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- Yes, pennies are legal tender, but, as the Department of the Treasury points out, there is "no Federal statute mandating that a private business, a person or an organization must accept currency or coins as for payment for goods and/or services."
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Nov 12, 1999 · Up until the late 19th century, pennies and nickels weren't legal tender at all. The Coinage Acts of 1873 and 1879 made them legal tender for debts up to 25 cents only, while the other...
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U.S. currency includes cash, credit cards, and checks or money orders. The federal law, Coinage Act of 1965, says that coins and cash are “legal tender for all debts, public charges, taxes, and dues.” However, the federal government is not going to tell you what you will or will not accept for payments. Your private business does not have to take a...
Some businesses have decided to change their own policies on the pennies. They find that counting pennies is a waste of time and have began to either round up or down. Of course, a business needs to consider if this will upset their customers by appearing to be taking advantage of them one penny at a time. For example, a few years ago, Chipotle had...
The federal government does not limit your business’ decision to accept pennies, but your state or local government may have its own laws that regulate how private businesses accept currency. You would have to check with your state and local laws on this or consult with a business attorney knowledgeable of the laws pertaining to your business. Cont...
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Mar 21, 2019 · Yes, pennies are legal tender, but, as the Department of the Treasury points out, there is "no Federal statute mandating that a private business, a person or an organization must accept currency or coins as for payment for goods and/or services."
Jul 17, 2020 · The designation of coins and/or currency as "legal tender" does not mean that all merchants must accept that form of payment for all transactions. In short, when a debt has been incurred by one...
Legislation. In 1990, United States Representative Jim Kolbe [ R - AZ] introduced the Price Rounding Act of 1989, H.R. 3761, to eliminate the penny in cash transactions, rounding to the nearest nickel. [2] .
Mar 21, 2019 · While coins are in fact legal tender, thanks to the Coinage Act of 1965, the Federal Reserve specifically explains on their website that a private business is free to develop their own policies on what forms of payment to accept unless state law mandates otherwise.
Dec 13, 2023 · Judge Joseph Findley in Larimer County, Colo., declared that a welding company had acted “maliciously” and in “bad faith” when it made a disputed payment to a subcontractor in pennies and...
