Rare coins are often put on sale but this does not necessarily mean they are worth a lot of money. The Edward VIII one pound coin has sold for a staggering £1million. Is it worth the huge asking price?
Only sample versions of the coin were products in the end and there are only six still available.
Out of the remaining items, four are in museums and institutions and there are two more with private collectors.
The trial coins were hidden from the public view for decades after they were made.
However, the coin has now been bought for a cool £1million.
Rebecca Morgan, the head of collector services, said: “The Edward VIII sovereign is one of the rarest and most collectable coins in the world, so it’s no surprise that it has set a new record for British coinage.
“We were delighted to be able to locate such a special coin for our customer, and bring it back to the UK to make history once more.”
Although the coin is said to be extremely rare, it may not be worth as much as it has sold for.
In recent years, the two privately owned coins have sold for much less than the £1million selling price.
On the portrait of the coin, the monarch was illustrated facing to the left, which was different from many of his predecessors.
Commemorative coins are often put on sale for much more than face value.
Although the Edward VIII piece is rare, the collectable item is selling for much more than it has in the past.
Which are the rarest £1, £2, 50p, 20p, 10p and 2p coins?
Rarest £2 coins
The rarest £2 coin is the 2002 Commonwealth Games NI coin with 485,500 in circulation. This is followed by the 2002 Commonwealth Games Wales which has 588,500 in circulation.
Next up is the 2015 Navy, and there are 650,000 in circulation.
Rarest £1 coins
The most rare £1 coins are all part of a series celebrating the British capitals.
The rarest of these is the 2011 Edinburgh coin, with 935,000 in circulation. Of the 2011 Cardiff coins there are 1,615,000 in circulation, while the 2010 London coin has 2,635,000 in circulation.
Rarest 50p coin
The rarest 50p coin is the Kew Gardens coin, which is also the rarest coin in circulation. It there were only 210,000 minted.
The football Olympic 50p coin has 1,125,500 in circulation, and the wrestling coin has 1,129,500 in circulation.
It is not so easy to evaluate the rarest 20p coins, 10p coins and even 2p coins as exact circulation figures are not known.
However, various versions of the coins are known to sell for large sums.
These include the dateless 20ps, which are actually part of a run from 2008. There may be between 50,000 and 200,000 of these coins in circulation.
The 1983 ‘New Pence’ 2p coin can also sell for a huge sum, up to £650.