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From http://www.bep.gov/resources/lawsandregulations.html

 

 

Legal Tender: A Definition

Section 31 U.S.C. 5103. Legal Tender

 

United States coins and currency (including Federal Reserve notes and circulating notes of Federal Reserve Banks and national banks) are legal tender for all debts, public charges, taxes, and dues. Foreign gold or silver coins are not legal tender for debts.

 

However, there is no federal statute which mandates that private businesses must accept cash as a form of payment. Private businesses are free to develop their own policies on whether or not to accept cash unless there is a State law which says otherwise.

 

 

From http://dictionary.reference.com/browse/legal-tender?s=t

 

legal tender

noun
1.
currency that may be lawfully tendered in payment of a debt, such as paper money, Federal Reserve notes, or coins.
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