Can you spend sovereigns in a shop?

[SionGilbey 1]

If one was silly enough to spend a gold Sovereign in your local Spar, what would you get for it?

Is the face value £1?

Would they let you?

[azda 982]

If one was silly enough to spend a gold Sovereign in your local Spar, what would you get for it?

Is the face value £1?

Would they let you?

Why not try a George III Guinea to, i'll open a spar near you Sion

[Accumulator 52]

If one was silly enough to spend a gold Sovereign in your local Spar, what would you get for it?

Is the face value £1?

Would they let you?

Why not try a George III Guinea to, i'll open a spar near you Sion

Yes, all post 1837 sovereigns are legal tender with a face value of £1. It's the reason why their sale is not subject to CGT.

Round here we use Waitrose of course

[scottishmoney 51]

Yes, all post 1837 sovereigns are legal tender with a face value of £1. It's the reason why their sale is not subject to CGT.

Round here we use Waitrose of course

Just a slight correlation, it is all 1817 and onwards sovereigns that are indeed still legal tender.

I would imagine some young shopkeeper, but with his or her nose ring, belly button piercing and her spiked doo will not even recognise it as a coin of the realm though and might even call in the bobbies to knock you up for the notion of spending a "fake".

[azda 982]

I think you'll find that its sovereigns from 1800 onwards, hence the reason that in the EU there is No tax payable on those coins from that year because they were used to buy and sell, so they are legal tender

Edited February 24, 2011 by azda

[ski 1]

to save anyone any confusion, i can give you a pound coin for youre sovereigns.

1817 it was, if youve any dated 1800-1816, im interested.

[SionGilbey 1]

I'll give anyone a fiver for a sov.!

[scott 145]

i'll give you £5.01 for them

[Accumulator 52]

I think you'll find that its sovereigns from 1800 onwards, hence the reason that in the EU there is No tax payable on those coins from that year because they were used to buy and sell, so they are legal tender

It's definitely 1837.... You can find it here on the HM Revenue & Customs website.

Edited February 24, 2011 by Accumulator

[ski 1]

I'll give anyone a fiver for a sov.!

i'll give you £5.01 for them

outbid again

[Peter 615]

I'll give anyone a fiver for a sov.!

i'll give you £5.01 for them

outbid again

I shall wait for the snipe. but don't tell anyone

[ski 1]

I shall wait for the snipe.

......you may have to wait some time, their in decline in uk wetlands.

ccgb2010 is priced at six guineas, do the same tax rules apply to guineas, were they ever used for currency?

[SionGilbey 1]

I shall wait for the snipe.

......you may have to wait some time, their in decline in uk wetlands.

ccgb2010 is priced at six guineas, do the same tax rules apply to guineas, were they ever used for currency?

In the Great Recoinage they were replaced by the Sovereign so they are not legal tender as far as I'm aware.

However, people still called 21 shillings a Guinea and this makes it £1.05 today, so times that by 6 for 6 Guineas and that gives you £6.30, the price of the book.

It was used as legal tender originally being equal to 20 shillings but then increasing in the late 1600s (I think) to 21 until 1816 of course.

I don't think they have the same tax rules.

Sion

[Peckris 579]

I shall wait for the snipe.

......you may have to wait some time, their in decline in uk wetlands.

ccgb2010 is priced at six guineas, do the same tax rules apply to guineas, were they ever used for currency?

In the Great Recoinage they were replaced by the Sovereign so they are not legal tender as far as I'm aware.

However, people still called 21 shillings a Guinea and this makes it £1.05 today, so times that by 6 for 6 Guineas and that gives you £6.30, the price of the book.

It was used as legal tender originally being equal to 20 shillings but then increasing in the late 1600s (I think) to 21 until 1816 of course.

I don't think they have the same tax rules.

Sion

Tell that to those awfully nice chaps who organise horse races!

[ski 1]

Tell that to those awfully nice chaps who organise horse races!

Ladbrokes????

[scottishmoney 51]

I think you'll find that its sovereigns from 1800 onwards, hence the reason that in the EU there is No tax payable on those coins from that year because they were used to buy and sell, so they are legal tender

It's definitely 1837.... You can find it here on the HM Revenue & Customs website.

Unfortunately HM Revenue & Customs has a mistake on their site - all sovereigns minted from 1817 are of the same standard.

[scottishmoney 51]

I shall wait for the snipe.

......you may have to wait some time, their in decline in uk wetlands.

ccgb2010 is priced at six guineas, do the same tax rules apply to guineas, were they ever used for currency?

It was fairly common for auctions to offer lots in Guineas into the 1970's and I am sure there are still a holdout here and tither that like pricing stuff in Guineas for no other reason than they get an extra 5P for each pound.

If you have real Guineas that you would like to let, I will give you quid and five for them and treat them just like money.

[SionGilbey 1]

I shall wait for the snipe.

......you may have to wait some time, their in decline in uk wetlands.

ccgb2010 is priced at six guineas, do the same tax rules apply to guineas, were they ever used for currency?

It was fairly common for auctions to offer lots in Guineas into the 1970's and I am sure there are still a holdout here and tither that like pricing stuff in Guineas for no other reason than they get an extra 5P for each pound.

If you have real Guineas that you would like to let, I will give you quid and five for them and treat them just like money.

I'll give you a quid and six

[Accumulator 52]

I think you'll find that its sovereigns from 1800 onwards, hence the reason that in the EU there is No tax payable on those coins from that year because they were used to buy and sell, so they are legal tender

It's definitely 1837.... You can find it here on the HM Revenue & Customs website.

Unfortunately HM Revenue & Customs has a mistake on their site - all sovereigns minted from 1817 are of the same standard.

It's not about standard, simply that all pre-1837 (i.e. all pre QV) sovereigns have been legally demonitised. As a result, older sovereigns are not legal tender and therefore regarded as chattels for CGT purposes. See also here

Edited February 25, 2011 by Accumulator

[SionGilbey 1]

If you were to spend it would they be legally obliged to accept it?

[Accumulator 52]

If you were to spend it would they be legally obliged to accept it?

Not strictly true. This often comes up in relation to £50 notes as some shops will not to accept them, and they are entitled to do this. In fact a shop is entitled to ask for payment in any manner they please... gold beads if they so wish. Of course you can walk away!

On the other hand, if a court orders you to make a payment then you are entitled to settle with your choice of legal tender currency. So 100,000 pennies for a £1,000 fine should you feel so inclined.

[Cerbera100 0]

I remember trying to spend a 1995 VE day £2 a few years back (ok, maybe 15!) and getting a very funny look from the poor lass... it helped that I was 11 and looked sweet and innocent, but it didnt stop her calling the manager down! Cant remember if I got my pick 'n mix though...

Oddly it was the same girl about a week later that refused a £50 note for a Mars bar and got the bloke arrested... he was carrying over £2k in fake fifties!

[1949threepence 3,368]

If one was silly enough to spend a gold Sovereign in your local Spar, what would you get for it?

Is the face value £1?

Would they let you?

Well I can't speak for everybody, but if I was on the till, I'd definitely accept one, and then change it for an ordinary pound coin later. Although I can't even begin to imagine who would want to try and spend one at literal face value.

[davidrj 194]

Although I can't even begin to imagine who would want to try and spend one at literal face value.

My 94 yr old mum is demented poor love, and prior to going into Care, she tried to pay a bill with premium bonds. So yes, I can imagine such a scenario with some poor old dear out shopping

David

Edited February 26, 2011 by davidrj

[josie 8]

Just posting.

http://online.wsj.com/article/SB10001424052748703806304576237054171070160.html?mod=googlenews_wsj

It wont link the whole article,but wallmart comment in last sentence.

Edited April 1, 2011 by josie