New UK Silver Coins - £20 & £100

pzulba_2

New UK Silver Coins - £20 & £100

Since 2013 the RoyalMint has made available as 'Legal Tender' £20 silver coins and since 2014 £100 silver coins

How do I stand if when I go to my local Pub (or Supermarket) and offer these coins as payment for goods purchased?

NB I'm talking about sensible transactions eg £20 coin for say a £16 purchase or a £100 coin for a £90 purchase

Yes OK I may look a 'Prat' :T, but what are my RIGHTS?

PZULBA - Out of Africa (Retired)

marliepanda

I believe legal tender only refers to paying debts (I'm sure someone will clarify) so they could refuse your payment if they wanted to.

shaun_from_Africa

marliepanda wrote: »

I believe legal tender only refers to paying debts (I'm sure someone will clarify) so they could refuse your payment if they wanted to.

That's just about right.
It actually refers to paying money into a court to cover a debt owed.
This page from the Royal mint explains it better.
http://www.royalmint.com/aboutus/policies-and-guidelines/legal-tender-guidelines

System

Your rights are to offer and their rights are to accept or refuse

JReacher1

I suspect it will go the same way as if you turned up to tesco to pay your shopping with first class stamps

The-Truth

JReacher1 wrote: »

I suspect it will go the same way as if you turned up to tesco to pay your shopping with first class stamps

Although it's an urban myth that stamps ever were legal tender.

stevemLS

For example, it is relatively common in small shops to see signs saying they don't accept £50 notes. They are perfectly entitled not to do so.

These coins will fall into the same category - although I expect refusal to be far more common!

phill99

There are over 130 UK coins that are classed as 'legal tender'. Most shop assistants will not see anymore than 10 of them on a routine basis. So don't expect them to accept your coins.

Its the same issue with Scottish Pound notes. They are totally acceptable as cash in England. The closer you are to Scotland, most sgops readily accept them, but get much further south than Yorkshire and shop assustants often refuse them due to ignorance.

phill99

The-Truth wrote: »

Although it's an urban myth that stamps ever were legal tender.

But years ago you could pay them into your bank. I distinctly remember in my Dads paying in book there was a section for stamps.

shaun_from_Africa

phill99 wrote: »

The closer you are to Scotland, most sgops readily accept them, but get much further south than Yorkshire and shop assustants often refuse them due to ignorance.

Scottish banknotes are legal currency but not classed as legal tender, hence they do not have to be accepted anywhere in England.

unholyangel

shaun_from_Africa wrote: »

Scottish banknotes are legal currency but not classed as legal tender, hence they do not have to be accepted anywhere in England.

English banknotes do not have to be accepted anywhere in England either.

I believe the poster in question was referring to people misunderstanding what legal tender is - which leads to the refusal of scottish banknotes down south - rather than because scottish notes aren't as "valid" as english banknotes.

Surprisingly, the scottish pound is the stronger of the two and will net you a better exchange rate.