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......

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......

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.

[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/...al_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.

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?