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The prolific issuance since 2013 of silver commemorative £20, £50 and £100 coins at face value has led to attempts to spend or deposit these coins, prompting the Royal Mint to clarify the legal tender status of these silver coins as well as the cupronickel £5 coin. [37] [38] [39] Legal tender has a very narrow legal meaning, related to ...
As a legal tender coin, the sovereign is exempt from capital gains tax for UK residents. [110] As well as being used as a circulating coin, the sovereign has entered fashion: some men in the 19th century placed one on their pocket watch chains (seen as a sign of integrity), [111] and others carried them in a small purse linked to the chain. [112]
The one hundred pound coin (£100) is a commemorative denomination of sterling coinage.Issued for the first time by the Royal Mint in 2015 and sold at face value, £100 coins hold legal tender status but are intended as collectors' items and are rarely found in general circulation. [1]
The British twenty pound (£20) coin is a commemorative denomination of sterling coinage, first issued by the Royal Mint in 2013. [1] It is minted in .999 fine silver. [ 2 ] Twenty pound coins are legal tender [ 3 ] but are intended as souvenirs and are almost never seen in general circulation.
Five pound coins are legal tender but are intended as souvenirs and are rarely seen in circulation. [1] The coins are sold by the Royal Mint at face value and also, with presentation folders, at a premium to that face value. The vast majority of souvenir crowns were issued as "Brilliant Uncirculated" and were affordable by most collectors.
Until decimalisation crowns (five shilling coins) were used for this purpose as they were the highest denomination of the time, but due to inflation this role has been transferred to higher value coins. Crowns, £5 coins and (until 1996) £2 coins are non-circulating, although they are still legal tender. These denominations are only used for ...
The 1994 pieces were never legal tender but were eventually released for sale as part of a presentation set in 1998. At the same time in 1994 the Royal Mint produced a mono-metallic trial two-pound coin, with the same ship reverse and inscription, but otherwise similar to the earlier commemorative coins.
There are an estimated 10.5 billion 1p coins in circulation as of 2016, with a total face value of around £105,000,000. One penny coins are legal tender only for amounts up to the sum of 20p when offered in repayment of a debt; [4] [5] however, the coin's legal tender status is not normally relevant for everyday transactions. [6]
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