Has the US ever "demonetized" any currency or coinage?

Discussion in 'Coin Chat' started by ZoidMeister, Sep 8, 2020.

  1. ZoidMeister

    ZoidMeister Hamlet Squire of Tomfoolery . . . . .

    Oh my, I missed the G. Read too fast as ASE . . . . .

    I'd give them change for a Grant for that too . . . .

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  3. manny9655

    manny9655 Well-Known Member

    You guys are forgetting about fractional currency. They've been demonetized, I do believe. And as a tie-in, postage stamps are another issue, we haven't demonetized any since the Civil War.
  4. Kentucky

    Kentucky Supporter! Supporter

    I'm not sure fractional currency was ever "monetized" in the first place.
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  5. John Burgess

    John Burgess Well-Known Member

    I spent a very beat up small size 1928 $20 gold certificate on gas about 10 years ago I found it in change and it was folded about a million times probably balled up and used for origami also, well worn. Gas station attendant looked it over about 15 seconds shrugged and turned on the pump for $20. It's was still legal tender as 20 dollars.
  6. baseball21

    baseball21 Well-Known Member

    Not exactly. You can't just show up with a truck load of cents/pennies and demand they accept it
  7. medoraman

    medoraman Supporter! Supporter

    Courts have ruled at times the debtor was being petty and capricious by trying to pay in cents. However, the principal holds. If you show up to the creditor, and try to settle in "normal" legal tender and they refuse, a court can say the debt is no longer valid.

    I remember a case where a coal company refused USD that someone tried to pay off their debt with. The coal company said the debt could only be paid back with script, which could only be earned by working for them. The debt was declared invalid, and the coal company was not even allowed to collect it again, the court ruling they gave up their ability to collect when they refused the legal tender presented to them.

    One caveat. I remember a friend in business law trying this and thinking he was now free of a store credit card debt because they wouldn't accept money at the store. Well, the store is not the one you are in debt to, it is a financial firm that actually issues the debt. The store did not have a legal obligation to accept payment for another firm's debt. My friend got the message after he was sued.
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  8. baseball21

    baseball21 Well-Known Member

    They don't say it's no longer a valid debt, they generally say an attempt was made and late fees cannot apply if that. The point stands where private can refuse a form of payment such as all change and even the government can limit how much change can be paid in a day.

    The premise that something has to be accepted because it's legal tender is not accurate
  9. baseball21

    baseball21 Well-Known Member

    No idea what case that is. but there is a MASSIVE difference between trying to say you don't accept a form of payment and trying to tell someone they have to pay off their debt with labor
  10. ksparrow

    ksparrow Coin Hoarder Supporter

  11. Conder101

    Conder101 Numismatist

    No they weren't demonetized, but since they had been called in in the gold recall, for many years they government considered them illegal to own. They even went so fare as to confiscate them from time to time. It came to a head back in the late fifties when they confiscated some from dealer Harry Foreman and he took the matter to court and won. That ended the confications.
  12. Mainebill

    Mainebill Bethany Danielle

    A52C55FC-B206-46E9-AC4D-3EB6D8A23916.jpeg 3EEE690A-50A8-4AAE-82DB-5968F5556668.jpeg Nice coin Doc. I’ll post it’s older sisters
  13. Mr.Q

    Mr.Q Well-Known Member

    Wow, great history lesson. My gratitude to everyone!
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  14. harrync

    harrync Well-Known Member

    Special Delivery, Special Handling and Certified Mail stamps are no longer valid for postage. [Because "the service is no longer available". But air mail is still good; we still have that service?] At one time you could turn them in for a refund, but I am not sure that is still possible.
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  15. ZoidMeister

    ZoidMeister Hamlet Squire of Tomfoolery . . . . .

    Have these been demonetized, or can I go down to my local PX and grab a candy bar . . . . . ?



  16. baseball21

    baseball21 Well-Known Member

    While its not actually called that, a lot of mail does end up on planes so technically yea. Really the practice just sort of got normalized as being a standard method especially on things like coast to coast mail as air travel technology progressed.
  17. Conder101

    Conder101 Numismatist

    Those have been "demonitized" they were only valid for a set period and then after exchange day they ceased to be valid. Of course they were also never actually legal tender and were more like "tokens" only good within the military.
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  18. Cheech9712

    Cheech9712 Every thing is a guess

    What size truck?
  19. Mainebill

    Mainebill Bethany Danielle

    You can fit an awful lot in my truck
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  20. baseball21

    baseball21 Well-Known Member

    Anything bigger than a very small toy truck lol

    It's up to every business but the point was really just you can't try and intentionally be difficult and demand it's accepted.
  21. Malleus Maleficarum

    Malleus Maleficarum Well-Known Member

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