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The simple reason is that US currency is only legal tender for debts. It is illegal to refuse legal tender for a debt. When you make a purchase at a store, there is no debt.

Rather, you and the merchant are agreeing to enter into a (very brief) contract. If the merchant doesn't agree to the terms of that contract, i.e. the currency denominations someone wants to pay with, he has no obligation to enter into that contract.

We're used to thinking that businesses should be willing to accept payment in any form that suits us, but the reality is a little more complicated.

I started thinking about the issue of how you should be allowed to pay for purchases recently after the fairly intense debate over Woolworths' decision to stop accepting debit credit cards . Clearly, the big issue there was that customers felt Woolworths was forcing them to pay extra costs simply to buy goods -- a bad idea for any retailer.

However, tied in with those arguments was the notion that if a customer wants to pay, a retailer is obliged to accept that payment method. As one reader put it :

The authority of the Federal Reserve Banks to issue notes comes from the Federal Reserve Act of 1913. Legally, they are liabilities of the Federal Reserve Banks and obligations of the United States government. Although not issued by the Treasury Department, Federal Reserve Notes carry the (engraved) signature of the Treasurer of the United States and the United States Secretary of the Treasury .

Series 1914 FRN were the first of two large-size issues. Denominations were $5, $10, $20, $50, and $100 printed first with a red seal and then continued with a blue seal. [10] Series 1918 notes were issued in $500, $1,000, $5,000, and $10,000 denominations. The latter two denominations exist only in institutional collections. [11] Series 1914 and 1918 notes in the following two tables are from the National Numismatic Collection at the National Museum of American History ( Smithsonian Institution ).

Large size notes represent the earlier types or series of U.S. banknotes. Their "average" dimension is ​ 7   3 ⁄ 8  × ​ 3   1 ⁄ 8 inches (187 × 79 mm). Small size notes (described as such due to their size relative to the earlier large size notes) are an "average" ​ 6   1 ⁄ 8  × ​ 2   5 ⁄ 8 inches (156 × 67 mm), the size of modern U.S. currency. "Each measurement is ± 0.08 inches (2 mm) to account for margins and cutting"

Stack Exchange network consists of 172 Q&A communities including Stack Overflow , the largest, most trusted online community for developers to learn, share their knowledge, and build their careers.

The simple reason is that US currency is only legal tender for debts. It is illegal to refuse legal tender for a debt. When you make a purchase at a store, there is no debt.

Rather, you and the merchant are agreeing to enter into a (very brief) contract. If the merchant doesn't agree to the terms of that contract, i.e. the currency denominations someone wants to pay with, he has no obligation to enter into that contract.

Stack Exchange network consists of 172 Q&A communities including Stack Overflow , the largest, most trusted online community for developers to learn, share their knowledge, and build their careers.

The simple reason is that US currency is only legal tender for debts. It is illegal to refuse legal tender for a debt. When you make a purchase at a store, there is no debt.

Rather, you and the merchant are agreeing to enter into a (very brief) contract. If the merchant doesn't agree to the terms of that contract, i.e. the currency denominations someone wants to pay with, he has no obligation to enter into that contract.

We're used to thinking that businesses should be willing to accept payment in any form that suits us, but the reality is a little more complicated.

I started thinking about the issue of how you should be allowed to pay for purchases recently after the fairly intense debate over Woolworths' decision to stop accepting debit credit cards . Clearly, the big issue there was that customers felt Woolworths was forcing them to pay extra costs simply to buy goods -- a bad idea for any retailer.

However, tied in with those arguments was the notion that if a customer wants to pay, a retailer is obliged to accept that payment method. As one reader put it :

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Posted by 2018 article

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