The main purpose of this law is to ensure national acceptance of the U.S. currency in accordance with constitutional language, which reserves to Congress the power to create a single currency of equal value to all the United States. Although the law provides that U.S. currency is legal tender and can be accepted for debt repayment, it does not require the acceptance of cash payments, nor does it provide that no restrictions can be placed on the acceptance of cash. [48] Between 1861 and 1874, a number of other banks, including the Bank of New Zealand, the Bank of New South Wales, the National Bank of New Zealand, and the Colonial Bank of New Zealand, were incorporated by Parliament and authorized to issue gold-backed notes, but these notes were not legal tender. Before the Civil War (1861 to 1865), silver coins were legal tender only up to a maximum of US$5. Before 1853, when American silver coins were reduced by 7%, the coins had exactly their metal value (from 1830 to 1852). Two 50-cent silver coins had silver with an exact value of $1. An 1849 gold U.S. dollar had $1 worth of gold. With the influx of gold from California mines in the early 1850s, the price of silver rose (gold fell). For example, from 1840 to 1852, 50-cent coins were worth 53 cents when melted.

The government could increase the value of (expensive) gold coins or reduce the size of all U.S. silver coins. With the reduction of 1853, a 50-cent coin had only 48 cents of silver. This is the reason for the $5 silver coin limit as legal tender; Paying someone $100 in the new silver coins would give them $96 in silver. Most people preferred bank checks or gold coins for large purchases. Banknotes are not legal tender in Scotland. [42] Scottish banknotes are legal tender but are not legal tender anywhere in the United Kingdom. [43] In the case of the euro, notes and coins of the old national currencies were in certain cases legal tender from 1 January 1999 to 28 February 2002. Legally, these notes and coins were considered non-decimal subdivisions of the euro. [ref.

needed] He is guilty of the weakness of taking refuge in what I believe to be a minor matter from a legal point of view. In 1933, the Coinage Act allowed certain New Zealand coins and stripped British coins of legal tender. In the same year, the Reserve Bank of New Zealand was established. The bank has been given a monopoly on the issuance of legal tender. The Reserve Bank has also provided a mechanism for other legal tender issuers to phase out their banknotes. These notes were to be converted into British legal tender upon application to the Reserve Bank and remained so until the notice of suspension of the Sterling Exchange of 1938, which repealed the provisions of an amendment to the Reserve Bank of New Zealand Act 1936. The tender of the café slept in his chair; The doorman was gone; Only the guard stood awake at his post. According to monetary law, there are limits to the value of a transaction for which only coins are used. [22] A payment in coins is legal tender for up to the following amounts for the following coin denominations: The Australian dollar, consisting of banknotes and coins, is legal tender in Australia. Australian banknotes are legal tender under the Reserve Bank Act 1959, p.36(1),[12] with no limit on the amount. Similarly, the Currency Act 1965[13] provides that Australian coins intended for general circulation are also legal tender, but only for the following amounts: from 2005, banknotes were legal tender for all payments, and $1 and $2 coins were legal tender for payments up to $100, and the 10c, 20c and 50c silver coins were legal tender for payments up to $5.

These old silver coins were legal tender until October 2006, after which only the new 10c, 20c and 50c coins introduced in August 2006 remained legal. [29] The Decimal Currency Act 1970 regulated legal tender before the introduction of the euro and established provisions similar to those laid down in British law (all taken from earlier British legislation), namely: coins over 10 pence were legal tender for payments not exceeding £10 and coins of up to 10 pence are legal tender for payments not exceeding £5. and the bronze coins were legal tender for a payment not exceeding 20 pence. In 1964, the Reserve Bank of New Zealand Act stipulated that only notes issued by the Reserve Bank were legal tender. The Act also ended the right of individuals to redeem their banknotes for coins, thereby eliminating the distinction between coins and banknotes in New Zealand. The Act came into force in 1967 and established as legal tender all banknotes of five dollars in New Zealand dollars and above, all decimal coins, predecimal pence, shilling and guilder. The Decimal Currency Act, which created the basis for a decimal currency introduced in 1967, was also passed in 1964. After the Civil War, paper money was controversial as to whether it should be accepted as a means of payment. In 1869, Hepburn v. Griswold concluded that Henry Griswold did not have to accept paper money because it could not really be “legal tender” and that it was unconstitutional as a legally enforceable means of paying debts.

This led to the legal tender cases in 1870, which overturned the previous judgment and established fiat money as a constitutional and appropriate legal tender that must be accepted in all situations. [44] A store owner can choose which payment to accept. If you want to pay for a pack of gum with a £50 note, it is perfectly legal to refuse. As with all other tickets, it`s a matter of discretion. If your local family store had decided to only accept Pokémon card payments, that would also be within their rights. But they would probably lose customers. U.S. coins and currencies (including Federal Reserve notes and circulation notes from Federal Reserve banks and national banks) are legal tender for all debts, public duties, taxes, and duties. Foreign gold or silver coins are not legal tender for debts. Legal tender also allows monetary policy. From the issuer`s perspective, legal tender allows the issuer to manipulate, devalue and devalue the currency to obtain seigniorage and facilitates the issuance of escrow media by the banking system to meet trading needs.