Legal tender status documentation

Discussion in 'Silver Coins' started by Billythecoinstacker, Nov 11, 2020.

  1. Billythecoinstacker

    Billythecoinstacker Member

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    Does anybody have link to a government web page to verify the legal tender status on 1 oz silver austria philharmoniker 1 oz 2020?

    Is the tuvalu coins from perth mint also legal tender? Where is the documentation from Tuvalu that the coin is legal tender in this country?
     
  2. SteelHand

    SteelHand Well-Known Member Silver Stacker

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    The Tuvalu coins are produced by the Perth mint which is owned by the WA State Government and, as the Queen's head is on the back, along with a monetary denomination on them ($1, $2, etc), they are considered legal tender just like all Perth Mint produced coins (Kookaburras, Kangaroos, Koalas, etc)
    https://www.abc.net.au/news/2020-05-31/tuvalu-pacific-collectable-coins-perth-mint/12290590

    https://www.perthmint.com/search.aspx?SearchKeyword=tuvalu&SearchKeyword=tuvalu

    The Philharmonic is produced by the Austrian mint, has the current monetary denomination (1.5 Euro) and is a subsidiary of the Government Central Bank, so ergo, it's legal tender
    https://en.wikipedia.org/wiki/Austrian_Mint

    https://en.wikipedia.org/wiki/Austrian_Silver_Vienna_Philharmonic
     
    Last edited: Nov 11, 2020
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  3. kutylin

    kutylin Active Member

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    I was always curious will all that Niue silver coins around do they influence the inflation in that country? :)

    And maybe it is the first country in modern history that has established the silver standart;)
     
  4. paruwka

    paruwka Member

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    Coins like the philharmoniker, silver and gold maple and eagles, kruggerands and so on are termed non circulating legal tender (NCLT). They are legal tender because they have a denomination and are produced for or on behalf of a country’s government. Theoretically a merchant is required to accept the coin at face value. The only instance I recall of a person attempting to do this was in Australia when a child (?) and parent attempted to tender a commemorative $5 coin and it was refused.

    Naturally, whenever there is a practice there is an exception. In this case the exception is the gold sovereign. The sov has no stamped face value. When it was used as normal currency a full sov was equal to one pound. Sovs are now NCLT.

    Paragraph 4 onwards discusses NCLT and Tuvalu.
    http://news.coinupdate.com/the-world-of-non-circulating-legal-tender-coins/
     
  5. nicotineandcaffeine

    nicotineandcaffeine Active Member

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    I couldn't find anything in the currency legislation. As I'm sure you're aware Australia, UK, and US are very tight about what is legal tender (e.g. 2021 90% Morgan dollar was approved last week).

    Pretty sure coins from Nuie, Tuvulu or Cook Islands are excempt from taxes in most US states where rounds are taxed but maybe in practice face value is not actually redeemable.

    Interesting to follow this up with so many "coins" now that are barely recognisable as coins.
     
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  6. Jamie watson

    Jamie watson Active Member

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    I tested this myself,i wanted a beer at a local establishment,placed a 1 kilo 30 dollar face value coin,australian.on the counter,grabbed the beer walked of,sat down to drink my beer,was harassed by the barperson,i hadnt paid for my beer and she was calling the police! she did.when the police came i had already left the establishment.they tracked me down in the street.30dollar face value kilo silver coin in hand.told me of the claim made against me.i explained to them clearly,that the coin they were holding,was infact australian legal tender,and that i had simply told the woman,keep the change.they were even more astonished when i told them the metal content value.i said well if the women wasnt so quick to judgement and seeing the worst in what i had done,she would have had a healthy tip.they handed me the coin back,smiled wished me well and thanked me for the informative moment.i,m just glad i wasnt on a pub crawl at the time.
     

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