Posted 04/10/2009 01:09 am
Correct. To "demonetize" them, they'd need to alter Section 16 of the Coinage Act 1965, which still reads in part:
So technically, they're still valid legal tender (if you owe somebody 20¢ and don't have any other coins, that is). They've simply been withdrawn, not demonetized.
I'd call the 2006 mint set 1¢ and 2¢ coins NCLT, but the pre-1991 types are simply withdrawn or, if you feel the need to use a four-letter acronym, try "no longer in circulation" (NLIC).
Quote:
A tender of payment of money is a legal tender if it is made in coins that are made and issued under this Act and are of current weight...
...in the case of coins of the denomination of One cent or Two Cents or coins of both of those denominations — for payment of an amount not exceeding 20 cents but for no greater amount...
A tender of payment of money is a legal tender if it is made in coins that are made and issued under this Act and are of current weight...
...in the case of coins of the denomination of One cent or Two Cents or coins of both of those denominations — for payment of an amount not exceeding 20 cents but for no greater amount...
So technically, they're still valid legal tender (if you owe somebody 20¢ and don't have any other coins, that is). They've simply been withdrawn, not demonetized.
I'd call the 2006 mint set 1¢ and 2¢ coins NCLT, but the pre-1991 types are simply withdrawn or, if you feel the need to use a four-letter acronym, try "no longer in circulation" (NLIC).
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
