Can old pre-decimal British coins be exchanged for modern coins in British banks?
Answers :
Answer by Peter Berthoud
The Royal Mint has a complete answer to this in their FAQ, link below.
“Several months advance notice is provided before a coin is demonetised (i.e. it is no longer legal tender). This happened, for example, when the new, smaller 5p and 10p were introduced in 1990 and 1992 respectively and the old, larger versions of these coins were withdrawn from circulation. However, once a coin has been demonetised, banks are under no obligation to accept them. Nevertheless, many banks will accept demonetised coins from members of the public providing they have a bank account with them. Policy may vary from bank to bank, and some may charge a handling fee.
If the coins are in good condition, it also worth considering approaching a coin dealer who may be prepared to offer more than face value. It should be possible for you to locate a coin dealer by contacting the British Numismatic Trade Association. You can visit their website at: www.bnta.net”
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Withdrawn money of any age can only be exchanged by the Bank of England. Commercial banks are unlikely to accept any pre-decimal coinage for exchange because there is so little of it around nowadays that it will not be worth their expense of sending it to the Bank of England.
However, have a look at this link: http://www.legacyexchange.co.uk/coins.html