Are ASEs legal tender?

Discussion in 'Bullion Investing' started by Pilkenton, Oct 20, 2012.

  1. thecoin

    thecoin New Member

    Yes, because a coin cant Legally be a coin if it does no have a face value
     
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  3. imrich

    imrich Supporter! Supporter

    Jurisdictional Payments

    Lonegun:

    We appreciate your input regardless of exceptions to your posts, and don't want you to leave the party, just to have an open-mind, and use respectful "common-sense". If you state that someone must apply appropriate statutes to support their arguments, it would seem reasonable that you appropriately support your arguments.

    You've made brash unsupported objections to my posts, which I could properly correct by statute, code, conditions, but that would probably only result in another unsupported objection. I only play that "game" when there are stakes and a recognized competent mediator.

    In reference to your statements to fatima, with whom I often disagree, but recognize "futility of logical argument", would you consider that paying with federal "notes" may not be acceptable in Indian Casinos, other venues utilizing tokens for numerous reasons, utilizing scrip, and numerous other jurisdictions taking exception to one of many Federal mandates which avoid application of "common sense" where the mandates have yet been challenged/adjudicated (e.g. "unsupported mandates").

    Please consider the following information objectively, and determine if the information might support the brash response of fatima, and join us again if it may be a reasonable argument for objective response:
    Section 31 U.S.C. 5103, entitled "Legal tender," 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 is 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 payment for goods or services. Private businesses are free to develop their own policies on whether to accept cash unless there is a state law which says otherwise.

    The aforeposted statement is that publicly submitted by: Board Of Governors Of The Federal Reserve System

    I hope and trust that you'll again join our discussions, enlightening with objective posts.

    Respectfully, Rich
    :thumb:
     
  4. CamaroDMD

    CamaroDMD [Insert Clever Title] Supporter

    You are wrong. It's OK if you don't think so...but you are. But, let me pose you a scenario which I am sure you won't think is relevant, but it is an excellent reason as to why businesses are not required to accept all forms of payment.

    Since you are so hung up on my Subway analogy...I'll stick with that. Yesterday I bought an oven roasted chicken foot long and it cost $6.50. Lets say I had tried to pay with a $1000 bill (because they are still "legal tender" and according to you therefore must be accepted). I would therefore need $993.50 change (no sales tax here). Since they probably don't have enough cash in the drawer to give me change for $100...I'll bet they don't have enough to give me change for $1000. What's the answer to this situation?
     
  5. I have had businesses refuse a $100 bill on occasion even though it is legal tender. I have also read where businesses have refused barrels of coins/cents as payment. I am not a legal expert, but my understanding is that the government deems what is legal tender but businesses can decide whether or not to accept it as such. Not sure about banks though. My guess is that they have to accept it. TC
     
  6. imrich

    imrich Supporter! Supporter

    Is This A Coin?

    hlfdime.jpg Did I miss the face value? Not a coin? I've other U.S. designs also, please enlighten. :confused:
     
  7. Zlotych

    Zlotych Member

    You people sure are extreme. Why waste time looking up laws and arguing about something that has been proven about fifty times on this site. I don't care enough about this ase argument to comb through the constitution to prove what is already known.

    Subway can tell you to take your ase or your bag of pennies out of their store and would probably feed your sandwich to a pelican and not care.
     
  8. tgaw

    tgaw Member

    let me be the first to offer my services as an exchange.let me thank you in advance for your business.
     
  9. fatima

    fatima Junior Member

    The gold Krugerrand has no face value yet it has been recognized as a coin, globally, in the many decades that it has been around.
     
  10. COINnoisseur

    COINnoisseur Professional Amateur

    I'm sure silver dollars are used by people at face value alot more then one would think. My sister-in-law had a large amount of franklin halves her father had collected and she spent them at face value. That coin is not well known among non-collectors but I think situations like this happen more then we would like to believe.
     
  11. mrbrklyn

    mrbrklyn New Member

    Nobody has answered this yet?

    It is definitely legal tender.
     
  12. CamaroDMD

    CamaroDMD [Insert Clever Title] Supporter

    I believe the first reply to the thread answered it.
     
  13. urbanchemist

    urbanchemist US/WORLD CURRENCY JUNKIE

    when i worked at a bank a few years back someone had brought in a bunch of them. i guess he came in while i was at lunch. luckily one of the tellers that knew i collected coins dealt with him and i got them at face value. they were all naturally toned as well. :thumb:
     
  14. fatima

    fatima Junior Member

    ^I would have hoped a real "coin collector" working at a bank would have at least told the party what he was getting ready to lose 100s if not 1000s of dollars by depositing a lot of silver at face. In any case I find it to be a pretty low blow that people working in a bank would "knowingly" take advantage of someone like that.
     
  15. thecoin

    thecoin New Member

    How many did you get?
     
  16. rickmp

    rickmp Frequently flatulent.

    Why are you so obsessed with how much money is involved?
    Why do you continue to be so rude in the way you ask about the money involved?
     
  17. Cloudsweeper99

    Cloudsweeper99 Treasure Hunter

    Would whoever is sitting on Zlotych and twisting his arm to force him to read 50 of the same posts on this topic please let him go.
     
  18. justafarmer

    justafarmer Senior Member

    I have often wondered if Norfed had instead used the demonination of "BUCKS" or something similar instead of "DOLLARS" would they have had the legal problems?
     
  19. Cloudsweeper99

    Cloudsweeper99 Treasure Hunter

    I suspect they would because they were selling it as an alternative currency which seems clearly illegal, but the case against them would have been more difficult to make.
     
  20. InfleXion

    InfleXion Wealth Preserver

    Definitely agree. It wasn't about the terminology. It was about competition. The very same reason why silver, as the most logical and capable monetary alternative due to liquidity from lower price, is the most volatile market in the world to scare people away from it.
     
  21. tgaw

    tgaw Member

    the thing that is a little irrating is that the tellers instead of the customers have access.if you worked in say a machine shop they wouldn't let you cart the scrap away.one of my banks knows i collect coins and some of the tellers tell me when something comes in.one of the dealers i deal with tells me constantly about bank employees bringing stuff in usually silver dimes and quarters.
     
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