the King has been in his counting house,
counting out his money
:eek: (yes, i'm down to this)
Question.
The wife says 1 and 2 cent coins are no longer legal tender and can't be taken to the bank.
Is she correct ?
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the King has been in his counting house,
counting out his money
:eek: (yes, i'm down to this)
Question.
The wife says 1 and 2 cent coins are no longer legal tender and can't be taken to the bank.
Is she correct ?
Somebody has to do something with milk amd honey. :confused:Quote:
Originally Posted by Gumby
Your wife is absolutely correct.
Not so mon ami, legal tender is the current currency.Quote:
Originally Posted by Gumby
So 1 and 2 cent coins are legal, for they are still fractions of a dollar.
Al :)
Try and convince a Bank of that .Quote:
Originally Posted by ozwinner
I think she's half right.
They aren't legal tender
but I think the banks may accept them in appropriate quantity
1 and 2 cent coins are still legal tender if the amount offered is less than 20c.
In New Zealand the coppers are no longer legal tender.
When I was rich, that was before I became a shop keeper.Quote:
Originally Posted by craigb
I had some GOLD $200 coins, anyway I took them to the bank that I have an account with and they refused to take them.
But you cant refuse says I for they are legal tender, after many mumbles and phone calls they agreed they were.
Get used to it said I, for I have more to come.....
Like I said, WHEN I was rich......:o
Al :(
Perhaps legal tender no longer in circulation.
They definitely aren't legal tender.
Legal tender means that a vendor is legally obliged to accept what you "tender".
In the early nineties, Keating decreed that the lowest common denominator was going to be the 5 cent piece.
From the introduction of that decree, 1 and 2 cent pieces ceased to be "legal tender". That is, you couldn't buy anything with them .
I think that there was a grace period where you could exchange your ones and twos for real money.
What it really comes down to though is that a vendor (shopkeeper) is not legally obliged to accept your manky old 1 and 2 cent coins. And therefore, neither is a Bank.
Throw them away, they are worthless.
They are still legal tender.
http://www.ramint.gov.au/about_ram/faq.cfm
My Dad bought a couple of those when they came out and we still have them. He thought they'd be worth something down the track. They are, $200.Quote:
Originally Posted by ozwinner
I think coin dealers have them valued at around $170 ! Some investment Dad. :D
Sorry, they aren't legal tender because a vendor can legally refuse to accept them. Therefore, you can't "tender" them in a transaction.Quote:
Originally Posted by Grunt
You may be able to still cash the in at a Bank, but try paying your bus fare with them and see how far you get.
O.K, I'm a bit right. It seems that 1's and two's are legal tender for debts less that 20 cents.
http://www.rba.gov.au/CurrencyNotes/...al_tender.html
Quote:
Originally Posted by Grunt
Thaks for the link Grunt.
But if you take them to a bank they are still worth $200 no questions.Quote:
Originally Posted by Gumby
Al :)
They can't legally refuse to accept them but they do refuse to and there isn't alot you can do about it. Take'em to court?Quote:
Sorry, they aren't legal tender because a vendor can legally refuse to accept them.