Rare penny coin listed for £5million – but you need to get one thing straight

Whether you're an avid collector or not, rare coins can make you rich. Recently people went wild for the rarest 50p coin with 200,000 in circulation as it's worth more than face value.

Now the @CoinCollectingWizard who boasts 30,100 followers on Instagram revealed a 1971 penny which people believe is worth a staggering £5million, but that's where you're wrong. In a detailed post, he claimed many collectors might be seeing information on how this penny holds an eye-watering value which could be life-changing. He said: "1971 penny worth £5million!

"You've probably seen the viral posts claiming that a 1971 1p coin is worth £5 million... but let's get one thing straight:

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"It's NOT true. It's NOT rare. It's NOT valuable."

According to the coin collector, about a million of these coins were minted because it was the first year of decimalisation in the UK.

He continued: "These coins are incredibly common and are worth exactly what it says on the tin: 1p."

Urging followers to be careful, the coin collector concluded: "There are scammers and fake posts circulating online, especially on social media and dodgy websites, trying to convince people they've got a fortune in their pocket.

"These are designed to trick you, either into handing over money, personal info, or just chasing fake dreams.

"Always double-check with reliable sources. If it sounds too good to be true... it probably is."

The Royal Mint reports a total of 1.5million of these coins were issued that year to replace the old 'pre-decimal' coinage which was being withdrawn.

According to Britannia Coin Company, this is by far the highest annual mintage for 1p coins since decimalisation. Before this point, all early decimal pennies feature the words 'NEW PENNY' on the reverse, including 1971-dated coins.

Meanwhile, this was changed to 'ONE PENNY' from 1982 onwards. While it is still possible to find portcullis pennies in your change, they are becoming less common.

The reason for this is because The Royal Mint withdraws old, worn coinage in favour of newly struck pieces. So in other words, you'll be very lucky to find a 1971 dated penny coin.