(By Associated Press)
Louisville, Ky., May 18 The term “legal tender” is applied to any money that is legally tenderable in payment of debts, unless the contract calls for payment in some specified kind of money, according to a definition and table carried in the current bulletin of the Kentucky Bankers’ Association.
The various kinds of money used in the United States and their respective legal tender qualities are given as follows:
- Gold coin, legal tender to an unlimited amount.
- Silver dollars, legal tender to an unlimited amount.
- Treasury notes of 1890, legal tender to an unlimited amount.
- Subsidiary silver (halves, quarters and dimes) legal-tender-to the amount of $20.
- Minor coins (nickels and pennies) legal tender to the amount of twenty-five cents
- United States notes, legal tender to an unlimited amount, but not in payment of duties on imports or interest on the public debt.
- Gold certificates, legal tender to an unlimited amount.
- Silver certificates, not legal tender, but receivable for all public debts.
- National bank notes, not legal tender, but receivable for all public dues, except duties on imports. All national banks are required by law to receive the notes of other national banks at par.
- Federal Reserve Notes, not legal tender but receivable by all national and member banks and for taxes, customs and other public dues.
- Federal Reserve Bank Notes, not legal tender, but receivable for all public dues except duties on imports.
Article first appeared in Richmond Daily Register on May 18, 1922 (Here)
Join the Rethinking the Dollar education: Listen, Learn and Share
- Test Your Money IQ : Dollar Quiz
- Get more education with the FREE eBook: The Simplicity of Money
- Subscribe to RTD Interviews and learn from the experts on the status of the Dollar: RTD Channel