Spending Limits Using Cash

The_Household_Gremlin

Does anyone know what is the maximum amount that can be paid in cash for each type of coin/note? Also has it change since 2018?

Abbafan1972

Eeh? I’m confused. 

swingaloo

1 pence coins > upto 20 pence

2 pence coins > upto 20 pence

5 pence coins – upto £5

10 pence coins > upto £5

20 pence coins > upto £10

50 pence coins > upto £10

£1 pound coins > any amount

£2 pound coins > any amount

powerful_Rogue

The_Household_Gremlin said:

Does anyone know what is the maximum amount that can be paid in cash for each type of coin/note? Also has it change since 2018?

Depends on the context. Retailers don't have to accept any cash.

Alderbank

The_Household_Gremlin said:

Does anyone know what is the maximum amount that can be paid in cash for each type of coin/note? Also has it change since 2018?

The specific entity you wish to pay with cash will know what they accept and will be able to tell you. Every retailer is different. There are no laws saying anyone must take cash. Nowhere has any legal obligation to accept any coins or notes, ever.

Yes, many rules have probably changed twice since 2018. When covid struck most retailers stopped accepting any coins or notes at all, insisting on cashless payment only. Since then some, not all, have relaxed that as fear of covid has receded.

Time of day can sometimes be relevant. Many 24 hour petrol stations will not accept coin or note during night hours.

I used to work for Housing Associations. Over the last twenty years all stopped 'officially' accepting cash. This was because of the cost of handling cash (insurance, etc) as well as issues of staff safety. However in practice local office managers knew that if a tenant in arrears came to the front desk with a carrier bag full of fivers they could make an exception. That cash would not be turned away.

SiliconChip

It could be that the OP wants to kknow what the Legal Tender rules on coins are, which can be found here https://www.bankofengland.co.uk/explainers/what-is-legal-tender and here https://www.royalmint.com/aboutus/policies-and-guidelines/legal-tender-guidelines/ (the latter conforms to the amounts in @swingaloo's post).

However, as the web page explains, this has little impact in everyday life, as other posters have also said it's the retailer's own practices that matter.

electriccactus

The_Household_Gremlin said:

Does anyone know what is the maximum amount that can be paid in cash for each type of coin/note? Also has it change since 2018?

The maximum is whatever the recipient is willing to accept.

There are rules for legal tender but that is for a very specific scenario, repayment of a debt.

PHK

electriccactus said:

The_Household_Gremlin said:

Does anyone know what is the maximum amount that can be paid in cash for each type of coin/note? Also has it change since 2018?

The maximum is whatever the recipient is willing to accept.

There are rules for legal tender but that is for a very specific scenario, repayment of a debt.

I see this quoted a lot and it’s actually a bit more nuanced than that. But rarely has an effect on day to day transactions. 

Anyone wanting the full facts should look at the Coinage Act 1971 and (in Scotland) Banknotes Act 1954

For the paying of a debt legal tender can’t be refused. (Strictly speaking - a debtor can’t be sued if they pay into court using legal tender even if the creditor insists on another form of payment) No Scottish notes are legal tender as the Banknotes Act made only English notes £5 and under legal tender in Scotland. 

In everyday transactions the buyer and seller are free to AGREE what payment means can be used. If there is no agreement then the default position would be as stated in the coinage act. This is why when someone tries to pay a bill with a wheelbarrow of coins or similar, judges find against them even though the amount is correct. 

JJG

Alderbank said:

The_Household_Gremlin said:

Does anyone know what is the maximum amount that can be paid in cash for each type of coin/note? Also has it change since 2018?

I used to work for Housing Associations. Over the last twenty years all stopped 'officially' accepting cash. This was because of the cost of handling cash (insurance, etc) as well as issues of staff safety. However in practice local office managers knew that if a tenant in arrears came to the front desk with a carrier bag full of fivers they could make an exception. That cash would not be turned away.

In that situation I think it’s more that the cash could not be turned away. That is when the term “legal tender” starts to matter. If a debt is owed you can pay it in legal tender.

electriccactus

PHK said:

electriccactus said:

The_Household_Gremlin said:

Does anyone know what is the maximum amount that can be paid in cash for each type of coin/note? Also has it change since 2018?

The maximum is whatever the recipient is willing to accept.

There are rules for legal tender but that is for a very specific scenario, repayment of a debt.

I see this quoted a lot and it’s actually a bit more nuanced than that. But rarely has an effect on day to day transactions. 

Anyone wanting the full facts should look at the Coinage Act 1971 and (in Scotland) Banknotes Act 1954

For the paying of a debt legal tender can’t be refused. (Strictly speaking - a debtor can’t be sued if they pay into court using legal tender even if the creditor insists on another form of payment) No Scottish notes are legal tender as the Banknotes Act made only English notes £5 and under legal tender in Scotland. 

In everyday transactions the buyer and seller are free to AGREE what payment means can be used. If there is no agreement then the default position would be as stated in the coinage act. This is why when someone tries to pay a bill with a wheelbarrow of coins or similar, judges find against them even though the amount is correct. 

It's not nuanced at all, I said legal tender only applies to repayment of a debt, which is what you pasted says.

PHK

electriccactus said:

PHK said:

electriccactus said:

The_Household_Gremlin said:

Does anyone know what is the maximum amount that can be paid in cash for each type of coin/note? Also has it change since 2018?

The maximum is whatever the recipient is willing to accept.

There are rules for legal tender but that is for a very specific scenario, repayment of a debt.

I see this quoted a lot and it’s actually a bit more nuanced than that. But rarely has an effect on day to day transactions. 

Anyone wanting the full facts should look at the Coinage Act 1971 and (in Scotland) Banknotes Act 1954

For the paying of a debt legal tender can’t be refused. (Strictly speaking - a debtor can’t be sued if they pay into court using legal tender even if the creditor insists on another form of payment) No Scottish notes are legal tender as the Banknotes Act made only English notes £5 and under legal tender in Scotland. 

In everyday transactions the buyer and seller are free to AGREE what payment means can be used. If there is no agreement then the default position would be as stated in the coinage act. This is why when someone tries to pay a bill with a wheelbarrow of coins or similar, judges find against them even though the amount is correct. 

It's not nuanced at all, I said legal tender only applies to repayment of a debt, which is what you pasted says.

Perhaps it’s too nuanced for you to see the difference.