Legal Tender Question

Degag

Is there a maximum amount of coins that can be exchanged for goods? eg. if someone attempted to pay for a television with 50,000 pennies would the seller be legally obliged to accept this? A link to anything would also be helpful. Thanks.

Sir Digby Chicken Caesar

most stores reserve the right to refuse service, if I were working in a store and you tried to buy a tv with 50'000 pennies.. I would refuse service.

tbh

Tackle69 wrote: »

Is there a maximum amount of coins that can be exchanged for goods? eg. if someone attempted to pay for a television with 50,000 pennies would the seller be legally obliged to accept this? A link to anything would also be helpful. Thanks.

you're only obliged to accept up to 10x the amount in coins: ie don't have to accept 15 euro in 1 euro coints, but would have to accept 10 1 euro coins for a bill of 10 euro. I'll see if I can dig up a link.

Dont be at yourself

I think tbh is correct. All I could find was an outdated Decimal Currency Act, 1969 on www.irishstatutebook.ie

8.—(1) A tender of money if made, on or after the 15th day of February, 1971, in coins (other than bronze coins) which are issued under this Act and each of which has a denomination of more than ten new pence shall be legal tender for the payment of an amount not exceeding ten pounds but for no greater amount.
[GA]

(2) A tender of money if made, on or after the 15th day of February, 1971, in coins (other than bronze coins) which are issued under this Act and each of which has a denomination of not more than ten new pence shall be legal tender for the payment of an amount not exceeding five pounds but for no greater amount.
[GA]

(3) A tender of money if made, on or after the 15th day of February, 1971, in bronze coins issued under this Act shall be legal tender for the payment of an amount not exceeding twenty new pence but for no greater amount.

So, there is (or at least was) an upper limit on the amount that you pay in coin.

I think there is also a limit to the amount of notes/coins you can use to pay for a single item. i.e., you are not entitled by law to pay for a €5,000 car using 500 €10 notes.

dermot_sheehan

For the Euro it's Article 11 EC Council Regulation 2169/2005

http://eur-lex.europa.eu/LexUriServ/LexUriServ.do?uri=OJ:L:2005:346:0001:0005:EN:PDF

...Except for the issuing authority and for those persons specifically designated by the national legislation of the issuing Member State, no party shall be obliged to accept more than 50 coins in any single payment.";

ambro25

For what it's worth, I was told a while back that so long as it's bagged in denominations, then you can (e.g. 100 cent coins per "€1 bag"). Within reason/Statutes, obviously.

dK1NG

NekkidBibleMan wrote: »

I think there is also a limit to the amount of notes/coins you can use to pay for a single item. i.e., you are not entitled by law to pay for a €5,000 car using 500 €10 notes.

What if you wanted to pay for the car with a credit card?

If, for example, the seller had taken a deposit for a new car of €500 with the balance payable when hte car is delivered, can he then refuse to accept payment of the balance by credit card (say, approx 10k)??

johnnyskeleton

NekkidBibleMan wrote: »

I think there is also a limit to the amount of notes/coins you can use to pay for a single item. i.e., you are not entitled by law to pay for a €5,000 car using 500 €10 notes.

You are entitled to pay for an item in any way you please, the law only governs situations where a seller is obliged to take certain amounts.

Victor

dK1NG wrote: »

What if you wanted to pay for the car with a credit card?

If, for example, the seller had taken a deposit for a new car of €500 with the balance payable when hte car is delivered, can he then refuse to accept payment of the balance by credit card (say, approx 10k)??

Credit card companies often charge vendors substantial fees. Car sales deals are usually based on a cash deal or a non-cash deal. Agreeing a cash price and then trying to pay with a credit card would mean the buyer is trying to unilaterally change the terms of the contract.

dK1NG

Victor wrote: »

Credit card companies often charge vendors substantial fees. Car sales deals are usually based on a cash deal or a non-cash deal. Agreeing a cash price and then trying to pay with a credit card would mean the buyer is trying to unilaterally change the terms of the contract.

I heard somewhere that the fee is in the region of 5%, but this was supposed to drop this year...

What about the scenario where no cash-deal is mentioned - eg potential buyer wants to know how much extra it would cost to buy a new car when trading in their old car.... I'm presuming the seller may be assuming that the deal will be done in cash, but no mention of this. Buyer always intended to pay by credit card, as he did with the deposit upfront.

Out of curiousity, just wondering could the car dealer refuse to accept the credit card - for say around 10k?

dermot_sheehan

Car dealer is perfectly free to engage in business and accept whatever he wants as payment. He is only compelled to accept bank notes and up to 50 coins once you are in debt to him as legal tender must be accepted in satisfaction of a debt.

Del2005

dK1NG wrote: »

I heard somewhere that the fee is in the region of 5%, but this was supposed to drop this year...

What about the scenario where no cash-deal is mentioned - eg potential buyer wants to know how much extra it would cost to buy a new car when trading in their old car.... I'm presuming the seller may be assuming that the deal will be done in cash, but no mention of this. Buyer always intended to pay by credit card, as he did with the deposit upfront.

Out of curiousity, just wondering could the car dealer refuse to accept the credit card - for say around 10k?

Was talking to a dealer about this. While they'd accept deposits with a credit card they wouldn't take payment. The credit card commision was too much and would eat away their profits. AFAIK a business can decide what they want to accept, it's like shops that have min payments for CC or laser. But if you come in with cash they can't refuse you, but must they tell revenue if you spend more the €10k

dK1NG

Thanks for the replies!:)

gabhain7 wrote: »

Car dealer is perfectly free to engage in business and accept whatever he wants as payment. He is only compelled to accept bank notes and up to 50 coins once you are in debt to him as legal tender must be accepted in satisfaction of a debt.

What about if a store displays a sign at the entrance saying MC/VISA/Laser etc accepted here? Are they then obliged to accept them as payment?

tbh

dK1NG wrote: »

Thanks for the replies!:)




What about if a store displays a sign at the entrance saying MC/VISA/Laser etc accepted here? Are they then obliged to accept them as payment?

not obligied, no. F.E. if the laser system was down, you couldn't just walk out with whatever you were going to pay for with laser.