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Encyclopedia > Legal tender

Legal tender or forced tender is payment that cannot be refused in settlement of a debt denominated in the same currency by virtue of law. Debt is that which is owed. ...


Legal tender is a status which may be conferred on certain examples of a money, which may depend on circumstances including the amount of money. The term legal tender does not refer to the money itself.


Legal tender is a concept that is frequently misunderstood: this is often a result of differing legal definitions in different jurisdictions. Cheques, credit cards, debit cards and similar non-cash methods of payment are not generally defined as legal tender. Only specific coin and note examples of cash money are usually defined as legal tender. A large number of small value coins is usually not considered to be legal tender. Some jurisdictions may forbid by law, or otherwise restrict, payment other than by legal tender (for example, by outlawing the use of foreign coins and banknotes, or by requiring a licence to perform financial transactions in a foreign currency). In law, jurisdiction refers to the aspect of a any unique legal authority as being localized within boundaries. ... Typical cancelled personal cheque as used in the U.S. A cheque (CwE) or check (AmE), thought to have developed from Persian چك chek, is a negotiable instrument instructing a financial institution to pay a specific amount of a specific currency from a specific demand account held in the maker/depositor... Credit cards A credit card system is a type of retail transaction settlement and credit system, named after the small plastic card issued to users of the system. ... A debit card is an ISO 7810 card which physically resembles a credit card, and, like a credit card, is used as an alternative to cash when making purchases. ... A £20 Ulster Bank banknote. ...


In some jurisdictions legal tender can be refused as payment if no debt exists yet. Consequently vending machines and transport staff do not have to accept the largest denomination of banknote for a single bus fare or bar of chocolate, and even shopkeepers can reject large banknotes. However, restaurants that do not collect money until after a meal is served would have to accept that legal tender for payment of the debt incurred in purchasing the meal. A vending machine is a machine that dispenses merchandise when a customer deposits money, validated by a currency detector, sufficient to purchase the desired item (as opposed to a shop, where the presence of personnel is required for every purchase). ... Toms Diner, a restaurant in New York made familiar by Suzanne Vega and the television sitcom Seinfeld A restaurant is an establishment that serves prepared food and beverages to be consumed on the premises. ...


The right, in many jurisdictions, of a trader to refuse to do business with any person means a purchaser cannot demand to make a purchase, and so declaring a legal tender other than for debts would not be effective.

Contents


Legal tender in Australia

Australian notes are legal tender, as established by the Reserve Bank Act 1959 for all amounts. Australian coins are also legal tender, under the provisions of the Currency Act 1965, but only for the amounts:

  • not exceeding 20¢ if 1¢ and/or 2¢ coins are offered;
  • not exceeding $5 if any of 5¢, 10¢, 20¢ and 50¢ coins are offered;
  • not exceeding 10 times the face value if notes in the range 50¢ to $10 inclusive are offered;
  • to any value if notes of value greater than $10 are offered.

The 1¢ and 2¢ coins have been withdrawn from circulation, but they remain legal tender.


According to the Reserve Bank of Australia, the legal framework for legal tender in Australia is somewhat unclear. The Reserve Bank Act 1959 and Currency Act 1965 establish that it is not legally required to accept legal tender, even for an existing debt, although failure to do so may be prejudicial in future legal proceedings.


History

In 1901 notes in circulation in Australia consisted of bank notes payable in gold coin and issued by the trading banks, and Queensland Treasury notes. Bank notes circulated in all States except Queensland, but were not legal tender except for a brief period in 1893 in New South Wales. There were, however, some restrictions on their issue or other provisions for the protection of the public. Queensland Treasury notes were issued by the Queensland Government and were legal tender in that State. Notes of both categories continued in circulation until 1910, when the Australian Notes Act 1910 and Bank Notes Tax Act 1910 were passed by the Commonwealth Parliament. The Australian Notes Act 1910 prohibited the circulation of State notes as money and the Bank Notes Tax Act 1910 imposed a tax of ten per cent per annum on 'all bank notes issued or re-issued by any bank in the Commonwealth after the commencement of this Act, and not redeemed'. These Acts put an end to the issue of notes by the trading banks and the Queensland Treasury. The Reserve Bank Act 1959 expressly prohibits persons and states from issuing 'a bill or note for the payment of money payable to bearer on demand and intended for circulation'. 1901 (MCMI) was a common year starting on Tuesday (see link for calendar). ... Motto: Audax at Fidelis (Bold but Faithful) Nickname: Sunshine State/Smart State Other Australian states and territories Capital Brisbane Government Governor Premier Const. ... 1893 was a common year starting on Sunday (see link for calendar). ... Motto: Orta Recens Quam Pura Nites (Newly Risen, How Brightly You Shine) Nickname: First State, Premier State Other Australian states and territories Capital Sydney Government Governor Premier Const. ... -1...


Legal tender in Canada

Only Canadian dollar banknotes issued by the Bank of Canada are legal tender in Canada. However, commercial transactions may legally be settled in any manner agreed by the parties involved. The Canadian dollar, CAD or C$, is the unit of currency of Canada. ... The Bank of Canada Building in Ottawa The Bank of Canada is Canadas central bank. ...


Some business in Canada is transacted in United States dollars, despite United States currency not being legal tender.


Legal tender of Canadian coinage is governed by the Currency Act which sets out limits of:

  • 40 dollars if the denomination is 2 dollars or greater but does not exceed 10 dollars;
  • 25 dollars if the denomination is 1 dollar;
  • 10 dollars if the denomination is 10 cents or greater but less than 1 dollar;
  • 5 dollars if the denomination is 5 cents;
  • 25 cents if the denomination is 1 cent.

Toonie is the unofficial name for Canadas two-dollar coin; it is a portmanteau word combining the number two with the name of the loonie, Canadas one-dollar coin. ... See also loony (short for lunatic), which is sometimes spelled loonie. Loonie is the unofficial but commonly-used name for Canadas gold-coloured, bronze-plated, one-dollar coin. ...

Legal tender in the eurozone

Euro coins and banknotes became legal tender on January 1, 2002. Although coins have different national marks for each State, all coins and all banknotes are legal tender throughout the eurozone. Therefore, it is possible to find Irish euro coins in Greece and Finnish euro coins in Portugal, for instance. The euro (symbol: €; banking code: EUR) is the currency of twelve European Union member states: Austria, Belgium, Finland, France, Germany, Greece, the Republic of Ireland, Italy, Luxembourg, the Netherlands, Portugal, and Spain, collectively known as the Eurozone. ... January 1 is the first day of the calendar year in both the Julian and Gregorian calendars. ... 2002 (MMII) was a common year starting on Tuesday of the Gregorian calendar. ... The euro area (also called Eurozone, Eurosystem or Euroland) is the subset of European Union member states which have adopted the euro, creating a currency union. ... Irish euro coins all share the same design by the hand of Jarlath Hayes, that of the harp, a traditional symbol for Ireland since the Middle Ages, based on that of the Brian Boru Harp, housed in Trinity College, Dublin, and said to have once been owned by ancient High... Finnish euro coins have three designs, though two of them are each found on one coin only. ...


Individual jurisdictions may however impose restrictions as to maximal amounts that can be settled by coins or notes.


Legal tender in the Republic of Ireland

According to the Economic and Monetary Union Act, 1998 of the Republic of Ireland which replaced the legal tender provisions that had been re-enacted in Irish legislation from previous British enactments, No person, other than the Central Bank of Ireland and such persons as may be designated by the Minister by order, shall be obliged to accept more than 50 coins denominated in euro or in cent in any single transaction. Banc Ceannais na hÉireann or the Central Bank of Ireland is the Republic of Ireland which had control of the issue of Irish banknotes and coins. ...


History

The Decimal Currency Act, 1970 governed legal tender prior to the adoption of the euro and laid down the analogous provisions as in United Kingdom legislation (all inherited from previous British law), namely: coins denominated above 10 pence became legal tender for payment not exceeding 10 pounds, coins denominated not more than 10 pence became legal tender for payment not exceeding 5 pounds, and bronze coins became legal tender for payment not exceeding 20 pence.


See also: Coinage of the Republic of Ireland This version of the harp, on a 1990 Irish pound, has been on Irish coinage circulated from 1939 until 2000. ...


Legal tender in India

The Indian rupee is the only legal tender in India. The rupee is also legal tender in Nepal and Bhutan. The one Rupee banknote. ...


Legal tender in New Zealand

New Zealand has had a complex history of legal tender. At the creation of the colony after the signing of the Treaty of Waitangi in 1840 there was no legal tender in New Zealand. This was because although the Treaty authorised the British Crown to govern, the laws of the England had not been formally adopted by the new colony. The Treaty of Waitangi The Treaty of Waitangi (Māori: Te Tiriti o Waitangi) was signed on February 6, 1840 at Waitangi in the Bay of Islands, New Zealand. ...


The English Laws Act 1858 retrospectively adopted the laws of England, and through the UK's Coinage Act 1816 British coins were confirmed as legal tender in New Zealand. Unusually until 1989 the Reserve Bank did not have the right to issue coins as legal tender. Coins had to be issued by the Minister of Finance. The Minister of Finance is a senior figure within the government of New Zealand. ...


The history of bank notes was considerably more complex. In 1840 the Union Bank started issuing bank notes under provisions of British Law but these were not automatically legal tender.


In 1844 Ordinances were passed making the Union Bank banknotes legal tender and authorising the government to issue debentures in small denominations, thus creating two sets of legal tender. These debentures were circulated but were traded at a discount to their face value because of distrust of the colonial government by the settler population. In 1845 the Ordinance was disallowed by the British Colonial office and they were recalled, but not without first causing a panic amongst holders of the debentures.


In 1847 the Colonial Bank of Issue became the only issuer of legal tender. In 1856 however the Colonial Bank of Issue was disbanded and through the Paper Currency Act 1856 the Union Bank was confirmed once again as an issuer of legal tender. The Act also authorised the Oriental Bank to issue legal tender but this bank ceased operations in 1861. The Colonial Bank of Issue was a New Zealand state owned bank that operated between 1847 and 1856 in an early unsuccessful attempt to create a government-owned issuer of bank notes in New Zealand. ... The Colonial Bank of Issue was a New Zealand state owned bank that operated between 1847 and 1856 in an early unsuccessful attempt to create a government-owned issuer of bank notes in New Zealand. ...


Between 1861 and 1874 a number of other banks including the Bank of New Zealand, Bank of New South Wales, National Bank of New Zealand and Colonial Bank of New Zealand were created by Acts of Parliament and authorised to issue bank notes backed by gold, however these notes were not legal tender. The Bank of New Zealand (BNZ) is one of New Zealands largest banks. ... Westpac Banking Corporation, usually called Westpac, is one of the largest banks in Australasia. ... The National Bank of New Zealand (NBNZ) is one of New Zealands largest banks. ...


The 1893 Bank Note Issue Act allowed the government to declare a bank's right to issue legal tender. This enabled the government to make such a declaration to assist the Bank of New Zealand when in 1895 the bank encountered financial difficulties that could have lead to its failure. The Bank of New Zealand (BNZ) is one of New Zealands largest banks. ...


The 1914 Banking Amendment Act gave legal tender status to bank notes from any issuer and removed the requirement that banks authorised to issue bank notes must redeem them on demand for gold (the gold standard). This article is on the monetary principle. ...


In 1933 the Coinage Act created a specific New Zealand coinage and removed legal tender status from British coins. In the same year the Reserve Bank of New Zealand was established. The bank was given a monopoly on the issue of legal tender. The Reserve Bank also provided a mechanism through which the other issuers of legal tender could phase out their bank notes. These banknotes were convertible into British legal tender on demand at the Reserve Bank and remained so until the 1938 Sterling Exchange Suspension Notice that suspended provisions of a 1936 amendment of the 1933 Reserve Bank of New Zealand Act. The Reserve Bank of New Zealand is the central bank of New Zealand. ...


The 1964 Reserve Bank of New Zealand Act restated that only notes issued by the Reserve Bank were legal tender. The Act also ended the right of individuals to redeem their bank notes for coin, effectively ending the distinction between coin and notes in New Zealand. The Act came into force in 1967 establishing as legal tender all New Zealand dollar five dollars banknotes and greater, all decimal coins, the pre-decimal sixpence, the shilling, and the florin. Also passed in 1964 was the Decimal Currency Act which created the basis for a decimal currency which was also introduced in 1967. A New Zealand $100 polymer banknote, replacement of the old paper notes. ... The shilling (or informally: bob) was an English coin first issued in 1548 for Henry VIII, although arguably the testoon issued about 1487 for Henry VII was the first English shilling. ... Florin may be any of these modern coins: Netherlands Antilles florin. ...


As at 2005 banknotes are legal tender for all payments, $1 and $2 coins are legal tender for payments up to $100 and 5c, 10c, 20c, and 50c coins are legal tender for payments up to $5. The existing silver coins will be legal tender until October 2006.


Source: Reserve Bank of New Zealand: Bulletin Vol. 66 No. 1 [1]


Legal tender in Switzerland and Liechtenstein

The Swiss franc is the only legal tender of Switzerland. The 6th series of Swiss bank notes from 1976, recalled by the National Bank in 2000, is no longer legal tender, but can be exchanged in banks for current notes up until April 2020. On the other hand, one-centime-coins, which are no longer issued or used in commerce, remain legal tender. The Swiss franc (ISO 4217: CHF or 756), CHF, the ConfÅ“deratio Helvetica franc, is the currency and legal tender of Switzerland and Liechtenstein. ... A £20 Ulster Bank banknote. ...


The Swiss franc is also the legal tender of the Principality of Liechtenstein, which is joined to Switzerland in a customs union. A customs union is a free trade area with a Common External Tariff. ...


In both countries, Euro notes are also widely accepted as payment, e.g. in major retail stores. The Swiss franc is also the currency used for administrative and accounting purposes by most of the numerous international organisations that are headquartered in Switzerland. The euro (symbol: €; banking code: EUR) is the currency of twelve European Union member states: Austria, Belgium, Finland, France, Germany, Greece, the Republic of Ireland, Italy, Luxembourg, the Netherlands, Portugal, and Spain, collectively known as the Eurozone. ...


Legal tender in the United Kingdom

In the United Kingdom, only coins valued 1 pound Sterling and 2 pounds Sterling are legal tender in unlimited amounts throughout the territory of the United Kingdom. The United Kingdom legislation that introduced the 1 pound coin left no United Kingdom-wide legal tender banknote. The pound sterling is the official currency of the United Kingdom (UK). ... This article discusses the British One Pound circulating coin issued since 1983, only. ...


Currently, 20 pence pieces and 50 pence pieces are legal tender in amounts up to 10 pounds; 5 pence pieces and 10 pence pieces are legal tender in amounts up to 5 pounds; and 1 penny pieces and 2 pence pieces are legal tender in amounts up to 20 pence.


Coins and banknotes do not need to be 'legal tender' in order to be used as money to buy and perform other transactions for which money is intended. For example, British banknotes issued by various institutions circulate in the United Kingdom without being legal tender in all the jurisdictions of the United Kingdom. British banknotes are the banknotes of the United Kingdom and British Islands, denominated in pounds sterling (GBP). ...


History

In the 19th century, gold coins were legal tender to any amount, silver coins were not legal tender for sums over 2 pounds, nor bronze for sums over 1 shilling.


This provision was retained in revised form at the introduction of decimal currency, and the Coinage Act 1971 laid down that coins denominated above 10 pence became legal tender for payment not exceeding 10 pounds, coins denominated not more than 10 pence became legal tender for payment not exceeding 5 pounds, and bronze coins became legal tender for payment not exceeding 20 pence.


Legal tender in England and Wales

Bank of England notes are the only banknotes that are legal tender in England and Wales. United Kingdom coinage is legal tender, but not in unlimited amounts for coins below £1. The Bank of England is the central bank of the United Kingdom, sometimes known as The Old Lady of Threadneedle Street or The Old Lady. The nearest London Underground station, and thus a busy commuter stop, is Bank station. ... Royal motto (French): Dieu et mon droit (Translated: God and my right) Englands location within the British Isles Official language English de facto Capital London de facto Largest city London Area – Total Ranked 1st UK 130,395 km² Population – Total (mid-2004) – Total (2001 Census) – Density Ranked 1st UK... For an explanation of often confusing terms such as Great Britain, Britain, United Kingdom and England, see British Isles (terminology). ... This article concerns British coinage, the coinage of the United Kingdom. ...


Scottish and Northern Ireland banknotes, and Jersey, Guernsey, Manx and Gibraltar coinage and banknotes are not legal tender in England and Wales. However, they are not illegal under English law and creditors and traders may accept them if they so choose. Dieu et mon droit (Royal motto) (French for God and my right)3 Northern Irelands location within the UK Official languages English, Irish, Ulster Scots Capital and largest city Belfast First Minister Office suspended Area  - Total Ranked 4th 13,843 km² Population  - Total (2001)  - Density Ranked 4th 1,685...


Legal tender in Scotland

Scots law has, in effect, a broader concept of legal tender. Although official legal tender is similar to that of England and Wales (Bank of England notes below the value of five pounds, and Royal Mint coins in varying amounts, but not any Scottish notes). However, since the smallest circulating Bank of England note is £5, the only way to pay large amounts in official legal tender is with coins.


This is largely irrelevant, however, as creditors are obliged to accept any 'reasonable' settlement of the debt, be it banknotes (Scottish, English or otherwise), coins, cheques (which Scottish notes technically are) or even (in theory) property. In the event of a dispute, it would fall to a court to decide what 'reasonable' meant in the circumstances.


In general, Scottish and English notes and British coins will be accepted anywhere, with some large shops allowing the Euro to be used.


Legal tender in the United States

The United States Coinage Act of 1965 states (in part):

United States coins and currency (including Federal reserve notes and circulating notes of Federal reserve banks and national banks) are legal tender for all debts, public charges, taxes, and dues. Foreign gold or silver coins are not legal tender for debts.

31 U.S.C. § 5103. The United States Code (U.S.C.) is a compilation and codification of the general and permanent federal Law of the United States. ...


With respect to private transactions, this has been construed to apply only to "payment for debts when tendered to a creditor."[2]


There being no other federal law prohibiting private businesses, persons or organizations from specifying other methods of payment they choose to accept or refuse, such entitites therefore are free to insist on payment by credit card, for example, or to refuse larger denomination banknotes. Some small stores in the United States have a policy of not accepting large notes, typically above $20, either at all or at certain times of day; this allows them to keep fairly small quantities of money in the register and deter robbery, and also serves to limit one's risk of accepting counterfeit notes. Presumably, there is no federal law precluding private businesses from choosing to reject U.S. coins and currency altogether as payment for goods and services at point-of-sale. A counterfeit is an imitation that is made with the intent to deceptively represent its content or origins. ...


Demonetisation

Coins and banknotes may cease to be legal tender if new notes of the same currency substitute them or if a new currency is introduced replacing the former one. Examples of this are:

  • The United Kingdom, adopting decimal currency in place of pounds, shillings, and pence in 1971. Banknotes remained unchanged (except for the replacement of the 10 shilling note by the 50 pence coin). In 1968 and 1969 decimal coins which had precise equivalent values in the old currency (5p, 10p, 50p) were introduced, while decimal coins with no precise equivalent (½p 1p, 2p) were introduced on 15 February 1971. The smallest and largest non-decimal circulating coins, the half penny and half crown, were withdrawn in 1969, and the other non-decimal coins with no precise equivalent in the new currency (1d, and 3d) were withdrawn later in 1971. Non-decimal coins with precise decimal equivalents (6d ( = 2½p), 1 and 2 shillings) remained legal tender either until the coins no longer circulated (1980 in the case of the 6d), or the equivalent decimal coins were reduced in size in the early 1990s).
  • The successor states of the Soviet Union replacing the Soviet ruble in the 1990s.

Individual coins or banknotes may be demonetised and cease to be legal tender, for example, the pre-decimal United Kingdom farthing or the Bank of England 1 pound note. Decimalisation (or Decimalization) refers to any process of converting from traditional units, usually of money, to a decimal system. ... 1971 (MCMLXXI) is a common year starting on Friday (click for link to calendar). ... February 15 is the 46th day of the year in the Gregorian Calendar. ... 1971 (MCMLXXI) is a common year starting on Friday (click for link to calendar). ... The succession of states theory asserts that all possessions and territory held by a state are automatically transferred to the successor state, the state which succeeds it. ... 1997 Russian Federation one rouble coin, obverse and reverse 1898 Russian Empire one rouble bill, obverse 1898 Russian Empire one rouble bill, reverse The ruble or rouble (Russian рубль; see note on spelling below) is the name of the currencies of the Russian Federation and Belarus (and formerly, of the Soviet... The 1990s decade refers to the years from 1990 to 1999, inclusive, the last decade of the 20th Century. ... A farthing (presumably from four thing) was a British coin worth one quarter of a penny. ...


In the case of the euro, coins and banknotes of former national currencies were considered as legal tender from January 1, 1999, until February 28, 2002 (in some cases), even if their corresponding currencies had ceased to exist. Legally, those coins and banknotes were considered non-decimal sub-divisions of euro. January 1 is the first day of the calendar year in both the Julian and Gregorian calendars. ... 1999 (MCMXCIX) was a common year starting on Friday, and was designated the International Year of Older Persons by the United Nations. ... February 28 is the 59th day of the year in the Gregorian calendar. ... 2002 (MMII) was a common year starting on Tuesday of the Gregorian calendar. ...


When the Swiss Dinar ceased to be legal tender in Iraq it still circulated in the northern Kurdish regions and despite lacking government backing it had a stable market value for more than a decade. This example is often cited to demonstrate that the value of a currency is not derived purely from its legal status. After the first Gulf War the Iraqi government issued a new currency. ...


This is also true of the paper money issued by the Confederate States of America during the American Civil War. Though Confederate currency became worthless by its own terms after the war, since it could only be redeemed a stated number of years after a peace treaty was signed between the Confederacy and the United States (which never happened as the Confederacy was defeated and dissolved), the value of Confederate currency today as a historical and collectable item is usually much greater than its face value. Motto: Deo Vindice (Latin: With God As Our Vindicator) Anthem: God Save the South (unofficial) Dixie (popular) Capital Montgomery, Alabama February 4, 1861–May 29, 1861 Richmond, Virginia May 29, 1861–April 9, 1865 Danville, Virginia April 3–April 10, 1865 Largest city New Orleans February 4, 1861–May 1... The American Civil War (1861–1865) was fought in North America between the United States of America, called the Union and the Confederate States of America, a coalition of eleven southern states that declared their independence and claimed the right of secession from the Union. ...


Demonetisation is currently prohibited in the United States; the Coinage Act of 1965 (quoted in the previous section) applies to all U.S. coins and currency regardless of age. The closest historical equivalent in the U.S., other than Confederate money, was from 1933 to 1974, when the government banned most private ownership of gold bullion, including gold coins held for non-numismatic purposes; but today, even surviving pre-1933 gold coins are legal tender under the 1965 act.


Withdrawal from circulation

Banknotes and coins may be withdrawn from circulation, but remain legal tender. United States banknotes issued at whatever date remain legal tender even after they are withdrawn from circulation. Canadian 1- and 2-dollar bills remain legal tender even though they have been withdrawn and replaced by coins, while Canadian $1000 bills remain legal tender although they are removed from circulation as they arrive at a bank. However, Bank of England notes that are withdrawn from circulation generally cease to be legal tender although they remain redeemable for current currency at the Bank of England itself. All paper and polymer issues of New Zealand banknotes issued from 1967 onwards (and 1- and 2-dollar notes until 1993) are still legal tender; 1- and 2-cent coins are no longer used in Australia and New Zealand. 1967 (MCMLXVII) was a common year starting on Sunday of the Gregorian calendar. ... 1993 (MCMXCIII) was a common year starting on Friday of the Gregorian calendar and marked the Beginning of the International Decade to Combat Racism and Racial Discrimination (1993-2003). ...


Miscellaneous

Sometimes currency issues such as commemorative coins or transfer bills may be issued that are not intended for public circulation but are nonetheless legal tender. An example of such currency is Maundy money. Some currency issuers, particularly the Scottish banks, issue special commemorative banknotes which are intended for ordinary circulation. As well, some standard coins are minted on higher-quality dies as 'uncirculated' versions of the coin, for collectors to purchase at a premium; these coins are nevertheless legal tender. Some countries issue precious-metal coins which have a currency value indicated on them which is far below the value of the metal the coin contains - these coins are known as "non-circulating legal tender" or "NCLT". Maundy Money is a special British coinage given to deserving poor people in a religious ceremony performed by Anglicans on Maundy Thursday, the Thursday before Easter. ...


See also


  Results from FactBites:
 
Scotland Guide - General information - Currency and legal tender (528 words)
Northern Irish notes are not legal tender anywhere, a situation similar to Scottish notes.
Whether Scottish notes are legal tender or not does not change alter their inherent value but it dictates their legal function.
The definition of legal tender is something which is acceptable as payment of a debt.
Legal tender - Wikipedia, the free encyclopedia (2877 words)
Legal tender or forced tender is payment that cannot be refused in settlement of a debt by virtue of law.
Legal tender is a concept that is frequently misunderstood: this is often a result of differing legal definitions in different jurisdictions.
Scottish and Northern Ireland banknotes, and Jersey, Guernsey, Manx and Gibraltar coinage and banknotes are not legal tender in England and Wales.
  More results at FactBites »

 
 

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