Brits are being urged to keep a close eye out for a rare 1p coin that could be worth up to £1m. A coin expert has shared the exact date of the coin on social media and explained why it could be worth a fortune.

Only a handful of the rare penny were created as part of a test by The Royal Mint. They weren't actually put into circulation, so they are considered extremely rare. However, experts claim they could now sell for up to £1m at auction.

As reported by The Sun, coincollectingwizard said in a recent TikTok video: "The 1954 penny is one of the rarest British coins ever made and most people have never even seen one.

"Queen Elizabeth (II) had just taken the throne and while coins were being redesigned The Royal Mint didn't need any new pennies for circulation.

"But here's the twist. A tiny handful were secretly struck for internal use and testing.

"Just a few examples are known to exist. These weren't meant for public use, they were never circulated and that's what makes them so valuable.

"One sold in a private sale for over £100,000 years ago. But experts say if one hit auction today it could break £1million."

Experts advise anyone who thinks they've found one to get it verified. This is because the 1954 penny you've found might be for another country like British West Africa, Ireland or Jersey.

If the coin does turn out to be the real deal, people often have three main options to sell it. These are in an auction, on eBay or on Facebook Marketplace.

Experts say the safest method is through an auction, which can be organised with The Royal Mint's Collectors Service. They have a team that helps authenticate and value coins.

Unlike this method, using eBay or Facebook Marketplace won't cost you anything. However, sellers using these two methods are urged to use decent pictures to make sure the coin sells for the best price possible.