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Posted 05/10/2010 8:07 pm
Quote:
I thought as long as both parties accept it (as in a private transaction) there shouldn't be any problems.
I thought as long as both parties accept it (as in a private transaction) there shouldn't be any problems.
Private transactions can be paid in any manner that the two parties mutually agree to.
If I want to pay you in bus tokens, and you want to pay me in Legos,
this is perfectly legal (if both parties accept).
The federal law refers to 'public' transactions, ie paying a business.
In other words, you cannot misrepresent foreign currency as being U.S.
currency in a public transaction.
Then again, even businesses can take payment in any matter that they
specify as being acceptable. Checks and Cards are not Legal Tender, after all!
There was a 'controversy' a while back when the Pizza Patrón chain in
the Southwestern U.S. started accepting Mexican Pesos as payment, but
really this should not be an issue. If businesses accept non-Legal
Tender payments via checks and cards every day, why should a business
not be able to accept currency that is Legal Tender (albeit in another country)?
Some businesses had accepted the "Liberty Dollars", which (unlike the
Mexican Peso) were not "Legal Tender" in any country!
Edited by DNA
05/10/2010 8:08 pm
05/10/2010 8:08 pm
