A RARE error 5p coin has sold for a whopping 3,220 times more than face value on online auction site eBay.

The winning bidder was willing to pay £161.78 for the rare coin that has been mistruck at some point in the minting process.

The error 5p sold back in December after bidders spent seven days battling to get their hands on it.

When bidding began, offers kicked off at 99p – that meant it was already going for almost 20 times its face value.

But it managed to rocket even more in value as it sold for well over a hundred pounds more just a week later.

The design found on the rare coin is that of the 1992 5p, which features the "Third Portrait" of the Queen on the obverse, and crowned thistle and "five pence" writing on the reverse.

It's not the most recent 5p look that you might see knocking about in everyday change, as another version was introduced into circulation in 2008.

But the old-type small coins are still legal tender meaning coins issued in 1992 have now been circulating for 30 years. 

RARE COINS AND VALUABLE NOTES

The difference with this particular rare coin though, is that it doesn't look quite as it should.

Advertised in the listing, the seller explained that the 5p design had been struck on the wrong type of coin.

They predicted it was a closer match to a Fiji cent – definitely not something you'd otherwise be able to use in a UK vending machine, parking meter, or more.

Sometimes planchets for one coin denomination are fed into a coin-stamping press equipped with dies of another denomination.

This means the coin could be stamped with a design intended for a different coin altogether.

The eBay seller sad: "I feel this could be a 5p struck on a Fiji 1 cent blank.

"Based on weight, metallurgy, diameter, designer of portrait – it would be a close match."

The Royal Mint strikes coins for over 60 countries, manufacturing between three million and four million coins a day, so often things will go wrong.

But any mistakes that are made will usually be in low numbers – that means coin collectors are more keen to stash them away though.

Without the error, the coin would otherwise sell at its face value – just 5p – so something being slightly off is important in making it valuable.

Usually error coins will have missing elements, like the rare commemorative WW1 £2 coin spotted months back missing the words "two pounds", or the design printed may be misaligned as well.

Around the same time as this listing was gaining interest rare Snowman 50ps were being snapped up by buyers too as the print didn't quite match up in parts of the design meaning some silver of the coin was poking through.

Can I make a mint from an error?

Error coins are still legal tender, so it's likely one could fall into your lap.

In the case of this error 5p, someone could easily mistake it for a dirty penny and allow it to slip through hands undetected.

But collectors are willing to pay higher prices for something with a distinct fault, as they are so rare.

If you spot a coin that looks different to normal or is imperfect, you can check it against other listings on eBay to see how much others are selling for, or are willing to pay for a similar strike.

Usually you can determine if something is the real deal by the number of bidders who were willing to stake their claim on it.

The error 5p racked up as many as 20 bids, so coin hunters were clearly keen to close on an offer of their own.

It wouldn't be the first time we've seen bidding wars break out on the most highly sought-after copies, so it's definitely worth checking your own change just in case.

But remember that a buyer can always pull out of the sale, which means it won't have sold for the price that it may say it has.

Experts also warn of fakes – especially when it comes to buying and selling on eBay – so you have to be careful when you're on the hunt.

Change experts like Coin Hunter or Change Checker will help you verify if it's real too, and they can help place a value on the coin that might put some weight in your wallet.

Rare coins and valuable notes – is yours worth a mint?

• Five rarest coins – do you have one?
• The 13 most valuable £2 coins in circulation
• How valuable are the rarest £1 coins?
• Most rare and valuable 50p coins in circulation
• Rare and most valuable 20p coins that could be worth up to £750
• Rarest 10p coins in circulation
• Rare 2p coins revealed
• How to check if you have a rare and valuable banknote

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