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legal tender

法定通貨 ／ legal-tender　—　Institutions

Currency that cannot be refused by the recipient as settlement for a payment, up to the limit stipulated by law.

Wampum (belt of shell beads) Wampum (belt of shell beads)17th century (the age of trade money) Spanish eight reales (pillar dollar) Spanish eight reales (pillar dollar)1768 Greenback (one-dollar United States note) Greenback (one-dollar United States note)1 August 1862 (as printed)
A photograph of what this word names.

⚠ This does not mean "the law guarantees its value." It means that "if offered in repayment of a debt, it cannot be refused." Even if inflation erodes its intrinsic value, its status as legal tender remains unchanged.

References

  • What is legal tender? — Bank of England　The central bank itself states that "legal tender" does not mean a shop is obliged to accept it. Bank of England notes are not legal tender in Scotland. Last updated 2025-02-26.

The books and materials referred to in this course.