UK; Your old pound coins still have value – here’s how to claim the money The old pound coin ceased to be legal tender on 15 October 2017. Bullion coins, and many other proof and Brilliant Uncirculated coins, have a monetary value stamped on them, ranging anywhere from £1 up to £100. Early options for the 50p included coins with four, 10 and 12 sides. On 15 October 2017 a new 12-sided coin replaced the old pound coin. The term legal tender only comes up in normal conversation when people discuss Scottish money. Jenny Manders of the Royal Mint explains that there can sometimes be a misunderstanding about the definition of 'legal tender'. I have told my staff not to accept them if they have any doubt I seem to recall that the UK "retired" some coins a few decades ago. Unlike bank notes, UK coins are produced by the Royal Mint, who take no responsibility for coins that are no longer in circulation. The old, round coins will cease to be legal tender in the UK from 15 October. Legal? Some of course are worth much more to collectors. Legal tender allows UK coins to be accepted for payment of debts in court, but only circulating legal tender coins are designed to be spent and traded at businesses and banks.” Coins in the UK are regulated by the Coinage Act of 1971. August 9, 2018 12:57 pm. There is actually no space for them in cash register drawers. Legal Tender Deadlines. Luckily, each note is a different color, so it is easy to tell them apart when you're looking through your wallet. Legal tender notes and coins; Legal tender notes and coins. However, most of us understand that legal tender to be current coins or banknotes used to pay for items. The following notes and coins are legal tender. About the new 200-krone note. MORE than £120million worth of old pound coins are still missing three years after they stopped being legal tender. We are trusted by the public sector, national charities, banks, businesses, schools and hospitals to exchange foreign coins and (of course) to provide the best rates in the UK. Further Complications about Legal Tender. By Claire Schofield. The older coins remain legal tender but are rarely seen in circulation. About Cash4Coins. About the new 100-krone note. Shillings are no longer legal tender in the UK and there is no direct currency exchange because of that. The distinctive coin involved more research and consultation than any before it. The UK unit of currency is pounds sterling (£), not the Euro.If you plan on visiting Britain, it's important to familiarize yourself with the UK currency, especially since new note and coin designs have been circulated between 2016 and 2018. Anything that reads stirling on it is legal tender in the UK. I was recently in Gibraltar, where they accept UK pounds, but also have Gibraltar pounds, which look like ours, but have 'Gibraltar' on them. But had it been £1 coins… Unlike paper money, there is a limit to how much you can pay with certain coins. The original 10p coins were first issued in 1968 as a larger coin and was initially used alongside and was the same size as its predecimal equivalent coin, the florin (or two shillings). 'Legal tender' simply means that an item can be used to settle debts to a court. Households are being warned to spend or bank all their round pound coins before October, when they will cease to be legal tender. What we will say is that while each of the old type of £2 coins is worth more than its face value, only the very special proof editions issued in special sets are worth large amounts – usually between £50 and £100 for the gold editions. Seven single metal gold coloured thicker coins were issued before this date. In the United States, the recognized legal tender consists of Federal Reserve notes and coins. A shilling ( UK ) was a pre-decimal coin worth 12 old pence more to collectors,,. 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