Author
Topic: My only $500 note  (Read 1000 times)
Dean
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  • Posts: 635
  • GO LEAFS GO!
« Reply #15 on: February 02, 2020, 04:10:42 pm »

No. "Legal tender" does not have that definition in Canada. You can read the definition here, it includes nothing about anyone being required to accept "legal tender" for a payment: https://laws-lois.justice.gc.ca/eng/acts/c-52/page-1.html#h-142377
It basically means "officially approved for use", not "required for use". That's why I said that the term is essentially meaningless, because people and institutions can use what ever is mutually acceptable, whether or not it is officially approved.

I remember reading somewhere a long time ago that coins are rolled in fixed amounts because no merchant is required to accept more than that in a single transaction.  I remember many years ago when the TTC went on strike, passengers were advised to pay their fares in pennies as a form of protest.  You should have seen those fare boxes chock full of coppers!  LOL.

Beatrix
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« Reply #16 on: February 03, 2020, 10:24:12 am »

Ah, interesting. Thanks for the corrections.
 

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