New five pound coin: scam or what?

pineapple

It actually says - in very tiny print - that the coin is legal tender in Guernsey. So not elsewhere then... Royal Mint or not, I call this duplicitous. As the Warden of a sheltered housing scheme, I know that some of our elderly tenants will buy into this assuming that they have a memento which they can always use as £5 if need be. Shameful.

Bamber19

What does it matter if it's legal tender anyway? this means pretty much nothing to anyone who isn't trying to pay off a court debt, what you should be more interested in is whether it is actual usable money in this country or not.

Can't tell you whether it's a scam or not but Royal mint do plenty of commemorative coins, have a look on their website.

chou_123

There is a company called Westminster which does a similar thing - offering you commemorative coins and suchlike for their face value - or in sets for a little more. If you do take up an offer, they will bombard you with more 'promotions' implying that they have a limited amount so be quick. When it states that it is going into circulation - this is probably true and not deception - because collectors may buy the coin, if it is a genuine coin, and whilst it is going to be legal tender - who is going to be daft enough to spend a shiny new limited edition £5 coin, when you can use that dirty ripped £5 note?

mute_posting

pineapple wrote: »

It actually says - in very tiny print - that the coin is legal tender in Guernsey. So not elsewhere then... Royal Mint or not, I call this duplicitous. As the Warden of a sheltered housing scheme, I know that some of our elderly tenants will buy into this assuming that they have a memento which they can always use as £5 if need be. Shameful.

Probably worth mentioning that "legal tender" has a very narrow legal definition - something to do with paying debt's a court has enforced.

IIRC it was on Martin's email a week or so ago that Scottish bank notes are NOT legal "tender" but are legal "currency"

superscaper

mute_posting wrote: »

Probably worth mentioning that "legal tender" has a very narrow legal definition - something to do with paying debt's a court has enforced.

IIRC it was on Martin's email a week or so ago that Scottish bank notes are NOT legal "tender" but are legal "currency"

And also if something is legal tender that doesn't mean any shop etc are obliged to accept it. They can make any rules on acceptable payment forms they want.

mute_posting

headcoat wrote: »

hope they bring a 'proper' comemorative £5 coin out soon....I own fivepoundcoin.com and already it regularly gets a few hits a day

but surely fivepoundcoin.co.uk would be more relevant?

I mean, who wants a coin that weighs 5lbs? - be a bit heavey on the old pockets.

:rotfl:
MP

BTW, IIRC there are already plenty of £5 coins already, about 10 or 15 years ago the post office asked my mum if she wanted one as change - is in the drawer somwehere.

superscaper

mute_posting wrote: »

BTW, IIRC there are already plenty of £5 coins already, about 10 or 15 years ago the post office asked my mum if she wanted one as change - is in the drawer somwehere.

Yep, been around ages and technically replace the crown. They are legal tender but as I mentioned being legal tender doesn't mean a shop has to accept them. Although notice "post offices have agreed to accept crowns in exchange for goods and services"
http://www.royalmint.gov.uk/Corporate/BritishCoinage/CoinDesign/FivePoundCoin.aspx

Maybe headcoat should look at the link since "proper" commemorative £5 coins have been around for 18 years already, never mind "soon".

LittleVoice

superscaper wrote: »

Yep, been around ages and technically replace the crown. . . . .

Wow. I remember when "half a Crown" was 2s 6d (25p). So a Crown should be 50p. But you are saying a Crown is now £5. (I thought a Pound was a Pound, was a Pound. So a Crown was a Crown, was a Crown.)

superscaper

LittleVoice wrote: »

Wow. I remember when "half a Crown" was 2s 6d (25p). So a Crown should be 50p. But you are saying a Crown is now £5. (I thought a Pound was a Pound, was a Pound. So a Crown was a Crown, was a Crown.)

It's the same coinage, it's merely the face value that's changed. And by the way, half a crown 2s 6d is about 12 1/2 p, so a crown is 25p not 50p. Maybe your memory is a little rusty.

anewman

I remember having some 5 pound coins years ago. I ended up with no money and for some reason ripped it out of the cardboard backed plastic case, and spent it in a post office (as it was the only money I had), they looked at it but happily accepted it.