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 Replies: 18 / Views: 2,170 |
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Pillar of the Community
United States
4897 Posts |
Ok...sombody knows how to use the internet. JK.  |
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Pillar of the Community
 United States
3234 Posts |
jfransch...1865 is incorrect (I'd practically give away the answer if I said more than that).
You were hitting close but not quite on target as to the reason for legal tender.
Edited by Prethen
02/28/2011 11:08 pm
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Pillar of the Community
United States
1388 Posts |
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Bedrock of the Community
United States
10045 Posts |
Pretty amazing it was so late. I read somewhere that before this law, banks would routinely limit the amount of cents that could be redeemed for silver coin.
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Pillar of the Community
United States
4897 Posts |
I had no idea that "legal tender" was such a precarious term. And that initially it was not always accepted fot "all debts public and private". Thanks Prethen..made me learn something!
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Pillar of the Community
United States
1801 Posts |
I tried, I guess the memory starts to go as you get older.
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Bedrock of the Community
United States
14454 Posts |
Quote:
and for how much in legal tender? What does this mean? I would think it was worth 1¢ if that is what you are asking but I am not sure thats what you are asking here in the second part of the question Edit: I see your response in the other thread now. I guess for me to understand what you meant it would have to be worded "and how many was a merchant required to take for a dept before they could refuse them" |
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Pillar of the Community
United States
1801 Posts |
Can I change my date to 1864 when it was given limited legal status?
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Rest in Peace
United States
5375 Posts |
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Moderator
 Australia
16867 Posts |
Quote:
What does this mean? I would think it was worth 1¢ if that is what you are asking but I am not sure thats what you are asking here in the second part of the question I believe he means what was the maximum face value of 1 cent coins you could pay all at once and still have it considered "legal tender". Most countries set upper limits for legal tender for their low-denomination coins, mainly to block the "pay your fine in pennies" idiots. For example, here in Australia, Australian coins in the 5¢ to 50¢ range are only legal tender for up to $5 face value. Don't say "infinitely" when you mean "very"; otherwise, you'll have no word left when you want to talk about something really infinite. - C. S. Lewis
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Pillar of the Community
United States
3234 Posts |
Quote:
Can I change my date to 1864 when it was given limited legal status?
Correct! The composition was also known as French Bronze. The new coin "style" basically mimicked the "copperheads"/merchant tokens that were becoming so popular. Edited by Prethen
03/01/2011 09:36 am
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Pillar of the Community
United States
3234 Posts |
Still missing: Why did the composition change?
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Pillar of the Community
3660 Posts |
Quote:
I guess for me to understand what you meant it would have to be worded "and how many was a merchant required to take for a dept before they could refuse them"  |
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Bedrock of the Community
United States
17884 Posts |
1864 as mentioned.
Legal tender was limited to 10 cents
composition was french Bronze (95% copper 5% tin and zinc) as mentioned
Why the change? Several reasons. The Copper nickel cents were being hoarded, nickel was becoming scarcer (this was temporary) and the public had readily accepted the bronze CWT's. This allowed the government to produce a lower weight cheaper coin that would circulate and at the same time increase the seniorage profit to the government.
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Pillar of the Community
United States
3234 Posts |
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Replies: 18 / Views: 2,170 |
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First Page
Posted 02/28/2011 10:32 pm
