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Thread: 20 for 20 coins are NOT accepted at Canadian banks!

  1. #41

    Talking Try this one.

    Quote Originally Posted by Bassman View Post
    Try giving a half dollar or an Ike to a 17 year old convenience store clerk & see the reaction you get.
    +1 I walk into a "Wallgreen's" and bought a $1.29 box of candy. I gave the clerk an IKE and a SUSAN B. ANTHONY.

    I was refused until and older clerk came over and said they were good.

    For laughs, carry an Ike or two and some SB's.

  2. #42

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    Plata, you think these are worth $10? Why are they selling on ebay for $30 if that were the case??

    What are the RP 25th eagles worth? I figure $45 is fair, $28 for the silver content and a little extra for the novelty.

  3. #43

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    Quote Originally Posted by Bassman View Post
    Try giving a half dollar or an Ike to a 17 year old convenience store clerk & see the reaction you get.
    They will "study" the coin...first looking at the obverse...then the coin is always flipped and the reverse is "studied" to determine what the value of the coin is...sometimes another cashier is brought into the situation for further explanation of the legitimacy of the coin.
    I have witnessed cashiers making excited noises as they have never previously seen this coin.

    I do it all the time.

    Time permitting, I will show them the common Morgan and ASE I carry around. I tell them that both coins have One Dollar on them but one has a greater value...I always ask them which of these coins has the greater value.

    Silver can be fun...ignorance can be entertaining! Education is always the key!

    BTW...I never expect everyone to know things that are not common.
    Honor for US, Justice for Our Children! Now!

  4. #44

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    Quote Originally Posted by Silver Finger View Post
    1. No one is obliged to accept legal tender for an exchange.
    2. It is required that legal tender is accepted to extinguish debt.

    So if I'm selling watermelons, and you offer me a $5 legal tender note, I'm not under any obligation to accept your $5.

    However if you owe me $5, and you offer a $5 legal tender note to repay the debt. I would be obliged to accept it to extinguish the debt.
    I think you got it right Silver Finger. At least in the U.S., legal tender means that it must be accepted in payment of a debt. Here is a quote from the U.S. Treasury's Website:

    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."


    http://www.treasury.gov/resource-cen...al-tender.aspx
    "... the U.S. government has a technology, called a printing press (or, today, its electronic equivalent), that allows it to produce as many U.S. dollars as it wishes at essentially no cost. By increasing the number of U.S. dollars in circulation, or even by credibly threatening to do so, the U.S. government can also reduce the value of a dollar in terms of goods and services..." Remarks by Ben Bernanke Before the National Economists Club, Washington, D.C., November 21, 2002.

  5. #45

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    Quote Originally Posted by jaybird View Post
    I think you got it right Silver Finger. At least in the U.S., legal tender means that it must be accepted in payment of a debt. Here is a quote from the U.S. Treasury's Website:

    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."


    http://www.treasury.gov/resource-cen...al-tender.aspx
    Simply having a law does not necessarily mean it will be applied...
    I took a few boxes of rolled pennies in to the local county authority to pay off a "fix-it" ticket and the counter people refused to accept the coins as payment.

    Rules only apply to those who choose to follow them...
    Honor for US, Justice for Our Children! Now!

  6. #46

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    Who knows... Why did a single tulip sell for 2500 florins?
    or cabbage patch kids sell for $300 or $500 Beanie Babies.
    Everything is fine as long as you are not the last one holding the items.
    People over pay for many things, logic or real value is of no consequence.

    Quote Originally Posted by blackkramer View Post
    Plata, you think these are worth $10? Why are they selling on ebay for $30 if that were the case??

    What are the RP 25th eagles worth? I figure $45 is fair, $28 for the silver content and a little extra for the novelty.

    Try showing up to pay for your brand new car with buckets of pennies and see if those legal tender coins will allow you to drive off with the merchandise.

    Quote Originally Posted by jaybird View Post
    I think you got it right Silver Finger. At least in the U.S., legal tender means that it must be accepted in payment of a debt.
    Last edited by plata'y'oro; 07-04-2012 at 12:01 PM.

  7. #47

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    Quote Originally Posted by plata'y'oro View Post
    Try showing up to pay for your brand new car with buckets of pennies and see if those legal tender coins will allow you to drive off with the merchandise.
    From the Canada Currency Act:

    8
    (2) A payment in coins referred to in subsection (1) is a legal tender for no more than the following amounts for the following denominations of coins:
    (a) forty dollars if the denomination is two dollars or greater but does not exceed ten dollars;
    (b) twenty-five dollars if the denomination is one dollar;
    (c) ten dollars if the denomination is ten cents or greater but less than one dollar;
    (d) five dollars if the denomination is five cents; and
    (e) twenty-five cents if the denomination is one cent.
    If the car is a beat up old Hot Wheels...you might just get it for HALF a roll of pennies!

    As for all the laws pertaining to debts and payments etc., that's fine and dandy, but the OP was trying to DEPOSIT the legal tender coin, not make payment of any sort.
    Anyone know the laws about deposit?

  8. #48

    Default

    Quote Originally Posted by Chump Change View Post
    Simply having a law does not necessarily mean it will be applied...
    I took a few boxes of rolled pennies in to the local county authority to pay off a "fix-it" ticket and the counter people refused to accept the coins as payment.

    Rules only apply to those who choose to follow them...
    call the cops, they will have to take them. At least if you are in U.S.A.

  9. #49

    Default

    Quote Originally Posted by jaybird View Post
    I think you got it right Silver Finger. At least in the U.S., legal tender means that it must be accepted in payment of a debt. Here is a quote from the U.S. Treasury's Website:

    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."


    http://www.treasury.gov/resource-cen...al-tender.aspx
    If I would open any bussiness I would accept only silver as payment... all price tags will show price in grams of 999 silver.... you want dozen eggs? It is on sale for just 3 grams (regular price 5 grams)
    Everything I write in my posts is just my opinion.

  10. #50

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    Quote Originally Posted by Bassman View Post
    Try giving a half dollar or an Ike to a 17 year old convenience store clerk & see the reaction you get.
    Been there, done that. Actually a grocery store, but still. As part of my payment for a purchase I included two Kennedy half dollars. The cashier held them in the palm of her hand staring at them until I interrupted her trance, asking if she'd ever seen a Kennedy Half before. She had not. Perhaps she had at least heard of them?

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