Understanding the Coin Law in the UK: Legal Tender Explained

Learn the UK coin law and how it dictates the legal tender status of coins in transactions.

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The coin law in the UK defines the legal tender status of coins. For 1p and 2p coins, the limit is 20p; for 5p and 10p coins, it's £5; and for 20p and 50p coins, it's £10. £1 and £2 coins have no limit. This means you can refuse payment if it exceeds these limits, but businesses often accept larger sums at their discretion.

FAQs & Answers

  1. What are the payment limits for 1p and 2p coins in the UK? The payment limit for 1p and 2p coins in the UK is 20p.
  2. Do £1 and £2 coins have a limit on their use? No, £1 and £2 coins have no limit on their use as legal tender.
  3. Can a business refuse large sums of coin payments? Yes, businesses can refuse large sums of coins that exceed the stated limits, but many accept larger amounts at their discretion.

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