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swapping old money

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mollykins | 20:21 Sat 26th Jun 2010 | Business & Finance
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I supose if you had really old coins, a collector would pay more than they were worth when valid, but when the legal tender changes for some reason, is there only a certain time, in which you can swap the old money into the bank, for new money?

And for example when we got rid of shillings, how many pennies were you given? (the same as how many went into a shilling before, when they were legal tender?)

just curious xx molly

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A shilling was 12 old pence but became 5 new pence
Several months advance notice is provided before a coin is demonetised (i.e. it is no longer legal tender). However, once a coin has been demonetised, banks are under no obligation to accept them. Nevertheless, many banks will accept demonetised coins from members of the public providing they have a bank account with them. Policy may vary from bank to bank, and some may charge a handling fee.

After decimalisation in 1971 One Shilling and Two Shilling coins were used as 5p and 10p respectively because the new coins were assigned the same size and value as their older counterparts. It was only when smaller 5p and 10p coins were introduced during the early 1990s that any remaining Shillings finally disappeared from general circulation.

Bank of England banknotes are treated differently to coins inasmuch as they retain their face value for all time, therefore the BoE will always exchange withdrawn notes (such as the Elgar £20 which is due to be withdrawn on 30th June). Again, other financial institutions are under no obligation but may do so for recently withdrawn banknotes.
Question Author
aaaahhh ok thanks
molly, if you have old coins or collector coins, collectors will only pay big money if they are rare or in mint condition. I have quite a few Churchill crowns but they are not worth a lot because so many were issued.
A Post Office will change all Bank of England bank notes for up to date ones at face value. They will also take the old style decimal coins, again for face value (eg we can change one of the older, larger 50ps for a new style 50p coin). But they cannot exchange pre decimal coins.

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