What should you do with old coins and bank notes?
Anyone who has had the sad task of clearing out the home of someone who’s died has probably come across out of date coins and bank notes.
We all seem to do it; whether it’s loose change down the back of the sofa or crumpled bank notes tucked inside an old handbag at the back of the wardrobe, we just can’t stop collecting cash.
Some people deliberately hide large amounts of cash for their ‘rainy day’ fund or money they’d just rather not tell anyone about.
Over the years, when dealing with deceased clients’ estates, I’ve come across everything from jars full of old pennies and £5 notes big enough to wallpaper a room, to bundles of cash hidden in old soap boxes under a sink.
British cash is changing in 2017
During 2017 the round one pound coin and the paper £10 note are being withdrawn and replaced by newly designed models. The new polymer £5 note was issued in September 2016 and the old paper version will be withdrawn on 5 May 2017. A new polymer £10 note is going to be issued in September 2017 and its paper counterpart will then be withdrawn by the end of the year. There will also be a new polymer £20 note by 2020.
What, if anything, can you do with cash that’s no longer legal tender? Is it worthless or a potential goldmine?
When a coin or bank note has been officially withdrawn from circulation it stops being legal tender. That means that retailers, and other organisations are not obliged to accept them, but it doesn’t mean the cash is worthless.
The Bank of England will always exchange old-series notes. If you either take the notes personally or send them to the Bank of England to Dept NEX, Bank of England, Threadneedle Street, London EC2R 8AH the notes will be exchanged.
When the round one pound coins are withdrawn in the UK on 15 October 2017 you’ll still be able to to pay them into banks or at some Post Offices provided you pay them into an account in your own name, but retailers will be unlikely to accept them.
Are old coins and notes worth more than face value?
Before you exchange out of date coins and bank notes it might be worth taking a closer look at them first. Rare examples of old cash can be attractive to collectors and could mean the coin or note is worth more than its face value.
The coin or bank note doesn’t necessarily have to be particularly old. If it has a flaw or an error was made when it was designed or if it was the first of its type, these are all features that could give the cash a higher than face value worth. Just last year we saw examples of the new polymer £5 notes exchanging hands on Ebay at higher than face value simply because they were amongst the first batch to be printed.
When administering an estate what are your responsibilities regarding out of date cash?
Personal representatives are under a duty to get the best price for anything that is saleable from the estate. If there are out of date coins and notes that responsibility could put you under a duty to investigate if the cash has any special feature that could make it more valuable.
Giving old coins and bank notes to charity
If you’re looking for a way to do some good with out of date cash that’s no longer legal tender you could perhaps try giving it to charity. Charities can exchange the notes and pay the coins into their bank accounts.
What else could you do with old coins and bank notes? Tell us if you have any suggestions or experiences good or bad.
Article by Rosamund Evans
FAQs
Certain examples of our notes may be of interest to collectors. We cannot advise in this respect, since banknotes are only ever 'worth' their face value to us. If you want to find out whether certain banknotes have any additional worth, we suggest you approach a banknote dealer.
How do I find the value of old coins and bills? ›
Hire a professional appraiser to grade your coins and tell you how much it is worth. The American Society of Appraisers and International Society of Appraisers have searchable directories of professional appraisers. A dealer might also be able to help.
How do you value old currency notes? ›
The US Federal Reserve requires that all US currency made after 1914 remain “legal tender”. This means that if you have any old US currency bills, they're still worth their face value, at a minimum. In other words, a $5 bill is still worth $5 – whether it was made in 1944 or 2024.
How do you value and sell old coins? ›
Get an appraiser to value your coin collection.
Appraisers are necessary when you're selling valuable coins or a large collection. Search your local phone directory or online for a trustworthy coin appraiser or dealer. They'll analyze each coin, verify its authenticity, and tell you how much it's worth.
How do you know if a note is valuable? ›
As a general rule, the lower the serial number the more valuable the banknote. Like the £5 note, which was released in 2016, the first tenner printed was given to the Queen, with the second given to Prince Philip, the third to Prime Minister Theresa May, and the fourth to Chancellor Philip Hammond.
How to sell old bank notes? ›
Third, you can sell your banknotes online through eBay, an online banknote dealer or a major auction house. Selling online might take a little more time, but it's a great option if you want a global audience to see your rare banknotes.
Which quarter is worth $35000 today? ›
1947 Silver Washington Quarter, MS68 – $35,000
Circulated coins range from $6 to $9, while even a gem MS66 is worth around only $60. Just four coins share the title of finest known example, however. They're graded MS68, and one was last sold in 2021 for $32,400. Today, the PCGS values them at $35,000 apiece.
How do I know if I have coins that are worth money? ›
Reputable coin dealers, Coin Auctions, eBay, and Price Guides are great places to start. If your coins are graded by one of the Top Tier grading services like PCGS or NGC, you can usually get a reasonable value estimate sight-unseen!
What quarter is worth $2000 right now? ›
What quarter is worth $2000 right now? The 1932-D Washington quarter had a relatively low mintage of 436,800 pieces, making it one of the rarest in the series. The value of this quarter in higher grades (uncirculated conditions) can significantly exceed $2,000.
How do I know if my bill is worth money? ›
Here are three things to look for on your bills if they are worth more than a dollar:
- The Series date located near the photograph of George Washington must read “Series 2013”
- The bill must have a “B” Federal Reserve Seal above the serial number.
An uncirculated $20 silver certificate from 1886 with a large red U.S. Treasury seal can be worth more than $22,500, with circulated versions still worth up to $11,000, according to the USCA. A brown seal on the same note is worth up to $17,500 if it is uncirculated, and up to $8,000 if circulated.
How much is a $2 bill worth? ›
If the $2 bill was minted and printed before 1976, it would likely be worth more than its face value on the collectibles market. In some cases, it might be worth only $2.25. The highest value is $4,500 or more for uncirculated notes from 1890, although most of those bills range from $550 to $2,500.
Who pays the best for old coins? ›
A reputable dealer like Accurate Precious Metals is the best place to sell your rare coins. Prepare your coin collection properly before selling. Online auctions can be a good option, but they may involve considerable fees. Understand that you're likely to receive less than the retail price for your coins.
How to find the value of old coins and bills? ›
Once you have the date, origin, and condition nailed down, use coin value lists posted online by professional organizations like the Professional Numismatics Guild to check how much it's worth. If you can't find the value of your coin online, consult a reference book like the Standard Catalog of World Coins.
Where can I lookup the value of a coin? ›
These websites have comprehensive coin price guides and easy to use search tools to help you identify and get the value of your coins.
- Coin Value Checker. ...
- PCGS CoinFacts. ...
- NGC Coin Price Guide. ...
- Coin Value Lookup. ...
- The Coin Dealer Newsletter (CDN) Greysheet. ...
- Numista Coin Price Estimator. ...
- Coin Value Finder. ...
- PCGS Photograde Online.
Banks that allow you to exchange paper notes will generally allow you to deposit the money into the account that you hold with them. Banks and building societies happy to exchange the old notes include Halifax, Lloyds, Nationwide, Barclays, NatWest and Santander – though keep in mind they may have a cut-off date.
Are old dollar notes worth anything? ›
Some old banknotes may be valuable as collector items. The Reserve Bank does not provide opinions concerning the market value of old, rare or misprinted banknotes. Collectors may wish to have their banknotes appraised by a reputable banknote and coin dealer.
Is older paper money worth anything? ›
Most circulated Federal Reserve Notes from more modern series are worth no more than face value. Some of the early series notes (1928 and 1934) do carry a small premium, although for circulated notes this premium is small, usually 10% to 30%.
Where do I check to see if my notes are worth more than face value? ›
See the dark green numbers on the top-left and top-right corners? They could mean your bill is worth much more than its face value. If a serial number's digits are unique or interesting, collectors might be willing to pay big bucks — hundreds or even thousands of dollars — for your bill.
What should you do with old coins and bank notes?