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Author: Subject: errrr, but why?
morcus

posted on 27/10/10 at 12:21 AM Reply With Quote
Legal tender laws determin what can and can't be refused when settling debts. Coins (And maybe some notes I'm not actually sure) are only legal tender upto certain quantities, these laws are basically in place to stop debtors paying you in a way that would cost you money or time. In England and Wales, Scottish notes are legally regarded as promissary notes which is why they aren't legal tender, presumably there was a time long ago where you'd actually have to take them to Scotland in order to swap them.

Legal tender has no affect on what can be used as currency and a business can accept or decline what ever they want (At what ever sort of exchange rates they want, just ask shops that accept Euros what thier rate is.)





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