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 Replies: 16 / Views: 3,862 |
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Bedrock of the Community
United States
12437 Posts |
Legal tender is one thing but I bet that it would be almost impossible to find a retail clerk who would accept an old large size "horse blanket" note as payment.
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Moderator
 United States
190135 Posts |
Interesting question. Not sure, but I also think trying to spend any of the larger bank notes would meet resistance from ignorance.
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Pillar of the Community
Canada
1747 Posts |
OP did specify not using them at retail, but to pay for taxes. I would think you would get some "Huh, what's this" look, and then a manager would have to come and then they would have to call somebody etc etc etc.
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Bedrock of the Community
United States
94367 Posts |
Not to doubt the difficulties in trying to exchange old notes, but the fact remains that they are all legal tender at face value, which I think was the original question.  Edited by Coinfrog
11/29/2016 8:29 pm
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Valued Member
Canada
458 Posts |
cool but it would be foolish to spend them as face value
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Moderator
United States
190135 Posts |
Quote:
cool but it would be foolish to spend them as face value Of course.  |
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Pillar of the Community
Germany
645 Posts |
The first Series from 1862 with the US Treasury Seal is still legal tender money.
I think the Series of 1861 without the Treasury Seal is not usable as legal tender Money.
Edited by hajduk
11/30/2016 12:57 pm
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Bedrock of the Community
United Kingdom
18028 Posts |
It's interesting that such old US bills still have legal tender status. Bank of England notes are usually withdrawn a few months after being replaced by a new design, so there is normally just one design of each note in circulation at any time. However, all previous issues of BOE notes can still be exchanged for face value at the Bank of England in Threadneedle Street, London.
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Rest in Peace
 United States
1380 Posts |
Anyone who wishes to spend any of the large "horseblanket" notes at my store is welcome to. We will accept them all at face value.
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Moderator
United States
190135 Posts |
Quote:
We will accept them all at face value. As we all should.  |
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Bedrock of the Community
United States
94367 Posts |
We should be proud of the unbroken redemption history of our currency - probably unique in modern times.
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Pillar of the Community
 United States
6130 Posts |
I am actually more surprised that the various pre-1861 banknotes are not legal tender, to be honest. That said because 99.95% of all coins made since 1793 are still legal tender in the US. I am a little fuzzy on the laws behind the first and second National Banks... were those notes ever legal tender in the US, or just redeemable to the Bank, which has not existed for nearly 200 years.
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Bedrock of the Community
United States
94367 Posts |
Essentially that's correct - there was no central backing ("insurance") to notes issued by individual banks before the Civil War. Following the National Bank Act of 1863, the design of NBNs was standardized, and individual banks were authorized to issue currency using their own name up to 90% of the par value of US bonds placed on deposit with the government. This, in effect, allowed the Treasury to guarantee the value of any such note, whether issued in Portland, Maine or Portland, Oregon. All such notes were printed by the BEP in Washington, not by the banks themselves.
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Pillar of the Community
United States
4637 Posts |
Have to agree with Mr.Frog. Obsolete bank notes got their name by being just that, OBSOLETE....not being legal tender after a certain point in time. Coins ruled the land at first, but there was only so much precious metal to go around for a growing country.
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Bedrock of the Community
United States
94367 Posts |
Indeed. The checkered history of the government's cancellation and resumption of "specie payments" (the convertibility of paper money to precious metal coins) during this nation's long history is a fascinating read in itself. The final slide into the abyss began with the Gold Reserve Act of 1933 (requiring everyone to turn in their gold coins and gold certificates under penalty of law!) and ended with a thud in 1965 with the start of the short redemption period for silver certificates. Today, of course, our coins and paper money have no intrinsic value or backing, but it was not always so! |
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Posted 11/29/2016 5:19 pm
