Quote:
Originally Posted by Rockin Robbins
It's interesting that on cash American money are the words "legal tender for all debts, public and private" and business are rushing to stop accepting cash. What part of "all debts" don't they understand. I agree. Boycott anybody not accepting cash for a personal transaction.
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From
https://www.treasury.gov/resource-ce...al-tender.aspx
Quote:
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.
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This and other related laws state that our Legal Tender CAN be used for all debts, but does not mandate that it be used for all debts. A subtle, but important, difference.
Businesses can still operate on the barter system also. If you have ever traded in a used car when purchasing a newer car, you have used something other than legal tender as part of the deal. As long as both the customer and the business agree, it is Kosher.