We are all being urged check our change and keep an eye out for a rare £2 coin that could be worth a small fortune.

The rare coin, which has fetched more than £500 at auction, is still believed to be in circulation and features an error that makes it extremely valuable to collectors.

Originally released in 2014 by the Royal Mint, the coin commemorates 100 years since the start of the First World War.

The coin shows the face of Lord Kitchener who featured on the “Your Country Needs You” posters.

While a normal version of the coin will be worth no more than its face value of £2, a batch of the coins featured a rare error that boost their value for collectors.

On some of the coins the words “Two Pounds” are missing on the head side of the coin.

According to experts at Coin Hunter, 5,720,000 of these coins are still in circulation but it appears to be “very rare” to find one without a date.

It isn’t clear exactly how many of coins with an error remain in circulation but the first of its kind sold in March 2020 for £500.

Coin Hunter experts said on Facebook: "Check your coins that feature Lord Kitchener.

"If the heads side does not show 'TWO POUNDS' - you have an error that appears to be very rare."

What makes a coin valuable?

The 50 pence piece has become the most valued and collected coin in the UK, with many collectable designs appearing on its heptagonal canvas.

Its 27.5mm diameter makes it the largest of any British coin, and allows space for decorative pictures. It has often been used to celebrate big events over the past 50 years of British history.

The rarest coins tend to be of the greatest value, with the mintage (number of coins with each design made) being the fundamental attraction for collectors.

Along with the design, other aspects of the coin which increase value are the condition of the coin and whether it has an error in its design.

The way in which it is sold can also determine the coin’s value - while some coin collectors will bid vast amounts of money on ebay or at auction, others opt for more robust valuations by selling via a coin dealer.