4 ms·

I'm not a lawyer, but my understanding is that creating an alternate currency is strictly illegal. IANAL either, but I would be interested in a citation on tha

by frossie 15y ago

I'm not a lawyer, but my understanding is that creating an alternate currency is strictly illegal. IANAL either, but I would be interested in a citation on that. My understanding is that say in the US (a) you can't print US dollars (because the Fed has a monopoly on that) and (b) you can't refuse to take US dollars (because they are legal tender). That said, I don't know of a law that says you can't also use an alternative currency. For example if a school had "school money" where "credits" are earned for good grades and are exchanged for lunch or snacks, that is a form of alternate currency that surely is not illegal.

mortenjorck 15y ago
Of course, the line between "illegal" and "can get you in legal trouble" is never a crisp one.
- daniel1980fl2 15y ago
  exactly. thats why point B does not work in most government facilities nowadays. try to pay a court case, get drivers license, pay for taxes or your license plate with cash --- a nice clerk will tell you "check, money order or credit card only".
rprasad 15y ago
The Federal Reserve does not print US dollars, nor does it have the right or power. The US Mint and the Bureau of Engraving (both part of the Deptartment of the Treasury) produce coinage and print dollars at the advice and counsel of the Federal Reserve, and are the only agencies so empowered.
- narrator 15y ago
  Each dollar bill has the words "Federal Reserve Note" in big type at the top. That is because they represent debt of the federal reserve. The bureau of printing and engraving prints them for the federal reserve to hand out and is reimbursed for the cost of printing by the federal reserve. Federal reserve notes have the very handy attribute in that they are the only currency that can be used to settle U.S tax liabilities.
fleitz 15y ago
You can certainly refuse US dollars in the United States, however you cannot refuse them for payment of debt.

by frossie 15y ago

mortenjorck 15y ago

Of course, the line between "illegal" and "can get you in legal trouble" is never a crisp one.

daniel1980fl2 15y ago
exactly. thats why point B does not work in most government facilities nowadays. try to pay a court case, get drivers license, pay for taxes or your license plate with cash --- a nice clerk will tell you "check, money order or credit card only".

rprasad 15y ago

The Federal Reserve does not print US dollars, nor does it have the right or power. The US Mint and the Bureau of Engraving (both part of the Deptartment of the Treasury) produce coinage and print dollars at the advice and counsel of the Federal Reserve, and are the only agencies so empowered.

narrator 15y ago
Each dollar bill has the words "Federal Reserve Note" in big type at the top. That is because they represent debt of the federal reserve. The bureau of printing and engraving prints them for the federal reserve to hand out and is reimbursed for the cost of printing by the federal reserve. Federal reserve notes have the very handy attribute in that they are the only currency that can be used to settle U.S tax liabilities.

fleitz 15y ago

You can certainly refuse US dollars in the United States, however you cannot refuse them for payment of debt.