£5 pound coins

adouglasmhor

I have no problems but I live in a city, if you live in a hamlet full of inbreeds and fossils you can't expect the same standard of service.

lellio

I live in a major city and have just been to my bank to put £65 worth of £5.00 coins and told that I could not put them in, I was informed that i "might" be lucky to exchange them at the big post office in the city centre, but my best bet would be to sell them to a coin collector!!!!!

I dont understand this as they are legal tender as was exchanged with me as such.

dzug1

Well you may be with one of the so called banks that limits deposits of coins. A 'proper' bank shouldn't refuse them, not as a deposit. They might be unwilling to change them

The Post Office official position is that they will accept them as payment or as deposit into an account but not exchange them - but as an earlier poster has said individual Post Offices may be ignorant of that or even choose to ignore it.

pipsi_2

Surely you'll get more for them than the £5 face value by selling them on Ebay or to a coin collector. I was recently in a collectable coin/stamp shop with my grandfather and they had £5 coins for sale for more than £5, can't remember exactly but they had a few coins and notes issued in the last 20 years all selling for more than their face value.

VK-2008

if its legal spend it

if you want to make money ebay it

SIMPLES

exel1966

From the Royal Mint

Can I use Commemorative Crowns as ordinary coins? Why are some of them worth more than others?

These coins, as the name suggests, are issued to commemorate special occasions of national importance usually, but not exclusively, royal in theme. They are intended to be souvenirs rather than ordinary circulation coins and are consequently seldom found in everyday circulation.
Traditionally crowns had a face value of 25p (or 5 shillings prior to decimalisation in February 1971). In 1990 the face value was increased to £5 to give the coin a value consistent with its weight and size in relation to those of in the then current range of coins.
Each crown issue is authorised by Royal Proclamation in accordance with the requirements laid down by the Coinage Act 1971. This means that - in common with other coins in general circulation - a crown has legal tender status.
Most people would not wish to exchange a crown piece, but in recognition of the fact that some people may wish to do so, some post offices have agreed to accept crowns in exchange for goods and services.

MrTomato

Legal tender doesn't mean it has to be accepted to buy goods and services, but for repaying debts.

EDIT: I'd also like to point out Michael McIntyre's joke about Scottish money being legal tender is a bit rubbish since in England & Wales, it isn't, and he also wrongly uses legal tender meaning it has to be accepted.

Biggles

MrTomato wrote: »

I'd also like to point out Michael McIntyre's joke about Scottish money being legal tender is a bit rubbish since in England & Wales, it isn't

Nor is it in Scotland, quaintly enough.

MrTomato

Biggles wrote: »

Nor is it in Scotland, quaintly enough.

I know because its printed by retail and not central banks, I believe.

But, let him get his laughs.

shazzom

Is there a definitive answer on this then as far as we know?

I've found a £5 coin that I remember being given in a post office as change, but that was back in 2003 - and it is a commemorative 2003 Coronation jubilee £5 coin, and I'd like to change it.

I work in Leeds city centre so can approach an array of banks. Would I have to pay it into an account (that would limit me to Lloyds TSB or RBS) or can I just get it changed for normal money at any bank? Thought I'd ask first coz am a bit of a scaredy cat and don't want the embarrassment of being told where to go at a busy lunchtime counter and I don't know where I stand to argue back!

Thanks!