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UKSolicitorJA
UKSolicitorJA, Solicitor
Category: Law
Satisfied Customers: 4312
Experience:  English solicitor with over 12 years experience
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Damaged Sterling Coins. My firm processes foreign coins for

Customer Question

Damaged Sterling Coins. My firm processes foreign coins for charities and within these we receive lots of damaged Sterling coins.
Our high street bank now refuses to accept them as it is unprofitable for them to do so.
The Royal Mint has refused to accept them and will only accept them from Banks as it is contracted to do so by HM Treasury.
Does this mean these coins are worthless? A damaged banknote or a banknote of any age is always accepted by The Bank of England.
Submitted: 3 years ago.
Category: Law
Expert:  UKSolicitorJA replied 3 years ago.
Hello,

The coins are not worthless but your problem is finding someone to take them off you.

Since the Royal Mint does not take such coins directly from the public, you may want to switch to another bank which agrees to take them off you.

It is a private contract matter.

May I help further?







Customer: replied 3 years ago.

Is it not on the same basis as the banknotes where the queen promises to pay and as such the treasury has an obligation to provide a facility to cash these?

Other banks have the same attitude unless you want to borrow funds to make a profit on the account.

Expert:  UKSolicitorJA replied 3 years ago.
I am afraid coins are not the same as bank notes and there is no wording on coins which says that I promise to pay the bearer the sum of xxx on demand.
Hope this clarifies