How long can you use a coin as legal tender?

I've always wondered this. Not saying I would, but could you use coins that are 100+ years old as currency? Is there an "expiration date" for coins? I know indian head pennies, buffalo nickels (and some liberty), mercury dimes, etc... are still found in circulation but their sizes are very similar to today's coins. Would it be possible to use large cents? What about a twenty cent piece?

 

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There's a difference between legal tender, and what a business will accept
As long as the money has not been de-monetized, I believe its OK to use. BUT, that does not mean that a place of business or individual has to accept it.

 

I disagree. A business should accept it. It is legal tender backed by the U.S Government. I will be happy to give you face value for any coin before 1965. LOL

 

Trade dollars had been demonetized by the US government during the nineteenth century, but they were again monetized with the Coinage Act of 1965. However, I believe that neither cents, large cents nor half-cents must be accepted at a place of business even though they have not be demonetized.

 

Sounds like a good experiment. I don't know what the cheapest large cent would go for. What would you do if someone offered to accept it? See if you can cash in a bullion coin at a bank, or better yet if you have any gold or silver certificates tell them you are there to redeem them. Point out that it says "Will Pay to the Bearer on Demand", demand to be paid in precious metals and don't leave until you get them.

 

Since 1968 silver certificates are redeemable only for federal reserve notes making them obsolete but still legal tender. I would love to see the look on the tellers face when you try it though!

 

"In March 1964, Secretary of the Treasury C. Douglas Dillon halted redemption of Silver Certificates for Silver Dollars. In the 1970s, large numbers of the remaining silver dollars in the mint vaults were sold to the collecting public for collector value. All redemption in silver ceased on June 24, 1968."


I would Still like to see the look on the tellers face after you give it a try!

 

Legal tender is "good for all debts". Look up the legal definition of debts. You will be surprised.

BTW, any company can choose to accept or refuse to accept anything they so choose in exchange for letting you buy something. See;

 

All US coins and currency ever produced for the US (Not the confeds) is currently legal tender and MUST be accepted. Now many of the folks in the US didn't even have family here when they were made, but major backs and all fed resv banks will (MUST) ACCEPT THEM. Any problems, send them to me and I will give you modern $$ for the old ones....LOL

 

You are correct. They are legal tender. However, that only means that

Notice that the word is creditor. Any business may accept only Mexican currency, not accept any paper money, or only accept credit cards in exchange for goods/services. BTW, banks are private businesses and may thus accept/deny any form of payment desired. Been discussed here numerous times.

 

Well if anyone wants to test it out, I'll put some 2010 Native American dollars on the Open forum for $1 each + shipping... you can pay with Half Cents, Large Cents, Two Cents, Three Cents, Twenty Cent pieces, etc... they're all legal tender when I'm selling

 

A candy bar is fifty cents. I want to pay with American money---One twenty cent piece, four half dimes, a three cent piece, a two cent piece, and five large cents. With that kind of money, I'll have to buy a Payday.

 

Yes. Its perfectly fine to try to spend them. But, like someone already said, a business has right to refuse them or refuse service for almost any other reason.

 

I've never been refused by paying with any legal tender, but I have gotten some strange looks when paying with those "golden dollars." It somehow seems that they will never completely catch on.

 

Better yet, make all of the coins key dates in MS70, and you can buy the company.

Chris

 

If I understand what you are saying, that is you take a silver certificate down to the bank and deposit it, then there should be no problem at all. Federal Reserve banks are happy to take "lawful money" and or old legal tender notes and give you face value credit in FRNs. If the teller knows their business, they will exchange the note and keep it because the numismatic value of these things now exceeds their face value by a good margin.

However if the teller is clueless about it, it will be sent to the Treasury and destroyed. The same thing happens if you take any silver certificate, $500 or $1000 FRNs or US Bank notes. (these all will have different colored seals on them) In all cases, the currency is removed from further circulation and you are given face value for it in FRNs for it. They will do the same for all issued coins as well. No doubt this isn't the best way to handle them, but they will gladly provide the service.

The only thing that I am unsure of are the gold certificates. They were actually illegal for close to 40 years, but when they made them legal to own again as a collector's item, I am not sure if they restored the money status of these items. It would be foolish however to try as these days a good quality gold certificate can be worth more than even the gold that it represents.

 

Or they will give them out. I have gotten red seals from a teller who asked if I wanted them.

 

Yeah, a red seal is a US bank note. They don't police it like they once did (except for the $500 and $1000 notes) and it is still possible to get them from branches like getting the occasional silver coin. It's highly dependent upon the branch.

 

When this question comes up from time to time I just roll my eye's :rolling:

1st, none of us would try to use our stuff for face value.

2nd, If we as collectors of this stuff don't know what is to be accepted and what is not, what make us think that business's that have the bulk of the population (mainly non collectors) would know what to accept or not. I mean do you really think Wal-Mart has a list and trains their cashiers on what obsolete money to accept.
I mean bank tellers don't even know this stuff.

So on with the debate if you'd like but it is for not...

 

until no one will accept it, same amount of time you can use a rock to pay a debt.