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Though most people choose to maintain their crown quite than spend it, some banks may enable these cash to be paid into a checking account. Every crown is formally authorised by Royal Proclamation beneath the Coinage Act 1971, which implies it is legal tender, identical to coins used in everyday circulation. Today’s £5 coins are rooted in the pre-decimal crown, which traditionally had a face worth of 25p (or 5 shillings prior to decimalisation in February 1971). Few of those particular coins maintain such historic significance because the 1953 five-shilling coin, struck in honour of Her Majesty The Queen’s coronation. The Royal Mint has been producing commemorative cash to rejoice momentous royal occasions since 1935. The 5 kg gold cash are denominated as Five Thousand Pounds (£5,000), although their intrinsic (bullion) worth is far higher than their face worth.
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They have been in fact equally sized to the predecimal half crown (worth two shillings and sixpence). Nevertheless, for most of this period there was no denominational designation or « face worth » mark of worth displayed on the coin. The legal tender worth of the crown remained as five shillings from 1544 to 1965. Auctioneers Spink & Son of London sold the coin on 27 March 2014 for £396,000 including commission. It was introduced to Charles II as the model new crown piece, but finally rejected in favour of the Roettiers Brothers’ design.