Old UK coins can be confusing because “legal tender”, “accepted in a shop” and “exchangeable” do not mean the same thing. A coin that has been withdrawn from circulation may no longer be spendable, but that does not automatically tell you how to dispose of it.
What legal tender means
Legal tender is a technical term about settling a debt. It is not a promise that every shop, bank or cash machine will accept a particular coin. Businesses can choose which payment methods they accept.
When a coin has been demonetised, it is no longer current money for ordinary transactions. Check the date and denomination against an official source before trying to spend it.
Can a bank take old coins?
Some UK high-street banks may accept demonetised coins from their own customers, but the Royal Mint says banks are under no legal obligation to do so. Policies can vary by bank, account and branch, so check before travelling with a large quantity.
The Bank of England does not exchange coins. Its old-banknote exchange service is separate from coin arrangements. For coins, the Royal Mint directs people to its guidance on demonetised coin disposal.
What to do before handing them over
- Separate coins by denomination and approximate date.
- Keep unusual, very old or precious-metal-looking pieces aside for research rather than putting them in a bulk bag.
- Do not clean them. Cleaning can remove surface evidence that helps identify a coin.
- Photograph both sides and the edge, and record the weight only if you have a suitable scale.
- Ask the bank or organisation about its current policy before visiting.
Spendable, exchangeable and collectible are different questions
A withdrawn coin may have no spending route but still deserve identification. Mintage, survival, condition, metal, design and demand can all affect collector interest. None of those factors can establish an individual value from a photograph alone.
For a safer research route, compare the coin with official design and specification information, then separate asking prices from completed sales. See our UK coin research method and the Royal Mint guidance on demonetised coins.