US Notes are redeemable

[David Neil]

There are big differences between coins and paper notes.

Coins have no signature where as paper notes do.
Coins are only legal tender up to certain domination's.
After the allowed limit its not legal tender anymore. Is this why the tax man doesn't care to much about coins?



As outlined in the Currency Act, there is a limit to the value of a transaction for which you can use only coins.[10] A payment in coins is a legal tender for no more than the following amounts for the following denominations of coins:

forty dollars if the denomination is two dollars or greater but does not exceed ten dollars;
twenty-five dollars if the denomination is one dollar;
ten dollars if the denomination is ten cents or greater but less than one dollar;
five dollars if the denomination is five cents; and
twenty-five cents if the denomination is one cent.

In the case of coins of a denomination greater than ten dollars, a payment is a legal tender for no more than the value of a single coin of that denomination.

That would be Canadian law. I have not found that specified for US coins yet. What I did find that was interesting was at the US Dept of Treasury http://www.treasury.gov/resource-cen...al-tender.aspx.

That as legal tender, coins are legal for all debts. They say that businesses do not have to accept them but it appears the meaning of the words are they do not have to accept them prior to a transaction taking place, but that is a debt exists then the obligation can and will be met using US Treasury coins.

I have pondered the viability of paying for mortgage or car payment by check crossing out "_______ dollars" and writing in "_______ cents", showing without doubt that I am using lawful money to extinguish the debt and avoiding the 1st party lien that leaving the dollar implies

[walter]

cent (n.)
late 14c., from Latin centum "hundred" (see hundred). Middle English meaning was "one hundred," but it shifted 17c. to "hundredth part" under influence of percent. Chosen in this sense in 1786 as a name for a U.S. currency unit by Continental Congress. The word first was suggested by Robert Morris in 1782 under a different currency plan. Before the cent, Revolutionary and colonial dollars were reckoned in ninetieths, based on the exchange rate of Pennsylvania money and Spanish coin.
http://www.etymonline.com/index.php?...earchmode=none

[walter]

cent (n.)
late 14c., from Latin centum "hundred" (see hundred). Middle English meaning was "one hundred," but it shifted 17c. to "hundredth part" under influence of percent. Chosen in this sense in 1786 as a name for a U.S. currency unit by Continental Congress. The word first was suggested by Robert Morris in 1782 under a different currency plan. Before the cent, Revolutionary and colonial dollars were reckoned in ninetieths, based on the exchange rate of Pennsylvania money and Spanish coin.
http://www.etymonline.com/index.php?...earchmode=none

[walter]

US Notes are redeemable for what?
There is no gold or silver to be redeemed for.
So the only thing they can be redeemed for is coins.
Coins where originally used before paper but people where filing the coins down.
So they made the notes from paper to be redeemed in gold or silver.
Paper has no value so no filing off any value.
So today redeemable for lawful money must be exemption status because you are getting nothing back when you redeem bank notes.

[Chex]

So the only thing they can be redeemed for is coins. Coins where originally used before paper but people where filing the coins down.
So they made the notes from paper to be redeemed in gold or silver. Paper has no value so no filing off any value. So today redeemable for lawful money must be exemption status because you are getting nothing back when you redeem bank notes.

I agree walter , “This was someone’s private coin, created by the mint manager or someone with access to the inner workings of the Old Granite Lady (the San Francisco Mint),” Trout told the newspaper. http://gma.yahoo.com/10m-gold-coin-h...ance.html?vp=1

Wow! In 2003 the federal government sold the structure to the City of San Francisco for one dollar—an 1879 silver dollar struck at the mint.

The Mint played an important role in financial history from 1874 until its closing in 1937: by 1934 one third of gold was stored at the facility; it coined money for nations such as Japan, China, the Philippines, and Latin American countries; and it was central to the reconstruction of San Francisco. http://www.treasury.gov/about/histor...rancisco2.aspx

[walter]

Why do people open their mouths?
They could have easy sold one coin at a time with no headaches.
They want to be anonymous yet gave a press interview.

look at what happens to lost at sea treasure ships.
They get found hundreds of years later and then some country lays a claim that it was there ship and they get the treasure while they sit at home doing nothing to find it.
Why should the country get the treasure when most likely an insurance claim was filed and paid out.
If you had insurance on your car and the car goes over a cliff do you get the insurance money and the car?
No you have to buy back the car after the insurance company pays you out.

[David Neil]

US Notes are redeemable for what?
There is no gold or silver to be redeemed for.
So the only thing they can be redeemed for is coins.
Coins where originally used before paper but people where filing the coins down.
So they made the notes from paper to be redeemed in gold or silver.
Paper has no value so no filing off any value.
So today redeemable for lawful money must be exemption status because you are getting nothing back when you redeem bank notes.

My take was that they would be redeemed with FRNs dollar for dollar. I will attempt to ask them.