An expert has urged Brits to keep an eye out for “one of the rarest” UK coins ever produced. This highly-sought after two pence piece could be worth as much as £1,000 to collectors.

The coin is still legal tender as it was minted in 1983. However, it must bear a specific error to be especially valuable.

The minting error can be found on the coin's reverse side (tail side) if it has the inscription "new pence" instead of the standard "two pence". This phrasing was typical post-decimalisation but should have been changed in 1982.

In a video uploaded to social media platform TikTok, an expert known as the Coin Collecting Wizard, explained more.

He said: “The 1983 ‘new pence’ 2p coin is one of the rarest decimal coins ever struck, worth over £1,000 to collectors. In 1983 the Royal Mint had already changed the reverse legend [words written on a coin] from ‘new pence’ to ‘two pence’ back in 1982.

"However, a small number of 2p coins dated 1983 were accidentally struck with the old ‘new pence’ inscription.” But he warned that these coins will only be in circulation if someone opened a special collector set.

He continued: “These coins were not issued for general circulation and are believed to have been included only in a few special collector set making them extremely scarce.

“If you find one with the date 1983 and the words ‘new pence’ rather than ‘two pence’ you may be holding a coin worth a four figure sum. Just don't forget that it is only the year 1983 and it must say’ new pence’ instead of ‘two pence’.

“If you follow these simple rules it will help. Good luck you're going to need it.” As stated on the Royal Mint's website: "In 1983 a small number of 2p coins were mistakenly struck with the wording 'new pence' on the reverse.

These coins were produced to brilliant uncirculated quality - a standard higher than ordinary circulating coins - and were included in special sets intended for collectors. "Since there are relatively few coins with the date 1983 and the inscription 'new pence' in circulation, they may well have a value higher than face value to a collector.

"The Royal Mint is, however, unable to comment on the value of any individual coin and we would recommend that you should consult a coin dealer."

At the time of reporting, an example of the 1983 new pence coin could be found on eBay for £998.58, and another for £2,499.