Once upon a time, the famous criminal Willie Sutton
was asked why he robbed banks, and his response was simple, eloquent,
and humorous: “Because that’s where the money is.” Well, soon that adage
may be proven untrue. What exactly is the meaning of legal tender? In
order to place money in its proper perspective, examine what the U.S. Treasury says.
The pertinent portion of law that applies to
your question is the Coinage Act of 1965, specifically Section 31 U.S.C.
5103, entitled "Legal tender," which states: "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.
