Yes, you can still cash in old pound coins. The old pound coins, which were round with a milled edge and featured a portrait of the Queen on one side, were replaced by the new 12-sided version in March 2017.
Now the old version is no longer legal tender and can no longer be used at shops or Coin Machines, but your old pound coins can still be exchanged for cash at most banks and Post Offices. Banks and Post Offices may impose limits on the number of old pound coins they will accept, so it is advisable to check with them in advance.
Cash payments cannot exceed £100 in coin form, and any payments over the limit can be paid in bank transfer, cheque or postal order. Keep in mind that some businesses may choose not to accept them, so it is always good to check with the individual business first.
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What can I do with old British coins?
There are lots of things you can do with old British coins. You can collect them as a hobby, display them as a form of art, or even sell them.
If you’re looking to start a coin collection, it can be fun to start with old British coins due to the unique history and designs. You can look for antique coins that feature long gone English royalty or different emblems of the United Kingdom.
A professional coin dealer and some online services can help you track down the right pieces.
Collecting coins can also be an interesting form of art. You can display your coins in cases or frames to show off your collection. Or, you can add them to jewelry or crafts. Coins can be transformed into rings, necklaces, and a variety of art pieces.
Finally, you can look into selling your old British coins. There is a market for antiquated coins with those looking to expand their collections. Coin auctions, pawn shops, and online shops are just some of the ways to go about finding buyers.
Where can I exchange old pounds?
If you’re looking to exchange old pounds, your best bet is to take them to your local bank or post office. Most major banks will exchange old pounds, though they may charge a fee for doing so. Additionally, your local post office should also be able to exchange your old currency, usually without a commission.
If you can’t find an official outlet to exchange currency, you may also want to check at local shops or tourist offices, as some may be willing to take on the task with no additional fees.
Are pound coins worth anything?
Yes, pound coins are worth something! Pound coins are official currency in the United Kingdom, meaning that they have a predetermined, fixed value equivalent to one British Pound Sterling. Pound coins have been in use in the UK since 1983 and have a variety of different designs.
Depending on their rarity and mint condition, some may be worth more than the standard face value. For collectors, a number of pound coins are valuable, particularly coins which feature an “error” on them, meaning they have a misprint or a mistake made in production.
These can fetch higher amounts from collectors.
It’s worth noting that, as with all coins in the UK, the Royal Mint has the right to withdraw any of them from circulation at any time – and given the pound coins replaced by the newer 12-sided model, it’s best to check if any pound coins you have are still able to be used in shops.
Which pound coins are rare?
There are a variety of rare pound coins, but some are more difficult to locate than others. The rarest pound coins are those issued in 2010, which have been produced with a distinctive low mintage. The mint released just 186,000 of the coins with an inscription of “2010 – 1 PL.
The coin, which is made from Cupro-nickel, features the fourth definitive portrait of the Queen, designed by Ian Rank-Broadley on the obverse and a design of the Royal Shield by Matthew Dent on the reverse.
Other rare pound coins include those from the Royal Mint’s Silver Proof Piedfort set of 2016, which were made from 0. 925 silver. Only 5,000 were issued and these were only available in a four-coin set.
The Royal Mint also issued 50,000 of the ‘Last Round Pound’ commemorative coins in 2017. The coins feature the latest portrait of Queen Elizabeth II on the obverse and four shields representing England, Scotland, Ireland, and Wales on the reverse, with the inscription ‘Farewell ‘Round Pound’ around the edge.
Other rare coins include large £10 coins from 1992 which were issued to mark the 10th anniversary of the passage of the British Nationality Act. Only 20,000 were issued in Proof finish, and these were available in a numbered two-coin set only, making them incredibly rare.
Finally, a limited edition set of gold £5 and silver £2 coins were issued in 2008 by the Royal Mint to mark the 400th anniversary of the Union of the Crowns. A total of just 8,000 sets were produced and these are now highly sought-after.
Can banks refuse to take coins UK?
Yes, banks can refuse to take coins in the UK. This becomes more of an issue for older or rare coins, or for coin rolls or collections. According to the Royal Mint, which manages and issues coins for the UK, banks are not legally required to take coins and may have policies in place saying they will only accept certain coins.
Certain banks, such as HSBC, Santander, NatWest, and Barclays, have official policies stating they will not accept coins as deposits. Most other banks and building societies are more likely to accept coins, but there is no legal obligation for them to do so.
If banks do not accept coins, customers will have to cash them in a Post Office or use a coin collection service.
How do I exchange old UK currency?
If you are looking to exchange old UK currency for pounds sterling, you will need to contact The Bank of England. The Bank sets a limit of 15 years for bank notes, so if the notes you want to exchange are older than this, they will no longer be valid.
For notes that were issued up to March 2015, you can exchange them over the counter at any bank. For notes issued from April 2015 onwards, you will need to submit them online.
In both cases, you should make sure to include the notes in their original packaging and include any notes you no longer wish to retain in the same package. Include your contact details and a self-addressed envelope for the return of the notes.
You can expect to receive the current exchange rate for the notes in return.
If you have other forms of currency, such as coins or foreign currency, you may need to exchange it through a specialised online currency exchange. Be sure to do your research and compare rates from different providers to ensure you get the best value.
In any case, make sure to check the exchange rate carefully before committing to a transaction. This will vary depending on the currency, the exchange rate and service used.
Where can I donate UK coins?
There are a variety of places where you can donate coins in the UK. One of the easiest and most convenient ways is to donate your coins to charity. Many of the major UK charities, such as Cancer Research UK, British Red Cross, NSPCC, Macmillan Cancer Support, and Save the Children, accept donations of coins.
You can either donate coins to your favorite charity directly, or you can use a fundraising platform such as JustGiving to donate coins to a charity of your choice.
You can also donate coins to local community projects and organizations. Local food banks, churches, and other small community groups often accept donations of coins. In addition, some banks, such as Lloyds and Barclays, have coin collection jars in their branches where you can donate coins.
Finally, you can donate your coins to charity shops. Oxfam, Salvation Army, and Scope all have outlets throughout the UK where you can donate your coins.
Which British coins are obsolete?
The British pound coins that are no longer in circulation are the farthing, half penny, penny, three-pence (sometimes known as a ‘thrupenny bit’), sixpence, shilling, florin, half crown, double florin and crown.
All British pound coins issued before decimalisation in 1971 are now obsolete, with the exception of certain collector’s coins or special issue pieces.
In addition to the old British pound coins, the half farthing, two-shilling piece, double-florin, two pound and five pound pieces are also no longer in circulation.
The European Union (EU) also issued a number of coins while Britain remained a member of the EU. However, following the UK’s exit from the EU, these coins – which include the 1-, 2-, 5-, 10-, 20- and 50-cent coins – are no longer legal tender in the UK and are considered obsolete.
How do I get rid of old foreign coins?
Getting rid of old foreign coins is a tricky process as different coins come with different values and costs to exchange them. The easiest way to get rid of old foreign coins is to exchange them at a currency exchange.
Most exchanges will accept different coins as long as they are in relatively good condition and relatively easy to identify. You can also try to sell your coins on an online marketplace. Alternatively, if you are looking to just get rid of the coins, you can donate them to a charity or a collector who will be able to use them.
Can a bank decline coins?
Yes, a bank can decline coins. This is because banks generally do not accept coins as money. Coins technically do not have a denomination and have lower value than paper money, so banks might decline them for practicality reasons, even though coins are still legal tender.
Furthermore, bank’s machines and currency detectors might not be able to accurately verify and process coins, so it simply is not a cost-effective or efficient process. In addition, banks want to focus on profit and can’t realistically manage the process that comes with exchanging coins with customers.
As a result, banks often decline coins and ask customers to deposit coins at coin machines instead.
What if someone denies to accept coins?
If someone denies to accept coins, it is important to understand why. They may have their own reasons for not wanting to accept coins and it is important to respect those reasons. It could be that they don’t have the capability to make change for large amounts of coins, or that they are not comfortable with handling them.
It could also be due to the fact that coins are heavy, and it takes a lot of time to count them.
In any case, it is important to look for other payment options that may be available to you. These could include cash or a debit or credit card, or even an online payment method such as Paypal or Venmo.
You could also ask if the business takes payment by check, or offer to return with a different form of payment later on.
