Here’s how to find out if your new £1 is worth hundreds of pounds

Every time someone gives you a new £1 coin, you’re winning.

At the very worst you’ve got a whole pound (aka 3.33 Freddos or one two millionth of a Michu), but what if we told you that quid in your pocket could be worth a whole lot more?

You’d probably ask how that’s possible. After all, a pound is a pound, right?

Alternatively you’d tut and shrug, safe in the knowledge that money is only worth the value you give to it. Well we’re here to tell you you’re wrong. It’s actually worth the value other people give to it. Specifically, people buying rare coins on eBay.

The Daily Mirror has spoken to GoCompare’s Alex Cassidy to get the lowdown on what makes a rare quid – i.e. one that’s worth more than its face value.

We’ve previously brought you news of a super-rare pound worth up to £3,000, but that’s not the only one you should be in the lookout for.

“Any potential die errors during production, which occurs when the dies have become misaligned, could be worth a lot of money,” Cassidy told the paper.

"Punters should pay attention to both the floral crown on the reverse side for any rotations, as well as the Queen's head, which should sit directly above the new bevelled edge."

According to coin experts Chards, coins containing errors are usually withdrawn from circulation when an error is noticed, but if you’ve got a faulty one it could still be worth a few hundred quid on auction sites.

Speaking of coins not in circulation, the Mirror also mentions trial coins – not legal tender, but often worth a whole lot more than genuine pound coins.

The paper quotes Cassidy comparing these to trial £2 coins from the ‘90s in terms of potential value, saying: "If these new trial coins turn out to be as valuable as 1994’s, then anyone who gets their hands on them now could be sitting on a future goldmine."

These were handed out to retailers for testing before the full release of the new model, but the paper makes reference to one eBay user who sold a collection for £200.

Only time will tell when it comes to whether these will eventually be worth a small fortune.

As for that coin in your wallet? Yeah, it’s probably still just worth £1. But hey, maybe it’s worth more, and isn’t it the hope that’s important?

No, it’s not, it’s the actual value. Sorry.

(Main image: iStock)