Nov. 1 – Calzone and pennies

Gay Lynn HillBell Ringers, Economics(BR)

Nov. 1 is National Calzone Day!



Nov. 1 is National Calzone Day!



Pennies are legal tender, but according to the Treasury Department, there is “no Federal statute mandating that a private business, a person, or an organization must accept currency or coins as payment for goods and/or services.”

On the other hand, while the U.S. code defines legal tender, despite opinion to the contrary, you can always use other means of payment, if agreed upon between buyers and sellers. The government discourages (and sometimes harasses) people who do, but it is not directly forbidden.


Questions:
  1. Why would it be important to have a clear definition of what constitutes a currency – what is legal tender?
  2. Why might the government want to discourage you from using other currencies?

Image Citation:

23, Oct. 2018, Picture of a calzone [Digital photograph].  Retrieved from <google.com>.