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Detail of the obverse of a Series 1950 United States ten-dollar bill, showing the phrase "This note is legal tender for all debts, public and private, and is redeemable in lawful money at the United States Treasury, or at any Federal Reserve Bank." This phrase was subsequently shortened in later issues to "This note is legal tender for all ...
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.
In May 1786, the Rhode Island General Assembly passed legislation allowing paper money as legal tender, and in June 1786 the Court created penalties for anyone refusing to accept such currency. In August 1786, the Assembly passed further legislation providing that trial of offenders should take place "without any jury," by a majority of the ...
The Coinage Act of 1857 repealed prior legal tender laws concerning foreign specie. It fixed the weight and measure of US one-cent pieces at 4.655 grams, which was composed of 88% copper and 12% nickel. It also mandated that this new copper/nickel alloy be received as payment for the worn gold and silver coins turned in at the mint.
The money itself: Under the U.S. statute quoted in the article, for example, the money itself is called "legal tender." Dictionary definition: Legal tender: "money that is lawfully acceptable for payment of a debt or obligation where the medium of payment is not specified by the statute or agreement [ . . . ]". Steven H. Gifis, Barron's Law ...
Those notes are "obligations of the United States" and "shall be redeemed in lawful money on demand at the Treasury Department of the United States, in the city of Washington, District of Columbia, or at any Federal Reserve bank". [52] Federal Reserve Notes are designated by law as "legal tender" for the payment of debts. [53]
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
[7] [8] In 1986 the federal government introduced the American Gold Eagle coin series, the first gold money produced by the United States since the Great Depression. These coins are legal tender at their face value, but the Mint offers them only as collectibles at their much higher bullion value, not as a form of payment by the government.