In 1933, the Coinage Act allowed certain New Zealand coins and stripped British coins of legal tender. In the same year, the Reserve Bank of New Zealand was established. The bank has been given a monopoly on the issuance of legal tender. The Reserve Bank has also provided a mechanism for other legal tender issuers to phase out their banknotes. These notes were to be converted into British legal tender upon application to the Reserve Bank and remained so until the notice of suspension of the Sterling Exchange of 1938, which repealed the provisions of an amendment to the Reserve Bank of New Zealand Act 1936. As of 2005, banknotes were legal tender for all payments, and $1 and $2 coins were legal tender for payments up to $100, and 10c, 20c and 50c silver coins were legal tender for payments up to $5. These old silver coins were legal tender until October 2006, after which only the new 10c, 20c and 50c coins introduced in August 2006 remained legal. [29] In the People`s Republic of China, the official currency, the renminbi, is unlimited legal tender for all transactions. The law requires that a public entity or individual cannot refuse to use money to settle a public or private domestic debt. [23] Legal tender refers to all U.S.

coins and currencies issued by the government. U.S. cash dollars are also valid forms of legal tender. Nevertheless, federal laws do not require a seller to accept cash as legal tender for payment for goods or services that have been provided. This allows companies to establish their own policies on accepting cash as legal tender. Legal tender also includes Federal Reserve notes as well as bank notes from Federal Reserve banks and national banking associations for the purpose of settling public and private debts, duties, fees and taxes. Legal tender generally does not include personal checks, credit cards or other general forms of non-cash payments. In some cases, foreign currency may be accepted as legal tender. In addition, legal tender can only be used in connection with the repayment of debts.

Legal tender was first introduced for gold and silver coins in the French Penal Code of 1807 (Art. 475, 11°). In 1870, legal tender was extended to all banknotes of the Bank of France. Anyone who objects to such coins because of their total value would be prosecuted (French Penal Code, art. R. 642-3). The Norwegian krone (NOK) is legal tender in Norway according to the Central Bank (Norwegian: Sentralbankloven) of 24 May 1985. [30] However, no one is obliged to accept more than 25 coins of each denomination (of which 1, 5, 10 and 20 NOK denominations are currently in circulation). The 1¢ and 2¢ coins were withdrawn from circulation in February 1992, but are still legal tender. [15] With the 1884 Supreme Court decision in Juilliard v.

Greenman, the Supreme Court, ruled that Congress had the right to issue legal tender banknotes for the payment of public and private debts. Treasury bills or banknotes are legal tender which, in the eyes of the law, must be accepted when paying debts. [45] The Legal Tender Decision (including Juilliard v. Greenman) urged subsequent courts to “support the federal government`s invalidation of golden clauses in private contracts in the 1930s.” [46] The current legal framework for the settlement and payment of wages is based on the provisions of Article 29(4) of the Workers` Statute, which stipulates that Council Regulation (EC) No 974/98 limits the number of documents that may be offered for payment to fifty. [24] The governments issuing the coins must establish the euro as the sole legal tender. Due to the different legal meanings of the term `legal tender` in different Member States and the possibility for contract law to prevail over legal tender, it is possible for traders to refuse to accept euro banknotes and coins in certain euro area countries (the Netherlands, Germany, Finland and Ireland). [25] National legislation may also impose restrictions on the maximum amounts that can be paid per coin or banknote. In 1901, banknotes in circulation in Australia consisted of banknotes payable in gold coins and issued by merchant banks and Queensland treasury bills. Banknotes circulated in every state except Queensland, but were not legal tender, except for a brief period in 1893 in New South Wales. However, there were certain restrictions on their issuance and other provisions to protect the public.

Queensland Treasury notes were issued by the Queensland Government and were legal tender in that state.