No, or at least no one is obliged to take them, and they are not legal tender. According to the Royal Mint: “Smaller version introduced in September 1997 (larger version introduced in October 1969, demonetized in 1998)”. Coins are legal tender throughout the UK for the following amount: Only 50p coins of the smallest size, dated from 1997 to the present day, are legal tender. A collectible 50p rainbow coin that has just been issued by the Royal Mint on the occasion of Pride UK`s 50th anniversary can be used in stores as legal tender in case someone wants to use it this way. The coin is not intended for mass circulation as it would be a standard coin, but according to the Royal Proclamation, it is legal tender, so you can theoretically buy one of these coins from the Royal Mint and use it like most other coins to settle a debt. Both parties to a transaction are free to accept any form of payment, whether legal tender or otherwise according to their wishes. For example, in order to comply with the very strict rules for a legal tender transaction, it is necessary to offer the exact amount due, since no changes can be requested. 50p coins are legal tender for amounts up to £10 when offered to repay a debt; However, the legal tender status of the coin is usually not relevant for day-to-day transactions. A demonetized coin, on the other hand, has no intrinsic value, as it is not guaranteed that it can be exchanged for legal tender at its nominal value. If you leave demonetized coins as tips, you`re essentially leaving worthless pieces of copper-nickel to your waiter or waitress. Whenever the Royal Mint issues a new coin, even if it is aimed at collectors, a Royal Proclamation is required to approve it and, in doing so, the collector coins are legal tender.

It should be noted that legal tender has a very narrow definition, as it only applies when a debt is settled. When you go to a store, they`re pretty much free to accept or decline any form of payment you wave at them. As a former retailer, I used to accept Scottish banknotes, but woe to me if I spent a few seconds looking at this unusual banknote to check if it was indeed Scottish, and you would get a Scottish bellows of “it`s legal tender!”. In fact, this is not the case and we accepted them, but only because the bank would accept them if we emptied the vaults that night. So, the new Pride coins are legal tender to settle your debts, but you`d be very stupid to use one this way, as they`ll cost way over 50p to buy one, but retain their legal tender value of only 50p. 50p coins are legal tender for amounts up to and including £10. [18] [19] However, in the United Kingdom, the term “legal tender” has a very specific and narrow meaning, referring only to the repayment of debts to a creditor, and not to daily purchases or other transactions. [20] In particular, the parts of certain denominations are said to be “legal tender” when a creditor is required by law to accept them in order to repay a debt. [21] The term does not mean – as is often assumed – that a merchant must take a certain type of currency in the payment. [20] A merchant is not required to accept a particular payment method, whether legal tender or not; Conversely, they have the discretion to accept any payment method they want.

[19] Can a demonetized coin be exchanged for legal tender? Legal tender has a very close and technical importance in the settlement of debts. This means that a debtor cannot be successfully sued for non-payment if they file in court under legal tender. This does not mean that an ordinary transaction must be carried out under legal tender or only within the limit of the amount specified by law. Legal tender 2P coins are legal tender for amounts up to and including 20 pence. However, in the United Kingdom, the term “legal tender” has a very specific and narrow meaning that refers only to the repayment of debts to a creditor, and not to daily purchases or other transactions. 1. Re: OLD large 50 pence coins: are they still issued in the UK? No, or at least no one is obliged to take them, and they are not legal tender. According to the Royal Mint: “Smaller version introduced in September 1997 (larger version introduced in October 1969, demonetized in 1998)”. The Mint could not find a suitable metal that differed sufficiently in color from existing coins and would not tarnish.

This last point was considered important as the new coin would be the most valuable coin in general circulation in the world (around £8.40 in current value). It therefore had to have a different form; Various methods were used abroad to overcome this problem, but none were without drawbacks. A hole across the room made things unacceptable to the Queen`s head (a legal requirement for British coins), and corrugated, flat or square coins could not be used in coin handling machines that were increasingly used in industry, banking and sales at the time. To be used in a sales or sorting machine, a part would have to roll under gravity and be able to be measured without being represented in a particular way, in other words, it needed a constant width at each angle at which it was measured. In August 2005, the Royal Mint launched a competition to find new inverted models for all coins in circulation, with the exception of the £2 coin. [7] The winner, announced in April 2008, was Matthew Dent, whose designs were gradually introduced into the circulation of British coins from mid-2008. [8] The drawings of Exhibits 1p, 2p, 5p, 10p, 20p, and 50p feature sections of the Royal Shield that together form the entire shield. The shield in its entirety was depicted on the now obsolete 1-pound round coin.

The 50p coin represents the lowest point of the Royal Shield, with the words FIFTY PENCE under the tip of the Shield. The face of the coin remains unchanged. Asad Shaykh, Director of Marketing and Communications at Pride in London, said: “I am very honoured that the words I coined for the protest, VISIBILITY, UNITY AND EQUALITY brand are on a real coin in front of the Queen.” Error `new pence` 1983 2p coin – up to £300 All 2p coins minted between 1971 and 1981 bore the words `new pence` on the reverse of the coin, according to the Royal Mint. After that, the wording was changed to “two pence”. This has made these pieces extremely valuable to collectors. As of March 2014, approximately 948 million 50p coins were in circulation. [2] The 50p will not be released, but will be available this summer on the Royal Mint`s website. The range includes undistributed gold, silver and glossy versions. Policies may vary from bank to bank, and some may charge a processing fee. If the coins are in good condition, it`s also worth contacting a coin dealer who might be willing to bid more than the face value. You should be able to find a parts dealer by contacting the British Numismatic Trade Association. The technical member (and sole engineer) of the Decimal Currency Board was Hugh Conway, at the time Chairman of the Institution of Mechanical Engineers and Managing Director of Bristol Siddeley Engines, Bristol.

He had found a formula for a non-circular shape of constant width in a mathematics textbook and had asked the Patchway design office near Bristol, which usually worked on aircraft engines such as Concorde, Vulcan and Harrier, to draw the shape. However, it turned out to be a wavy shape with re-entry sides that didn`t roll and couldn`t be easily measured. One designer, Colin Lewis, proposed a much simpler shape, which in its basic form is an equilateral triangle with a small circle centered on each vertex, and with a larger arc centered on each vertex but tangent to each of the two small opposite circles. Wherever it was measured, the width of this shape was a small radius plus a large radius. (The small radius was not strictly necessary for geometry, but it made the shape more convenient by removing uncomfortable pointed tips and reducing the rate of wear and thus the change in size during handling). The number of coins can be any odd number greater than one. A drawing was made to illustrate the proposal accepted by Hugh Conway. He chose seven pages as a compromise between a form that was too radical, which may not be acceptable to the public, and too many pages that would make it visually difficult to distinguish between a shape and a circle.

The shape was designed by Dave Brown and stainless steel patterns from the modeling workshop, as well as a section of the plexiglass channel with a fold to demonstrate that the “piece” would roll into the corners and fall through measuring slots. The legend “50” was engraved (by a master designed by Ray Gooding) on the surfaces of the samples, as it had already been decided that the new coin would be the first piece in the new Decimal series. Whether it`s a one-time donation or a regular donor, any additional support goes a long way in covering the running costs of this website and regularly replenishing yourself with news and facts from London. There are a number of ways anyone in Scotland and the rest of the UK can exchange or exchange their old £1 banknotes and coins. The guidelines on the Bank of England website state: “Your own bank or post office may exchange banknotes withdrawn from the Bank of England. Alternatively, you can exchange them with us by mail. Details of all 50p coins are displayed on separate linked pages below (click on the text to view the details of this date. Click on the image to see an enlarged version of this drawing): The following coins were produced by the Royal Mint only as commemorative coins, without being put into circulation: there are also 29 different variants, not listed here, minted in 2011 to celebrate the 2012 Summer Olympics. [15] In addition to the standard drawings, there were several variants of inverted drawings used on the 50p coin to commemorate important events. [9] These are summarized in the table below. From 1998 to 2015, the portrait of Ian Rank-Broadley was used[5], again with the tiara, with an IRB signature character under the portrait.