This post about legal tender is a bit off-topic for this blog. However, I am writing it because it clears up a common misunderstanding, about which I recently wrote on Quora. Please seeÂ On every US dollar bill the message “This note is legal tender for all debts public and private” is printed. How is it then legal for some businesses to not accept cash?
The U.S. Department of the Treasury discusses whether the â€œ legal tender â€ language on U.S. currency requires that cash payments be accepted. Quoting a portion of Legal Tender StatusÂ (link and emphasis added): (more…)