TIL: In Canada, you cannot angrily pay a parking violation with a wheelbarrow of nickels.

Discussion in 'Coin Chat' started by mlov43, Jan 20, 2019.

  1. mlov43

    mlov43 주화 수집가 Supporter

    https://canadiancoinnews.com/legal-tender-coins-cant-always-be-spent/

    Does the USA have the same rules about "Legal Tender" coins? Or does "freedom of contract" apply, allowing businesses and banks to refuse certain coins?

    Read the part about the guy with a suitcase full of Montreal Olympics commemorative silver coins he wanted to cash in.

    I like this little rather-convenient-for-the-RCM compromise for the guy: "It took a few months, but a compromise was reached whereby the RCM agreed to accept the coins if they were used to purchase RCM product."
     
    LakeEffect likes this.
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  3. green18

    green18 Sweet on Commemorative Coins Supporter

    As a collector, I shall never have to worry about such rubbish........
     
    Bambam8778 likes this.
  4. mlov43

    mlov43 주화 수집가 Supporter

    Never, ever, ever? Not tempted to use a cheap cupronickel commemorative coin for a purchase?
     
    Last edited: Jan 20, 2019
  5. green18

    green18 Sweet on Commemorative Coins Supporter

    Nope, just keep them in the collection. Sometimes, as a pocket piece, I pull them out to 'wow' the public........:)
     
    Nathan401 likes this.
  6. Conder101

    Conder101 Numismatist

    Almost, The one thing that is different is our coins don't have limited legal tender status Any amount of coinage is legal tender, but no one is OBLIGATED to accept it.
    Now back in the 19th century legal tender had a different meaning. Back then you DID have to accept it. On the other hand, back then the coins did have limited legal tender status. Nickels and 3 cent pieces were only legal tender to 60 cents. Two cent pieces were only legal to 20 cents, and one cent pieces to 10 cents. Before 1864 one cent pieces were not legal tender at all, and half cents were never legal tender until 1965. Dimes, quarters, and halves were legal tender to $5. Silver dollars and gold coins had unlimited legal tender except for Trade dollars which were limited to $5 and they were only legal tender between 1873 and mid 1876.

    So technically if you tried to pay a fine today with coins they COULD refuse to accept them.
     
    mlov43 likes this.
  7. Mike185

    Mike185 Active Member

    I have heard that people with student loans that have been paying for years would go to the bank and request all penny’s. To make there last payment but if that’s true or not I don’t know. That would suck to go though all of that and end up $1500 In penny’s they would not accept!!
     
  8. Sullysullinburg

    Sullysullinburg Well-Known Member

    This is more my feelings then anything based in true fact, but private ententes should (and from what I can tell can) accept whatever payment methods they want. The government, should be required to accept all US Legal Tender. If you don’t want to accept it, don’t make it in the first place.
     
  9. mlov43

    mlov43 주화 수집가 Supporter

    I think that's only fair.
     
  10. mlov43

    mlov43 주화 수집가 Supporter

    Good point. I've "wowed" people just by showing them my Franklin Half Dollar pocket piece. I was surprised by how much people are shocked by US coin designs that look different from the current circulating coins.
     
  11. Burton Strauss III

    Burton Strauss III Supporter! Supporter

    Rules are mostly state and even local level.
     
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