Legal tender

[Gumby]

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 ?

[craigb]

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:

Your wife is absolutely correct.

[ozwinner]

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 ?

Not so mon ami, legal tender is the current currency.
So 1 and 2 cent coins are legal, for they are still fractions of a dollar.

Al :)

[craigb]

Not so mon ami, legal tender is the current currency.
So 1 and 2 cent coins are legal, for they are still fractions of a dollar.

Al :)

Try and convince a Bank of that .

[echnidna]

I think she's half right.
They aren't legal tender
but I think the banks may accept them in appropriate quantity

[Grunt]

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.

[ozwinner]

Try and convince a Bank of that .

When I was rich, that was before I became a shop keeper.
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 :(

[Sir Stinkalot]

Perhaps legal tender no longer in circulation.

[craigb]

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.

[Grunt]

They are still legal tender.

http://www.ramint.gov.au/about_ram/faq.cfm

[Gumby]

When I was rich, that was before I became a shop keeper.
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 :(

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.

I think coin dealers have them valued at around $170 ! Some investment Dad. :D

[craigb]

They are still legal tender.

http://www.ramint.gov.au/about_ram/faq.cfm

Sorry, they aren't legal tender because a vendor can legally refuse to accept them. Therefore, you can't "tender" them in a transaction.

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.

[craigb]

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/LegalFramework/legal_tender.html

[ozwinner]

They are still legal tender.

http://www.ramint.gov.au/about_ram/faq.cfm


Thaks for the link Grunt.



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.

I think coin dealers have them valued at around $170 ! Some investment Dad. :D

But if you take them to a bank they are still worth $200 no questions.

Al :)

[Grunt]

Sorry, they aren't legal tender because a vendor can legally refuse to accept them.

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?

[craigb]

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?

They can't legally refuse them if the debt is less than 20 cents.

What exactly can you buy for 20 cents? :confused:

[ozwinner]

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?


And pay in copper, actually copper has gone throught the roof price wise, so hang on to them or weight them in for scrap...

Al :p

[ozwinner]

US$4000 per ton. (http://www.smh.com.au/news/business/copper-price-just-keeps-on-climbing/2005/10/13/1128796650319.html)
Hang on to them and collect heaps more, one day you will be rich.

Al :p

[Grunt]

What exactly can you buy for 20 cents? :confused:

A romantic weekend with Al.
A month naked with Zed.

[ozwinner]

A romantic weekend with Al.
A month naked with Zed.


Hey Im cheap but it will cost you 40c mister.

Al :p

[Honorary Bloke]

I think the government here has tried 7,462 times to discontinue the 1 cent coin, always without success. They make no sense (bad pun:rolleyes: ), cost more to manufacture than they are worth, and because people tend to hoard them they must keep minting new ones. Because of our odd VAT structure, goods cannot be priced to include VAT, so prices always seem to come out the odd penny or two at the cash register.

Just another instance of popular culture trumping logic.:D

[ozwinner]

Because of our odd VAT structure, goods cannot be priced to include VAT, so prices always seem to come out the odd penny or two at the cash register.

Just another instance of popular culture trumping logic.:D


Do you have VAT?
I didnt think you had it?

Al :confused:

[Honorary Bloke]

We call it Sales Tax and it varies from state to state and city to city. But it is certainly a value-added tax as it is calculated on the total sale at checkout. Food typically has a different and lower sales tax, so items in a grocery market may have two or three different tax rates, depending on the goods purchased. Here in South Carolina we have (I think:confused: ) 6% state tax on non-edible goods and 3% on non-prepared foods. Add 1% for the city for 7%. The restaurants and hotels also add another 2% hospitality tax, which is aimed particularly at gouging the tourists.

Actually, it is so confusing that no one here really understands it and just trust that the cash register computer assigns it properly to each item. :)

[ozwinner]

We call it Sales Tax and it varies from state to state and city to city. But it is certainly a value-added tax as it is calculated on the total sale at checkout. Food typically has a different and lower sales tax, so items in a grocery market may have two or three different tax rates, depending on the goods purchased. Here in South Carolina we have (I think:confused: ) 6% state tax on non-edible goods and 3% on non-prepared foods. Add 1% for the city for 7%. The restaurants and hotels also add another 2% hospitality tax, which is aimed particularly at gouging the tourists.

Actually, it is so confusing that no one here really understands it and just trust that the cash register computer assigns it properly to each item. :)


Whoah, so our 10% on MOST items seems easier, unless it is unprepared food, IE fruit, hang on bread is exsempt too and it is prepared., but if you add nuts or fruit to bread its taxed. :confused:

It confuses the bejabouse out of me. :confused:

And this is the simplified tax. :confused: :confused: :confused: :rolleyes:

Al :)

[renomart]

Surely you would be better going to your scrap metal merchant. The copper has to be worth something. :)

[Terry B]

I think the government here has tried 7,462 times to discontinue the 1 cent coin, always without success. They make no sense (bad pun:rolleyes: ), cost more to manufacture than they are worth, and because people tend to hoard them they must keep minting new ones. Because of our odd VAT structure, goods cannot be priced to include VAT, so prices always seem to come out the odd penny or two at the cash register.

Just another instance of popular culture trumping logic.:D
We still have items sold with odd amounts but if you pay cash the amounts are rounded to the nearest 5 cents. If you pay electronically or with a credit card the exaxt amount is charged.
When I travelled to Canada (which seems to have a similar system to you guys) I found it incredibly frustrating that the marked price on an item is not what you payed but extra was added at the cash register. You never knew what something was going to cost. Our GST is always included in the marked price which hides it but makes budgeting easier.

[Gumby]

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/LegalFramework/legal_tender.html

Thanks mate, now I have to get them out of the bin. You nearly cost me 34 cents. :D

[craigb]

A romantic weekend with Al.
A month naked with Zed.


Yep. You get what you pay for.

[Sturdee]

For the record all currency, both notes or coins, issued by the Reserve Bank on behalf of the Commonwealth is and always will remain legal tender.

Even the old pre decimal coins eg farthings, halfpennies and pennies as still legal tender and banks, as agents for the RBA, are required to accept same without restrictions.

So if you find any of these old coins you can still use them to pay your bills.:D


Peter.

[Gumby]

For the record all currency, both notes or coins, issued by the Reserve Bank on behalf of the Commonwealth is and always will remain legal tender.

Even the old pre decimal coins eg farthings, halfpennies and pennies as still legal tender and banks, as agents for the RBA, are required to accept same without restrictions.

So if you find any of these old coins you can still use them to pay your bills.:D


Peter.

Oh good. I've got 2 pennies as well.

[ozwinner]

If anyone has any old worthless 1930 pennys or 1923 halfpennys, I take them off your hands, save takeing them to the bank.

Shheees what a nice fella I am.

Al :rolleyes:

[Gumby]

If anyone has any old worthless 1930 pennys or 1923 halfpennys, I take them off your hands, save takeing them to the bank.

Shheees what a nice fella I am.

Al :rolleyes:

I've got a 1967 penny. Any good to you ?

[ozwinner]

I've got a 1967 penny. Any good to you ?

Erhhhhh, no.

Al :p

[Iain]

I have noticed that the banks still use 1c and 2c coins to balance the tills, and I get really p!ssed of when shops round up to the nearest 5c when I am using EFTPOS.

[Cliff Rogers]

Friday night a bit slow on the TV was it? :p

[stevebaby]

I've got a 1967 penny. Any good to you ?From your first pay packet?:D

[Gumby]

From your first pay packet?:D

no, last weeks. :D

[woodsprite]

Emptied the numerous money boxes I have been hoarding for years just last week. Took a huge bag of 1,2, and 5 cent pieces to the bank, which accepted them and gave me nearly 100 bucks in return! So they can at least be turned into the banks.
Jeff

[Gumby]

Just to let you all know that, as in the previous post, the banks are still happy to accept the copper coins.

I'm $8 richer now. :rolleyes:

[craigb]

I'm $8 richer now. :rolleyes:

Don't spend it all in the one shop. :D

[chrisb691]

I've still got some farthings, and my penny collection. Nope, I don't have a 1930, but I do have some that were semi-rare when I was collecting.......in 1964 :o

[Grunt]

I'm $8 richer now. :rolleyes:

Go buy yourself a banana.