Which banks take £5 coins?
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I have one dated 2002, never circulated, to commemorate The Queen Mother in a presentation pack with the stamps, just had a look at mine and it says 5 pounds on the coin.
From wikipedia: Legal tender is a medium of payment allowed by law or recognized by a legal system to be valid for meeting a financial obligationDefine the term legal tender?0 -
Here's a useful link confirming the term relates only to the settlement of court debts.Define the term legal tender?
http://www.royalmint.com/aboutus/policies-and-guidelines/legal-tender-guidelines
If a Crown says £5 on it then that's what it's worth*. If it doesn't it's probably worth 25p. There is a cut off date Which is any Crown from 1990 onwards is a £5 coin.Also consider they may not be worth £5 when exchanged. Some £5 coins are only worth 25p.
*As well as the general issue coins worth £5 or 25p there will also be more valuable versions cast in sterling silver which would be a mistake to deposit at the local bank.0 -
So how come some businesses refuse to take £50 notes if as according to the link a £50 note is "legal tender"0
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The ones worth 25p - would that be the "Crowns" you are talking about. Think they had those for commemorating Winston Churchill, Royal Wedding etc
I thought all of them were referred to as "Crowns".
Also, I remember taking one to Halifax and it was refused. It was the 2003 one with a swanky font so can't blame the cashier if they've never seen one before. A colleague at work wanted it so she gave me a £5 note for it. For anyone interested in seeing the designs over the years.
http://www.royalmint.com/discover/uk-coins/coin-design-and-specifications/five-pound-coin0 -
Just took a look on ebay, my silver £5 coin is going for around £50 :-)
Similar item to mine: http://www.ebay.co.uk/itm/GREAT-BRITAIN-QUEEN-MOTHER-SILVER-PROOF-2002-5-FIVE-POUNDS-STAMP-COIN-COVER-/160783799915?pt=UK_Coins_BritishComm_RL&hash=item256f76166b0 -
I thought all of them were referred to as "Crowns".
I was about 10 years old when they bought in decimal coins so still thought of Crowns as "5 Bob", 5 Shillings or 25p in decimal wonga.
I did amass a fair size collection of the old pre-decimal coins in Whitman folders but sold them all at 16 and started collecting Silver Dollars and Half-Dollars then... still got them
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Another thing to consider is if you have the copper versions of the 1p and 2p coins their intrinsic value is worth more than the face value of the coin given the increase in value of the price of copper.
However the process of melting down a coin of the realm is illegal, and you'd need to sift out any new steel coins from the ones made of copper first.0 -
you mean bronze (1p and 2p) not copper.0
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