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  • FIRST POST
    • gymrat3
    • By gymrat3 26th Apr 12, 7:15 PM
    • 38Posts
    • 5Thanks
    gymrat3
    Which banks take £5 coins?
    • #1
    • 26th Apr 12, 7:15 PM
    Which banks take £5 coins? 26th Apr 12 at 7:15 PM
    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?
Page 1
  • MoneySaverLog
    • #2
    • 26th Apr 12, 7:21 PM
    • #2
    • 26th Apr 12, 7:21 PM
    They are legal tender they should accept them. Certainly the Bank Of England will accept them.
    • gymrat3
    • By gymrat3 26th Apr 12, 7:31 PM
    • 38 Posts
    • 5 Thanks
    gymrat3
    • #3
    • 26th Apr 12, 7:31 PM
    • #3
    • 26th Apr 12, 7:31 PM
    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.
  • pendulum
    • #4
    • 26th Apr 12, 7:41 PM
    • #4
    • 26th Apr 12, 7:41 PM
    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.
    • Deru
    • By Deru 26th Apr 12, 7:42 PM
    • 529 Posts
    • 141 Thanks
    Deru
    • #5
    • 26th Apr 12, 7:42 PM
    • #5
    • 26th Apr 12, 7:42 PM
    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.
  • MoneySaverLog
    • #6
    • 26th Apr 12, 7:46 PM
    • #6
    • 26th Apr 12, 7:46 PM
    you're not entitled to get a refund on stamps.
    Originally posted by pendulum
    Can you imagine buying up a load of stamps now and then asking for a refund when the price goes up
    • gymrat3
    • By gymrat3 26th Apr 12, 7:56 PM
    • 38 Posts
    • 5 Thanks
    gymrat3
    • #7
    • 26th Apr 12, 7:56 PM
    • #7
    • 26th Apr 12, 7:56 PM
    Will go to banks tomorrow
    • k12479
    • By k12479 26th Apr 12, 8:43 PM
    • 340 Posts
    • 434 Thanks
    k12479
    • #8
    • 26th Apr 12, 8:43 PM
    • #8
    • 26th Apr 12, 8:43 PM
    Start with your own bank, they 'should' exchange them or at least let you pay them into your account.
  • rb10
    • #9
    • 26th Apr 12, 9:38 PM
    • #9
    • 26th Apr 12, 9:38 PM
    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).
    • pinkdalek
    • By pinkdalek 26th Apr 12, 10:56 PM
    • 1,116 Posts
    • 634 Thanks
    pinkdalek
    They are legal tender they should accept them. Certainly the Bank Of England will accept them.
    Originally posted by MoneySaverLog
    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.
  • rockitup

    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.
    Originally posted by Deru
    The ones worth 25p - would that be the "Crowns" you are talking about. Think they had those for commemorating Winston Churchill, Royal Wedding etc
  • MoneySaverLog
    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.

    Define the term legal tender?
    Originally posted by pinkdalek
    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
  • opinions4u
    Define the term legal tender?
    Originally posted by pinkdalek
    Here's a useful link confirming the term relates only to the settlement of court debts.

    http://www.royalmint.com/aboutus/policies-and-guidelines/legal-tender-guidelines

    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.
    • pinkdalek
    • By pinkdalek 27th Apr 12, 10:44 PM
    • 1,116 Posts
    • 634 Thanks
    pinkdalek
    So how come some businesses refuse to take £50 notes if as according to the link a £50 note is "legal tender"
  • opinions4u
    So how come some businesses refuse to take £50 notes if as according to the link a £50 note is "legal tender"
    Originally posted by pinkdalek
    The link explains it all. The term doesn't require shops to accept anything.

    It's all about payments in to court.
    • Deru
    • By Deru 28th Apr 12, 12:09 AM
    • 529 Posts
    • 141 Thanks
    Deru
    The ones worth 25p - would that be the "Crowns" you are talking about. Think they had those for commemorating Winston Churchill, Royal Wedding etc
    Originally posted by rockitup
    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-coin
  • MoneySaverLog
    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=item2 56f76166b
  • rockitup
    I thought all of them were referred to as "Crowns".
    Originally posted by Deru
    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.
  • MoneySaverLog
    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.
    • Lansdowne
    • By Lansdowne 28th Apr 12, 8:06 PM
    • 550 Posts
    • 273 Thanks
    Lansdowne
    you mean bronze (1p and 2p) not copper.
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