Thanks for the explanation Ken. That makes sense. However, I still think the term "legal tender" is a misnomer since it's really no different than a cheque, debit card or credit card. In practice it's just another discretionary form of currency. I must be interpreting legal tender wrong I guess. To me the term legal tender gives it binding validity, but it's actually just discretionary, depending on the retailer's whims and policies.
Now, what about postage stamps ... are they a form of legal tender? Just curious. If I went into Tim Horton's and tried to pay for my coffee and fritter with a bunch of stamps I fully expect to be refused. But is a transaction like that theocratically possible, depending on the retailer's acceptance?
(Sorry for derailing the thread, but the OP doesn't seem to be getting much discussion and I find the legal tender/postage stamp as currency stuff interesting, and I don't think it warrants its own thread.)
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