I was at work this evening (in a bar) dealing in lots of coins with Elizabeth 2nd’s face on them. I got wondering: if she dies tomorrow, how long until these coins are unable to be legally used. I’m in Australia, and our currency dates only from the 1960’s so there are no coins in circulation from before her time. Coins do tend to last a very long time, so I imagine that there’s a recall and a definate date on which new coins with a new monarch’s face become the sole legal tender.
Or am I wrong, and coins are just used till there’s some major change like decimilisation or a major revaluation when they all need to be replaced anyway? How old do coins get in non-Commonwealth countries and still legally be in circulation?
I suppose that this question also applies to banknotes, but they wouldn’t last as long as coins, so I don’t see it being as much of a problem. maybe those new plastic ones will though… we’ll have to wait and see…
The coins are legal tender until they wear out. There is no recall; they merely start minting coins with the new monarch and put them into circulation in the normal manner.
When my parents returned from England in the 60s the coins had both Elizabeth II and George V on them, depending on when they were minted.
Well, in the US, coins usually stay in circulation until collectors or hoarders pull them. It’s reasonably common to see pennies from any date after 1959, and you come across the occasional nickel from 1939. (In both cases, this is the date of the last major design change; most people would keep a buffalo nickel if they found one in their change, but wouldn’t notice an older Jefferson nickel unless they’re in the habit of looking at the dates on coins.) Dimes and quarters tend to be newer because the pre-1965 silver ones have long since disappeared from circulation. Again, I think this is mostly because people perceive the older coins as valuable and hang on to them, rather than because they are no longer legal tender.
Don’t know about commonwealth countries, but I imagine it would be much the same – the coins would still be legal, but would disappear once they were old enough to have any value as curiosities.
They’re legal tender until and unless “demonetized” (removed from circulation as no longer being valid denominations of currency) by act of Parliament. The farthing was demonetized in 1956. Several British coins in the pound-shilling-penny system were demonetized in the decimalization of 1971; perhaps some Brits can identify specifically which ones.
[Fixed link. – MEB]
I think “half-crowns” had already stopped by then.
And for a while the shilling and the florin remained, I think, only with new designations as 5 pence and 10 pence.
Sorry folks - I am relying on memory here - can’t trust my connection long enough to get a cite.
IIRC at decimalisation, the Half-crown, the Threepenny bit, the old penny and the old halfpenny were withdrawn over about a month. The shilling was the same size and weight as the new five pence piece as was the old florin the same size as the new ten pence piece.
With the withdrawal about five years’ ago of the old ten pence and five pence pieces and their replacement with the lighter coins of these values, all current coinage in the UK has the Queen’s Head on it. No coins from the previous reigns remain legal tender.
(Except arguably old Crowns which have only recently (this century) been minted as commemoratives). These could still be used as 25p pieces, but all would be worth more than that on the open market.
They are no longer considered legal tender and should be refused by retailers, but can always be redeemed (updated) at any of the banks.
In the spring we went to England with some cash that we had saved from our previous trip (rather than getting it converted then purchasing more the next time we went). The 10-pound note had been updated and the old series were no longer legal tender. The petrol station would not accept it but we took the notes to a bank and they cheerfully exchanged them for new notes.
What happens to the european currencies now that the Euro is out? I remember hearing that everyone had to exchange them by Jan 1 last year, but didn’t hear what happened to any money that was not turned in…
You can still turn the guilders, marks, francs, liras etc in, but only with certain banks.
On Holland, coins with the image of Queen Wilhelmina (who abdicated in the late forties and died in the early sixties) were still legal tender when the euro was introduced in 2002.
The US has never demonetized anything. All coins and bills are good until they wear out, or until collectors pull them all out of circulation. A few months ago I found two buffalo nickles in my change, and my brother once found a 1940’s steel penny. You’ll occasionally still see $2 bills and half-dollar coins (which nobody really likes).
And if you’re exceptionally lucky, you might even see a 2002 Sackie
I’ve always wanted to pull up at a toll booth with a $10,000 treasury note… the kind they used to use to balance the Federal Reserve with, a long time ago.
That would be a fun reaction to see…
Elaboration: a “Sacagawea” gold colored US $1 coin. Low circulation, usually only received as change at Post Offices, Toll Booths, and a few other venues (Walmart?)
The UK six pence coin continued in circulation for some time after decimalization (how long, I can’t remember exactly). It was accepted as having a value of 2[sup]1[/sup]/[sub]2[/sub] new pence. No new coins with this denomination were ever issued.
Shilling and florin pieces continued in circulation, with decreasing frequency, as 5p and 10p pieces, until those designs were replaced with smaller, lighter coins.
Ahem. I love $2 bills. My credit union gets shipments of them in and I’m over there as soon as possible to get some. They usually have 20-30 of them and the teller always has to make a special trip to the vault for me. A few weeks ago I needed to withdraw $500 and I asked for “as many twos as you have.” The teller said they just got in a thousand of them! I had visions of getting $500 in twos (and actually got a little thrilled and giddy about it) but since $300 of it was being paid directly to someone else I decided only to get $100 worth. I use them for tips when I go out drinking and I tip strippers with them when they’re in town. I’m now known as “the two dollar bill guy” in Wisconsin’s male stripper community. I’ve seen $2 bills dating back to the 1920s that are still in basically new condition.
Yes, I’m a geek, I admit it. I also have different banks for different denominations of change and I keep all the state commemorative quarters and bicentennial quarters I get in a purple Kleenex box.
My Grandfather who was in the US Navy during and after WWII came across and saved many coins from the many ports of call. One of them was a 1900 one cent piece from the UK featuring Queen Victoria. This would have been at least 45 years after her death since he spent the war in the Pacific. The coin itself is very heavily worn and since 1900 was, I believe, the last year she appeared on the coins that would mean all that wear and tear occured as it passed through peoples hands after she died.
Now after so many years in circulation I’m sure that it was a very rare site and probably spent many of its last years of circulation in fact out of circulation in the drawers and jars of low grade collectors who would eventually decide they’d rather have a bit of candy then the penny.
Anyway there you go. Anecdotal theoretical evidence from 100 years ago.
As for American coins I’d say the oldest that you might find if you’re lucky would be pennies rather then nickles. Teens and 20s pennies have the same design as 40s and 50s pennies and I have found them. Although they are very very rare. Although 30s nickels are probably the most common of the oldest coins we’ve got in supply.
About 7 years ago I got $100 worth of pennies. I found 5 foreign coins (1 from Bermuda?, the rest from Canada) and 10 wheat backs. The rest were of the current design.
Although there’s always the chance that some idiotic thief will steal someones coin collection and just roll up the silver dimes and quarters because he doesn’t know what he’s got. I’ve gotten at least one whole roll of silver dimes that way. As well as a whole bunch of silver dollars from the 30s
New Zealand adopted its own currency design in the 1930s, with the 1935 six-pence coin most sought after. And sixpences from the 1930s are still in circulation today, with George V on the back, four monarchs ago.
If the pennies had stayed the same after decimalisation in 1967, I dare say there’d still be a few Victoria headed pennies lying on the ground.
If the size and approximate equivalent value match, the coin is pretty much around forever in th’ pockets and piggy banks of the nation.
I believe the trade dollar (1873-85) was demonetized. It contains slightly more silver than standard silver dollars of the day. It was originally intended for use by traders in Asia, not for domestic use. It was legal tender for the first few years, but that status was revoked even though the coins continued to be minted for use overseas. Their legal tender status may have been restored by legislation this century, but nobody seems to be sure. It’s really a moot point, because their silver content has always been worth more than a dollar.
The US Trade Dollar was demonetized from 1876 to (possibly) 1982, depending on whether Congress had the coin in mind when it officially monetized all US currency. It could be legal tender, it might not be, but it’s rare enough I don’t think we’ll ever find out: Anyone trying to `spend’ a Trade Dollar would have to be amazingly rich and stupid.
Hell, give one to Michael Jackson. We’ll get this settled right now.
I love this thread. I pick up coins I find on the street, and save all foreign coins and anything older than I am. I was amazed to find a 1952 pence coin with George on it. Never thought that England had to change all their coins when Liz took the throne.
I found a six pence at a bus stop last Xmas. I guess it isn’t really money anymore.
My best find was in the change at 7-11: a nickle from 1907. Pre-buffalo head. I have to save it for four more years.
