Brits have been urged to search through any old coins they may have at home, as some could be worth a "small fortune." According to a coin expert, certain shillings minted before a specific year contain genuine silver, making them particularly valuable.
Expert Advice on TikTok
In a TikTok video, an expert known as the Coin Collecting Wizard revealed that old shillings made before 1946 were struck with real silver. A shilling was a historic British coin and unit of currency worth 12 old pence until decimalisation in 1971. It continued to circulate until 1990, when it was worth five new pence.
The expert stated: "I bet you didn't know some old UK shillings have real silver in them, making them worth money. The British shilling, abbreviated '1s', was a unit of currency and a denomination of sterling coinage worth 1/20 of £1, or 12 pence."
History of the Shilling
First minted in the reign of Henry VII as the testoon, it became known as the shilling in the mid-sixteenth century. It circulated until 1990. The word "bob" was sometimes used for a monetary value of several shillings, e.g., a 10 bob note. Following decimalisation on 15 February 1971, the coin had a value of five new pence.
For those holding an older silver shilling, it could be worth selling. The expert added: "But did you know the shilling was made from a certain amount of silver from its introduction in or around 1503 until 1946? As you are probably aware, silver is always going up in price, and these shilling coins are also going up in value due to their silver content. So, do you have any shillings before 1946? If you do, you are holding actual silver, and it could be worth a small fortune."
