I went to a coffee shop this morning and tried to pay with a one dollar coin and paper currency for my purchase. Six employee's, including a manager of the day, would not accept the dollar coin as payment. Several never had seen this currency before and the others didn't want to take the chance. What a sad situation this exposes us too when our own commerce turns down our own countries currency. What is going on with our government and our business's? Do they communicate?
I dont think we've see anything yet, a man tried to pay his mortgage with cash; 1750 dollars; the bank refused, this is a bad example, but I've had people at gas stations give me change with 2 dollars for 2 quarters.
Dollar coins are not going to circulate (or even be recognized or wanted) until the dollar bill is removed from circulation.
I wonder how many retailers / businesses actually train employees regarding what coins and what bills to accept as forms of payment.
Good point, I worked as a cashier at two nationally recognized corporations awhile back and never received any info regarding that
I was at a 7-11 and the clerk didn't want the bill that the customer had. I took it for him, it was a silver certificate.
While clerks do not need to accept currency for a purchase, a bank refusing currency for a mortgage is technically a crime. All currency is legal tender for any debt. A bank refusing currency for that debt runs the risk of a court rendering that debt null. At a minimum, any court would say that the borrower attempted to make a legal payment on the debt, and since the bank refused, the bank is unable to charge any penalty or interest on the "missed" payment.
Correcto Mundo! Is it a "sad situation"? Not in my opinion. When running a business it's up to the proprietor as to what "risk" level s/he is will for their employee's to accept with forms of payment. Do they accept checks? From Homeless people? Would they accept a $100 for a $5 cup of joe? If folks want this situation to change, then monetary matters need to move back into the education programs such as what existed when I was a kid in addition to ending this foolishness with having dollar coins and dollar bills.
Can you post a link to this "story"? Hopefully it would provide some "details" which, again hopefully, didn't amount to $1750 in cents.
I was trying to help a very nice young lady, that had 2 kids with her, while she was doing homework online for what I thought was a nursing class. She was doing math and I was playing with her kids, one, because it was fun, and two, to get them out of her hair so she could concentrate. Anyway, every once in awhile she would look up and ask about a fraction problem It quickly became evident that not only was she never taught about fractions, but nothing about measurements, or money to boot. I asked her how she could ever become a nurse and not know simple math and her response was that she was going to change her major to teaching. I laughed so hard I think I embarrassed her.
Exactly! I think businesses should also take the time to teach their employees how to show up for work on time and how to correctly roll a joint. Chris
I completely agree that the law says all currency is legal tender for a debt. But any business has the right to refuse cash as payment any time they like.
I had to go back and read this three times before I saw it as "Kennedy dollars" rather than "Kennedy halves". "Hmm, I've occasionally seen $20 rolls of halves, but never $25..." In my defense, bedtime and the morning alarm were very close neighbors last night.
I've not ran into such issues. Usually when a use a $1 coin the clerk will put it off to the side. I assume they or somebody they know collects them.
About the only place I've seen dollar coins in use are at the casinos. I live in a small town in TN and I don't guess the banks here (we have two) would even have a roll of dollar coins. If they do, it would only be one or two. All the coin operated machines around here take dollar bills.
I had 3 Canadian Loon Dollars my bank wouldn't except - maybe I have to go else where to cash a few Canadian coins although my bank had no problems with Canadian cents, nickles, dimes, or quarters. I told the girl teller these were Canadian dollar coins and she looked at me like I was an alien!
What about a bank who refuses to give you cash on the spot for the coins, and which says they will need to ship them out for counting, and that it "will take 7-10 days for us to credit your account?"
I would say its shady if they didn't tell you that up front. If they had no sign saying that, I would demand my change back if it bothered you. All of the banks I deal with have change counters right in the bank, so I have never experienced this.