Legal Tender

Dror Goldberg ()

No 2009-4, Working Papers from Bar-Ilan University, Department of Economics

Abstract: The legal foundation of the monetary system is the law of legal tender. The “legal tender” concept is used in models to describe almost anything except for what it really means in actual laws. Such errors prevent an accurate evaluation of the importance of this legal status. This note explains in simple terms what “legal tender” really means.

Keywords: Legal tender; Contract law; Taxes (search for similar items in EconPapers)
JEL-codes: E42 K12 (search for similar items in EconPapers)
Date: 2009-04
New Economics Papers: this item is included in nep-mac and nep-mon
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Citations: View citations in EconPapers (1)

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