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How much can you pay in coins?

There is a meme spreading round the Internet that after loosing to Apple in a $1b+ lawsuit Samsung paid the bill in coins.

This it turns out wasn’t true however it does raise a question just what and how much can you pay for in the UK using coins?

Turns out Yahoo Finance of all places had an answer..

According to the Coinage Act of 1971, 1ps and 2ps are only legal tender up to the value of 20p. But that doesn’t mean you can’t pay more than that in pennies if the person or business you’re paying agrees.

Legal tender has a very narrow meaning in the UK. Put simply, you can’t be successfully sued for non-payment of a debt if you give the correct amount of money in legal tender. That’s it.

Everything else is up to the two parties involved in the transaction.

And fans of wacky ways to protest can take heart from one thing: £1 and £2 coins are legal tender up to any amount you like. Even if they’re frozen in ice or put in a bathtub full of honey.

What coins can you pay with:
 

  • 1p – for any amount not exceeding 20p
  • 2p – for any amount not exceeding 20p
  • 5p – for any amount not exceeding £5
  • 10p – for any amount not exceeding £5
  • 20p – for any amount not exceeding £10
  • 50p – for any amount not exceeding £10
  • £1 – for any amount
  • £2 – for any amount

The rules for notes:

You can pay any amount in bank notes but:

  • Bank of England notes are not legal tender in Scotland or Northern Ireland
  • Scottish and Northern Irish banknotes are not legal tender in England and Wales

But while shops are under no obligation to take Scottish or Northern Irish notes in England and Wales (and vice versa), as the Bank of England explains in practice you may well have no problems at all using them.

This also puts pay to the Myth that Scottish Bank Notes are legal tender in the UK

http://uk.finance.yahoo.com/news/how-much-can-you-legally-pay-in-coins.html

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This entry was posted on September 11, 2012 by in comment, ilike and tagged , , , , , , , .
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