Which banks take £5 coins?

gymrat3

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?

MoneySaverLog

They are legal tender they should accept them. Certainly the Bank Of England will accept them.

gymrat3

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

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.

Deru

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

pendulum wrote: »

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 :D:D:D:D

gymrat3

Will go to banks tomorrow

k12479

Start with your own bank, they 'should' exchange them or at least let you pay them into your account.

rb10

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

MoneySaverLog wrote: »

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.

rockitup

Deru wrote: »

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