torn 20 dollar bill serial number torn where exchange

What are Federal Reserve notes and how are they different from United States notes?įederal Reserve notes are legal tender currency notes. In addition, movie theaters, convenience stores and gas stations may refuse to accept large denomination currency (usually notes above $20) as a matter of policy. For example, a bus line may prohibit payment of fares in pennies or dollar bills. Private businesses are free to develop their own policies on whether or not to accept cash unless there is a State law which says otherwise. There is, however, no Federal statute mandating that a private business, a person or an organization must accept currency or coins as for payment for goods and/or services. This statute means that all United States money as identified above are a valid and legal offer of payment for debts when tendered to a creditor. 5103, entitled 'Legal tender,' which states: 'United States coins and currency (including Federal reserve notes and circulating notes of Federal reserve banks and national banks) are legal tender for all debts, public charges, taxes, and dues.'

The pertinent portion of law that applies to your question is the Coinage Act of 1965, specifically Section 31 U.S.C. Some businesses or governmental agencies say that they will only accept checks, money orders or credit cards as payment, and others will only accept currency notes in denominations of $20 or smaller. I thought that United States currency was legal tender for all debts.

Torn 20 dollar bill serial number torn where exchange