Visit www. 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. Howe ver, there is no federal statute which mandates that private businesses must accept cash as a form of payment. 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.
This provision means that United States Notes are to be cancelled and destroyed but not reissued. This will eventually result in a decrease in the amount of these notes outstanding. United States Notes are an obsolete form of currency last printed by the Bureau of Engraving and Printing in Some numismatic groups have expressed interest in selling selected notes to the public. How Money is Made. Reproduction Guidelines. Resources Collector Information. Equipment Manufacturers. Image Gallery.
Laws and Regulations. Lifespan of a Note. Meaningful Access. The nickel was actually worth less than the metal used to make it. Technically, you could collect a truckload of nickels, melt them all down, and sell them for a profit. Obviously, this would be pretty annoying for the US Mint. Once people catch on and start up new scrap metal businesses, there would be a financial strain on the US government to make new coins.
This has actually been a common problem in history. As soon as the the materials of a coin are higher than the coin itself, people are quick to melt down and cash in.
This prevents people from offshoring the devious scrap metal business. Search for:. Home March 22 Cutting Coins: Is it legal? Sponsored Link. Cut Coins by Colin a. Supreme Court in Texas v.
Johnson U. Eichman U. Of course, monetary destruction carries with it practical consequences as well as symbolic ones.
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