£5 coins can vary greatly in value depending on a lot of different factors.
On average, a £5 coin usually sells for around £7 on eBay, including postage. This value takes into account only completed listings and is an average of every £5 coin listed over the last few months on eBay in 2022.
This is a very rough estimate, however, and in the rest of this article, we’ll explain what factors affect the value with some examples to help you understand the £5 coin and its history.
What Are £5 Coins?
The history of the £5 coin can be quite difficult to grasp.
It all starts with the crown – a coin that was first issued in the 16th century. Towards the end of the 19th century and into the 20th century the crown turned into more of a commemorative coin that wasn’t used much in daily life.
Fast forward to decimalisation in 1971 and the crown was given the value of 25 new pence, as its pre-decimal value was 1/4 of a pound.
Between 1971 and 1981 there were several 25 pence coins produced, which are often referred to simply as crowns or ’25 pence crowns’. Some of these include the 1972 Silver Wedding crown, as well as the 1981 Charles and Diana Wedding crown.
In 1990, the face value of the 25 pence crown was increased to £5, due to the large size of the coin and the production costs that went into manufacturing the coin. This was the birth of the £5 coin as we know it, and was marked with the Queen Mother’s 90th birthday £5 coin.
The First £5 Coin
The very first £5 coin produced had an obverse designed by Raphael Maklouf and the reverse by Leslie Durbin; and paid tribute to the Queen Mother’s 90th Birthday.
This coin marked the beginning of a long tradition of £5 coins being produced by the Royal Mint almost every single year since then.
What Affects The Value Of A £5 Coin?
Most £5 coins sell for around the same amount when they are first released, but there are a few factors that affect the initial price as well as the value of the coin after a few years.
Mintage
The mintage of £5 coins varies greatly between designs, and this can have an impact on how much they sell for, particularly on second-hand marketplaces like eBay.
If a £5 coin has a significantly low mintage, it is likely that it will become more sought after as the years go by.
Type Of Finish
Pretty much every £5 coin is issued in brilliant uncirculated quality, alongside other more expensive options such as silver proof and gold proof.
Gold-proof £5 coins are usually worth thousands of pounds, whereas brilliant uncirculated versions are worth around £10 or less.
What Is The Rarest £5 Coin?
The 2018 Pride of England £5 coin takes the title for the rarest £5 coin with a mintage of just 9,840, although this is subject to change when the latest mintage figures are released for coins issued in 2019 onwards.
These particular coins sell for between £15 and £30 on eBay according to the latest average values.
Are £5 Coins Legal Tender?
First and foremost, let’s clear up the meaning of legal tender, as it is commonly misinterpreted in today’s society. So, what exactly is legal tender?
“Legal tender refers to coins or banknotes that must be accepted if offered in payment of a debt”
In England and Wales, Royal Mint coins and Bank of England notes are classified as legal tender, but only Royal Mint coins are legal tender in Scotland and Northern Ireland. So, as you can see, the term ‘legal tender’ is actually kind of useless in everyday life.
What matters is some smaller denominations, such as the 1p or 2p coins, are only legal tender up to a certain amount; in these cases, the total is 20 pence. So that means you are legally only allowed to pay with 1 or 2 pence coins up to a value of 20 pence.
This becomes interesting when you realise that £1 coins are actually legal tender for any amount. This means then, that you could technically pay for anything you want – whether that be a house or a new sports car – with £1 coins only.
£5 coins are legal tender, however, due to their collectable nature, it is highly unlikely to find one of these coins in your change. The Royal Mint produces these coins strictly as a limited edition with collectable designs. This means that, although you could technically come across these coins in your change, the chances of this actually happening are very slim.
Where Can You Exchange A £5 coin?
So, we’ve established that £5 coins are legal tender, but where can you actually exchange them?
Despite the legal tender status of the £5 coin, it can prove difficult to exchange them; this is because shops and banks alike have the right to refuse the coins as payment.
Do Banks Or Post Offices Accept Them?
There are, however, certain banks that will allow them to be deposited and therefore it is always worth trying your local bank first. Should this fail, we recommend visiting your local post office, where the coins can be used in exchange for goods and services.
Other rare £5 coins And Crowns
As the £5 coin is a continuation of the beloved Crown coin, let’s take a look at some notable examples that have been released through the years.
The 1977 Silver Jubilee Crown
In 1977, to commemorate the silver jubilee of the Queen, over 37 million Crowns were minted. The majority of these coins were made of cupronickel, with some being made in proof standard (92.5% silver).
The silver proof version sells for between £10 and £20 on average on eBay, depending on whether the coin is accompanied by a box and certificate. The cupronickel version sells for between £1 and £2 on eBay. You can read more in-depth about the 1977 Silver Jubilee Crown in our article here.
2002 Golden Jubilee £5 Coin
Another popular £5 coin is the Golden Jubilee £5 which was issued in 2002.
This coin sells for just above face value with an average of £6.01 according to the most recent values and had both the obverse and reverse designed by Ian-Rank Broadley.
Queen’s 90th Birthday £5 Coin
In 2016 the Royal Mint celebrated the Queen’s 90th birthday with a £5 coin, with an obverse designed by Jody Clark and reverse by Christopher Hobbs.
From our research, cupronickel versions of this coin sell for around £5 to £10 including a special edition folder. On the secondary market, proof versions of this coin have sold for more than £80.
