Rare Royal Arms £1 coin from 1983 is being sold on eBay for £2,500

The coin, which dates to 1983 according to sale material, is being offered for £2,500 or the best offer on the online retail platform eBay.

A rare Royal Arms £1 coin from 1983 is being sold on eBay for £2,500 - but an expert has warned that some coins sold on the secondary market are going for "farfetched" prices.

The coin, which is being offered for the best offer on the online retail platform, can be collected in person or delivered at a postage cost of £7.95.

The eBay listing for the item says that no returns of the coin will be accepted.

According to The Royal Mint, the UK’s official British coin-maker, the 1983 round £1 was the first round £1 to enter circulation - with over 443 million doing so.

Rebecca Morgan, director of commemorative coin at The Royal Mint, said: “There are occasionally reports of coins selling for large amounts on the secondary market, some of which seem a bit farfetched, so we want to ensure collectors have the right information and pay a fair price.

“A coin is ultimately worth what the collector is willing to pay for it, but there are factors you should consider before committing to a price.

“This can include the condition of the coin, its design, mintage figure and what it’s made of.

“If you have a coin and are unsure about its history, rarity or authenticity, we offer a range of services at The Royal Mint to help establish its likely value and help our customers build a bespoke collection.

“We also have a wide range of resources on our website to help people learn more about the coins in their pockets and coins they might inherit from family members.”

According to The Royal Mint, collectors should always establish how much a coin is in circulation before committing to a price.

If in doubt, an expert should be consulted.

However, if people are looking to sell a coin on the secondary market and the coin has an unusually-low mintage, it might sell for higher than its face value.

Meanwhile, the condition of a coin is measured in relation to how much wear and tear it has suffered over the years.

The closer to mint condition (the condition it was in when it came off the production line at The Royal Mint) it is, the higher the value it could have.

The coin can be viewed on eBay via tinyurl.com/yu84789e

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