United States notes are redeemable in United States gold coin in any amount by the Treasurer and all the assistant treasurers of the United States. Treasury notes of 1890 are redeemable in United States gold coin in any amount by the Treasurer and all the assistant treasurers of the United States. Gold certificates, being receipts for gold coin, are redeemable in such coin by the Treasurer and all assistant treasurers of the United States. Silver certificates are receipts for standard silver dollars deposited, and are redeemable in such dollars only. "Coin" obligations of the Government are redeemed in gold coin when gold is demanded and in silver when silver is demanded. 153. LEGAL-TENDER PROVISIONS1 Gold coin is legal tender at its nominal or face value for all debts, public and private, when not below the standard weight and limit of tolerance prescribed by law; and when below such standard weight and limit of tolerance it is legal tender in proportion to its weight. Standard silver dollars are legal tender at their nominal or face value in payment of all debts, public and private, without regard to the amount, except where otherwise expressly stipulated in the contract. Subsidiary silver is legal tender for amounts not exceeding $10 in any one payment. Treasury notes of the act of July 14, 1890, are legal tender for all debts, public and private, except where otherwise expressly stipulated in the contract. United States notes or "greenbacks" are legal tender for all debts, public and private, except duties on imports and interest on the public debt. Upon resumption of specie payments, January 1, 1879, they were made acceptable in payment of duties on imports by treasury order and have been freely received on that account since that date, though 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 Adapted from Circular No. 52 of the United States Treasury Department, 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. The minor coins of nickel and copper are legal tender to the extent of 25 cents. Foreign coins are not legal tender. Section 3584 of the Revised Statutes of the United States provides that no foreign coins shall be legal tender in the United States. They were legal tender, however, until 1854. 1 Annual Report of the Secretary of the Treasury, June 30, 1914, pp. 308-9. |