It doesn't mean that they have to be accepted, just that they are a valid form of currency. The statement is providing for the legitmacy of the US fiat currency.
Actually, that is EXACTLY what it means. They MUST accept it.
It doesn't mean that they have to be accepted, just that they are a valid form of currency. The statement is providing for the legitmacy of the US fiat currency.
Actually, that is EXACTLY what it means. They MUST accept it.
I thought that United States currency was legal tender for all debts. Some businesses or governmental agencies say that they will only accept checks, money orders or credit cards as payment, and others will only accept currency notes in denominations of $20 or smaller. Isn't this illegal?
The pertinent portion of law that applies to your question is the Coinage Act of 1965, specifically Section 31 U.S.C. 5103, entitled "Legal tender," which states: "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."
This statute means that all United States money as identified above are a valid and legal offer of payment for debts when tendered to a creditor. There is, however, no Federal statute mandating that a private business, a person or an organization must accept currency or coins as for payment for goods and/or services. Private businesses are free to develop their own policies on whether or not to accept cash unless there is a State law which says otherwise. For example, a bus line may prohibit payment of fares in pennies or dollar bills. In addition, movie theaters, convenience stores and gas stations may refuse to accept large denomination currency (usually notes above $20) as a matter of policy.
What? No. Jesus Christ what is wrong with you people? Even the US Treasury website states specifically to the contrary. To whit:
This deals with THE EXACT SECTION you quoted and the question is concerning not only private businesses but also government agencies.
http://www.ustreas.gov/education/faq/currency/legal-tender.shtml
At this point, you are no longer arguing with me but with the Federal agency that makes the damn money.
http://www.u-s-history.com/pages/h172.htmlLegal tender or forced tender is payment that, by law, cannot be refused in settlement of a debt (debtor cannot successfully be sued for non-payment).
http://www.wisegeek.com/what-is-legal-tender.htmLegal tender is a form of payment, defined by law, which must be accepted by creditors as payment for debts.
Do you still think the law is in any way vague with regards to paying public charges, taxes, and dues?Legal tender is any form of payment that must be accepted for a debt, according to the laws of the area. Generally, the term refers to government-issued cash money such as bills and coins, as opposed to credit lines, checks, or cards.
They included government agencies in the question, it was implicitly answered in the question. Like I said, direct all your future inquiries to the US Treasury.
They included government agencies in the question, it was implicitly answered in the question.
No, it wasn't answered even though it was in the question, and it wasn't implied because the U.S. is not a creditor or a private business. They simply omitted it from their response, which I pointed out is quite convenient for them to do (since, apparently, some government offices choose not to follow the law and then get backed up by a non-supreme court).