What is "Legal Tender"
In truth, objective investigation demonstrates that the government has the right, the need, and the obligation to define and create legal tender.
All governments create a plethora of medals, medallions, certificates, promises, and warrants that may be valuable, negotiable, even fungible, but are not recognized in courts of law as legal tender.
http://necessaryfacts.blogspot.com/20...
All governments create a plethora of medals, medallions, certificates, promises, and warrants that may be valuable, negotiable, even fungible, but are not recognized in courts of law as legal tender.
http://necessaryfacts.blogspot.com/20...
Once "legal tender" is defined in law, the government courts will adhere to that definition. You can pick some other court, even today. (It is a bone of contention among progressives that you can sign away your right to a government court in a civil suit.) But if you goto a government court, you accept the government's rules.
You can look up the Treasury debt, the cross-currency index futures, the price of Brent Crude Oil, or anything else you want. We know what a dollar is worth, even as the value changes with market conditions in many markets all the time.
Thus, the government needed to define which of its medals it would accept back for taxes, duties, etc.
The Daubert Test does not define science. It sets expectations for expert testimony.
What is your point? The fact that there are legal tender laws doesn't demonstrate that such laws are morally legitimate, any more than the existence of government schools proves that education is a proper function of government.
And this has nothing to do with whether defining "legal tender" is a proper function of government.
The first American coins had no mark of value.
What made them "legal tender" but for the legal declaration of them being that?
https://www.galtsgulchonline.com/post...
The US Eagle ten dollar coin and the US silver Dollar itself had no mark of value. Their value was defined in law as legal tender, as were several foreign coins, principally the Spanish Milled Dollar. That "dollar" of course said 8R, eight reales, not one dollar. Its value was defined in law as legal tender for one dollar.
As we have noted, you can arrange for any private contractual terms you want. But, ultimately, when you come to a government court, you accept the government definitions. As I pointed out below https://www.galtsgulchonline.com/post...
the first coins of the United States had no mark of value. Technically, they were indistinguishable from honorary medals. The difference, of course, is that the Eagle and the Dollar were defined in law as being legal tender, as were several foreign coins, in fact.
https://www.galtsgulchonline.com/post...
The problem with a mark of value - known as early as from French coins of the 1500s - that the coin can be debased, but carry the same mark of value. Without any mark of value, though, how do you know legal tender, except by legal definition?
See what they looked like here:
http://www.coinfacts.com/silver_dolla...
The standard coin of the realm, the basis for all US currency was the Gold Eagle. Again, from 1795 to 1804 - and not until 1834 - they did not have any mark of value on them.
See examples here:
http://www.coinfacts.com/eagles/turba...
How are they legally different from the medals issued by Congress which also have devices and emblems and no mark of value?
https://en.wikipedia.org/wiki/List_of...
The answer is that Congress declared the Eagle and Dollar (and their fractions) to be legal tender.
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