Have I found a 2p coin worth £700

By This Is Money
Updated:

I read that a rare batch of 2p pieces with the words New Pence on them from 1983 could be worth up to £700 each.

Money spinner: Many people will have 2p coins with New Pence on them, sadly only those from 1983 are worth more than 2p

I've found a 2p with New Pence on it dated 1981 in my pocket. Is this also a rare coin worth money, or could it even be a fake?

Simon Lambert, assistant editor at This is Money, replies: The nation has been checking its pockets frantically, ever since the news emerged earlier this month that a rare batch of 20p pieces had been minted with no date on and were worth substantially more than that.

So, it's no surprise that when we published Toby Walne's collecting story that mentioned rare 2p pieces with the words New Pence on them, readers rushed to their copper jars.

Unfortunately for all those who have contacted us asking whether their stack of 2p coins dating from 1971 to 1981 are worth hundreds of pounds, the answer is no.

The only 2p coins that Christopher Hill, director of coin auctioneer Dix Noonan Webb, was highlighting as being sold by them for between £500 and £700 are those from 1983 and with the words New Pence on them.

(And that bad news also applies to This is Money's very own money saving guru Richard Browning who found three New Pence 2p coins, from 1971, 1980 and 1981, and wondered if he had turned up £2,100.)

For those who are curious, here's the story behind the valuable 2p coins in more detail:

In February 1971 decimal 2p coins were introduced as legal tender, along with the half penny and one penny coins.

The Royal Mint explains: 'To avoid confusion between the old and new coinage all three coins had the word 'NEW' incorporated into the reverse design. This was subsequently removed in 1982.'

So, all 2p coins pre-1982 should say New Pence, and all those post 1982 should say Two Pence. But, in 1983, a mistake led to a batch of 2p coins being printed with the old wording of New Pence on them.

If you have a 1983 2p with New Pence on it, look after it carefully. It is rare and is an example of the coins that Mr Hill highlighted his auctioneers as having sold for between £500 and £700.

If you have a 2p with New Pence on it from 1981 it is also worth holding on to because it too is worth money: 2p to be precise.

True - it's not much, but apparently if you watch the pennies, the pounds will look after themselves.

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