<< <i>Better yet, sign here if you will commit to no longer trying to force unwanted/unneeded coins down the throats of an unwilling populace. >>
If you stop to think about who benefits from the issuance of the Federal Reserve paper dollar vs. who benefits from the issuance of the US Treasury dollar coin, you might conclude to shun the paper.
PS: I spend dollar coins $10, $20, and even $30 at a time.
The government tried to force the use of the Ike dollars back in 1971. They mandated that the military pay out 5 Ike dollars as part of payday to each individual military member. This was during the time when you lined up to get your pay, signed the book and they gave you cash. I think my pay was about $35 every two weeks and 5 of those dollars had to be Ikes. That went over really well with us (imagine 400 guys in formation marching some where each with 5 dollar coins in their pockets. Anyway, you see how well that all worked out. Cliff
In 1972 I gave my wife 40 ikes for her weekly grocery shopping trips. She and the store got quite used to it. In 1963, it only took 25 silver dollars for the groceries.
It would be nice to, but the cycle would always stop, most of the time with the merchant. Those coins will get stuck in a special spot in the register and then deposited at the bank as opposed to given out as change.
They will not be accepted until your common pop and snack vending machines accept them. I have yet to see any vending machine other than a post office machine accept dollar coins.
<< <i>The government tried to force the use of the Ike dollars back in 1971. They mandated that the military pay out 5 Ike dollars as part of payday to each individual military member. This was during the time when you lined up to get your pay, signed the book and they gave you cash. I think my pay was about $35 every two weeks and 5 of those dollars had to be Ikes. That went over really well with us (imagine 400 guys in formation marching some where each with 5 dollar coins in their pockets. Anyway, you see how well that all worked out. Cliff >>
....hmmm, back in 71 huh? it must've been after i got out. on january 14th i exited.
"government is not reason, it is not eloquence-it is a force! like fire, it is a dangerous servant and a fearful master; never for a moment should it be left to irresponsible action." George Washington
<< <i>COMMIT ? Why many of us, should have been committed to an institution years ago. >>
....some of us got out!
"government is not reason, it is not eloquence-it is a force! like fire, it is a dangerous servant and a fearful master; never for a moment should it be left to irresponsible action." George Washington
They will not be accepted until your common pop and snack vending machines accept them. I have yet to see any vending machine other than a post office machine accept dollar coins.
Where do you live? here in So. Cal, and everywhere I've travelled on business, it's been a long time since I've seen a snack machine that DOESN'T accept dollar coins.
I have ordered and used the dollars - but there is very little I pay cash for anymore. I have lost some in parking meters (the meter did not recognize them, and they were not returned). A box of $250 lasts me months - I would not give someone 15 one dollar bills, so I would not give them 15 dollar coins either. Most things over $10 I use a credit card for anyway, so I use very little cash (paper or coin).
Just picked up 4 rolls from the bank: one GW, one TJ, two Millard Fillmore. All head/tail rolls. Gonna bust a MF tonight, keep the best 2 or 3, spend the rest.
Ok, you are talking to one of the biggest presidential dollar fans in existence. I'm a big fan of adam's double lettering and missing edge lettering. I use dollar coins almost everyday. Pretty much every cashier now knows of these and maybe only 1 in 25 cashiers will be like, "what is this."
The amazing thing about this program is that when I do hand these out many times a co-worker will basically go nuts, with comments like can I buy some or where did you get those. There is strong interest in these coins when people see them and many non-coin collectors love them and want them. From the reaction I see giving these out I would expect this program to be booming right now.
Now to the problem, cashiers gladly take these all day from me, but when I try to get feedback the number one response is, "we gladly accept them, but rarely do we give them back in change." I always tell cashiers why not give them out and I think it is actually a good marketing ploy. People receiving these coins will show them off and then tell family and friends where they got them. People love these coins and I can guarantee you if cashiers would only attempt to give thesse back in change most receipients would be happy receiving them. Now I don't mean getting 10 or 20 of these back in change, but instead 2 or 3. After having said this, the whole problem with this program is not getting business to accept dollar coins, but to actually get them to give them out in change. Most businesses just say they take them to the bank and really don't attempt to give them out in change. If this were to change (no pun intended) then I think the whole dollar coin program would start to take off.
<< <i>The amazing thing about this program is that when I do hand these out many times a co-worker will basically go nuts, with comments like can I buy some or where did you get those. There is strong interest in these coins when people see them and many non-coin collectors love them and want them. From the reaction I see giving these out I would expect this program to be booming right now. >>
The reaction you see is why the program is not booming. People don't see them as "money"- they see them as some sort of collectible. I'll bet the people you hand these out to most likely don't run right out and spend them, do they?
<< <i>Most businesses just say they take them to the bank and really don't attempt to give them out in change. If this were to change (no pun intended) then I think the whole dollar coin program would start to take off. >>
In order to get past the "collectible" image the coins have, it is going to be necessary for people to receive them in change regularly, so that they come to understand they're no more special than quarters and dimes.
<< <i>[beatdeadhorse] The coins will NOT be used until they get rid of the paper dollar. If somebody FINALLY has the political cajones to save a few million dollars by abolishing the paper dollar and weather the couple of weeks of angry letters to the editor, the public will be fine with the dollar coins. [/beatdeadhorse} >>
Personally I prefer a paper dollar note over a dollar coin (notes are lighter and easier to transport) but that statement above is true. Dollar coins will never be popular if they circulate simultaneously alongside a paper dollar note.
While many people here are doing their part to circulate dollar coins, the rest of the public still tends to treat dollar coins as more of a novelty item, often treating them as a curio and subsequently hoarding them thinking that those coins are somehow rare.
Follow me on Twitter @wtcgroup Authorized dealer for PCGS, PCGS Currency, NGC, NCS, PMG, CAC. Member of the PNG, ANA. Member dealer of CoinPlex and CCE/FACTS as "CH5"
The US Mint "Direct Ship" program is one of the reasons I gave up on MS President and Sacagawea's. They should melt the old dollars and not flood the market. Of course that would cost the Government money, but my response is, "Don't bail out a bank this week and we can call it even."
Here's one good thing, you can get a "cash advance" off your credit card without paying the cash advance interest.
Another thing is they are great car coins for drive thrus and stuff. Every other week I run into someone who didn't even know they existed (or about the 56 varieties in year one) and one place I go for subs almost requires me to pay in goldens.
They will NEVER be accepted as long as there is a paper dollar and the same people who want to spend our way out of a recession don't seem to get it.
Just spent 6 at the Sno Cone stand last night! I enjoy spending them just to see the surprised look on folks faces. Last night the Sno Cone employee (16-17 years old) looked at them and asked 'Are these dollars?' and even though I told him they were he confirmed with the other teenager working there.
I usually spend $6 dollar per day at a local coffee shop for breakfast. I also use the dollar for bus and also for parking meters. However, last week I tried to pay the cashier 5 dollar in a China Town grocery store , but she refused to take the dollars Does she have the right to refuse dollar coin?
<< <i>However, last week I tried to pay the cashier 5 dollar in a China Town grocery store , but she refused to take the dollars Does she have the right to refuse dollar coin? >>
She has the right to refuse any coin or note she wants, though it isn't too bright on her part to do so. I had the owner, not cashier, of a local convenience store refuse to accept a $2 note from me a couple years ago. His excuse was there was no place in the drawer to put it. Normally I try to support the small businesses in my town, but since that day any c-store needs are met by CVS.
<<She has the right to refuse any coin or note she wants, though it isn't too bright on her part to do so. I had the owner, not cashier, of a local convenience store refuse to accept a $2 note from me a couple years ago. His excuse was there was no place in the drawer to put it. Normally I try to support the small businesses in my town, but since that day any c-store needs are met by CVS.>>
Years ago a gas station attendant refused my roll of quarters. He said any tender of $10 or more had to go down the chute into the safe. My roll of quarters would not fit. Gee, I thought he might want them for change.
<< <i><<She has the right to refuse any coin or note she wants, though it isn't too bright on her part to do so. I had the owner, not cashier, of a local convenience store refuse to accept a $2 note from me a couple years ago. His excuse was there was no place in the drawer to put it. Normally I try to support the small businesses in my town, but since that day any c-store needs are met by CVS.>>
Years ago a gas station attendant refused my roll of quarters. He said any tender of $10 or more had to go down the chute into the safe. My roll of quarters would not fit. Gee, I thought he might want them for change. >>
I decided to change calling the bathroom the John and renamed it the Jim. I feel so much better saying I went to the Jim this morning.
In my opinion, the debit card will gradually spell doom for large denomination coins in general. Witness the half dollar and the Sacagawea, which are no longer made for circulation. IMO it's just a matter of time before the Pres dollars go the same route. With very few exceptions no one wants them except collectors. It's a love/hate thing with the general public. Either they're hoarded or they want no part of them whatsoever. Then there are the ignorant who think they're fake and won't even take them as legal tender.
We had an incident in a nearby town- back in 2008 I believe that hit the local newspaper. Some kid broke up a Pres. 4-piece proof set (that, as it turned out, he got as a gift) and went to spend the coins for face at Mickey D's. The kid behind the register thought they were fake and got the manager. The manager thought they were fake because two of the coins were designs that weren't out for circulation yet. So they called the cops. The cops were also clueless so they called the Secret Service. This kid sat in custody for several hours before the Secret Service agent showed up, pronounced them genuine and basically excoriated everyone for wasting their time. No one even thought to call a local coin dealer, etc. about the coins before wasting taxpayer money and a lot of time over something that would have taken a coin dealer 10 seconds to explain.
Side question for the lawyers out there. Perhaps it is just urban legend, but I've heard more than once over the years that merchants cannot lawfully refuse to accept legal tender in settlement of a debt (for example, gas stations that refuse to accept $50 or $100 notes, or merchants who won't take pennies/dollar coins/$2 notes/whatever), and if they do the debt can be considered void. I always thought it was bunk, but does anyone know the actual law regarding this?
Q. 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?
A. 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.
Q. 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?
A. 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. >>
Thanks for the info...I figured it was out there someplace. Interesting codocil stating "...unless there is a State law which says otherwise." I wonder if any states have such laws.
Given that the mint is shipping these rolls at face value, it's worth it to cherry-pick four or five of the very best to send in for grading, while chunking the rest into circulation. The Mint is happy, PCGS is happy, and with the right find, you're happy.
As for the idea of dollar coins laying around in bank vaults, I can't help but think of all the fuss surrounding the Bland-Ellison Act and the curious parallels between dollar coins today and Morgan dollars. It could be that these will be the hot collectibles of the 22nd century, with top-graded specimens going for thousands of...whatever currency is used by then. (According to Trekkies, it's either Credits or gold-pressed latinum, though appearantly money isn't even used on Earth, but you'll at least have a helpful way to get your Ferengi friend to do things for you.)
Improperly Cleaned, Our passion for numismatics is Genuine! Now featuring correct spelling.
<<Thanks for the info...I figured it was out there someplace. Interesting codocil stating "...unless there is a State law which says otherwise." I wonder if any states have such laws.>>
I kind of doubt it since Article I Section 10 of the Constitution says in part " No State shall ... make any Thing but gold and silver Coin a Tender in the payment of Debts;"
When the Sacs first came out the post office in the next town away had a machine that gave out the small (SBA and Sacs) dollars in change from purchases. I would drive there after work in the mornings to buy a book of stamps and get my change in dollar coins. Then, the machine started always being out of change. Now the post offices locally have removed the stamp machines and tell you to go on line to purchase stamps. If the government won't push the dollar coins, why should we? I would be more than glad to use them but I have never received a Prez coin in change. The only ones I have ever seen are in the first year mint and proof sets I bought from the mint.
The vending machine industry won't accept them. A change machine in the canteen at work kive you $4.50 in quarters and 50¢ in nickels for a $5 bill. The coins are doomed.
Ron
Collect for the love of the hobby, the beauty of the coins, and enjoy the ride.
<< <i>When the Sacs first came out the post office in the next town away had a machine that gave out the small (SBA and Sacs) dollars in change from purchases. I would drive there after work in the mornings to buy a book of stamps and get my change in dollar coins. Then, the machine started always being out of change. Now the post offices locally have removed the stamp machines and tell you to go on line to purchase stamps. If the government won't push the dollar coins, why should we? I would be more than glad to use them but I have never received a Prez coin in change. The only ones I have ever seen are in the first year mint and proof sets I bought from the mint.
The vending machine industry won't accept them. A change machine in the canteen at work kive you $4.50 in quarters and 50¢ in nickels for a $5 bill. The coins are doomed.
Ron >>
I think the main reason the vending industry won't accept them is because they don't want to spend millions to retrofit Lord knows how many machines...just to accept a coin that no one really likes or uses. I've said this in the past...these won't be widely accepted until we do what Canada did and simply stop producing $1 notes... the populace will then have no choice but to use them. Canaadians grumbled and griped about the Loonies, but they use them. Same thing with Brits and the round Pound.
Comments
<< <i>Better yet, sign here if you will commit to no longer trying to force unwanted/unneeded coins down the throats of an unwilling populace. >>
If you stop to think about who benefits from the issuance of the Federal Reserve paper dollar vs. who benefits from the issuance of the US Treasury dollar coin, you might conclude to shun the paper.
PS:
I spend dollar coins $10, $20, and even $30 at a time.
Cliff
In 1963, it only took 25 silver dollars for the groceries.
Positive BST Transactions (buyers and sellers): wondercoin, blu62vette, BAJJERFAN, privatecoin, blu62vette, AlanLastufka, privatecoin
#1 1951 Bowman Los Angeles Rams Team Set
#2 1980 Topps Los Angeles Rams Team Set
#8 (and climbing) 1972 Topps Los Angeles Rams Team Set
<< <i>The government tried to force the use of the Ike dollars back in 1971. They mandated that the military pay out 5 Ike dollars as part of payday to each individual military member. This was during the time when you lined up to get your pay, signed the book and they gave you cash. I think my pay was about $35 every two weeks and 5 of those dollars had to be Ikes. That went over really well with us (imagine 400 guys in formation marching some where each with 5 dollar coins in their pockets. Anyway, you see how well that all worked out.
Cliff >>
....hmmm, back in 71 huh? it must've been after i got out. on january 14th i exited.
Camelot
<< <i>COMMIT ? Why many of us, should have been committed to an institution years ago.
....some of us got out!
Where do you live? here in So. Cal, and everywhere I've travelled on business, it's been a long time since I've seen a snack machine that DOESN'T accept dollar coins.
and yes, I spend them regularly everywhere I go..
Liberty: Parent of Science & Industry
I spend them. I've even spent $400 in Ikes locally because my local bank has them and I keep getting them.
I've spent more than that in the "golden" dollar coins. I've had no problem spending either coin.
10 Parking
Wednesday, 28 Apr 10:
9 Lunch Salad Bar
Thursday, 29 Apr 10:
29 3 Pizza Mias, 1 Large Stuffed Crust
5 Lunch Salad Bar
Friday 30 Apr
1 Toast
Saturday 1 May
4 Commissary bagger tip
Sunday 2 May
15 Haircut plus tip
Monday 3 May
5 Lunch
6 Coffee Fund
Spent an additional 10 for part of my breakfast payment.
Got change for 1 to feed that STUPID 30 minute Max parking meter in downtown Sacto today.
The name is LEE!
Spent most of a roll I got on Saturday, that day....
10 Parking
Weird that two roll were opened and NOT resealed and one was missing one dollar.
These were directly from the US MINT, kid you not.
bob
8 Lunch
Liberty: Parent of Science & Industry
The amazing thing about this program is that when I do hand these out many times a co-worker will basically go nuts, with comments like can I buy some or where did you get those. There is strong interest in these coins when people see them and many non-coin collectors love them and want them. From the reaction I see giving these out I would expect this program to be booming right now.
Now to the problem, cashiers gladly take these all day from me, but when I try to get feedback the number one response is, "we gladly accept them, but rarely do we give them back in change." I always tell cashiers why not give them out and I think it is actually a good marketing ploy. People receiving these coins will show them off and then tell family and friends where they got them. People love these coins and I can guarantee you if cashiers would only attempt to give thesse back in change most receipients would be happy receiving them. Now I don't mean getting 10 or 20 of these back in change, but instead 2 or 3. After having said this, the whole problem with this program is not getting business to accept dollar coins, but to actually get them to give them out in change. Most businesses just say they take them to the bank and really don't attempt to give them out in change. If this were to change (no pun intended) then I think the whole dollar coin program would start to take off.
<< <i>The amazing thing about this program is that when I do hand these out many times a co-worker will basically go nuts, with comments like can I buy some or where did you get those. There is strong interest in these coins when people see them and many non-coin collectors love them and want them. From the reaction I see giving these out I would expect this program to be booming right now. >>
The reaction you see is why the program is not booming. People don't see them as "money"- they see them as some sort of collectible. I'll bet the people you hand these out to most likely don't run right out and spend them, do they?
<< <i>Most businesses just say they take them to the bank and really don't attempt to give them out in change. If this were to change (no pun intended) then I think the whole dollar coin program would start to take off. >>
In order to get past the "collectible" image the coins have, it is going to be necessary for people to receive them in change regularly, so that they come to understand they're no more special than quarters and dimes.
That's my story, and I'm sticking to it.
8 Lunch
Friday. 7 May
1 Toast
6 Lunch
Saturday, 8 May
32 Safeway
19 Panisa Thai Waiter was very interested, didn't know they still made these. Showed co-worker.
4 Toll Booth
13 Part of lunch tab
Monday, 10 May
1 Toast
7 Lunch
9 Post Office
15 Barber Shop
8 Auto Parts Store
1 McD's
17 Safeway
A 2 roll day!
<< <i>[beatdeadhorse] The coins will NOT be used until they get rid of the paper dollar. If somebody FINALLY has the political cajones to save a few million dollars by abolishing the paper dollar and weather the couple of weeks of angry letters to the editor, the public will be fine with the dollar coins. [/beatdeadhorse} >>
Personally I prefer a paper dollar note over a dollar coin (notes are lighter and easier to transport) but that statement above is true. Dollar coins will never be popular if they circulate simultaneously alongside a paper dollar note.
While many people here are doing their part to circulate dollar coins, the rest of the public still tends to treat dollar coins as more of a novelty item, often treating them as a curio and subsequently hoarding them thinking that those coins are somehow rare.
Authorized dealer for PCGS, PCGS Currency, NGC, NCS, PMG, CAC. Member of the PNG, ANA. Member dealer of CoinPlex and CCE/FACTS as "CH5"
<< <i>Better yet, sign here if you will commit to no longer trying to force unwanted/unneeded coins down the throats of an unwilling populace. >>
Here's one good thing, you can get a "cash advance" off your credit card without paying the cash advance interest.
Another thing is they are great car coins for drive thrus and stuff. Every other week I run into someone who didn't even know they existed (or about the 56 varieties in year one) and one place I go for subs almost requires me to pay in goldens.
They will NEVER be accepted as long as there is a paper dollar and the same people who want to spend our way out of a recession don't seem to get it.
Thursday, 27 Jun 10
10 Parking
2 Breakfast
1 Lunch
Saturday, 29 Jun 10
1 Food
4 Bagger Tip
Tuesday, 1 Jun 10
2 Food
7 Lunch
6 Monthly Coffee Fund
Wednesday, 2 Jun 10
2 Food
6 Lunch
Thursday, 3 Jun 10
6 Lunch
16 Auto Safety Inspection
So another 63 spent..... Ba da dum dum dump, another roll bites the dust!
1. US Mint to Me
2. Me to Store
3. Store to Bank
4. Bank to Fed vaults
Quite simple.
The name is LEE!
8 Lunch at the Patent & Trademark Office Cafeteria
7 Dinner Tip at local Friendly's
Monday, 12 Jul 10
Lunch 8
Tuesday, 13 Jul 10
Lunch 5
Parking 10
Ba da dum dum dump, another roll bites the dust!
Had to retrieve another box of $250.
And Delta/American Express are running a special.... double miles all summer if you use 10,000 miles from your SkyMiles account!
K
I also use the dollar for bus and also for parking meters.
However, last week I tried to pay the cashier 5 dollar in a China Town grocery store , but she refused to take the dollars
Does she have the right to refuse dollar coin?
<< <i>However, last week I tried to pay the cashier 5 dollar in a China Town grocery store , but she refused to take the dollars Does she have the right to refuse dollar coin?
>>
She has the right to refuse any coin or note she wants, though it isn't too bright on her part to do so. I had the owner, not cashier, of a local convenience store refuse to accept a $2 note from me a couple years ago. His excuse was there was no place in the drawer to put it. Normally I try to support the small businesses in my town, but since that day any c-store needs are met by CVS.
<< <i>I'm using the dollar coins a lot, and getting less and less wierd looks and comments concerning them. >>
Years ago a gas station attendant refused my roll of quarters. He said any tender of $10 or more had to go down the chute into the safe. My roll of quarters would not fit. Gee, I thought he might want them for change.
<< <i><<She has the right to refuse any coin or note she wants, though it isn't too bright on her part to do so. I had the owner, not cashier, of a local convenience store refuse to accept a $2 note from me a couple years ago. His excuse was there was no place in the drawer to put it. Normally I try to support the small businesses in my town, but since that day any c-store needs are met by CVS.>>
Years ago a gas station attendant refused my roll of quarters. He said any tender of $10 or more had to go down the chute into the safe. My roll of quarters would not fit. Gee, I thought he might want them for change. >>
The name is LEE!
The cashier said, we cannot accept rolled coin.
I then opened up the rolls and pulled out the excess of my $ 50 in coin.
She then had to call a supervisor to see If we can accept these.....
Gardnerville, NV
=========================
Our Website -->Innovation, Native & Presidential Dollar Errors, Lincoln Cents and more
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We had an incident in a nearby town- back in 2008 I believe that hit the local newspaper. Some kid broke up a Pres. 4-piece proof set (that, as it turned out, he got as a gift) and went to spend the coins for face at Mickey D's. The kid behind the register thought they were fake and got the manager. The manager thought they were fake because two of the coins were designs that weren't out for circulation yet. So they called the cops. The cops were also clueless so they called the Secret Service. This kid sat in custody for several hours before the Secret Service agent showed up, pronounced them genuine and basically excoriated everyone for wasting their time. No one even thought to call a local coin dealer, etc. about the coins before wasting taxpayer money and a lot of time over something that would have taken a coin dealer 10 seconds to explain.
Side question for the lawyers out there. Perhaps it is just urban legend, but I've heard more than once over the years that merchants cannot lawfully refuse to accept legal tender in settlement of a debt (for example, gas stations that refuse to accept $50 or $100 notes, or merchants who won't take pennies/dollar coins/$2 notes/whatever), and if they do the debt can be considered void. I always thought it was bunk, but does anyone know the actual law regarding this?
RIP Mom- 1932-2012
Q. 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?
A. 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.
<< <i>From the US Treasury website:
Q. 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?
A. 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. >>
Thanks for the info...I figured it was out there someplace. Interesting codocil stating "...unless there is a State law which says otherwise." I wonder if any states have such laws.
RIP Mom- 1932-2012
As for the idea of dollar coins laying around in bank vaults, I can't help but think of all the fuss surrounding the Bland-Ellison Act and the curious parallels between dollar coins today and Morgan dollars. It could be that these will be the hot collectibles of the 22nd century, with top-graded specimens going for thousands of...whatever currency is used by then. (According to Trekkies, it's either Credits or gold-pressed latinum, though appearantly money isn't even used on Earth, but you'll at least have a helpful way to get your Ferengi friend to do things for you.)
I kind of doubt it since Article I Section 10 of the Constitution says in part " No State shall ... make any Thing but gold and silver Coin a Tender in the payment of Debts;"
Tuesday, 10 Jun 10
10 Parking
The vending machine industry won't accept them. A change machine in the canteen at work kive you $4.50 in quarters and 50¢ in nickels for a $5 bill. The coins are doomed.
Ron
<< <i>When the Sacs first came out the post office in the next town away had a machine that gave out the small (SBA and Sacs) dollars in change from purchases. I would drive there after work in the mornings to buy a book of stamps and get my change in dollar coins. Then, the machine started always being out of change. Now the post offices locally have removed the stamp machines and tell you to go on line to purchase stamps. If the government won't push the dollar coins, why should we? I would be more than glad to use them but I have never received a Prez coin in change. The only ones I have ever seen are in the first year mint and proof sets I bought from the mint.
The vending machine industry won't accept them. A change machine in the canteen at work kive you $4.50 in quarters and 50¢ in nickels for a $5 bill. The coins are doomed.
Ron >>
I think the main reason the vending industry won't accept them is because they don't want to spend millions to retrofit Lord knows how many machines...just to accept a coin that no one really likes or uses. I've said this in the past...these won't be widely accepted until we do what Canada did and simply stop producing $1 notes... the populace will then have no choice but to use them. Canaadians grumbled and griped about the Loonies, but they use them. Same thing with Brits and the round Pound.
RIP Mom- 1932-2012