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Legal tender? Are merchants required to take them at face value and the banks obligated to accept them?
if you wanted to pull them out of their folder and spend them then yeah, shops and banks have to accept them, which would be insane as they cost on average $25 each!Not quite. As is the case in most other countries, "legal tender" in New Zealand does not mean people are legally required to accept them as money in trade. "Legal tender" is invoked only in the case of attempting to pay a debt. If you go into a shop to try to buy something, no debt has yet occurred; the shop is legally allowed to say "sorry, we don't take banknotes higher than $20" or "sorry, we don't take Middle Earth coins", if they choose to do so.
I assume the banking situation in NZ is similar to here in Australia: banks are required to have a procedure and policy in place to accept all legal tender money. However, their policy may allow them to delay crediting your account. If (for example) you deposit an easily-counterfeited high-face-value coin, you might have to wait until they ship your coin off to the Reserve Bank and the Reserve Bank verifies its authenticity before your bank then releases the money to your account.
And, as stated above, it's a lot of rigmarole for everyone to go through, all so that you can make a huge loss "selling" your $25 NCLT coin to the bank for $1. So I don't think the banks are likely to see many of them.
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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Posted 11/30/2014 04:24 am
