Legal tender is a form of money that the courts must recognize as a satisfactory payment for any monetary debt. [1] Each jurisdiction determines what is legal tender, but in essence, it is anything that extinguishes the debt when it is offered («offered») to pay a debt. There is no obligation for the creditor to accept the payment offered, but offering the payment in legal tender relieves the debt. With the Supreme Court decision of 1884 in Juilliard v. Greenman, the «Supreme Court,» ruled that Congress had the right to issue banknotes as legal tender for the payment of public and private debts. Legal tender notes are treasury bills or banknotes which, in the eyes of the law, must be accepted when paying debts. [45] The judgment in legal tender cases (in which Juilliard v. Greenman) led later courts to «support the invalidation of gold clauses in private contracts by the federal government in the 1930s.» [46] In general, a written offer to pay a certain amount of money or to provide a written instrument or personal property is the actual bid and offer of the money, instrument or asset if it is not accepted. The person to whom an offer is made must, at that time, indicate any objection he may have against the money, instrument or assets, otherwise he will be deemed to have renounced it. By default and intentionally, legal tender laws prevent the widespread introduction of anything other than legal tender existing as money into the economy. A cheque or credit scan is not legal tender; It acts as a substitute for money and is only a means by which the check holder can eventually obtain legal tender for the debt. Cryptocurrencies are generally not accepted for use as currency because they are not legal tender.

In May 2013, Arizona`s governor vetoed a bill that would have made gold and silver coins legal tender in the state in addition to existing U.S. currency. In 1914, the Banking Amendment Act gave an issuer`s banknotes the status of legal tender and abolished the requirement that banks authorized to issue banknotes must redeem them for gold (the gold standard) upon request. If an offer has been properly submitted, this is a complete defense of the lawsuit, but the benefit of an offer is lost if the creditor subsequently demands the article due from the debtor and the debtor refuses to pay it. The term «legal tender» comes from the tender French medium (verbal form), which means to offer. The Latin root is tendere, and the meaning of tender as an offer is related to the etymology of the English word «extend». [5] Under the Economic and Monetary Union of the Republic of Ireland Act 1998, which replaced the legal tender provisions restored to Irish law under previous UK regulations, «no person other than the Central Bank of Ireland and persons designated by order of the Minister are required to accept more than 50 coins denominated in euros or cents in a single transaction». From the lender of money. In order to submit a valid offer, the following conditions are required: In order to meet the legal definition of legal tender, the exact amount due must be offered; No changes can be requested.

[40] As of 2005[update], banknotes were legal tender for all payments, and $1 and $2 coins were legal tender for payments up to $100, and silver coins of 10c, 20c and 50c were legal tender for payments up to $5. These old silver coins were legal tender until October 2006, after which only the new 10c, 20c and 50c coins introduced in August 2006 remained legal. [29] Sometimes foreign currency expenditures such as commemorative coins or transfer slips may be issued that are not intended for public circulation, but are still legal tender. An example of such a currency is green money. Some currency issuers, notably Scottish banks, issue special commemorative banknotes for normal circulation (although neither Scottish nor Northern Ireland banknotes are legal tender in the UK). In addition, some standard coins are minted on higher quality dies as «non-circulation» versions of the coin, which collectors can purchase with a markup. However, these documents are legal tender. .