money for it as you could be scammed.