Dear ifold-ga;
Thank you for allowing me to answer your interesting question. You are
not the first person to wonder about this issue. Here?s the simple
answer, direct from the US Treasury Department?s website:
?The pertinent portion of law that applies to your question is the
Coinage Act of 1965, specifically Section 31 U.S.C. 5103, entitled
"Legal tender," which states: "United States coins and currency
(including Federal reserve notes and circulating notes of Federal
reserve banks and national banks) are legal tender for all debts,
public charges, taxes, and dues."
This statute means that all United States money as identified above
are a valid and legal offer of payment for debts when tendered to a
creditor. There is, however, 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. Private businesses are
free to develop their own policies on whether or not to accept cash
unless there is a State law which says otherwise. For example, a bus
line may prohibit payment of fares in pennies or dollar bills. In
addition, movie theaters, convenience stores and gas stations may
refuse to accept large denomination currency (usually notes above $20)
as a matter of policy.?
US TREASURY
http://www.ustreas.gov/education/faq/currency/legal-tender.html#q1
In the United States, that which is not expressly forbidden by law is
deemed to be permissible. So, there you have it. It is indeed legal.
I hope you find that my answer exceeds your expectations. If you have
any questions about my research please post a clarification request
prior to rating the answer. Otherwise I welcome your rating and your
final comments and I look forward to working with you again in the
near future. Thank you for bringing your question to us.
Best regards;
Tutuzdad-ga ? Google Answers Researcher
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