| Author |
 Replies: 18 / Views: 2,158 |
|
Pillar of the Community
United States
3234 Posts |
Which was the first 1-cent coin to achieve legal tender status and for how much in legal tender?
What year?
What composition?
Why?
Edited by Prethen
02/28/2011 10:51 pm
|
|
|
|
Pillar of the Community
United States
4897 Posts |
Flowing hair cent. 1793. Copper. ?
|
|
Pillar of the Community
United States
4897 Posts |
Why...all total guess. Constitution ratified? Straining my brain here...lol
|
|
Pillar of the Community
United States
1801 Posts |
1865 Indian Head cent. Part of the 1865 revamp of the coinage laws which gave the bronze (95% copper, 5% tin and zinc) cent full legal tender status. The cent had been granted "limited legal status in 1864 when it converted from copper nickle to bronze. One reason why was it was the coin most people were familiar with (the civil war had driven all gold and silver out of circulation). Another reason was to drive out of circulation the millions of civil war tokens that were circulating at the time. |
|
Pillar of the Community
United States
4897 Posts |
Ok...sombody knows how to use the internet. JK.  |
|
Pillar of the Community
 United States
3234 Posts |
jfransch...1865 is incorrect (I'd practically give away the answer if I said more than that).
You were hitting close but not quite on target as to the reason for legal tender.
Edited by Prethen
02/28/2011 11:08 pm
|
|
Pillar of the Community
United States
1388 Posts |
|
|
Bedrock of the Community
United States
10045 Posts |
Pretty amazing it was so late. I read somewhere that before this law, banks would routinely limit the amount of cents that could be redeemed for silver coin.
|
|
Pillar of the Community
United States
4897 Posts |
I had no idea that "legal tender" was such a precarious term. And that initially it was not always accepted fot "all debts public and private". Thanks Prethen..made me learn something!
|
|
Pillar of the Community
United States
1801 Posts |
I tried, I guess the memory starts to go as you get older.
|
|
Bedrock of the Community
United States
14454 Posts |
Quote:
and for how much in legal tender? What does this mean? I would think it was worth 1ΒΆ if that is what you are asking but I am not sure thats what you are asking here in the second part of the question Edit: I see your response in the other thread now. I guess for me to understand what you meant it would have to be worded "and how many was a merchant required to take for a dept before they could refuse them" |
|
Pillar of the Community
United States
1801 Posts |
Can I change my date to 1864 when it was given limited legal status?
|
|
Rest in Peace
United States
5375 Posts |
|
|
Moderator
 Australia
16809 Posts |
Quote:
What does this mean? I would think it was worth 1ΒΆ if that is what you are asking but I am not sure thats what you are asking here in the second part of the question I believe he means what was the maximum face value of 1 cent coins you could pay all at once and still have it considered "legal tender". Most countries set upper limits for legal tender for their low-denomination coins, mainly to block the "pay your fine in pennies" idiots. For example, here in Australia, Australian coins in the 5ΒΆ to 50ΒΆ range are only legal tender for up to $5 face value. 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
|
|
Pillar of the Community
United States
3234 Posts |
Quote:
Can I change my date to 1864 when it was given limited legal status?
Correct! The composition was also known as French Bronze. The new coin "style" basically mimicked the "copperheads"/merchant tokens that were becoming so popular. Edited by Prethen
03/01/2011 09:36 am
|
|
Pillar of the Community
United States
3234 Posts |
Still missing: Why did the composition change?
|
| |
Replies: 18 / Views: 2,158 |
Posted 02/28/2011 9:47 pm
