What does it mean "this note is legal tender for all debts, public and private" ?


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Most Helpful Guy

  • It originally meant that everyone in the United States was required to accept itin payment of debts. Now there are so many ways to pay that many companies will only accept credit cards for example.

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What Guys Said 2

  • It means in government issued money

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  • Paper money was originally issued by individual banks or by states. They were 'bank notes', promises to pay the bearer in specie (gold or silver coins). Kind of like a check but not assigned to a specific person or account. Banks commonly issued too many and the notes from unreliable banks got a bad name and were commonly refused or devalued.
    When the Federal Government began issuing paper money they put that on there to let people know they could neither refuse nor devalue the federal currency.

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