When is a fiver not a fiver? When its a £5 coin

MandyMcG

Hello

I have been gifted 20 £5 coins, all from the period 2002 - 2012 covering events such as the Queen Mums death to the Olympics. All are still in their original packaging from the Royal Mint - seem to be issued in Mainland UK, rather than CI or Gibraltar

Are they worth ebaying or similar, or should I just take them down to the bank to cash in?

elsien

Look them up on eBay to see what they’re currently selling for - the confirmed sales.  Then decide whether to take them to a specialist or not. 

Troytempest

I have a few myself. On Ebay some are worth just over a fiver but most not even face value as so many produced...

eskbanker

MandyMcG said:

Are they worth ebaying or similar, or should I just take them down to the bank to cash in?

You might find that your bank won't accept them anyway, as, although they're legal tender in the narrow sense of the term, that doesn't mean that anyone has to accept them as money, as per https://www.royalmint.com/aboutus/policies-and-guidelines/legal-tender-guidelines/, so they're not fivers at all, they're commemorative collectables:

Legal tender has a very narrow and technical meaning in the settlement of debts. It means that a debtor cannot successfully be sued for non-payment if he pays into court in legal tender. It does not mean that any ordinary transaction has to take place in legal tender or only within the amount denominated by the legislation. Both parties are free to agree to accept any form of payment whether legal tender or otherwise according to their wishes. In order to comply with the very strict rules governing an actual legal tender it is necessary, for example, actually to offer the exact amount due because no change can be demanded.

In practice this means that although the silver UK coins we produce in denominations of £5, £20, £50 and £100 are approved as legal tender, they have been designed as limited edition collectables or gifts and will not be entering general circulation. As such, UK shops and banks are unlikely to accept them.

kaMelo

As this man found out, UK banks were instructed by Royal Mint to refuse the coins as payment.

https://www.thisismoney.co.uk/money/news/article-3390519/I-buy-Royal-Mint-commemorative-coins-bulk-credit-card-gain-airmiles-cash-bank-s-refusing-accept-them.html

[Deleted User]

Some fare better than others. Initial cost can be 50-100 depending what it is. Then it's up to the collectors if they want to buy it. Some had runs of 10+ thousand, others less than 3 thousand.

Idea of cost new will be on the Royal Mint site but only what they are selling today. Say a standard commemorative and then Piedfort will have a difference.

e.g the 50p run from 2012 bring in quite a bit in original packaging and the collector albums.

edit. There is more to the cost and needs to be ascertained, say brilliant uncirculated 5 is 20 or so vs a Silver Proof at 50+

eskbanker

kaMelo said:

As this man found out, UK banks were instructed by Royal Mint to refuse the coins as payment.

https://www.thisismoney.co.uk/money/news/article-3390519/I-buy-Royal-Mint-commemorative-coins-bulk-credit-card-gain-airmiles-cash-bank-s-refusing-accept-them.html

In that case, Royal Mint were advising specifically against acceptance of high value £20/50/100 coins, rather than the £5 ones.

oldagetraveller1

https://www.msn.com/en-gb/news/uknews/man-arrested-for-using-c2-a3100-coin-awarded-c2-a35000-in-damages-by-police/ar-AAPZo55

MandyMcG

Just checked a few of 'em on ebay...

2004 Entente Cordiale
2003 50th anniversary of Coronation
2006 Queen's 80th birthday

All going for a fiver, so I think I need to keep working for another while!

AskAsk

as already mentioned the banks won't accept them.  my brother was given one many years ago and when i took it into the bank and asked if i could put the coin into my account, i was told the bank can't accept it but that i should go to the post office and they will cash it for me.  i got the £5 back this way.

[Deleted User]

MandyMcG said:

Just checked a few of 'em on ebay...

2004 Entente Cordiale
2003 50th anniversary of Coronation
2006 Queen's 80th birthday

All going for a fiver, so I think I need to keep working for another while!

Careful.
There are different released versions of the coins. If it is boxed, coin in a little plastic case with a card saying the serial number, likely silver and cost a lot more than a fiver, if it is the thicker Piedfort coins then more again. If it is in a packet then different lower value. I don't have any going that far back but mine are around value I paid for plus whatever. A lot will depend on the numbers struck and collectors interest.