Warrant issued for man trying to pay w/ pennies

There USED to be laws limiting the legal tender status of various denominations but those laws have all been repealed. All coins now have unlimited legal tender status. But there are also no laws requiring that anyone, including the government, accept legal tender (The local government her will not accept cash for tax payments, check or credit card, neither one legal tender, only.) However in this case they had a sign posted stating that they accepted cash for payments. Cents ARE cash so in effect they said that they would take them before he offered them. Having said they would take them they can't back down.

And Cents were made legal tender (limited) in 1864. Half cents were not legal tender until the coinage act of 1965.

 

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I can recall not long ago on the news about a man around here someplace who bought a new car with cash. Well it was actually all quarters. He brought in a whole buch of "jars" filled with quarters to pay for his new car. The dealership accepted them.

Dave

 

It should not be illegal. Legal coinage is legal.

 

Here's what the US Treasury Department has to say on the subject:

Question

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?​

Answer

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.​

 

The check they never deposited. The cash was from my CD's.


Ruben

 

I'm still surprised the bank did it. The bank I worked at would have told you that you needed to give us a week notice to withdraw that sum in cash and told you to return in a week. For us, it just came down to the cash we would have on hand. Would be have $40K in $20s, probably...but we ordered based on our typical need for the week and therefore weren't required to give out large sums of cash without prior notice (if we had excess we would though). It just depended on the week. However, branches with higher money flow would probably be much more able to do so.

I have a question though. Did they flat out refuse to deposit or did they refuse to deposit it without a RegCC hold? Because, those are two different things.

 

they flat out refused to deposit it.

Ruben

 

That's really odd. Did they give you a reason? (not that it's any of my business...just curious).

 

Also, I would have an infinitely greater appreciation of this thread if you had said "Lincoln Small Cents" instead of "pennies". Both the plural and singular forms of the "word" are improper numismatic terms.

 

They didn't like my wife's signature on the check that was written for us both, despite the fact that they had taken in about 12 other checks like it. It was our wedding.

Ruben

 

Was it a joint account? If so they should have had NO problem with the deposit. Those checks don't even need to be signed by the depositor. If the account was only in your name and she wasn't present...that can be a problem. Banks can be very strict about that, which I admit can be quite frustrating.

 

MrBrooklyn, I have had similar defecations from banks, but I withdrew sums of dosh in a cashier's cheque instead of walking out with that money in cash - an invitation for a robbery.

 

This one?

http://www.mauinews.com/page/content.detail/id/15831.html

 

I went out and brough a big safe for it. I wanted the cash. Today I'd ask for rolls of dollars,


Ruben