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Which banks take 5 coins?
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# 1
gymrat3
Old 26-04-2012, 7:15 PM
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Default Which banks take 5 coins?

I have 60 of old 5 coins, where can I go to exchange them? Tried doing a search online but nothing helpful comes up.

Can I buy stamps from the post office using these coins?
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# 2
MoneySaverLog
Old 26-04-2012, 7:21 PM
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They are legal tender they should accept them. Certainly the Bank Of England will accept them.
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# 3
gymrat3
Old 26-04-2012, 7:31 PM
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Was thinking of buying stamps then refunding them but not sure if this is a good idea.

Which banks take them? Bank of England requires ID no? and banks are closer.
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# 4
pendulum
Old 26-04-2012, 7:41 PM
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Dad's a coin dealer and he gets rid of them in restaurants etc, they are legal tender so you are entitled to pay debts with them. Note paying debts isn't the same as buying goods. Our Post Office wouldn't accept them and as far as I know, you're not entitled to get a refund on stamps, so yes I think that's a bad idea!

Most banks will take them, depending on how knowledgable the staff member is.
A decent coin dealer would give you face value for them, my dad would anyway; so could always ring coin dealers.

Last edited by pendulum; 26-04-2012 at 7:45 PM.
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# 5
Deru
Old 26-04-2012, 7:42 PM
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I took some to Natwest and they accepted mine. It depends on the staff member serving you though. Some might ask for a manager as they're not familiar with them. Some will look at you funny and won't know what to do and refuse them.

Word of warning though, ones which do not specify 5 are only worth 25p.

i.e. Pre-1990 ones all do not have the value on them.
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# 6
MoneySaverLog
Old 26-04-2012, 7:46 PM
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Quote:
Originally Posted by pendulum View Post
you're not entitled to get a refund on stamps.
Can you imagine buying up a load of stamps now and then asking for a refund when the price goes up
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# 7
gymrat3
Old 26-04-2012, 7:56 PM
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Will go to banks tomorrow
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# 8
k12479
Old 26-04-2012, 8:43 PM
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Start with your own bank, they 'should' exchange them or at least let you pay them into your account.
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# 9
rb10
Old 26-04-2012, 9:38 PM
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When I worked in a Halifax branch, there were no issues with taking 5 coins, provided they were paid into an account (i.e. they couldn't just be exchanged for notes).
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# 10
pinkdalek
Old 26-04-2012, 10:56 PM
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Quote:
Originally Posted by MoneySaverLog View Post
They are legal tender they should accept them. Certainly the Bank Of England will accept them.
Define the term legal tender?

Also consider they may not be worth 5 when exchanged. Some 5 coins are only worth 25p.

Most banks will take them, however you may need to deposit them through an account.
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# 11
rockitup
Old 27-04-2012, 12:52 AM
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Quote:
Originally Posted by Deru View Post

Word of warning though, ones which do not specify 5 are only worth 25p.

i.e. Pre-1990 ones all do not have the value on them.
The ones worth 25p - would that be the "Crowns" you are talking about. Think they had those for commemorating Winston Churchill, Royal Wedding etc
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# 12
MoneySaverLog
Old 27-04-2012, 3:21 AM
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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.

Quote:
Originally Posted by pinkdalek View Post
Define the term legal tender?
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 obligation
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# 13
opinions4u
Old 27-04-2012, 7:19 AM
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Quote:
Originally Posted by pinkdalek View Post
Define the term legal tender?
Here's a useful link confirming the term relates only to the settlement of court debts.

http://www.royalmint.com/aboutus/pol...der-guidelines

Quote:
Also consider they may not be worth 5 when exchanged. Some 5 coins are only worth 25p.
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.

*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.
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# 14
pinkdalek
Old 27-04-2012, 10:44 PM
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So how come some businesses refuse to take 50 notes if as according to the link a 50 note is "legal tender"
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# 15
opinions4u
Old 27-04-2012, 10:48 PM
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Quote:
Originally Posted by pinkdalek View Post
So how come some businesses refuse to take 50 notes if as according to the link a 50 note is "legal tender"
The link explains it all. The term doesn't require shops to accept anything.

It's all about payments in to court.
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# 16
Deru
Old 28-04-2012, 12:09 AM
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Quote:
Originally Posted by rockitup View Post
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...ive-pound-coin
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# 17
MoneySaverLog
Old 28-04-2012, 4:30 AM
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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-BRIT...item256f76166b
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# 18
rockitup
Old 28-04-2012, 7:31 AM
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Quote:
Originally Posted by Deru View Post
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

Last edited by rockitup; 28-04-2012 at 9:13 AM.
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# 19
MoneySaverLog
Old 28-04-2012, 7:34 AM
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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.
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# 20
Lansdowne
Old 28-04-2012, 8:06 PM
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you mean bronze (1p and 2p) not copper.
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