Payments and the concept of legal tender
AbstractThis article looks at the concept of legal tender, drawing on the experience of New Zealand’s recent change-over to new lighter coins. Legal tender is a tender of payment that, by law cannot effectively be refused in settlement of a debt denominated in the same currency. Although the basis for most cash transactions is generally taken for granted, the article notes that without the concept of legal tender, cash transactions could not always take place with sufficient certainty to satisfy the needs of consumers and seller.
Download InfoIf you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
Bibliographic InfoArticle provided by Reserve Bank of New Zealand in its journal Reserve Bank of New Zealand Bulletin.
Volume (Year): 70 (2007)
Issue (Month): (September)
You can help add them by filling out this form.
reading list or among the top items on IDEAS.Access and download statisticsgeneral information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Reserve Bank of New Zealand Knowledge Centre).
If references are entirely missing, you can add them using this form.