[h=2]Commemorative coins don't hold their value and, what's worse, many banks and shops won't accept them, as this couple discovered[/h]
When Pat and John Owers wanted to deposit five £5 coins, Lloyds bank refused to accept them – because although "legal tender", the money was in the form of commemorative coins.
Staff at the Owers' local bank branch in Barking, Essex, turned away the money. They offered no advice about where it could be exchanged or spent.
Such coins are produced by the Royal Mint as souvenirs of royal occasions like births, weddings and anniversaries, and are bought in their millions - and often given to children or other family members as keepsakes. Because they are produced in limited quantities and for a certain period, they are often initially sold for more than their face value. Over time, their value changes according to demand from other collectors.
But most owners do expect to be able to realise at least the face value of the money at any time.
?Bank sold us £5 coins that aren?t worth a penny? - Telegraph
When Pat and John Owers wanted to deposit five £5 coins, Lloyds bank refused to accept them – because although "legal tender", the money was in the form of commemorative coins.
Staff at the Owers' local bank branch in Barking, Essex, turned away the money. They offered no advice about where it could be exchanged or spent.
Such coins are produced by the Royal Mint as souvenirs of royal occasions like births, weddings and anniversaries, and are bought in their millions - and often given to children or other family members as keepsakes. Because they are produced in limited quantities and for a certain period, they are often initially sold for more than their face value. Over time, their value changes according to demand from other collectors.
But most owners do expect to be able to realise at least the face value of the money at any time.
?Bank sold us £5 coins that aren?t worth a penny? - Telegraph
