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 Replies: 40 / Views: 5,367 |
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Pillar of the Community
Sweden
1078 Posts |
Just got my first War Nickel ('43-P) and did a quick look at Numista to see if there's anything new I didn't know about it. It said the coin was demonetized. It this correct? (I know it doesn't work in pratice, as people are still finding them in circulation) I also did a quick look at the 20c-US piece and it was 'demonetized', too. What would be the correct definition of demonetization and are there any documents or official announcements that state that these coins will no longer officially be allowed for purchases? |
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Pillar of the Community
United States
1192 Posts |
The only coin I was aware that it's ever been the case for in the US is the old Trade dollars. Generally the US doesn't bother with demonetization. It just happens defacto since they get hoarded up and the public forgets about them. |
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Moderator
 United States
23522 Posts |
Near as I can tell, even the Trade dollar was remonetized by the Coinage Act of 1965, so there is no US coin not theoretically spendable at face value. |
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Pillar of the Community
United States
1192 Posts |
I meant that the US never bother to ever demonetized a coin besides the Trade dollar. Forget to mention that they did remonetized it. |
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Pillar of the Community
United States
4691 Posts |
I think the Trade dollar is legal tender. Now try to take a 1/2 cent to the bank and deposit it. That would be fun. |
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Pillar of the Community
 Sweden
1078 Posts |
So, basically even the Half and Large Cent-coins are still usable for payments, they are simply discontinued?
This is what I love with the US, shame my country doesn't do the same (for lower denominations).
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Pillar of the Community
United States
1192 Posts |
Theorically I guess you could, if people recognized them. People turn in old silver dollars for face value sometimes at banks. My guess is that you would have better luck with a bank over retail unless it's a collector swapping out his own change. Most likely a bank would direct you to sale it at coin dealer. The government won't stop you it's just the establishment could refuse to take it. We have never reset our currency like France or Mexico for example. So there isn't any reason to demonitize any of our currency.
Edited by Bertensgrad
04/01/2015 2:01 pm
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Pillar of the Community
United States
4691 Posts |
X2an, but your country has ABBA! I visited Stockholm and it was a great experience, especially the coin museum which is awesome.
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Pillar of the Community
United States
7390 Posts |
And dont forget their plethora of drop dead gorgeous natural blonds  |
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Pillar of the Community
Sweden
1078 Posts |
Quote:
especially the coin museum which is awesome. I know. I've been there twice, casually visiting as I pass by.  |
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Bedrock of the Community
United States
20753 Posts |
I'm trying to imagine the look on a cashier's face if someone handed one a $0.20 Cent coin.
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Pillar of the Community
United States
4409 Posts |
Carl all you have to do to get that look is try spending an SBA $1 coin |
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Bedrock of the Community
United States
20753 Posts |
Quote:Carl all you have to do to get that look is try spending an SBA $1 coin Been there, done that. Actually not a good experience. |
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Pillar of the Community
United States
7390 Posts |
"Wait a minute... So your telling me this little gold lookin' coin is like a dollar bill?  " Edited by Cascade
04/01/2015 11:03 pm
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Pillar of the Community
United States
1192 Posts |
Well if it's fake then no. That is what you call a counterfeit. Now if you try to use a real one you either crazy or a guy with too much money putting it in a Salvation Army can.
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Bedrock of the Community
United States
17884 Posts |
Quote:Just got my first War Nickel ('43-P) and did a quick look at Numista to see if there's anything new I didn't know about it. It said the coin was demonetized. It this correct? (I know it doesn't work in pratice, as people are still finding them in circulation) I also did a quick look at the 20c-US piece and it was 'demonetized', too. What would be the correct definition of demonetization and are there any documents or official announcements that state that these coins will no longer officially be allowed for purchases? The Half Cent and large cents. the Flying Eagle cents and the coppernickel Indian Head cents were not legal tender when they were issued, but the only US coin that was ever legal tender and then demonitized was the US Trade dollar. (Originally legal tender for $5 when first issued in 1873, the legal tender status was repealed in 1876.) A Congressional resolution in 1933 and then again in the Coinage Act of 1965 declared that ALL US coins, no matter when issued, were legal tender. That restored legal tender status to the Trade dollar, and granted legal tender status to the Half Cents which had never been legal tender previously. |
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Replies: 40 / Views: 5,367 |
Posted 04/01/2015 11:25 am
