The term ‘legal tender’ allows UK coins to be accepted for payment of debts in court. In truth, it does not mean they can be accepted by banks, shops or businesses for cash transactions. In the UK, the definition of 'legal tender' is often misunderstood.Īccording to UK law, all coins made by The Royal Mint are classed as legal tender, whether they are commemorative coins or those in circulation. Due to their limited numbers, these can be more sought-after by collectors. Tokens and souvenirs: ‘Proof’ commemorative coins minted from precious metals like gold and silver, which are not legal tender. In theory, they could circulate but they don’t because their ‘spot’ value or collectable value is significantly higher than their legal tender issue price. Non-circulating legal tender: Older coins – like Sovereigns and Crowns and more modern £5 coins – that are cast from a base metal or precious metal. As with other everyday coins, these tend to be made from base metals.
Usually, no matter which Mint they have been issued by, these coins fall into one of three broad categories:Ĭommon everyday currency: In the UK, this would be the 50p, £1 and £2 commemorative coins that are in active circulation. What are the different types of commemorative coins?Ĭommemorative coins remain popular with collectors, both in the UK and around the world. Notable commemorative coins issued in the UK.The 3 different types of commemorative coins.In this commemorative coins’ value guide, we’ll examine five key areas: Rarely are these coins found in everyday circulation, as they’re intended to be sold as souvenirs. In most cases, but not exclusively, the proceedings are royal occasions such as a Diamond Jubilee or Royal Wedding. What is the TRUE value of commemorative coins?Ĭommemorative coins are issued by the Royal Mint to celebrate a national event of significant importance.
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