Legal Tender Definition

Legal Tender Sentence Examples

• He refused to follow the financial policy of his party in 1862, and delivered a notable speech against the passage of the Legal Tender Act, which made a certain class of treasury notes receivable for all public and private debts.

• The paper notes already issued had been constituted by law legal tender for all debts, but in 1868 their power of actual purchase was only 30% compared with that of gold, and by 1870 it had fallen as low as 25%.

• Foreign coins were formerly legal tender in the republic, but this has been changed by the exclusion of foreign silver coins and the acceptance of foreign gold coins as a commodity at a fixed value.

• Silver and nickel are legal tender for 50 and 20 bolivares respectively.

• He gave earnest support to the Legal Tender Act, and the substitution of the national for the state banking system.