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Nor does legal-tender status mean that acceptance is mandatory when offered at a point of sale in a spot transaction. Large-denomination Federal Reserve notes are refused at many points of sale, and lawfully so.

Vending machines refuse pennies. Mail-order sellers may refuse cash of any denomination. Legal tender relates to the discharge of debts. In other words, the creditor is barred from refusing payment in legal tender notes or coins.

There is already free competition in currency act important exception.

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Debts in gold-clause ladyboys shemale, made sincefree competition in currency act not unilaterally discharged by offer of US coin or Federal Reserve notes. This paragraph does not apply to an obligation issued after October 27, Removing legal-tender status from US Treasury coins and Federal Reserve notes generally, as Section 2 of the Act does, essentially broadens the gold-clause exception ckrrency allow contractual obligations to specify payment in, or indexed to, any medium that is an free competition in currency act to Treasury coins and Federal Reserve notes.

It opens the competition not just to private checks and banknotes, but also to gold units, silver units, units of foreign currency, Consumer Price Index bundles, wholesale commodity bundles, Bitcoins, and whatever else a lender and a borrower might agree.

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If they prefer a unit for denominating their debt contract other than the Fed or Treasury dollar, they would be free to write a specifically enforceable contract in free competition in currency act unit of their choice. Hand-to-hand currency does not need competituon tender status to make it circulate easily. That is, they do not have legal tender status.

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Competitio creditor might refuse them if he preferred to be paid in another medium. In Scotland and Northern Ireland, only pound sterling coins are legal tender. Toggle navigation Search GovTrack govtrack. What is the law? Celebrate our work by supporting us on Patreon.

Free Competition in Currency Act of (; th Congress H.R. ) - messymom.club

Congress Bills H. Call or Write Congress. Save your opinion on this bill on a six-point scale from strongly oppose to strongly support.

Another pitch is underway for passage of the Free Competition in Currency Act, a bill seeking to repeal legal tender laws and prohibit taxes on. The August 28 letter was in response to our customer's request that this Representative support H.R. 77, the Free Competition in Currency Act. This legislation will allow competition between various forms of money by repealing the legal tender law. To repeal the legal tender laws, to prohibit taxation on certain coins and bullion, and to repeal superfluous sections related to coinage. This Act may be cited as the “Free.

About Ads Hide These Ads. Social Security Fairness Act would end two and rules that reduce payments for millions….

Save Note. Mar 15, Length: Mar 15, th Congress, — Died in a previous Congress. History Dec 13, Earlier Version — Introduced.

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I like that concept for electronic metals. No portion of this site may be reproduced or copied without written permission.

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CoinNews makes no acf as to accuracy, completeness, correctness, suitability, or validity of any information on this site and will not be liable free competition in currency act any errors, omissions, or delays in this information or any losses, injuries, or damages arising from its display or use. All information is provided on an as-is basis.

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Hottest comment thread. The Senate failed to act on the bill before the end of the th Congress.

In a statement included in a press release, Rep. Thank you Rep. Broun Jr.

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Hopefully Congress gives these bills stronger consideration this session. Your email address will not be published.

Free competition in currency act

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Ron Paul's one-page Free Competition in Currency Act would end the Federal Reserve currency monopoly by repealing the legal tender law. Free Competition in Currency Act of - Repeals the federal law establishing U.S. coins, currency, and reserve notes as legal tender for all debts, public. free-competition Rep. Paul Broun Jr. of Georgia has introduced the “Free Competition in Currency Act of ” in the th Congress. This bill.

This U. Mint numismatic sales report covers the week ending September 8, The third best-selling item this week was the S Silver Proof Set […].

The August 28 letter was in response to our customer's request that this Representative support H.R. 77, the Free Competition in Currency Act. Free Competition in Currency Act of - Repeals the federal law establishing U.S. coins, currency, and reserve notes as legal tender for all debts, public. Free Competition In Currency Act. K likes. Support Ron Paul's Free Competition In Currency Act! Call () and tell your representative to.. .