4 ms·

It's not considered legal tender since it's not a note, it doesn't have to be accepted. The cut out notes don't have to be accepted either as it's difficult to

by buryat 2y ago

It's not considered legal tender since it's not a note, it doesn't have to be accepted. The cut out notes don't have to be accepted either as it's difficult to determine the authenticity of the sheet itself.

em500 2y ago
Sellers are largely free to choose what form of payment to accept or refuse, regardless of "legal tender" laws. The concept is much more narrow than commonly assumed: https://www.federalreserve.gov/faqs/currency_12772.htm https://www.federalreserve.gov/faqs/currency_12772.htm
- buryat 2y ago
  Yes, I wasn't sure about the exact legal code around it, hence I said "it doesn't have to be accepted" and provided a potential explanation that the counterparty can present. In the cited Section 31 U.S.C. 5103 it says: > Federal Reserve notes and circulating notes of Federal Reserve Banks and national banks What would be the legal definition of a note sheet? Is it a note or not? A collection of bank notes? The bank notes have pretty specific definitions down to the specific measurements up to a certain precision. Would a music note sheet fall under this definition as well? I don't see what the US mint sells as a legal tender given the strict definition of bank notes themselves.
eesmith 2y ago
US Mint FAQ at https://www.usmint.gov/help-center/faqs/paper-currency-and-engraved-prints.html https://www.usmint.gov/help-center/faqs/paper-currency-and-e... > Is uncut currency legal tender? > Yes. The individual notes on uncut currency sheets are legal tender.
- JumpCrisscross 2y ago
  Legally speaking, yes. Practically, I'd reject someone handing me uncut currency as change.
  - eru 2y ago
    I'd gladly accept a whole sheet of uncut currency, because they sell for more than face value.
    - buryat 2y ago
      Who are you going to resell it to? You've just become the sucker while they recouped some of the losses.
      - eru 2y ago
        If you accept it at face value, how have they recouped their losses? And how are you a sucker? > Who are you going to resell it to? Ebay or so, if you have no better idea.
- buryat 2y ago
  > The individual notes on uncut currency sheets are legal tender. It doesn't say that the whole sheet would be considered as a collection of legal tender. So far I see that the individual notes are legal tender, it doesn't say what happens if you cut it. Everything it says is about uncut currency sheets.
  - kxrm 2y ago
    > it doesn't say what happens if you cut it. It does though? > Can I cut uncut currency sheets? What happens if the notes on my sheet were cut apart? > Because the individual notes on uncut currency sheets are legal tender, they may be cut apart and spent. Were you to do this, they would only be valued at their face value, even though you would have paid more than their cumulative value for the uncut currency sheet.
    - buryat 2y ago
      Interesting up to what section they can be cut out, can it just be the two serial numbers and the denomination? Then the back of the notes becomes just "In God We Trust"
      - AngryData 2y ago
        In the case of damaged bills, if you have over half of it it is generally still considered legal tender and banks will accept it as-is. However if over 50% of the bill is damaged or missing, it has to be turned into the Bureau of Engraving and Printing, which is basically the paper money half of the US Mint, and investigated/examined to determine if it is valid for replacement or reimbursement. So I would assume as long as you have over half after cutting it, it would still be good, although businesses and banks can turn it down if they are unsure of it's legality or legitimacy, and not having a full serial number would likely get it rejected nearly everywhere.
        buryat 2y ago
        Is this an infinite paper glitch? If banks have to accept if over 50% of the bill is missing, then you can keep the other paper and use it. Using it productively seems difficult but $1M in $1 bills (one bill is roughly 1 gram) would be 1000kg, 490kg of paper, let's say it would be considered residential papers then at $100 per ton, we're looking at $49 in yield out of air. 0.0049bbps + infinite time on doing the process.

by buryat 2y ago

em500 2y ago

Sellers are largely free to choose what form of payment to accept or refuse, regardless of "legal tender" laws. The concept is much more narrow than commonly assumed: https://www.federalreserve.gov/faqs/currency_12772.htm https://www.federalreserve.gov/faqs/currency_12772.htm

buryat 2y ago
Yes, I wasn't sure about the exact legal code around it, hence I said "it doesn't have to be accepted" and provided a potential explanation that the counterparty can present. In the cited Section 31 U.S.C. 5103 it says: > Federal Reserve notes and circulating notes of Federal Reserve Banks and national banks What would be the legal definition of a note sheet? Is it a note or not? A collection of bank notes? The bank notes have pretty specific definitions down to the specific measurements up to a certain precision. Would a music note sheet fall under this definition as well? I don't see what the US mint sells as a legal tender given the strict definition of bank notes themselves.

eesmith 2y ago

US Mint FAQ at https://www.usmint.gov/help-center/faqs/paper-currency-and-engraved-prints.html https://www.usmint.gov/help-center/faqs/paper-currency-and-e... > Is uncut currency legal tender? > Yes. The individual notes on uncut currency sheets are legal tender.

JumpCrisscross 2y ago
Legally speaking, yes. Practically, I'd reject someone handing me uncut currency as change.
- eru 2y ago
  I'd gladly accept a whole sheet of uncut currency, because they sell for more than face value.
  - buryat 2y ago
    Who are you going to resell it to? You've just become the sucker while they recouped some of the losses.
    - eru 2y ago
      If you accept it at face value, how have they recouped their losses? And how are you a sucker? > Who are you going to resell it to? Ebay or so, if you have no better idea.
buryat 2y ago
> The individual notes on uncut currency sheets are legal tender. It doesn't say that the whole sheet would be considered as a collection of legal tender. So far I see that the individual notes are legal tender, it doesn't say what happens if you cut it. Everything it says is about uncut currency sheets.
- kxrm 2y ago
  > it doesn't say what happens if you cut it. It does though? > Can I cut uncut currency sheets? What happens if the notes on my sheet were cut apart? > Because the individual notes on uncut currency sheets are legal tender, they may be cut apart and spent. Were you to do this, they would only be valued at their face value, even though you would have paid more than their cumulative value for the uncut currency sheet.
  - buryat 2y ago
    Interesting up to what section they can be cut out, can it just be the two serial numbers and the denomination? Then the back of the notes becomes just "In God We Trust"
    - AngryData 2y ago
      In the case of damaged bills, if you have over half of it it is generally still considered legal tender and banks will accept it as-is. However if over 50% of the bill is damaged or missing, it has to be turned into the Bureau of Engraving and Printing, which is basically the paper money half of the US Mint, and investigated/examined to determine if it is valid for replacement or reimbursement. So I would assume as long as you have over half after cutting it, it would still be good, although businesses and banks can turn it down if they are unsure of it's legality or legitimacy, and not having a full serial number would likely get it rejected nearly everywhere.
      - buryat 2y ago
        Is this an infinite paper glitch? If banks have to accept if over 50% of the bill is missing, then you can keep the other paper and use it. Using it productively seems difficult but $1M in $1 bills (one bill is roughly 1 gram) would be 1000kg, 490kg of paper, let's say it would be considered residential papers then at $100 per ton, we're looking at $49 in yield out of air. 0.0049bbps + infinite time on doing the process.