Classic coins and legal tender status

[Zoins]

The thread about melting cents, nickels and silver coinage got me thinking about precious metals based CLT.

 

This GATA thread says that it was illegal for Americans to own US gold coins after 1933 and that it is legal again but it doesn't elaborate as to whether it's just legal to own or legal tender. It also mentions that many people simply didn't follow US law to turn in their gold coins in 1933. It's just one of many laws Americans don't follow: the speed limit, prohibition, ... possibly melting coins?

 

Then I found this New Zealand thread that says classic silver Kiwi coinage stopped being legal tender on October 31, 2006. This got me thinking about classic European coins after the introduction of the Euro. This thread on the euro says:

National notes and coins will continue to remain legal tender within the country of issuance until the completion of the changeover process.

I would assume that means after the Euro changeover, national coins are no longer legal tender? I had assumed many countries that go through hyper-inflation revoke the legal tender status of their old curriencies but just started thinking about it for European and other countries with relatively stable economies.

 

I've always assumed older US types are still legal tender in the US but I'm not sure if this is actually the case and, if it is, whether the US is the exception rather than the rule? Are classic US coins still legal tender, even the classic gold coins that were once illegal to own? If so, is the US an exception when it comes to keeping it's old coinage legal tender?

[PerryHall]

The Coinage Act of 1965 made all US produced coins legal tender including classic gold coins and trade dollars.

 

 

 

 

 

 

 

[Zoins]

So you're saying no law has come along since 1865 to revoke the legal tender status of any coins? As we know, all laws can be changed, whether revoked directly or interpreted differently according to the times.

[TomB]

The law establishing all US issued coinage as legal tender was from 1965, not 1865. Additionally, it was not made illegal to own US gold coinage in 1933 and you can read the Executive Order to confirm this.

[Zoins]

Thanks for the replies and the link. I think it's really interesting that the US may be the exception in having it's older coins remain legal tender.

[Conder101]

So you're saying no law has come along since 1865 (correction 1965) to revoke the legal tender status of any coins? As we know, all laws can be changed, whether revoked directly or interpreted differently according to the times.

That is correct, there have been no changes to legal tender status since that time.

 

Interesting trivia, The half cent was NEVER legal tender until the Coinage Act of 1965.