Are pennies not legal tender just because it dont have the disclaimer is not on it?

Question

if this is the case the quater dont either, does this mean any business can refuse any type of change given in mass quanities? please elaborate..........

Answer 1

no coins are legal tender.  They do not have to be accepted, although most people do.

Yes any business can refuse mass change and most do refuse.

Most large groceries stores have machines ou can dump your change in and get dollars in reutn for a small fee.

Answer 2

Why worry pennies are more valuable as copper than as currency.

Answer 3

NO coins state they are legal tender.  Other than US 'Federal Reserve Notes', I don't think ANY legal currency has such a statement.

The US Treasury addresses a similar question as follows:

Question I thought that United States currency was legal tender for all debts. Some businesses or governmental agencies say that they will only accept checks, money orders or credit cards as payment, and others will only accept currency notes in denominations of $20 or smaller. Isn't this illegal?

Answer The pertinent portion of law that applies to your question is the Coinage Act of 1965, specifically Section 31 U.S.C. 5103, entitled "Legal tender," which 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.

Answer 4

New pennies are made of zinc and, technically, are worth more in scrap value than 1 cent.  Older pennies (pre 1982) are copper and worth more still as scrap.  Pennies are legal tender... large amounts  could cause transportation problems.

Answer 5

Pennies *are* legal tender.

Where did you get the idea that they aren't?

The US Coinage act of 1965 says:

"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. Foreign gold or silver coins are not legal tender for debts."

Confusion about paying with coins often arises from the difference between paying for something, and settling a debt.

If I owe you $20 and try to pay you with $20 in pennies, you have to accept it, because the coinage act says that coins are 'legal tender for all debts....'.

If I walk into your store though and offer to buy something with $20 in pennies, you don't have to accept it - I have no debt to you, I'm merely offering to enter into a contract. You can require any payment terms you want - credit card only, no coins, even "We only accept payment in Euros."  

Richard