Legal tender

That currency which has been made suitable by law for the purposes of a tender in the payment of debts. The following descriptions of money are legal tender in the United States: — All the gold coins of the United States are a legal tender in all payments at their nominal value when not below the standard weight and limit of tolerance prescribed by law for the single piece, and, when reduced in weight below such standard and limit of tolerance, they are a legal tender at valuation in proportion to their actual weight. Treasury notes (of the act of July 14, 1890) and standard silver, dollars for all payments. Silver coins of a smaller denomination than one dollar, for all sums not exceeding ten dollars. The n Unor coins, of nickel and copper for all amounts not exceeding twenty-five cents. imports and Interest on the public debt (United States notes, upon resumption of specie payments, January 1, 1879, became acceptable in payments of duties on imports and have been freely received on that account since the above date, but the law has not been changed.) Gold certificates, silver certificates, and national bank notes are not legal tender, but both classes of certificates are receivable for all public dues, while national bank notes are receivable for all public dues except duties on imports, and may be paid out by the government for all salaries and other debts and demands owing by the United States to individuals, corporations, and associations within the United States, except interest on the public debt and in redemption of the national currency. All national banks are required by law to receive the notes of other national banks at par. Foreign coins are not a legal tender. R. S. § 35SI. In the Philippine Islands, the unit of value is the gold peso ( 12 9/10 grains of gold, nine-tenths fine), and the gold coins of the United States at the rate of one dollar for two pesos hereinafter in the act authorized, are legal tender for all debts, public and private. Act March 2, 1903. Section 2 of that act provides the coinage of a silver peso (416 grains, nine-tenths fine), which is made legal tender for all debts, public and private, except that debts contracted prior to December 31, 1903, may be paid in the legal tender currency of the Islands existing at the time of making the contract. In Hawaii silver coins coined under the laws of Hawaii are received in payment of all dues to the territory and the United States, but are not, when received, to be again put in circulation. Act January 14, 1903. Section 5 of that act provided that such coins should be legal tender for debts in the territory until January 1, 1904, and not afterwards. As to trade dollars, see Dollabu See Eagle; Half Eagle. By acts of February 25, 1802, July 11, 1862; and March 3, 1863, congress authorized the issue of notes of the United States, declaring them a legal tender for all debts, public and private, except duties on imports and Interest on the public debt. 12 Stat. L. 345, 532, 709. These notes are obligations of the United States, and are exempt from state taxation; Bank of New York v. New York County, 7 Wall. (U. S.) 26, 19 L. Ed. 60; but where a state requires its taxes to be paid in coin, they cannot be discharged by a tender of these noteA A debt areated prior to the passage of the legal tender acts, and payable by tne express terms of the contract In gold and silver coins, cannot be sat-^ 141; Butler v. Horwltz, 7 Wall. (U. S.) 268, 19 L. Ed. 149; Trebllcock v. Wilson, 12 Wall. (U. S.) 687, 20 L. Ed. 460. The legal tender acts are constitutional as applied to pre-existing contracts, as well as to those made subsequent to their passage; Legal Tender Cases, 12 Wall. (U. S.) 457, 20 L. Ed. 287, overruling the previous oplniop of the court in Hepburn v. Griswold, 8 Wall. (U. S.) 604, 19 L. Ed. 513. See 17 Am. L. Beg. 193; 19 id. 73; 25 id. 601. Congress has4he constitutional power to make the treasury notes of the United States a legal tender in payment of private debts, in time of peace as well as in time of war; Juil Uard v. Greenman, 110 U. S. 421, 4 Sup. Ct. 122, 28 L. Ed. 204. Federal reserve notes (Act of Dec. 23, 1913) are obligations of the United States and are made receivable by all national and member banks and federal reserve banks, and for all taxes, customs, and other public dues. A postage currency has also been authorized, which was receivable in payment of all dues to the United States less than five dollars. They were not, however, a legal tender In payment of private debts. (Act of Congress, approved July 17, 1862.) See Gold; Money; Silver. The quality of legal tender of coin is an attribute of law aside from its bullion value, and renders such coin as the government has made legal tender subject to such reasonable regulation by the police power as public policy may require, including prohibition against exportation; Ling Su Fan v. U. S., 218 U. S. 302, 31 Sup. Ct. 21, 64 L. Ed. 1049, 30 L. R. A. (N. S.) 1176. LEGALIS HOMO (Lat.). A person who stands rectus in curia, who possesses all bis civil rights. A lawful man. One who stands rectus in curia, not outlawed nor infamous. In this sense are the words probi ct legates homines.

That kind of coin, money, or circulating medium which the law compels a creditor to accept in payment of his debt, when tendered by the debtor in the right amount.

Defined under Tender in Black's Law Dictionary.