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Are 'Odd' Denominations Still Legal Tender?

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DaSlayer's Avatar
United States
204 Posts
 Posted 04/02/2015  4:08 pm  Show Profile   Bookmark this reply Add DaSlayer to your friends list Get a Link to this Reply
I've seen people pay for snacks at gas stations with $2 bills
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jgfindring's Avatar
United States
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 Posted 04/02/2015  4:12 pm  Show Profile   Bookmark this reply Add jgfindring to your friends list Get a Link to this Reply
Many of us do that. It's a mission. They still print the $2 bills, and you can get them at any good bank anytime you want.
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Susuman's Avatar
United States
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 Posted 04/02/2015  4:17 pm  Show Profile   Bookmark this reply Add Susuman to your friends list Get a Link to this Reply

Quote:
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.


I am genuinely curious about the U.S. issued coins for the Philippines. They were issued by the U.S. and they say 'United States of America.' The coins were minted at U.S. mints, including the one in Manila, which was an official U.S. branch mint (as is San Francisco, Denver, etc., though the only one that was overseas). I suspect at the time they were issued, they could not be used in the U.S. proper, but if the Coinage Act of 1965 declared that ALL US coins were legal tender, then it seems that they have been officially monetized. Does anybody know if this specific issue has been addressed or is it something that nobody has really thought about because the idea is 'too crazy?'

So, where can I spend my U.S. Centavos and Pesos? This would be a fun one to try to deposit into my bank account
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Cascade's Avatar
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 Posted 04/02/2015  4:20 pm  Show Profile   Bookmark this reply Add Cascade to your friends list Get a Link to this Reply
Yup, I used to love getting $2 bills at the bank when I was a kid in the 80s/90s and fighting with gas station owners when Id use them to buy candy and baseball cards... (most foreign cashiers knew nothing of them)... even spent a few Clinton $3 bills that way! lol
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SsuperDdave's Avatar
United States
23522 Posts
 Posted 04/02/2015  4:35 pm  Show Profile   Bookmark this reply Add SsuperDdave to your friends list Get a Link to this Reply
You can't spend Philippine money coined by the US Mint for the same reason you can't spend Dominican money coined there, or any of the other countries we've struck coinage for.
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Susuman's Avatar
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595 Posts
 Posted 04/02/2015  5:05 pm  Show Profile   Bookmark this reply Add Susuman to your friends list Get a Link to this Reply

Quote:
You can't spend Philippine money coined by the US Mint for the same reason you can't spend Dominican money coined there, or any of the other countries we've struck coinage for.


Of course not - this is understood. The U.S. has produced coins under contract for may countries and it is clear that they are not legal in the U.S. The difference is that the Philippine coins I am referring to were produced when the Philippines were part of the U.S. (colony/territory) and they say 'United States of America'. In this case, it would seem that they are U.S. coins.

If Canada took over Minnesota, would all the U.S. banknotes issued through the Federal Reserve Bank of Minneapolis, Minnesota no longer be valid? I realize that this is not the same situation, but it has some similarities.

The question of the U.S. coinage for the Philippines could be an interesting legal question if it has not been addressed. Perhaps some clause in the law addresses it - I don't know....

On another question related to this thread - What are the oldest coins (or currency) that are still legally recognized by their producing country to be valid? Are they U.S., or do some countries still honor the face value of even older coins? If so, what countries? If not, are any other countries close? So many things to ponder....
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allranger's Avatar
United States
1391 Posts
 Posted 04/02/2015  5:23 pm  Show Profile   Bookmark this reply Add allranger to your friends list Get a Link to this Reply
SEC. 102. All coins and currencies of the United States (including Federal Reserve notes and circulating notes of Federal Reserve banks and national banking associations), regardless of when coined or issued, shall be legal tender for all debts, public and private, public charges, taxes, duties, and dues.

Interesting question, as technically the Philippines Insular government reported to the Bureau of Insular Affairs and was part of the United States.
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Cascade's Avatar
United States
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 Posted 04/02/2015  5:30 pm  Show Profile   Bookmark this reply Add Cascade to your friends list Get a Link to this Reply
I was thinking the same thing about the Phillipines coins. Thanks for bringing it up!
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Finn235's Avatar
United States
6130 Posts
 Posted 04/02/2015  8:50 pm  Show Profile   Bookmark this reply Add Finn235 to your friends list Get a Link to this Reply
I'm not sure if any law specified whether the Philippine Peso of 1902-1945 is/was legal tender stateside... I think that Hawaiian currency from the same time period is not legal tender, plus the Constitution says that the legal tender of the US is the dollar, not the peso. A more clear answer would probably be derived from the 1857 law that made it illegal to use the Spanish dollar in the US.

And I realize it's probably a matter of semantics, but I do wonder what would technically be the earliest coin that is legal tender today. I think it's generally established that the Continental Currency and earlier colonial issues are not legal tender, whereas the 1793 and later issues are. That leaves the Fugio cent and 1792 birch cent and disme in a grey area--after the Constitution, but before the Coinage Act of 1793. All of those circulated into the early 19th century, so I'm inclined to say that the Fugio cent is the oldest legal tender in the US.

Again with the semantics; I think one could consider the $100,000 bill as the only *denomination* that has been demonetized, as it was only legal for government transactions which are currently digital.
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Conder101's Avatar
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 Posted 04/04/2015  08:35 am  Show Profile   Bookmark this reply Add Conder101 to your friends list Get a Link to this Reply
I don't know about that currency part. All note larger than $100 have been officially withdrawn. They are still legal tender but if they come into the hands of a hank they have to be returned to the Fed for destruction. They aren't really demonitized, but they can't be reissued either. Kind of a "They're legal tender until we get our hands on them" thing. (and is the $100 note demonitized or can it still be used for payments between Federal Reserve Banks?)
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fjrosetti's Avatar
United States
75 Posts
 Posted 04/04/2015  11:05 pm  Show Profile   Bookmark this reply Add fjrosetti to your friends list Get a Link to this Reply
And would silver certificates and gold certificates be considered semi-demonetized as they are still legal tender at their face value for all debts public and private but have lost their power to be redeemed in their respective precious metals.
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sel_69l's Avatar
Australia
21786 Posts
 Posted 04/05/2015  07:39 am  Show Profile   Bookmark this reply Add sel_69l to your friends list Get a Link to this Reply
I guess that it would still be legally possible to buy a Three Cent stamp with a Three Cent coin.
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NickelCollector's Avatar
United States
212 Posts
 Posted 04/05/2015  08:45 am  Show Profile   Bookmark this reply Add NickelCollector to your friends list Get a Link to this Reply
Any bills that are considered "greenbacks" or whatever the heck you call it are still legal tenders. I'm guessing any coin issued by the mint is still a legal tender, other than the Trade dollar.

Imagine just walking into a post office and buying a stamp with a 3 cent nickel.
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CSOTUS's Avatar
1153 Posts
 Posted 04/09/2015  5:14 pm  Show Profile   Bookmark this reply Add CSOTUS to your friends list Get a Link to this Reply
you think the bank teller would give you a weird look if you tried depositing at 1797 silver dollar instead of the 1979 SBA?
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jbuck's Avatar
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