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 Replies: 105 / Views: 14,431 |
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Valued Member
United Kingdom
477 Posts |
Just to add to this, In the UK Legal Tender means what we all use and pay for our day to day goods with-normal circulating money. Then there is legal Tender from mints, this does not have to be accepted by banks or shops and with certain legal tender coins from the mint-the only way they're legal tender is if you were in court debt, only then could they be used as a form of legal tender to pay a court debt.
It is a sneaky word in my opinion to use with regards to a coin, because the majority of people believe legal tender to be a form of currency that can be openly exchanged for circulating money or assets etc. However via an oddity that I consider a sellers loop-hole, they can brand it legal tender legally because of how the term legal tender can be stretched to pay court debt and not what the average person would believe it to mean.
This may differ in Canada and elsewhere, hence my example including UK. Hope this helps.
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Valued Member
Canada
496 Posts |
To avoid confusion,just leave
them as tips,no one refuses a tip
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Valued Member
Canada
245 Posts |
@awallin01: I thought things are very different in UK -- e.g. AFAIK, bank notes stop becoming LT a while after they are pulled from circulation, whereas in Canada they remain LT forever (or officially, "indefinitely"). The OP was talking about circulation coins, I believe.
PS. And I agree, they are not required to accept such old coins. I mean, even many of us (me included) can't differentiate a real coin from a fake one!
Edited by osmiumblue
03/16/2014 5:51 pm
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Valued Member
United Kingdom
477 Posts |
Yeah our banks and Government do stop the legal tender status of circulated currency after a deadline, but the bank of England will always accept any notes issued that were withdrawn as legal tender forever. As for coins I think it's a different case.
I was just giving an example of how the term legal tender is stretched over here, or can have a more complex than meets the eye meaning. What I was meaning to imply is maybe they have some legal loopholes regarding legal tender over in Canada, like in the UK.
As a novice collector, my eye is very weak regarding real/fake coinage collector wise. Circulating coins/notes I'm fine, but some of the fakes are like those lab diamonds-scary. But I'm learning on here day by day :D, and won't make an expensive purchase unless I'm positive.
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Valued Member
Canada
245 Posts |
Thanks for clarifying. You are right about Bank of England (and I was thinking about some other country where withdrawn bank notes are not accepted by the central bank after some deadline!). Sorry :).
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Valued Member
United Kingdom
477 Posts |
No need for an apology mate, I'm learning so any input is welcome. :D
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Pillar of the Community
Canada
548 Posts |
In the UK did they not withdraw all the old coins when they switched to decimal? The Bank of England would still have to accept these coins since they originally authorized their minting, but no one else would accept them as maybe curiosities.
Same with stores here regarding 50 cents and nickel dollars. Or even American coins. You don't have to take them - but you'd be dumb not to. And it is Dollarama after all...
Anybody ever try spending a shinplaster?
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Valued Member
Canada
372 Posts |
I asked a bank here about 50 cent coins and after thinking about it a bit she dug around in a drawer and pulled out 2 2002 Jubilee coins. I said that I already have those ones and she GAVE them to me. I reached in my pocket for a buck and she said "Don't worry about it, I didn't know what to do with them". I said they are real money and offered again to pay and she insisted I take them. I explained that in 2002 they distributed 14,440,000 through the post office for circulation to rekindle the usage of half dollar. They read as dollars in vending machines, and cashiers complained there was no space for them in coin drawers. Nobody knew what to do with them so the idea tanked. After that the mint stopped issuing 50 cent coins for two years and starting 2005 only sold them in mint rolls at 2 times face value. The good news is the bank gave me a dollar for my story. With 250,000 made in 2012, I wouldn't expect Dollarama to recognise it either, but I could use one for my collection... And maybe a few nickel dollars.  Edited by wolfman-11
03/16/2014 11:59 pm
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Pillar of the Community
Canada
867 Posts |
I got a similar reaction using a 1988 $50 bill recently.....The Snowy Owl version, not the mounted police.....she held it up to the light looking for the hologram strip.....
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Valued Member
Canada
284 Posts |
A lot of people don't know 50 cents exist, especially among bank tellers. I always ask about them when I go. Some places, they will give them to me for face value. Once or twice I got a few coins for free, they didn't know what to do with them either. I keep a few in my pockets and sometimes give them in tip or to kids, slowly spreading awareness about them.
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Valued Member
Canada
178 Posts |
One thing we all need to understand is that we're all into coins and banknotes, most people are not. If I ran a store, there probably isn't any Canadian money I could be handed that I wouldn't accept, as I'd recognize it all. If someone wanted to pay me in NCLT, 50 cent pieces and old bills I'd take it all!
A few years back I got a $10 bill from the previous series (the 1986 Birds of Canada series, this was before the new polymer bills). I tried to spend it at a Subway, I could tell it was staffed by recent immigrants, they all huddled around the bill trying to figure out if they should take it or not. They eventually did, but not a single one of them recognized the bill.
Someone should try the trifecta at a store, buy something and pay with a $20 for $20 coin, an old bill and some 50 cent pieces. You'd be lucky to find 1 in a 100 retailers that take that combo, even though it's all "legal tender".
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Pillar of the Community
Canada
532 Posts |
Quote:
Someone should try the trifecta at a store, buy something and pay with a $20 for $20 coin, an old bill and some 50 cent pieces. You'd be lucky to find 1 in a 100 retailers that take that combo, even though it's all "legal tender". I'm still laughing at this one. Now I'm looking for a few relics lol.  |
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Pillar of the Community
 Canada
1980 Posts |
i am calling out to all of you to goto the dollaramas and spend your 50c and nickle dollars,, maybe if we flood their franchises with these then the dollar stores may know what dollars look like!
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Pillar of the Community
Canada
1980 Posts |
and maybe once they are told from corporate to accept these then we can get rid of our Trade dollars too lol!! |
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Pillar of the Community
Canada
4227 Posts |
I totally forgot about this, but I experimented at a dollar store about 5 years ago. When loonies first came out, you used to be able to use a British 2 pence in vending machines, pay phones, etc. and they would accept them as if they were loonies. I took one to the mall to see if there were any still accepting them. There weren't. When I bought something at the dollar store in that mall, I accidentally handed them the 2 pence coin instead of a loonie. I realized after I handed it to the cashier. She looked at it, then put it in her till. I had to let her know I gave her the incorrect coin or she would have been short. The amount of different currencies, combined with the number of commemoratives being issued has made it difficult for those that don't know anything about coins.
I think it is fine that stores can pick and choose what they accept, but they need to be a lot nicer about it than this store was.
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Replies: 105 / Views: 14,431 |
First Page
Posted 03/16/2014 5:11 pm
