List of 12 rare pound coins which could be worth a lot more than you think

While a pound coin might not seem like much, some are being sold for more than 30 times their value

It's time to rummage through your piggy bank and check under your sofa cushions - you might be sitting on a small fortune in the form of rare £1 coins. The old round £1 coin was phased out in October 2017, making these traditional coins highly sought after by collectors, with some fetching more than 30 times their face value.

Coin collecting website Change Checker has a 'Scarcity Index' that ranks the rarity of coins currently in circulation. This index rates each 'rare' coin design from one to 100, with 100 being the most scarce and valuable.

While this index is regularly updated for most coins, the ranking for the circular £1 coin is fixed as it is no longer in circulation.

So your coins may be worth a lot more than you originally thought.

To find out whether your £1 coins are worth more than you thought you can compare them to the 12 most sought-after below:

1. Edinburgh City (2011, Scotland). The rarest £1 coin in circulation, selling for up to £34. With a circulation of between 600,000 and 800,000, you'd have to examine 3,000 £1 coins to have a chance of finding one.

2. Cardiff City (2011, Wales). Ranked second rarest, like the Edinburgh coin, Cardiff £1 coins in perfect condition can sell for up to £30, but most sell for around £5.

3. London City (2010, England). Ranked third rarest. Like the Edinburgh and Cardiff coins, London £1 coins in perfect condition can sell for up to £30, but most sell for around £5.

4. Thistle & Bluebell (2014, Scotland). These coins in excellent condition are selling for up to £10 on eBay.

5. Crowned Shield (1988, UK). These coins in excellent condition are selling for around £6 on eBay.

6. Rose & Oak (2013, UK). Being sold for up £15, but most will be sold for £3.

7. Flax & Shamrock (2014, Northern Ireland). Coins can fetch up to £34 on eBay- more than 30 times their face value.

8. Daffodil & Leek (2013, Wales). Coins in excellent condition are selling for up to £15 on eBay.

9. Belfast City (2013, Northern Ireland). Coins are selling for up to £30 on eBay.

10. Lion Rampant (1994, Scotland). Coins are averaging at £2-£3 on eBay.

11. Millennium Bridge (2007, England). Coins are selling at an average of £3.

12. Flax (1986, 1991, Northern Ireland). Coins are selling on eBay for up to £17- well over 10 times their face value.

You can check the value of your coins on the ebay.com auction website or any other selling platforms.

To find out how much £1 coins have previously sold for tick the 'sold' box on the left hand side on eBay, and rank your findings by 'value'.