Search results
Results from the WOW.Com Content Network
As of 2005, banknotes were legal tender for all payments, and $1 and $2 coins were legal tender for payments up to $100, and 10c, 20c, and 50c silver coins were legal tender for payments up to $5. These older-style silver coins were legal tender until October 2006, after which only the new 10c, 20c and 50c coins, introduced in August 2006 ...
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.
A United States Note, also known as a Legal Tender Note, is a type of paper money that was issued from 1862 to 1971 in the United States. Having been current for 109 years, they were issued for longer than any other form of U.S. paper money other than the currently issued Federal Reserve Note .
They were in two forms: Demand Notes, issued in 1861–1862, [1] and United States Notes, issued in 1862–1865. [2] A form of fiat money, the notes were legal tender for most purposes and carried varying promises of eventual payment in coin but were not backed by existing gold or silver reserves. [3]
Numismatic historian Walter Breen criticized both the legal tender provision and the coin in general, stating that the coin's issuance was "an expensive mistake – its motivation mere greed, its design a triumph of dullness, its domestic circulation and legal tender status a disastrous provision of law leading only to ghastly abuses."
Section 102 made all coins and currency of the United States legal tender without limit, reiterating language found in the Act of May 12, 1933. [ a ] That part of the 1933 act was repealed in section 210 to avoid possible legal arguments that section 102 did other than restate existing law. [ 63 ]
Six articles of the Bitcoin Law were modified and three others were repealed. Under the new rules, bitcoin is no longer considered "currency," though it remains "legal tender." Another change ...
The Coinage Act of 1857 (Act of Feb. 21, 1857, Chap. 56, 34th Cong., Sess. III, 11 Stat. 163) was an act of the United States Congress which ended the status of foreign coins as legal tender, repealing all acts "authorizing the currency of foreign gold or silver coins".