Rare 20p coin sells for £1m on eBay

Demand for rare 20p coins has soared with one lucky seller on eBay receiving almost £1m.

Having declined various offers ranging from £0.99 to £920,994, the seller was eventually offered his 'Buy it Now' price of a staggering £920,995 earlier today.

Web User is currently waiting for confirmation from eBay that the bid was genuine.

However, eBay did offer the following statement.

"As a site where people can buy and sell almost anything we are excited to see such high levels of trading in these rare and extremely collectable items," an eBay spokeswoman said.

"As with any transaction on eBay, we would strongly recommend that buyers pay for the coins with PayPal so that they are protected for the full price of the item on the rare occasion that anything goes wrong," the spokeswoman continued.

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The rare coins were a result of a mistake at the Royal Mint which caused an estimated 50,000 to 200,000 20p coins to go into circulation without a date on either side, as Web User previously reported.

Experts valued the coins at £50 which is the price being offered by The London Mint Office to the first 10,000 registrations.

However, people throughout the UK have been trying their luck on eBay with many sellers achieving prices well over £50.

Most undated 20p coins on the online auction site are achieving in the range of £150 to £200, though it is not clear if all of the coins are genuine.