You’ve probably got a jar of loose change sitting somewhere. Maybe it’s in the kitchen or hidden in a desk drawer. Honestly, most of us don't think twice about a pound coin until we need one for a supermarket trolley. But lately, things have gotten weird in the world of UK currency. We are officially in the "King Charles era," yet the Queen Elizabeth 1 pound coin is making more headlines now than it did five years ago.
Why? Because the Royal Mint recently dropped a bombshell about which ones are actually the rarest. It turns out, if you're holding a 12-sided pound with the Queen's face and the date 2022, you might be holding something way more special than a simple quid.
The 2022 mystery: Why these are suddenly so rare
For a long time, the "Nations of the Crown" design—that’s the 12-sided one with the rose, leek, thistle, and shamrock—was everywhere. They minted billions of them starting in 2017 to replace the old round ones. But 2022 was different. Because the Queen passed away in September of that year, the production cycles were cut short or shifted.
It was recently confirmed that the 2022 Queen Elizabeth 1 pound coin is actually the rarest 12-sided pound in circulation. Only about 7.7 million of them were made. That sounds like a lot until you realize they minted over 749 million of them in 2017. Basically, you’re about 100 times less likely to find a 2022 version than a 2017 version.
Collectors are already pouncing. In the numismatic world (that’s just a fancy word for coin collecting), rarity drives everything. People are specifically hunting for these because they represent the very last "definitive" issue of the Queen’s 70-year reign. It’s the end of an era you can hold in your hand.
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What happened to the old round pound?
Remember the "Round Pound"? It was thick, heavy, and felt like real money. It launched in 1983 to replace the green one-pound note. But it had a massive problem: it was way too easy to fake. By the time it was retired in 2017, experts reckoned about 1 in every 30 coins was a counterfeit.
The Queen Elizabeth 1 pound coin changed forever on October 15, 2017. That was the day the round version ceased to be legal tender. If you find one today, you can’t spend it at Tesco. You’ve gotta take it to a bank, and even then, some high-street branches are getting pickier about exchanging them.
The rare ones you should look for
Even though they aren't "legal tender," some of those old round pounds are worth a lot more than £1 to a collector. If you find these in a piggy bank, don't just dump them at the bank:
- 2011 Edinburgh City: This is the big one. It has a mintage of only 935,000. It’s the only round pound to ever dip below the million mark. In good condition, these can go for £30 to £50.
- 2011 Cardiff City: Slightly more common but still rare, with about 1.6 million made.
- 2010 London City: Part of the same "Capital Cities" series. It's sought after because people like to complete the set.
- 1988 Crowned Shield: This one is just classic. It's not the rarest, but collectors love the design because it feels very "royal."
Errors: Where the real money is
If you really want to find a "holy grail," you have to look for the mistakes. The Royal Mint is usually incredibly precise, but when you're striking millions of coins, things go wrong. These errors turn a standard Queen Elizabeth 1 pound coin into a prize.
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One of the most famous (and weirdest) is the "dual-dated" error. When the 12-sided coin was being prepped in 2016, some were struck with the 2016 date on the heads side, but the micro-lettering on the tails side actually said 2017. If you see two different years on the same coin, you’ve hit the jackpot. These have been known to sell for hundreds on eBay.
Then there are the "brass" errors. The 12-sided coin is bimetallic—it’s supposed to have a gold-colored outer ring and a silver-colored center. Every now and then, a coin gets struck on a single-colored blank. If your pound coin is all one color, and it’s not just dirty, it’s likely an error that could be worth £100 or more.
How to check your coins like a pro
Don't just glance at the face. You've gotta be a bit more methodical if you're hunting for value.
- Check the Date: Flip the coin over and look at the tiny print. If it’s 2022, keep it. If it’s an old round coin from 2011, definitely keep it.
- Look at the Edge: On the old round coins, there’s Latin text on the edge like "DECUS ET TUTAMEN" (An ornament and a safeguard). Sometimes this was printed upside down. Interestingly, this isn't usually considered a rare error because the edge is inscribed before the faces are stamped, so it's a 50/50 chance which way it faces. But it's still cool to check.
- The Hologram: On the 12-sided Queen Elizabeth 1 pound coin, there’s a little "latent image" at the bottom. When you tilt it, it should change between a "£" symbol and a "1". If it doesn't move, or if the image is blurry/missing, you might have a fake or a rare minting error.
- The Alignment: Hold the coin between your thumb and forefinger at the 12 and 6 o'clock positions. Flip it over like a page in a book. The Queen’s head should be perfectly upright. If it’s tilted to the side, that’s a "rotated die" error.
The transition to King Charles III
Since 2023, the Royal Mint has been pumping out the new "Bee" pound coins. These feature King Charles III on the obverse. While these are the future, they've actually made the Queen Elizabeth 1 pound coin more collectible. It’s now a "closed" set. No more will ever be made with her portrait.
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We are currently seeing a massive surge in people trying to complete "folders." These are those blue or cardboard books where you slot in one of every design. Because there were 25-plus designs of the round pound and several variations of the 12-sided one, finishing a collection is actually pretty tough.
Why condition is everything
Kinda goes without saying, but a coin that’s been kicked around a parking lot isn't worth as much as one that’s been sitting in a velvet box. Collectors look for "luster"—that's the original minty shine. Once a coin loses that and gets "toning" (that brownish-grey dullness), the price drops.
If you find a rare one, do not clean it. This is the biggest mistake beginners make. Scrubbing a coin with polish or even soap and water creates tiny scratches called "hairlines." Collectors can spot these a mile away with a magnifying glass. A dirty rare coin is almost always worth more than a "cleaned" rare coin.
What to do with your find
If you think you’ve found a rare Queen Elizabeth 1 pound coin, your best bet isn't the local pawn shop. They’ll usually offer you a fraction of the value. Instead, look at "sold" listings on eBay to see what people are actually paying. Don't look at the active listings where people ask for £10,000 for a common coin—those are just hopeful dreamers.
The market for these coins is likely to stay strong through 2026 and beyond. As the King Charles coins become the "new normal," the nostalgia for the Elizabethan era is only going to grow.
Actionable next steps for your pocket change
- Sort your stash: Take 10 minutes to separate your pound coins by date. Look specifically for any dated 2022.
- Bag the round ones: If you find old round pounds, don't spend them (you can't anyway). Check the 2011 dates first. If they aren't the rare cities, you can still take them to a Post Office or your bank to get face value back.
- Invest in a "Change Checker" app: There are several apps that let you scan the coin to see its mintage figures instantly. It’s way faster than Googling every single date.
- Proper storage: If you find a 2022 rarity or a 2011 Edinburgh, put it in a small plastic coin flip or even just a clean envelope. Keeping it away from other coins prevents it from getting scratched, which preserves its value for the long haul.