Any amount or just five?

Papabravo

Joined Feb 24, 2006
21,157
I don't think so. I Interpret the statement to mean that you can use the paper currency notes individually or in combination to satisfy a debt of any amount. In other words you are not limited in the amount of notes you can hold or use for any single transaction. Subject of course to the availability of such notes. The availability (liquidity) of such notes is one reason why the dollar is still the world's reserve currency.
 

#12

Joined Nov 30, 2010
18,224
That's two different statements. The first one says it's, "legal" and the second one says, "This piece of paper represents five dollars".

Of course, both of them are false in certain ways of looking at the situation. When a government owned office like the Department of Motor Vehicles or the County Clerk refuses to accept cash, that calls into question whether those dollars are, "Legal Tender for any debt public or private". When you see that five dollars would buy 20 gallons of gasoline in 1955, and today, it won't buy 2 gallons, you might doubt that it really is worth five dollars. :D
 

Papabravo

Joined Feb 24, 2006
21,157
Many things have changed since 1955. Why would you expect the value of money to remain constant? Is there some hardwired expectation that this should be the case? Your statement presupposes that by some judicious choices you could have enforced this regime. It just doesn't work that way.
 

Markd77

Joined Sep 7, 2009
2,806
I think I may have the explanation, maybe like here smaller denominations don't have to be accepted above a certain limit.
Coins are legal tender throughout the United Kingdom for the following amount:

£20 - for any amount
£5 (Crown) - for any amount
£2 - for any amount
£1 - for any amount
50p - for any amount not exceeding £10
25p (Crown) - for any amount not exceeding £10
20p - for any amount not exceeding £10
10p - for any amount not exceeding £5
5p - for any amount not exceeding £5
2p - for any amount not exceeding 20p
1p - for any amount not exceeding 20p
 
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