[Closed] £5 coin!?

I've been making them for a while now...

you'll be collecting stamps next 🙂

God I hope not... I can't even spend the bloody thing, have to take it to the mint to turn into 'real money' again... are they actually legal tender?

If it says £5 on it then yes it is legal tender, however, you won't find many people who'll take it off your hands.

Momo - so if I write £5 on a bit of paper, does that make it legal tender 😉

If only!

No sorry Kevin, but there are a lot of commerative coins (exactly the same size and shape as the £5 coin) that don't have a value stamped on them that are only aorth about 25p.

It has 'Five Pounds' written on the side with the Queens head, but no number stamped on the other side?

Sounds about right. If you ever want rid of it, your bank should take it.

They cost me 75p to make so it's a reasonable profit margin 🙂

Yes, I believe they are legal tender. Made as commemorative coins, but really worth £5

I remember the original £2 coins coming out (Gold rim and silver centre), I was working in a shop at the time and we had 2 or 3 spent with us. I swapped one for £2 of my own and kept it in the ashtray of my car for a year or so. One night I was famished and went to a chippy (cod and chips was under £2 then!) but they wouldn't take it. I left the meal on the counter and went to another chippy who gladly took my £2 coin! 🙂

Blimey that's a really fascinating PP.

but there are a lot of commerative coins (exactly the same size and shape as the £5 coin) that don't have a value stamped on them that are only aorth about 25p.

I believe they're called 'Crowns', after the original coins which were worth five shillings.

(Still awake, Drac? 😀 )

I remember some drunken Aussies knocking the centres out of £2 coins in a pub. They looked quite alarmed, when I said they could go to jail for such an offence...

As for shops not taking coins, I had a right to-do in an offie once, because the ignorant ****s wouldn't accept a Guernsey pound coin.

And don't get me started on Scottish notes...

It's about time they got rid of the £5 note, and the 1p and 2p for that matter.

[i]It's about time they got rid of the £5 note, and the 1p and 2p for that matter. [/i]

Why?

Yup awake Talkmada, the local chavs around here use to knock the centres out and put the ring part through there 'gold' chains. Probably cost them more to devalue the coin than they paid for the chain.

Scottish bank notes aren't legal tender in the UK or Scotland!

Yup Rusky, only ignorant people don't realise that and will argue with the shops. 😀

Do you not? I thought you were obliged to?

Legal Tender in the United Kingdom is defined as a " means of payment that should not be refused by a creditor in satisfaction of a debt. "

Channel Island coins are apparently not legal tender in the UK, so I was wrong! Poor Offie! 😳

Well, you learn something new every day, eh?

Now, if anyone wants to make some free money, take some old 5 shilling coins to a bank. Go around enough and sooner or later someone'll give you £5 each for them.

I have an 1896 Full Sovereign gold coin. It's actually legal tender, I understand, and is worth...

...a pound. 🙁

Scottish bank notes aren't legal tender in the UK or Scotland!

You mean Scottish bank notes aren't legal tender in england or Scotland.

Or, they are noy legal tender in the UK. (I think you'll find that Scotland is part of the UK, for the time being)

They are however 'acceptable currency' anywhere in the UK, which means that shops can accept them as payment. They don't have to though.

It's about time they got rid of the £5 note, and the 1p and 2p for that matter.

Why?

Because £5 is a value now that doesn't really warrant a note because the turnaround is too high and they wear out too quickly, so it should go the same way as the £1 note.

1p and 2p are only useful for pricing rhetoric and filling up used whiskey bottles, so there are a lot of them that aren't in proper circulation anyway.

Isn't there something about the constituent metals in a 1p and 2p being worth more than the face value.

Possibly an urban myth of course, but I like the lunacy of the situation so I can't be arsed checking the veracity.

I prefer the theory that 1p and 2p coins are only kept in circulation so the government can get your DNA.

*pops on tinfoil hat*

we still have £1 notes up here - getting rather rare now but they still exist

@GrahamS something about melting 5p coins down for the £20 worth of silver wasn't it?

I have an 1896 Full Sovereign gold coin. It's actually legal tender, I understand, and is worth...
...a pound.

Isn't there something about the constituent metals in a 1p and 2p being worth more than the face value

They used to be
But there's a lot of ferrous metal in them now, magnets even attract them now

Scottish bank notes aren't legal tender in the UK or Scotland!

Cheques, credit cards, debit cards are not legal tender either but shops still accept them. Legal tender only has meaing when referring to settling a debt and has nothing to do with transactions.

Interestingly, thanks to a quirk in the wording of the law, no Bank of England notes are legal tender in Scotland.

Scottish bank notes are not legal tender in Scotland. English bank notes of denomination less than 5UKP were legal tender in Scotland under Currency and Bank Notes Act 1954. Now, with the removal of BoE 1UKP notes, only coins constitute legal tender in Scotland. English bank notes are only legal tender in England, Wales, The Channel Islands and the Isle of Man. In Scotland, 1 pound coins are legal tender to any amount, 20ps and 50ps are legal tender up to 10 pounds; 10p and 5ps to 5 pounds and 2p and 1p coins are legal tender to 20p (separately or in combination). 2 pounds coins and (if you can get hold of one) 5 pound coins are also legal tender to unlimited amounts, as are gold coins of the realm at face value (in Scotland at least).

Yeah most people don't understand what legal tender means. I heard of someone who was so annoyed at getting clamped in an apparently unfair manner that they paid the private contractor in copper coins - he needn't have accepted them which would have been quite amusing perhaps.

[i]Because £5 is a value now that doesn't really warrant a note because the turnaround is too high and they wear out too quickly, so it should go the same way as the £1 note.[/i]

Have you submitted your studies to the royal mint?

The US dollar note should be history but it's iconic I suppose.

We've a stash of those £5 notes that you can wipe the serial numbers off at home, think my parents are hoping they'll be worth something by the time they retire, either that or they'll be worth £5.

We've a stash of those £5 notes that you can wipe the serial numbers off at home, think my parents are hoping they'll be worth something by the time they retire, either that or they'll be worth £5.