By being polite to your customer and then explaining that you can`t accept parts unrolled in their 5-gallon bucket unless they`re willing to pay the extra bank processing fees, you may be able to save both the sale and the customer experience. No customer expects paying a bill with pennies to be a pleasant and embarrassing experience. If this is a regular problem that your business faces, you can try getting an automatic sorting machine like a Coinstar machine, or inform your customers of the location of the nearest sorting machine. It is likely that the charge of inappropriate conduct had more to do with dumping and the scattering of pennies and less to do with the currency itself. But the incident raises a legitimate question: Should companies take your money? After all, a penny is legal tender. Doesn`t that mean they`re good everywhere? Although federal law states that the documents are legal tender, it does not require anyone to accept them. If a company does not want to take money or a $100 bill, it has the right to refuse it. So why is the government keeping the money? The answer is simple: sales tax. Sales tax increases the price of an item to an unequal amount, so cents must be given in currency.

Retailers need pennies to get back to customers, banks need pennies to give to retailers, and the Fed needs pennies to give to the bank. Everything so that you can drop one on the sidewalk at the exit. In other words, U.S. currency and coins can be used for payments, but merchants don`t necessarily have to accept them for all types of business transactions. If a shoemaker wants to sell his products for 8000 gelled beans per pair, he has the right to do so; The buyer cannot demand that he accept the equivalent value in legal tender instead. However, legal tender is the method of late payment accepted in contractual agreements on debts and payments for goods or services, unless otherwise specified. In response to the decline in the value of the copper coin, some stores have stopped accepting it as a means of payment. In 2007, a New Yorker was so angry when a Chinese restaurant refused to charge him for dinner with 10 pfennigs (along with other species) that he persuaded a state senator to draft a law requiring money to be accepted anywhere and anytime. (The law was not passed.) And in 2009, a number of merchants in Concord, Massachusetts, banded together to protest pfennigs on Lincoln`s 200th birthday, no less. 31 U.S.C. 5103, entitled "Legal Course," states that "U.S. coins and currencies [including Federal Reserve notes and federal reserve and national bank notes] are legal tender for all debts, public charges, taxes, and duties." This law means that all U.S.

money, as identified above, is a valid and legal offer of payment for debts when offered to a creditor. While coins are indeed legal tender, thanks to the Coinage Act of 1965, the Federal Reserve explicitly states on its website that a private company is free to develop its own policies on which forms of payment to accept, unless state law requires otherwise. Federal laws state that dollars must be accepted as legal tender, but never really dictate what forms of dollars must be accepted. What this law means, in the words of the U.S. Department of the Treasury, is that "[t]he currency of the United States ... is a valid and legal offer of payment for debts when offered to a creditor. However, no federal law requires a person or organization to accept currency or coins to pay for goods and/or services. "Some companies have decided to change their own policies for pennies. They find that counting pennies is a waste of time and have started rounding up or down. Of course, a company has to ask itself if it bothers its customers by taking advantage of them one penny at a time. For example, a few years ago, Chipotle had tried to save time by rounding up or down to avoid pennies (secretly), but when the word came out, it really upset their customers. Chipotle has therefore changed its policy to round only in favor of the consumer.

If getting paid in buckets of pennies is a real problem, you should put up a sign stating that the company does not accept more than a certain dollar amount in coins per transaction (just like the "no notes over $20" sign on the ledger). While you may want to make this sale, you need to realize that accepting buckets of pennies could end up costing you more than what you earn from the sale. Most banks charge a high processing fee if the parts are not rolled, and paying an employee to roll the parts, even if they use an automatic machine, is still a time-consuming and therefore expensive process. Origins: This is one of the misinformation that makes me wish that websites like this existed when I was a kid so I could report it to my dad and tell him to shut up. I don`t remember how many times he solemnly said that "pennies are not legal tender in quantities greater than 100" and that merchants are therefore here, which is what the law says: The Currency Act of 1965, especially Section 31 U.S.C. 5103, states: "U.S. coins and currency (including Federal Reserve notes and treasury bills of Federal Reserve banks and national banks) are legal tender for all debts, government charges, taxes, and duties. Foreign gold or silver coins are not legal tender for debt. Until the end of the 19th century, cent coins and nickel were not legal tender at all. The Coinage Acts of 1873 and 1879 gave them legal tender for debts of up to 25 cents, while the other scrap coins (pennies, quarters and half dollars) were legal tender for amounts up to $10. This remained the law until the Coinage Act of 1965 stipulated that all of the United States.