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Thread: Can stores refuse coins as payment?

  1. #1
    Ardent Listener Guest

    Default Can stores refuse coins as payment?



    FYI: Can stores refuse coins as payment?


    Posted: Monday, July 5, 2010 12:44 am The Lufkin Daily News

    Q: Is it legal for a store to not accept payment for groceries in loose or rolled up coins?

    A: Yes, it is legal, according to the Coinage Act of 1965 (Section 31 U.S.C. 5103, Legal Tender).


    The act states: “United States coins and currency (including Federal reserve notes and circulating notes of Federal reserve banks and national banks) are legal tender for all debts, public charges, taxes, and dues.”
    “This statute means that all United States money as identified above are a valid and legal offer of payment for debts when tendered to a creditor. There is, however, no Federal statute mandating that a private business, a person or an organization must accept currency or coins as for payment for goods and/or services. Private businesses are free to develop their own policies on whether or not to accept cash unless there is a State law which says otherwise. For example, a bus line may prohibit payment of fares in pennies or dollar bills. In addition, movie theaters, convenience stores and gas stations may refuse to accept large denomination currency (usually notes above $20) as a matter of policy.”

  2. #2
    Ardent Listener Guest

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    On the other hand then it would be legal for them to refuse to take anything but coins as payment. That information may come in handy someday.

  3. #3
    Join Date
    Jul 2010
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    Are you mentioning this because you believe we'll be in a position where we'll have to use our American Eagles as single dollar currency instead of being able to find a group that will pay for their value in silver?

    I guess that is one of my questions - who's going too have the cash to purchase my stack of silver (once the price goes up)?

    If I can find some place, I'm expecting the gap between the price that they'd sell a coin and the price that they purchase one to be very large.

    I would sincerely appreciate some comments/feedback

  4. #4
    Ardent Listener Guest

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    Quote Originally Posted by thebrandts View Post
    Are you mentioning this because you believe we'll be in a position where we'll have to use our American Eagles as single dollar currency instead of being able to find a group that will pay for their value in silver?

    I guess that is one of my questions - who's going too have the cash to purchase my stack of silver (once the price goes up)?

    If I can find some place, I'm expecting the gap between the price that they'd sell a coin and the price that they purchase one to be very large.



    I would sincerely appreciate some comments/feedback
    No, I was thinking that perhaps someday we and everyone else will refuse to take anything other than hard coinage (silver eagles, copper pennies, or nickels) for goods and be legal.

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