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 Replies: 8 / Views: 4,317 |
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Valued Member
United Kingdom
298 Posts |
From 1969-1997, why are people buying these up on ebay all the time, even in well circulated condition? There was an auction a while back for about 200 of them that sold for close to £100! Are there banks that still exchange them? |
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Moderator
 Australia
16849 Posts |
It was my understanding that in Britain, while the old coins have been withdrawn and demonetized, they are still redeemable by the Treasury for full face value, indefinitely. Whether banks accept them or not in deposits, and under what conditions they can be accepted in bulk, is probably largely left up to the individual banks to set their own policies.
Don't say "infinitely" when you mean "very"; otherwise, you'll have no word left when you want to talk about something really infinite. - C. S. Lewis
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Valued Member
United Kingdom
128 Posts |
Found this... http://forums.moneysavingexpert.com...hp?t=1655065My understanding was that the Bank of England in London UK was obliged to give you the face value of any coin or banknote, out of circulation or damaged (providing they can recognise it). But you would have to take it there and hand it over personally. Of course handing over an old white £5 note would be a bit crazy as it would be worth a lot more than face value, as is the case with many coins that are now out of circulation. Correct me if I'm wrong. Mike. |
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Pillar of the Community
United Kingdom
2134 Posts |
I wish it was true that the Bank of England in London UK was obliged to give you the face value of any coin, out of circulation but it's not.
Any Bank of England note is redeemable, though.
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Valued Member
 United Kingdom
298 Posts |
I presume some people must have found a bank close by that has agreed to take them. Fair play if that's the case. The other alternative is people buy them to use in old fruit/arcade machines.
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Pillar of the Community
United Kingdom
2134 Posts |
If you know of a bank and branch that will take them, please let me know.
There are lots of aged people in my community that have lots of old coins they could redeem.
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Pillar of the Community
United Kingdom
1682 Posts |
Why not purchase them at face value from them and sell or trade them on here?
For example, I am in the UK and I am still looking for:
x2 1992 50 pence Single Market - EEC
x2 1989 2 Pound Claim Of Rights
One example of each when found, will be sent to a friend in the US.
Ken
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Valued Member
United Kingdom
298 Posts |
These were just average circulated coins though kena, is there really a market yet for the old larger 50p in terms of numismatics? Proofs and uncirculated ok, but just regular circulated? Again I've seen a lot of 200 sell for £120 on ebay in the last day or two. |
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Pillar of the Community
Germany
1064 Posts |
I have never seen these for sale at the few coin shows I went to. Maybe I wasn't looking hard enough, but I just didn't see them.
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Replies: 8 / Views: 4,317 |
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Posted 09/28/2012 2:57 pm
