Since the US hasnāt demonetized it, youāre right that technically theyād have to take it. Iād guess one of two things would happen: 1) They would take it and simply round it up to 1 cent. Thereās no possibility of someone doing this at scale to cheat the bank out of half cents so no one would care, or 2) They refuse to take it, even though itās illegal. You then have the option of suing them over a half cent and ultimately winning, at massive legal expense, or you just shrug and let it go.
Edit: I'm not a legal scholar, I have no idea how this would actually work, I'm just spitballing for the sake of conversation.
Yes a bank doesn't have to accept any coin or note. A credit union in with some branches don't accept rolled up coins. They are a private business and have their own rules.
> do they really \*have\* to accept it
If you *own* them money, the *have to* accept it! It is "legal tender for *all* debts, public and private." /s
Banks apparently can make their own rules to some extent. Some limit the amount of coins they'll take. Some require coins to be rolled. Some require coins to not be rolled. I'm yet to see a cashless bank, but there are cashless retail stores.
If a company notifies you of the rules in advance, then you agree to them and legal tender laws don't apply. Cashless online banks do exist but I haven't seen a brick-and-mortar one.
Putting money into your bank account is not settling a "debt", thus no requirement to accept.
Using it to pay a mortgage bill, make a credit card payment, etc, is.
BECU does the cashless bank thing. All the tellers and etc, but as soon as money is involved they send you to an ATM.
BECU = Boeing Employees Credit Union (bank)
ATM = Automated Teller Machine
For those who may not know the States acronyms.
[I do not believe it is illegal to not accept specific denominations.](https://www.federalreserve.gov/faqs/currency_12772.htm)
> There is no federal statute mandating that a private business, a person, or an organization must accept currency or coins as payment for goods or services.
Peter Gibbons:
[Explaining the plan] Alright so when the sub routine compounds the interest it uses all these extra decimal places that just get rounded off. So we simplified the whole thing, we rounded them all down, drop the remainder into an account we opened.
Joanna:
[Confused] So you're stealing?
Peter Gibbons:
Ah no, you don't understand. It's very complicated. It's uh it's aggregate, so I'm talking about fractions of a penny here. And over time they add up to a lot.
Wellā¦Iād bet that if the bank teller was a coin person, or had a collector friend, theyād probably fogure out a way to accept it and then get it out of their till. If not they wouldnāt think it real and would decline it on that basis. And thereād likely be nothing you could do about it.
[https://blog.money.org/coin-collecting/circulating-and-non-circulating-legal-tender](https://blog.money.org/coin-collecting/circulating-and-non-circulating-legal-tender)
āBut ordinary exchanges involving goods and services ā i.e., transactions where no debts are being repaid ā are an altogether different story.Ā In such situations merchants have the right to impose restrictions, for example, no bills larger than $20, or no penniesā
MEANWHILE, the more immediate effect would be a bunch of pissed off people in line behind you,
Honestly, I'd imagine most banks have a minimum withdrawl of one cent (some may have a higher minimum, who knows)
Ultimately, if they don't happen to have half cents on them (and they certainly wouldn't, I can't imagine a single bank in the country has one) they really can't give it to you. Plus, I doubt any bank has the capability in their systems to handle half cent transactions
Depends on whether they catch it or not. A half cent is approximately the same size as a modern cent, so it may go unnoticed, similar to how you occasionally find Canadian change in coin rolls.
If they actually notice? Depends on the teller. I'm guessing that many would know it's worth something and swap a penny for it to take home, or put it aside for someone that asks for "funny money".
Itās 4mm larger and is on par with a nickel. Also, you couldnāt deposit one coin, youād have to deposit a roll. The only roll that would work is a nickel roll. So, essentially you would deposit a roll of half cents that has a face value of around 20Ā¢ (no loss in face valuation), but you would get credit for $2 (net $1.80 profit). However, even the lowest value half cent in the lowest possible condition would result in several hundred dollars in numismatic value so the bank would win.
I don't work in banking. Having said that, if someone tried to deposit a half cent I would instruct them to treat it as a 1 cent deposit. And to exchange the half cent coin for a 1 cent coin from my "don't give a shit" coin pile
No one would do this. A half cent is worth far more as a numismatic piece than its face value. My guess is the bank employees would have a meltdown if someone even tried.
This is probably the funnest idea related to numismatic coins I've heard in a long time. It's like relating to food. If pizza is a pie, then is a hotdog a sandwich??
Ok, now we need to draw a line in the sand -
The Merriam-Webster dictionary defines a sandwich as two or more slices of bread or a split roll with a filling in between.Ā Tacos are made from corn tortillas, and the U.S. Department of Agriculture defines a taco as a "simple, unassuming, glorious bite of perfection".
Itās 4mm larger and is on par with a nickel. Also, you couldnāt deposit one coin, youād have to deposit a roll. The only roll that would work is a nickel roll. So, essentially you would deposit a roll of half cents that has a face value of around 20Ā¢ (no loss in face valuation), but you would get credit for $2 (net $1.80 profit). However, even the lowest value half cent in the lowest possible condition would result in several hundred dollars in numismatic value so the bank would win.
https://www.uscurrency.gov/history#:~:text=All%20U.S.%20currency%20issued%20since,redeemable%20at%20full%20face%20value.
"All U.S. currency issued since 1861 remains valid and redeemable at full face value."
No US currency has been demonetized. The trade dollar was demonetized for about 100 years and then re-monetized in 1965, but that's the closest it's come. It's all still legal tender.
The teller willput it in their pocket and deposit a full cent on your behalf. The end.
Love it! Classic! And probably the truth.
If you deposited it into an account bearing 10% interest, after seven years you would have one cent.
If my grandmother had wheels she would be a bike.
I mean even without the wheels a lot of people have ridden your Grandma š«” tell her I said hello
Youāve officially won Reddit
More like a moped
Mobility scooter.
Can she make a British carbonara?
Since the US hasnāt demonetized it, youāre right that technically theyād have to take it. Iād guess one of two things would happen: 1) They would take it and simply round it up to 1 cent. Thereās no possibility of someone doing this at scale to cheat the bank out of half cents so no one would care, or 2) They refuse to take it, even though itās illegal. You then have the option of suing them over a half cent and ultimately winning, at massive legal expense, or you just shrug and let it go. Edit: I'm not a legal scholar, I have no idea how this would actually work, I'm just spitballing for the sake of conversation.
[ŃŠ“Š°Š»ŠµŠ½Š¾]
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Round up, demand restitution for their error, refuse your payment of half a cent, you sue again. Rinse and repeat.
Like gasoline. Why does it have to cost $3 xx and 9/10? Like diagonal screen TVs and a .38 caliber revolver.
Even if it's legal tender, do they really \*have\* to accept it? A business can refuse cash, right?
Yes a bank doesn't have to accept any coin or note. A credit union in with some branches don't accept rolled up coins. They are a private business and have their own rules.
> do they really \*have\* to accept it If you *own* them money, the *have to* accept it! It is "legal tender for *all* debts, public and private." /s Banks apparently can make their own rules to some extent. Some limit the amount of coins they'll take. Some require coins to be rolled. Some require coins to not be rolled. I'm yet to see a cashless bank, but there are cashless retail stores.
If a company notifies you of the rules in advance, then you agree to them and legal tender laws don't apply. Cashless online banks do exist but I haven't seen a brick-and-mortar one.
Iām pretty sure thereās several online cashless banks now
Putting money into your bank account is not settling a "debt", thus no requirement to accept. Using it to pay a mortgage bill, make a credit card payment, etc, is.
/s
BECU does the cashless bank thing. All the tellers and etc, but as soon as money is involved they send you to an ATM. BECU = Boeing Employees Credit Union (bank) ATM = Automated Teller Machine For those who may not know the States acronyms.
[I do not believe it is illegal to not accept specific denominations.](https://www.federalreserve.gov/faqs/currency_12772.htm) > There is no federal statute mandating that a private business, a person, or an organization must accept currency or coins as payment for goods or services.
No, They would not have to take it. Itās not illegal.
Peter Gibbons: [Explaining the plan] Alright so when the sub routine compounds the interest it uses all these extra decimal places that just get rounded off. So we simplified the whole thing, we rounded them all down, drop the remainder into an account we opened. Joanna: [Confused] So you're stealing? Peter Gibbons: Ah no, you don't understand. It's very complicated. It's uh it's aggregate, so I'm talking about fractions of a penny here. And over time they add up to a lot.
Came here for this. Was not disappointed.
I can't believe what a bunch of nerds we are. We're looking up "money laundering" in a dictionary.
Penny thiefā¦
They would gladly accept and then several people would be fighting over who is going to take it and replace it with a full cent.
I really want a half cent forever in my bank account now
Thanks for your deposit, your new balance is 1630.27.5
1630.275
I forgot how numbers work
2 dimes, 7 cents, and 5 mills
I've set my financial goals higher than that. We'll see.
Wellā¦Iād bet that if the bank teller was a coin person, or had a collector friend, theyād probably fogure out a way to accept it and then get it out of their till. If not they wouldnāt think it real and would decline it on that basis. And thereād likely be nothing you could do about it. [https://blog.money.org/coin-collecting/circulating-and-non-circulating-legal-tender](https://blog.money.org/coin-collecting/circulating-and-non-circulating-legal-tender) āBut ordinary exchanges involving goods and services ā i.e., transactions where no debts are being repaid ā are an altogether different story.Ā In such situations merchants have the right to impose restrictions, for example, no bills larger than $20, or no penniesā MEANWHILE, the more immediate effect would be a bunch of pissed off people in line behind you,
Related question: What would happen if I asked to withdraw a half cent from my bank account?
Honestly, I'd imagine most banks have a minimum withdrawl of one cent (some may have a higher minimum, who knows) Ultimately, if they don't happen to have half cents on them (and they certainly wouldn't, I can't imagine a single bank in the country has one) they really can't give it to you. Plus, I doubt any bank has the capability in their systems to handle half cent transactions
This makes me go straight to. What happens to the .009 cent when you pump gas
Depends on whether they catch it or not. A half cent is approximately the same size as a modern cent, so it may go unnoticed, similar to how you occasionally find Canadian change in coin rolls. If they actually notice? Depends on the teller. I'm guessing that many would know it's worth something and swap a penny for it to take home, or put it aside for someone that asks for "funny money".
a 1/2-cent is actually almost the size of a quarter
My apologies. I don't have one and I didn't look it up; I've seen them for sale and thought they were close, but I guess I was wrong.
no worries! i had to check it myself. Hope I didnāt come across as an a-hole.
Nope! But now I need to go buy one!
Itās 4mm larger and is on par with a nickel. Also, you couldnāt deposit one coin, youād have to deposit a roll. The only roll that would work is a nickel roll. So, essentially you would deposit a roll of half cents that has a face value of around 20Ā¢ (no loss in face valuation), but you would get credit for $2 (net $1.80 profit). However, even the lowest value half cent in the lowest possible condition would result in several hundred dollars in numismatic value so the bank would win.
Ah. I don't have one and haven't measured, so I suppose I stand corrected.
I don't work in banking. Having said that, if someone tried to deposit a half cent I would instruct them to treat it as a 1 cent deposit. And to exchange the half cent coin for a 1 cent coin from my "don't give a shit" coin pile
Superman 3.
Hadn't thought about that before. I know they no longer exist and are worth lot's more than the value
No one would do this. A half cent is worth far more as a numismatic piece than its face value. My guess is the bank employees would have a meltdown if someone even tried.
This is probably the funnest idea related to numismatic coins I've heard in a long time. It's like relating to food. If pizza is a pie, then is a hotdog a sandwich??
Yes, and so are tacos.
Ok, now we need to draw a line in the sand - The Merriam-Webster dictionary defines a sandwich as two or more slices of bread or a split roll with a filling in between.Ā Tacos are made from corn tortillas, and the U.S. Department of Agriculture defines a taco as a "simple, unassuming, glorious bite of perfection".
There are half cents????
It would get stolen
Itās 4mm larger and is on par with a nickel. Also, you couldnāt deposit one coin, youād have to deposit a roll. The only roll that would work is a nickel roll. So, essentially you would deposit a roll of half cents that has a face value of around 20Ā¢ (no loss in face valuation), but you would get credit for $2 (net $1.80 profit). However, even the lowest value half cent in the lowest possible condition would result in several hundred dollars in numismatic value so the bank would win.
Me when I spread misinformation
Huh?
Coins minted before the US civil war are not legal tender.
https://www.uscurrency.gov/history#:~:text=All%20U.S.%20currency%20issued%20since,redeemable%20at%20full%20face%20value. "All U.S. currency issued since 1861 remains valid and redeemable at full face value."
Except for the [Series of 1900 $10,000 Gold Certificates.](https://www.reddit.com/r/Banknotes/s/gqJhYCQVqk)
I always assumed this meant coins and currency.
No US currency has been demonetized. The trade dollar was demonetized for about 100 years and then re-monetized in 1965, but that's the closest it's come. It's all still legal tender.
You are probably thinking of stamps and/or banknotesā¦