Paying with cash

[RGINN]

I might be beating a dead horse here, cause I griped about it before, but it was one of my pandemic pet peeves. The Governor has signed into law a bill requiring all Colorado retailers to accept cash money as payment, with a couple of exceptions. The Governor did have some doubts about the bill, and it probably won't be enforceable, and even I could see it's a little iffy, but it's the thought that counts. This bill was intended to help the 7% of Coloradans who don't have a bank account or carry plastic, and probably a smaller percentage of contrary old farts like me.

 

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[releventchair]

Saved about 42 bucks paying cash on a rifle yesterday.
Adds up over time...

Most bills see a check mailed. Those are my honor notes. As much as our currency is based on good faith..
My cash does not get hacked. My credit card has been.

 

[ARC]

The ole saying still applies...

Cash is King.

 

[Tony in SC]

I think there was once a federal law that stated payment with American money could not be denied?

 

[fistfulladirt]

Been paying cash for at least 50 years. I like getting silver and old coins back in change, happens every year.

 

[ARC]

I think there was once a federal law that stated payment with American money could not be denied?

You are correct.

If i wanted to pay for something with 100 dollars worth of pennies... CRUSTY pennies even... i think you are required to take it.

Now.. that could just be that banks have to take it though.

 

[GoDeep]

"This note is legal tender for all debts, public and private"

Often misinterpreted to mean "one must accept cash as payment". That is incorrect. It only covers the user, not the receiver. .

Though it states it's legal tender for you to use, federal law does not mandate that an individual or business must accept cash. Some states have enacted their own laws however.

In other words: It is legal for you to pay with cash, however, it is not illegal for me to refuse your cash.

"United States coins and currency (including Federal reserve notes and circulating notes of Federal reserve banks and national banks) are legal tender for all debts, public charges, taxes and dues. Foreign gold or silver coins are not legal tender for debts.— 31 U.S.C. § 5103

Contrary to common misconception,[47] there is no federal law stating that a private business, a person, or a government organization must accept currency or coins for payment. Private businesses are free to create their own policies on whether they accept cash, unless there is a specific state law which says otherwise. For example, a bus line may prohibit payment of fares in cents or dollar bills. In addition, movie theaters, convenience stores, and gas stations may refuse to accept large denomination currency as a matter of policy or safety.[3][4]"

 

[Ohiogoldfever]

Please stand for cash even if you don’t use it regularly. Digital money is already a thing. Doing away with cash would be a monumental mistake. Imagine having no buying power during a hurricane, earthquake, tornado... hell scheduled black outs!

Homeless with no means of money. Every transfer of money tracked and taxed. Hacking is another problem.

Stand for cash or you will wish you had.

 

[newnan man]

Digital currency is an attempt to monopolize the movement of money. Cash deals on illegal activities amount to billions or more which the gov't cannot tax. I can imagine the angst those money hungry political hacks must feel. The problem is how that will effect honest folks who like & use cash. Kind of like gun control. A criminal commits a crime with a firearm and the politicians want to run out and make laws that will only impact law abiding citizens. We have been giving the government too much control of our lives at the cost of lost freedoms. JMHO

 

[RGINN]

"This note is legal tender for all debts, public and private"

Often misinterpreted to mean "one must accept cash as payment". That is incorrect. It only covers the user, not the receiver. .

Though it states it's legal tender for you to use, federal law does not mandate that an individual or business must accept cash. Some states have enacted their own laws however.

In other words: It is legal for you to pay with cash, however, it is not illegal for me to refuse your cash.

"United States coins and currency (including Federal reserve notes and circulating notes of Federal reserve banks and national banks) are legal tender for all debts, public charges, taxes and dues. Foreign gold or silver coins are not legal tender for debts.— 31 U.S.C. § 5103

Contrary to common misconception,[47] there is no federal law stating that a private business, a person, or a government organization must accept currency or coins for payment. Private businesses are free to create their own policies on whether they accept cash, unless there is a specific state law which says otherwise. For example, a bus line may prohibit payment of fares in cents or dollar bills. In addition, movie theaters, convenience stores, and gas stations may refuse to accept large denomination currency as a matter of policy or safety.[3][4]"

I did not say that meant you must accept cash money as payment. But yeah buddy here in Colorado 90 days after the legislature lets out it is very much illegal for you as a retailer to refuse to accept cash money.

 

[GoDeep]

I did not say that meant you must accept cash money as payment. But yeah buddy here in Colorado 90 days after the legislature lets out it is very much illegal for you as a retailer to refuse to accept cash money.

And note that i never said you meant that and I also noted that "some states have enacted their own laws" regarding cash acceptance.

 

[KEYSHUNTER]

well vendors try to push ya to self checkout......i had a roll but it was all ones...plus they had to come over to verify my booze purchace it took alot of time...hahaha....made the store uncomforable for other customers.....

 

[RGINN]

And note that i never said you meant that and I also noted that "some states have enacted their own laws" regarding cash acceptance.

Noted. It's pretty much gonna be unenforceable anyway, if you read how it's written. The Governor had some reservations about it, relayed those to the legislature, but signed it anyway. I'm in retail, we'll take your money in whatever form or however we can get it. Not good business to run off customers.

 

[Louie D]

The ole saying still applies...

Cash is King.

Yup - there will always be a significant part of our economy that operates on cash only.

 

[crashbandicoot]

Cash makes no enemies,let,s be friends!Another old fart.

 

[Honest Samuel]

I am another old fart, 79, I love cash, find it and spent it.

 

[Sheperdess]

Me too!

 

[FreeBirdTim]

I have a yard sale once a year and so many people get annoyed because I only take cash! Who goes to a yard sale with no cash on hand? Get a clue, people!

 

[Trezurehunter]

My wife and I still pay with cash 90 % of the time. Only purchases over a couple hundred dollars go on the plastic, because we won't carry that much cash on us.

 

[Duckshot]

Digital currency is an attempt to monopolize the movement of money. Cash deals on illegal activities amount to billions or more which the gov't cannot tax. I can imagine the angst those money hungry political hacks must feel. The problem is how that will effect honest folks who like & use cash. Kind of like gun control. A criminal commits a crime with a firearm and the politicians want to run out and make laws that will only impact law abiding citizens. We have been giving the government too much control of our lives at the cost of lost freedoms. JMHO

Those money hunger political hacks won't even feel so much as a pinch. They will just steal your savings by means of inflation and use freshly printed 100 Trillion USD notes to pay off government debt Zimbabwe style. Free covid money for everyone. The government can't spend it into existence fast enough to keep up with the interest so they need your help. Spend your free money now while it is still worth something.

And just wait till the price fixing comes, history shows that is the next step usually taken with failed monetary policy. Venezuela froze the price of eggs and the next day it didn't matter if you had money- no eggs to be found for sale anywhere...