legal tender definition

legal tender

Denomination of a country's currency that, by law, must be accepted as a medium for commercial exchange and payment for a money debt. While usually all denominations of the circulating paper money are legal tenders, the denomination and amount in coins acceptable as legal tender varies from country to country. Checks and postal orders are not legal tenders and are accepted only at the option of the creditor, lender, or seller. Also called lawful money.

legal tender is in the Accounting & Auditing, Banking, Commerce & Finance and Corporate, Commercial, & General Law subjects.

legal tender appears in the definitions of the following terms: money, lawful money, monetize and tender

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