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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 ...
Monetary sovereignty is the power of the state to exercise exclusive legal control over its currency, broadly defined, by exercise of the following powers: . Legal tender – the exclusive authority to designate the legal tender forms of payment.
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 ...
The Coinage Act of 1857 repealed prior legal tender laws concerning foreign specie.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.
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
Non-circulating legal tender (NCLT) refers to coins that are theoretically legal tender and could circulate but do not because their issue price, and/or their melt value at the time of issue is significantly above the arbitrary legal tender value placed thereon. They are sold to collectors and investors with no intention that they be used as money.