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From: mpr@mb2c.UUCP
Newsgroups: net.misc,net.legal
Subject: Re: Legality of refusing to accept bills greater than $20
Message-ID: <211@mb2c.UUCP>
Date: Thu, 12-Jan-84 08:00:18 EST
Article-I.D.: mb2c.211
Posted: Thu Jan 12 08:00:18 1984
Date-Received: Sat, 14-Jan-84 02:47:10 EST
References: <2361@rabbit.UUCP>, <3064@utcsrgv.UUCP>, <19081@wivax.UUCP> ihuxp.582
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I don't know about nickels, dimes, quarters, halves or silver dollars;
However, I do know that the Lincoln Cent was never made legal tender.
Congress never got around to it.

As far as the IRS goes, they do not have to accept large volumes of coinage
in satisfaction of taxes owed to the Federal Gevernment because of the large
administrative burden that would be imposed on the IRS.  The correct idea is
that the floodgates would be opened.  At least as far as other taxpayers go.

I do believe that anyone who would refuse large amounts of coinage in satis-
faction of a debt need not worry.  The debt would be still owed.  However, any
penalties that would accrue after the coins were tendered as payment would
have to be forgone by the creditor.