Nope. 'Legal tender' simply means that an item can be used to settle debts to a court. From a legal perspective the meaning of ‘legal tender’ is that you can’t be sued for not paying a debt as long as you give the right amount of money in ‘legal tender’. UK; Your old pound coins still have value – here’s how to claim the money The old pound coin ceased to be legal tender on 15 October 2017. Obverse Type 3, used 1990 – 1997 (bust design by Raphael Maklouf): Reverse Type 3, used 1990 – 2008 (design by Christopher Ironside): Edge: Milled. Although legal tender, £5 coins are rarely seen in circulation and are intended as souvenirs. Firstly, what classifies as legal tender varies depending on which country you’re in within the UK. In 2008, the back of all the pence coins were redesigned to show different segments of the Royal Shield. In Scotland and Northern Ireland, the only legal tender is Royal Mint coins. You can spend up to £5 in 5p or 10p coins, or up to £10 each in 50p and 20p pieces. Our notes are designed to be difficult and time consuming to copy. However, if you didn't manage to spend all of the old coins, you aren't necessarily out … The Coinage Act of 1971 defines up to what limit coins are always legal tender. Banknotes do not have to be classed as legal tender to be acceptable for trade; millions of retail transactions are carried out each day in the UK using debit cards and credit cards, none of which is a payment using legal tender. Coins are legal tender throughout the United Kingdom for the following amounts: £100 – for any amount. There are eight accepted coins in UK currency, including the £2, £1, 50 pence, 20 pence, 10 pence, 5 pence, 2 pence, and 1 pence (penny). The UK's new 12-sided £1 coin is the only £1 coin that is legal tender … Coins in the UK are regulated by the Coinage Act of 1971. However, coins cease to be legal tender at certain amounts. We work closely with De La Rue, the company that currently prints our notes, to ensure they are of a consistently high quality. Forum Member. If a retailer wants to accept it, you can use it. But had it been £1 coins… Unlike paper money, there is a limit to how much you can pay with certain coins. is, or has been, legal tender in its country of origin, and is of a description of coin that is normally sold at a price that does not exceed 180 per cent of the open market value of the gold contained in the coin, or (c) an investment gold coin as specified in Notice 701/21A Investment gold coins of the VAT Act 1994. . We aim to dispatch all items within 2 working days of cleared received payments. Advice for retailers and businesses. View the designs and specifications for each of the UK coins in current and previous years: You can read more about legal tender coins here. Equally, traders may offer to accept payment in foreign currency, such as Euro, Yen or US Dollars. 13 Collectable UK 50p Coins Legal Tender. You may be surprised to see the mention of the 25p coin there; this is the ‘Crown’ and they do still exist, albeit mainly in collector’s hands. £2 – for any amount. The Bank of England says 94 million paper tenners and 118 million paper fivers haven’t been handed in, even though they can still be exchanged at face value. One of the items within the regulations states that the following coins and denominations shall be legal tender: Coins made from silver or cupro-nickel of a denomination of more than 10 pence, for payment of any amount not exceeding £10. It will take only 2 minutes to fill in. The Royal Mint issues UK coins. The history of bank notes in New Zealand was considerably more complex. 1ps only count as ‘legal tender’ for any transaction equal to or less than 20p Are Scottish notes worthless? The Houblon £50 note was introduced in April 2014 but is no longer legal tender. Mr Chamberlain attempted to pay for £87.49 worth of petrol using five of the £20 coins at a Tesco store in Tiverton, Devon. Exclusive figures from the Royal Mint for YourMoney.com reveal £131m worth of old pound coins have yet to be returned to the Royal Mint. The definition of legal tender is further narrowed by the amount you try and use in any transaction as well. Learn what makes a coin legal tender and the process that each design goes through before receiving Royal Proclamation. £1 and £2 coins are legal tender without any restriction. 2. 0. tsx080 Posts: 102. Bullion coins, and many other proof and Brilliant Uncirculated coins, have a monetary value stamped on them, ranging anywhere from £1 up to £100. The term legal tender only comes up in normal conversation when people discuss Scottish money. The old "round pound" stopped being legal tender on Sunday, October 15. According to UK law, all coins made by The Royal Mint are classed as legal tender, whether they are commemorative coins or those in circulation. When staff refused to accept them he was told that they had consulted with their legal team and could not accept the coins as payment. Only the smaller post 1990 5p coins shown on this page are legal tender. For the previous larger ones, see here. To help us improve GOV.UK, we’d like to know more about your visit today. 50p coins are classed as legal tender up to the total of £10. Commomorative coins, therefore, do not have the same status as "circulation" coins, such a £1 and 50p coins. The original 10p coins were first issued in 1968 as a larger coin and was initially used alongside and was the same size as its predecimal equivalent coin, the florin (or two shillings). Coins had to be issued by the Minister of Finance.) 0. Many of our customers ask what legal tender really means, and why the value on a bullion coin is different from the actual sale price of the coin, so we thought we’d explain below. For the record, here are the legal tender limits for all UK coins: 1p and 2p: up to 20 pence in total; 5p and 10p: any amount up to £5; 20p, 25p and 50p: any amount up to £10; All others: any amount. The “most secure” 12-sided £1 coin entered circulation in March 2017, while the old round £1 coin lost its legal tender status in October 2017. Our banknotes. By Claire Schofield. More than a year after they ceased to be legal tender, there are still £1.5bn-worth of paper £5 and £10 notes that haven’t been cashed in. Help us improve GOV.UK. £5 (Crown) – for any amount. (Unusually, until 1989, the Reserve Bank (established in 1934) did not have the right to issue coins as legal tender. For England and Wales, legal tender consists of coins minted by the Royal Mint and banknotes produced by the Bank of England. Amazingly the British Coinage Act (1971) states that 1p and 2p coins are only legal tender up to the value of 20 pence. We’ll send you a link to a feedback form. Posts: 80,544. The design: Scottish Thistle, royally crowned. A retailer has every right to refuse payment if there are more than ten pounds worth of fifty pence coins presented. Nearly two years after they stopped being legal tender, 145 million old-style £1 coins are still missing. 1. In truth, it does not mean they can be accepted by banks, shops or businesses for cash transactions. Forum Member 14/12/07 - 07:47 #25. Earlier this month, a 50p coin was selling for a staggering £3,500 on eBay. Only the smaller post 1992 10p coins shown on this page are legal tender. Martin went on to add: "Briitsh bank notes are Royal Mint coins are (legal tender). Mark. With 1 and 2 pence coins it is your right to pay up to 20 pence, with 5 and 10 pence the limit is £5, for 20 and 50 pence it is £10. It doesn't matter if it's legal tender or not - that's a largely legal term that is seldom used. Are commemorative coins legal tender? Specifications are shown at the bottom of this page. Four different portraits of the Queen have been used. Households are being warned to spend or bank all their round pound coins before October, when they will cease to be legal tender. However, you can use more coins if the person you’re paying is willing to accept them. Jenny Manders of the Royal Mint explains that there can sometimes be a misunderstanding about the definition of 'legal tender'. Gibraltar £1 coins are not legal tender in the UK. In the UK, the definition of 'legal tender' is often misunderstood. Meanwhile, this is not the first rare coin to fetch huge money online. August 9, 2018 12:57 pm. Advice for law enforcement. In 1992 10p coins were made smaller, lighter and generally more convenient. Jersey £1 coins ceased to be legal tender in Jersey on 15 October 2017 to coincide with the withdrawal of the circular £1 coin in the UK. It does not actually mean that the coins can be accepted by banks, shops and businesses for cash transactions. SHIPPING. Not in the UK at least. Additional Information. You don't mean "legal tender". Legal? The motto round the milled edge of Jersey pound coins was: Caesarea Insula ("island of Jersey" in Latin). The (UK) Coinage Act 1816 therefore applied and British coins were confirmed as legal tender in New Zealand. Legal tender allows UK coins to be accepted for payment of debts in court, but only circulating legal tender coins are designed to be spent and traded at businesses and banks.” Tesco Bans £20 Coins. In Scotland and Northern Ireland only Royal Mint coins are legal tender – Scottish banknotes aren’t actually legal tender anywhere. Discover the art and craft of coin design through the coins in circulation today. 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