Those who have a local which they frequent oftenly might know what i'm on about when i say....you know the little old bloke who sits in the corner who you have 5 mins with every other time your in the pub who usually fills your head with pointless facts but the odd time you get some stuff out of him which you never knew, well anyway that same old man and me had a chat tonight over a pint whilst at the bar and he taught me a thing or two about cash......

Did you know.......

The 2p coin is only legal tender upto 20p worth, after that it's no longer legal tender and the salesperson has the legal right to refuse you should they want to? Just as the 50p coin is only legal tender upto £10 again if the salesperson at wherever you may be decided they didn't want to money they could turn you away legally.

Did you know that back in the 70s the 2p coin was worth more than it's actual value do to Copper prices? Wish I woul have been around then to take advantage of that one, apparently a 2p coin at it's height was worth 3.5p.....work it out for yourself, I have got my hands on £1000 worth of 2p coins from every bank I could get them from and shuld I want to I have made an instant profit of £750....BONUS!.......A shame for us though in current times it's only worth about 0.2p which isn't quite as exciting :(

And finally which is'nt as exciting the £1 coin is the cheapest coin the manufacture, whilst the £2 coin is the most expensive due to it being manufactured from two different types of metal!

Like I said pretty pointless information to most, however makes an interesting thought process over a pint of amber in the local...........Where do these guys get it from? :huh:

What i don't understand is 2p is legal tender up to 20p (10 coins) but 5p is legal tender up to a fiver (100 coins). Who comes up with these stupid rules?

Legal tender only exists for settlement of debt paying into a court. It has no relevance in ordinary everyday transactions - you can easily refuse payment of a "legal tender" offer if you so wish as you can with any contract whilst being made.

Did you know that back in the 70s the 2p coin was worth more than it's actual value do to Copper prices? Wish I woul have been around then to take advantage of that one, apparently a 2p coin at it's height was worth 3.5p.....work it out for yourself, I have got my hands on £1000 worth of 2p coins from every bank I could get them from and shuld I want to I have made an instant profit of £750....BONUS!.......A shame for us though in current times it's only worth about 0.2p which isn't quite as exciting :(


While your point is correct factually, your not allowed to deface legal tender as it has the queens head on it- so if to attempted to melt them down you would be breaking the law.

The USA had an issue with this recently when there coins were worth more than there face value, the government then said that it was illegal to do so (even though no law had been passed), prompting cries from groups in the US asking who the money belonged to if they couldn't do as they wished with it!

They swiftly put a law in place son after though to cover themselves!

http://www.financialcrisis2009.org/forum/Business-Finance/Nobody-on-yahoo-answers-knows-that-melting-pennies-is-illegal-244699.htm

Those who have a local which they frequent oftenly might know what i'm on about when i say....you know the little old bloke who sits in the corner who you have 5 mins with every other time your in the pub who usually fills your head with pointless facts but the odd time you get some stuff out of him which you never knew, well anyway that same old man and me had a chat tonight over a pint whilst at the bar and he taught me a thing or two about cash......

Did you know.......

The 2p coin is only legal tender upto 20p worth, after that it's no longer legal tender and the salesperson has the legal right to refuse you should they want to? Just as the 50p coin is only legal tender upto £10 again if the salesperson at wherever you may be decided they didn't want to money they could turn you away legally.

Did you know that back in the 70s the 2p coin was worth more than it's actual value do to Copper prices? Wish I woul have been around then to take advantage of that one, apparently a 2p coin at it's height was worth 3.5p.....work it out for yourself, I have got my hands on £1000 worth of 2p coins from every bank I could get them from and shuld I want to I have made an instant profit of £750....BONUS!.......A shame for us though in current times it's only worth about 0.2p which isn't quite as exciting :(

And finally which is'nt as exciting the £1 coin is the cheapest coin the manufacture, whilst the £2 coin is the most expensive due to it being manufactured from two different types of metal!

Like I said pretty pointless information to most, however makes an interesting thought process over a pint of amber in the local...........Where do these guys get it from? :huh:You do know you can get loads of interesting facts without even going out of the house and weeding out the chuff from the grain down at the local ?

Its called Google ;)

You do know you can get loads of interesting facts without even going out of the house and weeding out the chuff from the grain down at the local ?

Its called Google ;)

Yes but life's about interacting with other people.

No doubt the old fella loves a gossip and imparting his wisdom to all and sundry. It made him happy.

Don't get the same effect on Google.

"look after the pennies and the pounds will look after thesen" what my old grannie used to say.

The 2p copper coin is sill worth 3.5p if it is a pre 1992 one, you'll find these are disappearing from circulation as people like myself hoard them and only spend the post 92 steel coins.

Copper is about 0.5p a gram.

Nickel is about 1.5p a gram.

With current rates of inflation the 5p and 10p pieces will have a metal value higher than the currency value in around 10 years.

What i don't understand is 2p is legal tender up to 20p (10 coins) but 5p is legal tender up to a fiver (100 coins). Who comes up with these stupid rules?

where did it say that on OP? I only saw 20p and 50p mentioned. Maybe its something to do with the physical size of the coin

While your point is correct factually, your not allowed to deface legal tender as it has the queens head on it- so if to attempted to melt them down you would be breaking the law.

As I recall this is what they nailed one of the Brinks Mat fences for - they couldn't make the charge of hadling stolen goods illegal as he had no reason to think the gold was stolen. They did do him for melting down 2p pieces into it in order to make it look like it wasn't refined gold though. (which is surely a bit of a dodgy action anyway)

Yorkshire Prayer

Hear all, see all say nowt - Eat all, sup all pay nowt, and if ever tha does owt for nowt allus do it for thissen:hihi::hihi::hihi:

See section 2 of the following:-

http://www.statutelaw.gov.uk/content.aspx?ActiveTextDocid=1404903

While your point is correct factually, your not allowed to deface legal tender as it has the queens head on it



How come you can now place a coin in one of those machines that stretches it and stamps an emblem on it. Such as the machine at the Sealife centre in Scarborough that stamps it with the Sealife logo.:huh:

Did you know that if you carefully file the corners of a 50 p you can actually make a 10 p
I know its amazing i have made £345 worth of 10 ps

Those who have a local which they frequent oftenly might know what i'm on about when i say....you know the little old bloke who sits in the corner who you have 5 mins with every other time your in the pub who usually fills your head with pointless facts but the odd time you get some stuff out of him which you never knew, well anyway that same old man and me had a chat tonight over a pint whilst at the bar and he taught me a thing or two about cash......

Did you know.......

The 2p coin is only legal tender upto 20p worth, after that it's no longer legal tender and the salesperson has the legal right to refuse you should they want to? Just as the 50p coin is only legal tender upto £10 again if the salesperson at wherever you may be decided they didn't want to money they could turn you away legally.

Did you know that back in the 70s the 2p coin was worth more than it's actual value do to Copper prices? Wish I woul have been around then to take advantage of that one, apparently a 2p coin at it's height was worth 3.5p.....work it out for yourself, I have got my hands on £1000 worth of 2p coins from every bank I could get them from and shuld I want to I have made an instant profit of £750....BONUS!.......A shame for us though in current times it's only worth about 0.2p which isn't quite as exciting :(

And finally which is'nt as exciting the £1 coin is the cheapest coin the manufacture, whilst the £2 coin is the most expensive due to it being manufactured from two different types of metal!

Like I said pretty pointless information to most, however makes an interesting thought process over a pint of amber in the local...........Where do these guys get it from? :huh:

they get it from the program on tv about two days ago !!!!!

Does anyone know if there is a legal limit to the amount of cash that you can hold without putting it into a bank account?

Does anyone know if there is a legal limit to the amount of cash that you can hold without putting it into a bank account?
I suppose that depends on how big your hands are :hihi:

Did you know that if you carefully file the corners of a 50 p you can actually make a 10 p
I know its amazing i have made £345 worth of 10 ps

Did you know that some years ago (shortly after the 50p was introduced) there was a spate of cigarette machine robberies in London Underground stations?

Empty machines. No sign of damage. No money in the machine, but water in the coin mechanism and on the ground below the machine.

Apparently some enterprising individual had made some 50p moulds which he filled with water and froze. Froze them to 'minus a lot'. The ice coins worked rather well and there were no fingerprints.

What i don't understand is 2p is legal tender up to 20p (10 coins) but 5p is legal tender up to a fiver (100 coins). Who comes up with these stupid rules?

When i was a kid i always remember bus drivers refusing me on the bus if i wanted to pay in copper. Think bus far was 30p at the time.

This old man can't have been that wise with money if he's drinking in a pub these days. :o

Did you know that back in the 70s the 2p coin was worth more than it's actual value do to Copper prices? Wish I woul have been around then to take advantage of that one, apparently a 2p coin at it's height was worth 3.5p.....work it out for yourself, I have got my hands on £1000 worth of 2p coins from every bank I could get them from and shuld I want to I have made an instant profit of £750....BONUS!.......A shame for us though in current times it's only worth about 0.2p which isn't quite as exciting :(
The reason for that price drop is that they are made of steel with just a coating of copper.
Copper is currently fetching about £4000/tonne, and a penny weighs an eighth of an ounce: about 14p worth.
Steel is maybe £150/tonne, which would make your tuppence worth about 1p in metal.

Think it's just one of those grumpy rules that arsey bus drivers use to make our lives that little bit grayer.

Hi
A bit of copy and paste here folks

All Scottish banks have the right to print their own notes. Three choose to do so: The Bank of Scotland (founded 1695), The Royal Bank of Scotland (founded 1727) and the Clydesdale Bank (owned by National Australia Bank). Only the Royal Bank prints pound notes. All the banks print 5,10,20 and 100 notes. Only the Bank of Scotland and Clydesdale Bank print 50 pound notes.

Scottish bank notes are not legal tender in Scotland. English bank notes of denomination less than 5UKP were legal tender in Scotland under Currency and Bank Notes Act 1954. Now, with the removal of BoE 1UKP notes, only coins constitute legal tender in Scotland. English bank notes are only legal tender in England, Wales, The Channel Islands and the Isle of Man. In Scotland, 1 pound coins are legal tender to any amount, 20ps and 50ps are legal tender up to 10 pounds; 10p and 5ps to 5 pounds and 2p and 1p coins are legal tender to 20p (separately or in combination). 2 pounds coins and (if you can get hold of one) 5 pound coins are also legal tender to unlimited amounts, as are gold coins of the realm at face value (in Scotland at least).

http://www.royalmint.com/corporate/policies/legal_tender_guidelines.aspx