£5 pound coins

kahlquist · 26 December 2007 at 1:40PM

Hi....

According to the Royal Mint:

What are the legal tender amounts acceptable for the United Kingdom coins?

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 to a transaction 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 transaction it is necessary, for example, to offer the exact amount due because no change can be demanded.

Coins are legal tender throughout the United Kingdom for the following amounts:

£5 (Crown) - for any amount
£2 - for any amount
£1 - for any amount
50p - for any amount not exceeding £10
25p (Crown) - for any amount not exceeding £10
20p - for any amount not exceeding £10
10p - for any amount not exceeding £5
5p - for any amount not exceeding £5
2p - for any amount not exceeding 20p
1p - for any amount not exceeding 20p

Like another person on here said....there are people like me who would glady exchange the coins for you or you could try selling them on EBAY.

What dates are the coins and they are in good condition? Clean and free from scratches? Don't clean the coins if they are dirty.

Ken

leytonlisa · 26 December 2007 at 4:31PM

Some were made for collection purposes only & some are legal tender, I have quite a few that I have collected and cant remember which are legal tender and which are not, sorry!

penyffordd · 26 December 2007 at 5:49PM

I have a £5.00 coin, with the late Princess of Wales on it. I tried to spend it, but apparently, you can only spend if within a certain amount of time (2006-07). I was told to take it to the Post Office. Again, they said they could only exchange current ones. Lloyds TSB would not exchange it.

Now you could just keep trying to spend it (some shop might take). Also try your local bank branch.

Otherwise, the other suggestion, if you live in London. Take it to the Royal Mint. They exchange some old coins. Which is what I did, (got a friend who works by the Royal Mint, popped in for me, and exchanged it.

Word of warning, apparently some shops (not sure which - friend did not say) are not taking the old £20.00 notes, banks are happy to exchange these.

kahlquist · 26 December 2007 at 7:43PM

Hi.....

The following link has pictures of the Crown coins.

http://www.royalmint.gov.uk/Corporate/BritishCoinage/CoinDesign/FivePoundCoin.aspx

The background information is useful since it explains why retailers will not accept them.

Background Information
The £5 crown piece is issued to commemorate special occasions of national importance. These coins are not intended to be a permanent feature of the United Kingdom circulation coinage, rather they are intended as souvenirs.

In its present form, the cupro-nickel crown has a face value of £5 it was increased to this value from 25p in 1990. This increase gives the coin a value consistent with its weight and size in relation to present range of coins.

Each new crown issue is authorised by Royal Proclamation, as required by the Coinage Act of 1971. A crown therefore has legal tender status, but since it is not a circulation coin, most retailers will refuse to accept it. In recognition, however, that some people may wish to exchange a crown piece given or purchased as a souvenir, post offices have agreed to accept crowns in exchange for goods and services.

I am sure that the coin could be sold on for face value and postage.

My kids who work in retail sales are also looking out for crowns, old style £2 (single colour ones), large 50 pence coins, etc for me.

Ken

*Bright-Idea* · 26 December 2007 at 8:19PM

I tried several banks when my Kids were given some in the past. The only bank that would exchange for cash was Barclays. The post office, abbey, lloyds and halifax all refused.

curly_cabbage · 26 December 2007 at 8:22PM

I may be wrong but, i think that £5 coins are legal tender although you don't see them very often, but proberly best to spend them in large stores or take to bank just incase.