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Legal tender is a form of money that courts of law are required to recognize as satisfactory payment in court for any monetary debt. [1] Each jurisdiction determines ...
The Legal Tender Cases were two 1871 United States Supreme Court cases that affirmed the constitutionality of paper money. The two cases were Knox v. Lee and Parker v. Davis. The U.S. federal government had issued paper money known as United States Notes during the American Civil War, pursuant to the terms of the Legal Tender Act of 1862.
National banknotes are often, but not always, legal tender, meaning that courts of law are required to recognize them as satisfactory payment of money debts. [4] Historically, banks sought to ensure that they could always pay customers in coins when they presented banknotes for payment.
This Note is a Legal Tender for all debts public and private except Duties on Imports and Interest on the Public Debt; and is receivable in payment of all loans made to the United States. By the 1930s, this obligation would eventually be shortened to: This note is a legal tender at its face value for all debts public and private
The alternative to a commodity money system is fiat money which is defined by a central bank and government law as legal tender even if it has no intrinsic value. Originally fiat money was paper currency or base metal coinage, but in modern economies it mainly exists as data such as bank balances and records of credit or debit card purchases, [3] and the fraction that exists as notes and coins ...
Coins declared legal tender even though they are not issued by the sovereign, but by another sovereign. 2002 Lincoln cent, obverse, proof with cameo proof Coins specially struck for collectors using polished dies and planchets. [1] The resulting coins usually have a mirror field and raised areas are frosted in appearance. proof set
This word refers to the whole or complete amount of something. In math, it's the sum of several different numbers/parts. OK, that's it for hints—I don't want to totally give it away before ...
Another meaning of "monetization" denotes the process by which the U.S. Treasury accounts for the face value of outstanding coinage. This procedure can extend even to one-of-a-kind situations such as when the Treasury Department sold an extremely rare 1933 Double Eagle. The coin's nominal value of $20 was added to the final sale price ...