Lawful money is undefined, AFAIK.

It appears to me that this legislation is aimed at specifying what constitutes a lawful private currency. It's very interesting that it limits only currency traded for goods and merchandise, but not services.

Also, since lawful money is undefined, I think it's up to the issuer to determine what lawful money is. I think I would use the definition of dollar as provided in the 1792 coinage act. But then, that would necessitate there being an exchange bank of some kind, capable of receiving physical deposits.

One more thing: "Redeemable value thereof in lawful money," is providing an exchange rate, which must be up to the issuer to decide.

This might be a very fun thread for me