shoreham4eva Posted December 17, 2010 Share Posted December 17, 2010 Those who have a local which they frequent oftenly might know what i'm on about when i say....you know the little old bloke who sits in the corner who you have 5 mins with every other time your in the pub who usually fills your head with pointless facts but the odd time you get some stuff out of him which you never knew, well anyway that same old man and me had a chat tonight over a pint whilst at the bar and he taught me a thing or two about cash...... Did you know....... The 2p coin is only legal tender upto 20p worth, after that it's no longer legal tender and the salesperson has the legal right to refuse you should they want to? Just as the 50p coin is only legal tender upto £10 again if the salesperson at wherever you may be decided they didn't want to money they could turn you away legally. Did you know that back in the 70s the 2p coin was worth more than it's actual value do to Copper prices? Wish I woul have been around then to take advantage of that one, apparently a 2p coin at it's height was worth 3.5p.....work it out for yourself, I have got my hands on £1000 worth of 2p coins from every bank I could get them from and shuld I want to I have made an instant profit of £750....BONUS!.......A shame for us though in current times it's only worth about 0.2p which isn't quite as exciting And finally which is'nt as exciting the £1 coin is the cheapest coin the manufacture, whilst the £2 coin is the most expensive due to it being manufactured from two different types of metal! Like I said pretty pointless information to most, however makes an interesting thought process over a pint of amber in the local...........Where do these guys get it from? Link to comment Share on other sites More sharing options...
andygardener Posted December 17, 2010 Share Posted December 17, 2010 What i don't understand is 2p is legal tender up to 20p (10 coins) but 5p is legal tender up to a fiver (100 coins). Who comes up with these stupid rules? Link to comment Share on other sites More sharing options...
Obelix Posted December 17, 2010 Share Posted December 17, 2010 Legal tender only exists for settlement of debt paying into a court. It has no relevance in ordinary everyday transactions - you can easily refuse payment of a "legal tender" offer if you so wish as you can with any contract whilst being made. Link to comment Share on other sites More sharing options...
scottf Posted December 17, 2010 Share Posted December 17, 2010 Did you know that back in the 70s the 2p coin was worth more than it's actual value do to Copper prices? Wish I woul have been around then to take advantage of that one, apparently a 2p coin at it's height was worth 3.5p.....work it out for yourself, I have got my hands on £1000 worth of 2p coins from every bank I could get them from and shuld I want to I have made an instant profit of £750....BONUS!.......A shame for us though in current times it's only worth about 0.2p which isn't quite as exciting While your point is correct factually, your not allowed to deface legal tender as it has the queens head on it- so if to attempted to melt them down you would be breaking the law. The USA had an issue with this recently when there coins were worth more than there face value, the government then said that it was illegal to do so (even though no law had been passed), prompting cries from groups in the US asking who the money belonged to if they couldn't do as they wished with it! They swiftly put a law in place son after though to cover themselves! http://www.financialcrisis2009.org/forum/Business-Finance/Nobody-on-yahoo-answers-knows-that-melting-pennies-is-illegal-244699.htm Link to comment Share on other sites More sharing options...
hard2miss Posted December 17, 2010 Share Posted December 17, 2010 Those who have a local which they frequent oftenly might know what i'm on about when i say....you know the little old bloke who sits in the corner who you have 5 mins with every other time your in the pub who usually fills your head with pointless facts but the odd time you get some stuff out of him which you never knew, well anyway that same old man and me had a chat tonight over a pint whilst at the bar and he taught me a thing or two about cash...... Did you know....... The 2p coin is only legal tender upto 20p worth, after that it's no longer legal tender and the salesperson has the legal right to refuse you should they want to? Just as the 50p coin is only legal tender upto £10 again if the salesperson at wherever you may be decided they didn't want to money they could turn you away legally. Did you know that back in the 70s the 2p coin was worth more than it's actual value do to Copper prices? Wish I woul have been around then to take advantage of that one, apparently a 2p coin at it's height was worth 3.5p.....work it out for yourself, I have got my hands on £1000 worth of 2p coins from every bank I could get them from and shuld I want to I have made an instant profit of £750....BONUS!.......A shame for us though in current times it's only worth about 0.2p which isn't quite as exciting And finally which is'nt as exciting the £1 coin is the cheapest coin the manufacture, whilst the £2 coin is the most expensive due to it being manufactured from two different types of metal! Like I said pretty pointless information to most, however makes an interesting thought process over a pint of amber in the local...........Where do these guys get it from? You do know you can get loads of interesting facts without even going out of the house and weeding out the chuff from the grain down at the local ? Its called Google Link to comment Share on other sites More sharing options...
Anna B Posted December 17, 2010 Share Posted December 17, 2010 You do know you can get loads of interesting facts without even going out of the house and weeding out the chuff from the grain down at the local ? Its called Google Yes but life's about interacting with other people. No doubt the old fella loves a gossip and imparting his wisdom to all and sundry. It made him happy. Don't get the same effect on Google. Link to comment Share on other sites More sharing options...
Himurabi BC Posted December 17, 2010 Share Posted December 17, 2010 "look after the pennies and the pounds will look after thesen" what my old grannie used to say. Link to comment Share on other sites More sharing options...
chem1st Posted December 17, 2010 Share Posted December 17, 2010 The 2p copper coin is sill worth 3.5p if it is a pre 1992 one, you'll find these are disappearing from circulation as people like myself hoard them and only spend the post 92 steel coins. Copper is about 0.5p a gram. Nickel is about 1.5p a gram. With current rates of inflation the 5p and 10p pieces will have a metal value higher than the currency value in around 10 years. Link to comment Share on other sites More sharing options...
denlin Posted December 17, 2010 Share Posted December 17, 2010 What i don't understand is 2p is legal tender up to 20p (10 coins) but 5p is legal tender up to a fiver (100 coins). Who comes up with these stupid rules? where did it say that on OP? I only saw 20p and 50p mentioned. Maybe its something to do with the physical size of the coin Link to comment Share on other sites More sharing options...
Obelix Posted December 17, 2010 Share Posted December 17, 2010 While your point is correct factually, your not allowed to deface legal tender as it has the queens head on it- so if to attempted to melt them down you would be breaking the law. As I recall this is what they nailed one of the Brinks Mat fences for - they couldn't make the charge of hadling stolen goods illegal as he had no reason to think the gold was stolen. They did do him for melting down 2p pieces into it in order to make it look like it wasn't refined gold though. (which is surely a bit of a dodgy action anyway) Link to comment Share on other sites More sharing options...
Recommended Posts
Archived
This topic is now archived and is closed to further replies.