The Conservative Cave
Current Events => Economics => Topic started by: Chris_ on July 14, 2008, 05:25:49 PM
-
Is it legal in this country to offer an item or items for sale and refuse cash (legal tender)?
-
Is it legal in this country to offer an item or items for sale and refuse cash (legal tender)?
What, like the barter system? I don't see why it wouldn't be legal. People trade things all the time. ...that is, unless I woke up in 2010 and Baracka is the President.
-
I don't think it's illegal to accept trade, but I do think it is illegal to refuse cash. It says right on the bill that the note is legal tender for all debts, public and private.
So if you where going to sell something to someone, I don't think you could tell them you won't take cash, only 10lbs of fish. Or something of the sort.
But I don't have any real qualifications on that. Just how I believe the system works.
-
I don't think it's illegal to accept trade, but I do think it is illegal to refuse cash. It says right on the bill that the note is legal tender for all debts, public and private.
So if you where going to sell something to someone, I don't think you could tell them you won't take cash, only 10lbs of fish. Or something of the sort.
But I don't have any real qualifications on that. Just how I believe the system works.
Someone might want to make a trip to Lancaster and tell the Amish.
-
I don't think it's illegal to accept trade, but I do think it is illegal to refuse cash. It says right on the bill that the note is legal tender for all debts, public and private.
So if you where going to sell something to someone, I don't think you could tell them you won't take cash, only 10lbs of fish. Or something of the sort.
But I don't have any real qualifications on that. Just how I believe the system works.
Someone might want to make a trip to Lancaster and tell the Amish.
*shrugs* Never had much dealings with the Amish. Drove through a town of theirs some years back, thats about it.
-
Ok, lemme be more specific. Can you refuse cash, and accept credit cards only?
-
From the US Treasury website.
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.
http://www.treas.gov/education/faq/currency/legal-tender.shtml
My google-foo is strong. *flexes* :-)
-
That's true, some stores refuse $100 bills all the time.
-
that's weird. I've seen places say 'cash only', not 'credit card only'.
-
that's weird. I've seen places say 'cash only', not 'credit card only'.
When I was working on a project in Salt Lake City last year, the hotel I was staying at would not accept cash. They also wouldn't accept a check (duh.) If you didn't have a credit or debit card to pay for your stay, you weren't staying.
-
Innkeepers need a way to charge you for damages or extra stuff. They do look down on cash.
-
Innkeepers need a way to charge you for damages or extra stuff. They do look down on cash.
Yup.
You know how we wild Engineers are notorious for trashing hotel rooms, running up huge room service bills, hosting in-room orgies at the wee hours of the morning, and generally making innkeepers lives a nervous wreck.
It's all part of living the dream I guess.
-
You can "barter" for goods, but it has to be reported to the IRS and the state/city (where taxes apply) so they can get their cut from the transaction. It's in the tax code. I read it years ago.