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What is the importance of having coins and notes a legal tender?
Wiki User
∙ 13y ago
Most, if not all countries, have their own currency. The country will have a central bank or other issuing authority that is usually solely responsible for the issue of currency within that country.
Examples are the "Reserve Bank of xxxxx", the "Central Bank of xxxxx", the "Bank of England", etc. The currency of that country is protected by making it Legal Tender.
The function of a national Legal Tender is so that any transaction between two parties in that country can be settled by an exchange of Legal Tender currency, which cannot be refused, to settle that debt.
After that, it all gets a little complicated about how many of a particular unit of currency can be used, for example, you would not go to do your weekly grocery shopping with Fifty Pounds worth of Pennies. The maximum legal tender amount for 1 and 2 Pence coins in one transaction is 20 Pence.
Wiki User
∙ 13y ago
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Are coins and checks legal tender?
coins are legal tenderpersonal checks, credit cards, and similar non-cash methods of payment are not usually legal tender
What others coins can you use?
Any coins that are legal tender.
Are postage stamps legal tender in the uk?
No - only coins and notes of the realm are legal tender.
Can you buy something with danBury mint coins?
The coins are not legal tender
Is it legal tender if a coin is stamped copy?
No. There are examples of obsolete coins (such as coins of the Confederate States of America) that are made as souvenirs. They are NOT the coinage of a nation, and are not legal tender.
Is Sverige still legal tender?
Sverige is Swedish for Sweden. Swedish coins would be legal tender in Sweden.
Can you shop with dollar coins?
Yep, they are legal tender.
Are demonitized coins legal tender?
No. The whole point of demonitization is that the coins and currency are no longer legal tender. An example would be the German Mark, which has been replaced by the Euro.
Are two pound jersey coins Queen Elizabeth 1981 Royal Wedding coins legal tender?
Jersey currency is "legal tender" only in Jersey, but may be regarded as "acceptable tender" in Britain. If you refer to the 1981 British Crown (Royal Wedding), yes, they are legal tender anywhere British currency is accepted as legal tender.
Is payment in coin - pennies - considered legal tender?
In the United Kingdom - 1 and 2 Pence coins are legal tender for amounts up to 20 Pence. 5 and 10 Pence coins are legal tender for amounts up to Five Pounds. 20 and 50 Pence coins are legal tender for amounts up to Ten Pounds. One, Two and Five Pound coins are legal tender for any amount. Australia and New Zealand have similar limitations to the UK on low denomination coins. In the USA - All circulating US coins and banknotes are legal tender for all debts and charges. (A retailer might reasonably refuse payment of large amounts in one cent coins due to the practicality of dealing with a wheelbarrow load of coins.)
Why are British coins different from other coins?
British coins are different from all other coins because they are British coins. The coins of all countries need to be different so that we can tell them apart. What is legal tender in one country, is not legal tender in another country.
Is it legal for a cashier to refuse to accept coins in payment for goods or services?
The coins are legal tender for debts public and private. It is not legal to refuse coins for payment for goods and services.
