Overview

• Viral social media posts claim a 1971 UK penny is worth £5 million, prompting collectors to verify such assertions.
• Coin Collecting Wizard publicly refuted the valuation myth, emphasizing that these coins are not rare and hold only their 1p face value.
• Royal Mint records confirm that 1.5 million pennies were minted in 1971, making them common rather than valuable anomalies.
• High production in the first year of decimalisation combined with the Royal Mint’s withdrawal of old coins has kept 1971 pennies plentiful in circulation.
• Experts warn that scammers continue circulating fake high-value claims and advise collectors to consult Royal Mint mintage and error records before trading.