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The term “legal tender” comes from the Middle French tendre (verbal form), which means “to offer”. The Latin root is tender (stretching), and the meaning of tender as an offer is related to the etymology of the English word “extend” (hold outwards). [5] The New Taiwan Dollar issued by the Central Bank of the Republic of China (Taiwan) is legal tender for all payments within the territory of the Republic of China, Taiwan. [33] However, since 2007,[34] candidates for election officials in the Republic of China are no longer allowed to file a deposit. [35] Legal tender refers to all U.S. coins and currency issued by the government. U.S. cash dollars are also valid forms of legal tender. Nevertheless, federal laws do not require a seller to accept cash as legal tender for payment for goods or services that have been provided. This allows companies to establish their own policies on accepting cash as legal tender.

Legal tender also includes Federal Reserve notes as well as bank notes from Federal Reserve banks and national banking associations for the purpose of settling public and private debts, duties, fees and taxes. Legal tender generally does not include personal checks, credit cards or other general forms of non-cash payments. In some cases, foreign currency may be accepted as legal tender. In addition, legal tender can only be used in connection with the repayment of debts. Demonetization is the act of stripping a monetary unit of its legal tender. It occurs whenever the national currency changes: the current form(s) of currency are withdrawn from circulation and withdrawn, often to be replaced by new notes or coins. Sometimes a country completely replaces the old currency with a new currency. In 1844, ordinances were passed making Union Bank banknotes legal tender and authorizing the government to issue debt securities in small denominations, creating two groups of legal tender. These bonds were put into circulation, but exchanged at a discount to their face value due to the distrust of the settler population towards the colonial government.

In 1845, the British Colonial Office banned the ordinance and the obligations were recalled, but not before first causing panic among the holders. Council Regulation (EC) No 974/98 limits to fifty the number of coins that may be offered for payment. [24] The governments issuing the coins must establish the euro as the sole legal tender. Due to the different legal meanings of the term `legal tender` in different Member States and the possibility for contract law to prevail over legal tender, it is possible for traders to refuse to accept euro banknotes and coins in certain euro area countries (the Netherlands, Germany, Finland and Ireland). [25] National legislation may also impose restrictions on the maximum amounts that can be paid per coin or banknote. Throughout the United Kingdom, the 1 pound, 2 pound and 5 pound sterling coins are legal tender in unlimited quantities. Twentypence coins and fifty pence coins are legal tender in quantities not exceeding 10 pounds; Fivepence notes and tenpence notes are legal tender up to £5; and the cent and twopence coins are legal tender up to 20 pence. [38] Under the Currency Act 1971,[39] gold sovereigns are also legal tender for any amount. Although not specifically mentioned on them, the face values of gold coins are 50p; £1; £2; and £5, a fraction of their value in gold bars. The five-pound coins, although legal tender, are intended to serve as souvenirs and are almost never seen in circulation. The following pages of government regulations refer to this page. In the People`s Republic of China, the official renminbi currency is unlimited legal tender for all transactions.

The law requires that a public entity or individual cannot refuse to use money to settle a public or private domestic debt. [23] Under U.S. federal law, U.S. dollar cash is a valid and legal offer to pay past debt when offered to a creditor. In contrast, federal law does not require a vendor to accept federal currency or coins as payment for goods or services exchanged at the same time. Therefore, private companies can formulate their own policies on whether or not to accept cash, unless state law provides otherwise. [3] [4] In order to meet the legal definition of “legal tender”, the exact amount due must be offered; No changes can be requested. [40] The 1¢ and 2¢ coins were withdrawn from circulation as of February 1992, but they are still legal tender. [15] In 1914, the Banking Amendment Act granted legal tender to banknotes of any issuer and removed the requirement that banks authorized to issue banknotes exchange them for gold on demand (the gold standard). According to the Economic and Monetary Union of the Republic of Ireland Act 1998, which replaced the legal tender provisions that had been incorporated into Irish law in previous UK laws, “no person, other than the Central Bank of Ireland and such persons as may be designated by regulation by the Minister, shall be obliged to accept more than 50 euro or cent coins in a single transaction”.

One thousand guilder notes are declared invalid. It will be a blow to black market traffickers and others like them, but even more so to hidden people and everyone else who has money that cannot be explained. In order to pay for a thousand-guilder note, you must be able to indicate how you obtained it and provide proof.

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