£5 coins?

[Deleted User]

Hi,

I have £15 in £5 coins. Do bank accept them still?

I need to to take some 2 year ago and they took them fine. I went in today and they said they will not take them and you should try the post office. The post office will also not take them.

sheramber

http://www.royalmintmuseum.org.uk/about-us/faqs/index.html

Crowns are issued to mark special occasions rather than for use in general circulation. They are legal tender !!!8211; for £5 or 25p as described above !!!8211; but contrary to popular belief this does not mean that banks and retailers automatically have to accept them. Indeed you will probably find that most banks and retailers refuse. Please be aware, however, that the Post Office has agreed to exchange them for goods and services.

It is our understanding that Coin Co International !!!8211; a private company !!!8211; is willing to exchange commemorative crowns at face value minus a small percentage.

or sell on Ebay

davetrousers

£5 coins? Are they commemorative coins?

[Deleted User]

sheramber wrote: »

http://www.royalmintmuseum.org.uk/about-us/faqs/index.html

Crowns are issued to mark special occasions rather than for use in general circulation. They are legal tender !!!8211; for £5 or 25p as described above !!!8211; but contrary to popular belief this does not mean that banks and retailers automatically have to accept them. Indeed you will probably find that most banks and retailers refuse. Please be aware, however, that the Post Office has agreed to exchange them for goods and services.

It is our understanding that Coin Co International !!!8211; a private company !!!8211; is willing to exchange commemorative crowns at face value minus a small percentage.

or sell on Ebay

Thanks for the information. I will try and use them for postage etc.
Most of got lucky the first time.

davetrousers wrote: »

£5 coins? Are they commemorative coins?

Yes they are commemorative coins. One for 40th Anniversary Of Queens Coronation, one for europe and the last one for the Queens mother.

davetrousers

MrBo wrote: »

Yes they are commemorative coins. One for 40th Anniversary Of Queens Coronation, one for europe and the last one for the Queens mother.

Can't you sell them to a collector?

molerat

Are they actually UK as many are CI or Gibraltar.

[Deleted User]

davetrousers wrote: »

Can't you sell them to a collector?

Yes maybe but I might just pay for some postage from a different post office.

molerat wrote: »

Are they actually UK as many are CI or Gibraltar.

They are UK coins.

Flobberchops

They're legal tender - albeit not often accepted by businesses - and banks and especially the PO will tend to accept them in small numbers. I'm not sure why the places you tried are being so difficult about it.

The good news is that if you have the patience to sell them on ebay they should all fetch over face value.

eskbanker

Flobberchops wrote: »

They're legal tender - albeit not often accepted by businesses - and banks and especially the PO will tend to accept them in small numbers. I'm not sure why the places you tried are being so difficult about it.

Presumably because, as explained in post #2, "contrary to popular belief this [legal tender status] does not mean that banks and retailers automatically have to accept them", a distinction that always seems to have to be made multiple times on threads like this!

Do you actually know of any banks that have a declared policy of accepting them?

Bobblehat

Due to local banks and POs becoming more and more reluctant to accept them over the years, I recently sold all my £5 coins on Gumtree at slightly more than face value.

I also sold some £20 and £50 Silver coins that Royal Mint sell that contain far less silver content than their value suggests! Again, I managed to get a little over face value for them via Gumtree and was relieved to have got rid of them!

[Deleted User]

Why do people even buy commemorative coins? Do they still believe thats they will be worths ££££ in the future?

Inherited a collection spanning 50+ years and they are worth nothing more than face value. All readily available from coin sellers and eBay.