While there isn't sufficient evidence to show that cash is riskier than card, it's prompted many Australians to argue that because cash is legal tender businesses must accept it under law. In the UK, legal tender is only for the payment of a debt- so shops are under no obligation to accept and can refuse e.g. However, it doesn’t mean it has to be paper dollars. Neither is legal tender but shops are happy to accept them as payment for goods or services. These posts come at a time when some businesses are refusing cash payments due to concerns about coronavirus transmission. It means that a creditor must accept federal reserve notes in satisfaction of a debt. If you want to pay for a pack of gum with a £50 note, it’s perfectly legal to turn you down. "if they refuse ur cash than (sic) the debt is cleared and take ur items and leave stores refusing u.s. legal tender can not persicuit (sic) a person if they refused to take cash!" Is this legal for them to do? There is no federal statute mandating that a private business, a person, or an organization must accept currency or coins as payment for goods or services. £50 notes as a standard policy. They can demand payment in shiny beads if they want to, it's completely up to them. But that’s not the case. There is a widespread belief that if you give a business "legal tender" — official Australian coins or banknotes — they must accept it as payment. – user6204 Jul 11 '12 at 15:39 | £20 - for any amount It is illegal to refuse legal tender for a debt. £50 - for any amount. ” He pointed out that in some parts of the country the only thing that is legal tender is, in … If they didn't wish to accept an old style pound today they're within their rights to do so. Fact checked. Ask Finder: Can businesses legally refuse to accept cash? “That means if a court has awarded you a debt, if someone tries to settle and pays in legal tender, you can’t refuse it. There is some strange law in place that a place of business doesn't have to accept anymore then $2.00 in loose change here in Canada. My question is more of one of interest, I'm not likely to go back and harass them for 20 bucks. You can … However, as one answered above, they would be stupid not to accept it. They can choose to refuse your note because a display of priced goods is merely an "offer to treat" ... for a taxi ride, a meal in a restaurant etc) then it is illegal to refuse legal tender. Share. It also means that cash is a legal tender for all public and private debts. Imprinted on each bill is this notice: “THIS NOTE IS LEGAL TENDER FOR ALL DEBTS, PUBLIC AND PRIVATE” Observe the word, “debt.” Which facially means you owe somebody money, but there is more to it, than that. It's because it only creates a hassle for the business unless they are low on small change. Legal tender is a form of money that courts of law are required to recognize as satisfactory payment for any monetary debt. 'Refusal to accept payment in legal tender banknotes and coins is not unlawful,' it states. While cash and coins are legal tender for all debts, there is no federal law that requires businesses to accept them in exchange for goods and services, according to the Federal Reserve’s website. “And that’s all it means. Yes. Legal tender describes any official medium of payment recognized by law that can be used to extinguish a public or private debt or meet a financial obligation. ” Martin pointed out that in Scotland only coins are in fact legal tender… Details in this link. 'Legal tender has a very narrow and technical meaning, which relates to settling debts. In short, what they choose to accept as payment is down to their discretion. 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