Set Description:
What is legal tender?
31 USC 5103. Legal Tender 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.
However, there is no Federal statute which mandates that private businesses must accept cash as a form of payment. Private businesses are free to develop their own policies on whether or not to accept cash unless there is a state law which says otherwise.
What is the average life span of a Federal Reserve Note?
The average life span of a Federal Reserve Note varies by denomination:
Denomination
Life Span
$ 1 ............... 42 months
$ 5 ...............16 months
$ 10 ............. 18 months
$ 20 ............. 24 months
$ 50 ............. 55 months
$100 ............ 89 months
What is currency paper made of?
Currency paper is composed of 75% cotton and 25% linen.
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