The customer takes a huge pile of bronze from a plastic bag and tries to settle up paying only in 1p and 2p coins. It does not mean that any ordinary transaction has to take place in legal tender or only within the amount denominated by the legislation. While is is not illegal to pay off a debt in coins, the judgment creditor is also not legally required to accept coins either. Some of the silver coins with the highest numismatic premiums per coin (ergo, most expensive) are the 35% silver war nickels of 1942 through 1945 and 40% silver Kennedy half dollars struck from 1965 through 1970. EDIT: I just noticed the requirement to count the money WITH THE TAXPAYER present. If you really want rid of your commemorative coins, you can cash them in at large Post Offices. The exchange requires ID verification that can be submitted online and is usually approved within 1-hour. Furthermore, there is no law that entitles people to use coins to pay their bills . ; Smart account - To encourage young savers, there is no limit restrictions providing the coins are bagged in a single currency. Legal Tender Guidelines. The … You're gonna stick it to the man by making an extra trip to the bank, getting some small coins, rolling them up, and handing the exact same amount over to the city as you would have paid anyway! For example, if someone wants to pay a merchant with 5c coins, they can only pay up to $5 worth of 5c coins and any more than that will not be considered legal tender. As much as you like: the only proviso is that is consistent. However, how much gold you can legally hold? While all U.S. paper currency contains a statement that "This note is legal tender for all debts public and private." To receive payment for old or damaged currency from the Reserve Bank, you need to return it to our office in Wellington. Yet you will often pay a slightly lower numismatic premium, gram for gram, when you buy coins in bulk. And you have to wonder about the motivation to pay in a manner that requires a wheelbarrow. In 2007, a New York City man was so incensed when a Chinese restaurant refused to let him pay for his dinner with 10 pennies (along with other cash) that he persuaded a state senator to draft a bill requiring pennies to be accepted everywhere and at all times. YOU can plan on being in the office for a LONG time. We cannot provide advice about the value of banknotes or coins as collectable items. It means that a debtor cannot successfully be sued for non-payment if he pays into court in legal tender. Once you have a bitcoin wallet, you can use a traditional payment method such as a credit card, bank … If the calculator doesn’t have the coin available, or you’re unable to find a reliable calculator, you can look up the coin’s weight and purity to determine its silver value. The way you work out your gain is different if you … If you can't find a local coin dealer, try visiting a traveling coin show so you can network with dealers and find someone to buy your coins. For example, if someone wants to pay a merchant with five cent coins, they can only pay up to $5 worth of five cent coins and any more than that will not be considered legal tender. I can walk into a car dealership and pay for a 20,000 car all in quarters if I wanted to. The barman pours it and asks him to pay the £3.58 bill. At one time there were definite limits to how much small change you could legally unload on the people you owed money to–25 cents in the case of “minor coins” (the penny and the nickel) and $10 for “silver coins… 4. Legal Tender. Coins short of a full bag - If you cannot make a full bag of coins and you haven't reached the maximum limit, we will accept them. For example, a Barber Dime 1892-1916) is 90% silver and weighs 2.5 grams. Buy Bitcoin Get started with as little as $25, and you can pay with a debit card or bank account. So, for example, you can pay for something up to £10 using 50p coins - but anything over that then it stops being legal tender. The Coinage Acts of 1873 and 1879 made them legal tender for debts up to 25 cents only, while the other fractional coins (dimes, quarters, and half dollars) were legal tender for amounts up to … Legal tender has a very narrow and technical meaning in the settlement of debts. Coins do not contain such a statement. It means if someone wants to pay with 5-cent coins, they can be told they can only pay up to $5 worth — with any more than that not deemed legal tender. Free Credit Consultation - Call 844-346-3296 The absence of such a law is how bus lines can legally refuse to accept your dollar bills, gas station clerks can turn their noses up at your $100s, and panhandlers near the … Branch exceptions. “Commemorative crown pieces with a face value of £5 (1990 onwards), 25p (1971-1990) or five shillings (pre-1971) in circulating coin quality can be exchanged for goods and services at main Post Offices,” says Manders. 10 times the face value of the coin if $1 or $2 coins are offered. The Reserve Bank will only pay face value for currency that has been legally issued for use in New Zealand – not foreign currencies. That'll teach those jack-booted parking cops to ticket you $25 for parking on the wrong side of the road! Australian banknotes are a legal tender throughout Australia (this is provided in section 36(1) of the Reserve Bank Act 1959).. A payment of coins is a legal tender throughout Australia if it is made in Australian coins, but this is subject to some restrictions about how much can be paid in coin. If you bring in $100 in coins, the bank will pay you $105 in cash. You can only pay for 20p worth of goods with pennies or tuppences. Don't be surprised if you are 'randomly' selected for an audit the next 20 years. If you have rare coins, save them for auctions and private collectors, who will usually pay more money for high-value coins. Legal tender happens to be one of the curious anomalies of U.S. law. Sure it raises questions why your paying all in pennies and is a btch to do that but they have no right to say your money is no good here. In terms of buy buying limits, you can purchase anywhere from $50 all the way to $100,000. At 1 penny per second, that is over 3 years non-stop. This restriction applies to items that originated in those areas; if you buy an Iranian-made gold coin in Paris and try to bring it into the U.S., for example, you can’t. To check if you need to pay Capital Gains Tax, you need to work out your gain for each transaction you make. 50c coins offered; and not exceeding 10 times the face value of the coin if $1 or $2 coins are offered For example, if someone wants to pay a merchant with 5c coins, they can only pay up to $5 worth of 5c coins and any more that that will not be considered legal tender. You cannot bring in currency or bullion, and many other items, that were made in Cuba, Iran, or Sudan. You can only pay for £10 worth of goods with 20ps or 50ps. You're gonna make a statement! That $5 bonus is higher than the interest rates most savings accounts offer. Turns out, you can’t. If you prefer to complete it yourself in-person you can, thanks to an agreement with Canada Post and their 4,000+ locations nationwide. Comstock Select / Corbis. In other words, if you bring in $100 in coins, the bank will pay you $105 in cash. You rebel! You can use bitcoin to buy a gift card and then shop at those retailers or another one of the 200-some that they work with, including giants like Nike, Target and Starbucks. That 5% bonus is higher than the interest rates most savings accounts offer. Even if one is honest, but one’s image can get sullied if there is an income tax raid at one’s premises. In response to the copper coin's declining value, some stores have stopped accepting it as a form of payment. Bank Account, Debit Card, or Credit Card . You can find auctions and private collectors online through websites like eBay. Ever wondered how a restaurant would react if you tried to pay for your R200 meal in only 50 cent coins? You can only pay for £5 worth of goods with 5ps or 10ps. 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