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 Replies: 13 / Views: 2,160 |
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Valued Member
United States
335 Posts |
Sooo - this one college student claims to have been taught that U.S. coins are not "legal tender" because of not having the same phrase as is on the U.S. folding currency "legal tender for all debts public & private". I countered with this - http://smallbusiness.chron.com/cons...s-61883.html- any thought$ ? Edited by zookr
07/13/2015 8:39 pm
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Bedrock of the Community
 United States
12817 Posts |
Tell that student to send all his bogus US coins to me and I'll dispose of them in a safe, ethical, and human manner. I'll PM you my address.  |
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Rest in Peace
United States
17900 Posts |
Not only is that an informative reply but an excellent article on the subject. I enjoyed reading it and thanks for bringing it to our attention.
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Pillar of the Community
United States
4691 Posts |
Whoever "taught" him that is flat wrong. Many years ago, I believe some of the small denomination coins may have been legal tender up to a certain quantity, but those regulations have all been lifted.
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Pillar of the Community
United States
2775 Posts |
Just paid my water bill today. Exact change included a few coins including pennies or should I say cents. I believe both parties considered it debt paid in full. At least I got a receipt saying so. Thanks, Doug.
Edited by Halo1st
07/13/2015 11:33 pm
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Pillar of the Community
United States
5205 Posts |
Be careful.
Most "arguments" nowadays on myfacespacepagebook® usually end up with one of the involved parties not walking away alive.
Jus' Sayin'
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Pillar of the Community
United States
997 Posts |
Also remember that the "Legal Tender" argument only really applies in cases of a debt.
A purchase at a store does not constitute a debt, so a store is legally justified at not accepting any payment methods it desires. Some stores (usually out of ignorance) will not accept rarely used coins (dollars, halves) or bills ($2), this is perfectly legal for them to do and there isn't anything you could do about it other than take your business elsewhere.
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Moderator
 United States
188052 Posts |
 Quote:
... this one college student claims to have been taught read on some tinfoil website... Edited to correct reality.  |
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Pillar of the Community
United States
513 Posts |
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a store is legally justified at not accepting any payment methods it desires I guess that holds for credit cards, too, eh? Like many stores don't accept AmEx and most won't accept Diner's Club, yadda, yadda, yadda. |
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Moderator
United States
188052 Posts |
Correct. They do not have to take your payment. You do not have to buy their product.
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Pillar of the Community
United States
6130 Posts |
I think the Coinage Act of 1965 spells out what is and isn't legal tender as far as coins are concerned.
What would be an interesting argument would be to try to figure out exactly where the cutoff is--e.g. are Continental Currency coins legal tender? Fugio cents? 1792 cents and dismes?
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New Member
United States
16 Posts |
I guess if he was right all debts would have to be rounded up to the closest dollar.
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Pillar of the Community
United States
2543 Posts |
Can you please send me a copy of that argument? My kids are worried they may not be smart enough to get into college. I need to show them evidence to the contrary.  |
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Moderator
United States
188052 Posts |
Quote:
What would be an interesting argument would be to try to figure out exactly where the cutoff is--e.g. are Continental Currency coins legal tender? Fugio cents? 1792 cents and dismes? It begins with the establishment of the US Mint in Philadelphia.  Quote:
Can you please send me a copy of that argument? My kids are worried they may not be smart enough to get into college. I need to show them evidence to the contrary.  |
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Replies: 13 / Views: 2,160 |
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Posted 07/13/2015 8:44 pm
