Legal Tender

from USA, Legal Tender could be something to research, don't let me do it all.

I recall some info on this from research I did, will look into it

There's quite a clear write up on legal tender in the UK, on Bank of England web site ..
https://www.bankofengland.co.uk/knowledgebank/what-is-legal-tender

cheers FF & look everyone, its a promise to pay & nothing else, still ink on paper.  

something that's of importance too from FF's link above: 'Legal tender has a narrow technical meaning which has no use in everyday life.
It means that if you offer to fully pay off a debt to someone in legal tender, they can’t sue you for failing to repay.'

this is where sect 42 & 43 BOE 1882 kick in

A Bill of Exchange is not legal tender.  And as I mentioned many times, those sections refer to failure to honour (pay) a BOE and not to any obligation to have accepted it as a means of payment in the first place.

First question - has the creditor/supplier or whatever actually agreed that they will accept payment by Bill of Exchange? If the answer is "No" then nothing in the Act has the remotest relevance.

OK a BOE may not be legal tender but;
https://www.investopedia.com/terms/c/cash.asp

'Understanding Cash

Cash is also known as money, in physical form. Cash, in a corporate setting, usually includes bank accounts and marketable securities, such as government bonds and banker's acceptances.

Although cash typically refers to money in hand, the term can also be used to indicate money in banking accounts, checks, or any other form of currency that is easily accessible and can be quickly turned into physical cash.'

https://www.investopedia.com/terms/c/check.asp

' What Is a Check?

A check is a written, dated, and signed instrument that directs a bank to pay a specific sum of money to the bearer. The person or entity writing the check is known as the payor or drawer, while the person to whom the check is written is the payee. The drawee, on the other hand, is the bank on which the check is drawn.

Checks may be cashed or deposited. When the payee presents a check to a bank or other financial institution to negotiate, the funds are drawn from the payor’s bank account. It is another way to instruct the bank to transfer funds from the payor’s account to the payee or the payee’s account. Checks are generally written against a checking account, but they can also be used to negotiate funds from a savings or other type of account.

In some parts of the world, such as Canada and England, the spelling used is “cheque.” '

OK a cheque is not legal tender but in limited circumstances can be used as 'cash', I've highlighted this too.

FF cash is a sort of BOE is it not (its OK to quote this or that or go to the nth degree over whatever, but look at performance)?

think in US film industry & even on the streets of US - I've heard it myself after being in the US - 'here's a $20 bill' meaning a $20 bank note. Here if someone says 'here's a £20 bill' most would rightly think here's a bill for £20 as oppose to a £20 note.

Cash as a BOE, I've done this example many times. At a restaurant at the end of the night, you ask for the 'bill' do you not? You are given a piece of paper with ink on. You then hand over an amount of GBP - '£' more ink on paper. So think of it instead of BOE more like bills in exchange. You are given a bill & you hand over your bill(s) to the fictitiously created & settled 'debt'?

It does appear that it is also based on offer and acceptance like all of this system, so if you offer and the other party declines to accept then you are into more negotiation, which may or may not be equitable for both or one of the parties. Everything is so Iayered, to get to the crux sometimes seems impossible, and it appears now more so than ever that even if you are bang on it makes little difference when going up against the state they ignore you and plough on anyway. The electricity and council tax being an example. The other problem is fear, fear of the thugs at the door, the judiciary being bankers and therefore not fit for purpose are supposed to be our last line of defence, but they are traitors to man like the whole shit show, it's no wonder that people wished they had guns to protect them against these criminals running the show! I need more coffee, will be in a lighter mood later

LionsShare wrote:'Understanding Cash

Like a lot of words "cash" has different meanings in different contexts. In everyday life if you ask to pay by cash it means banknotes and/or coins rather than cheque or credit card etc. Buying a house it would mean the purchaser isn't using a mortgage. In an investment context it means currency as opposed to shared, funds, bonds etc.

LionsShare wrote:FF cash is a sort of BOE is it not

Not really.  If you mean banknotes then they used to be promissory notes, but that's not the case nowadays.

Like cash the word "bill" has various meanings in different contexts. As you say in the US it's used to refer to banknotes, there are also parliamentary bills, bills of lading, and as you say you may get a bill from a restaurant. A bird has a bill as well.  That doesn't mean that any of these are "Bills of Exchange", any more than let's say a "crab" is a "crab apple" or "horse" is a "horse chestnut".

FF as per the mantra under your user name here on goodf, you are 'dedicated'.

Thank you sir.
Edited after seeing your post "don't call people sir".

Splitting 'hairs' & taking ? to the nth degree really.... look at performance.

Really, honestly; Sir - you admit to being a slave?

Not really. If you mean banknotes then they used to be promissory notes, but that's not the case nowadays.

So why do new notes still carry the wording 'I promise to pay the bearer' ?

daveiron wrote:So why do new notes still carry the wording 'I promise to pay the bearer' ?

No idea why to be honest as it seems pretty meaningless nowadays. Bank of England explanation doesn't really explain either ..

The words ‘I promise to pay the bearer on demand the sum of five/ten/twenty/fifty pounds’ appear on all of our notes. This phrase dates from long ago when our notes represented deposits of gold. At that time, a member of the public could exchange one of our banknotes for gold of the same value. For example, a £5 note could be exchanged for five gold coins, called sovereigns.

However, the value of the pound has not been linked to gold for many years, so the meaning of the promise to pay has changed. You can no longer exchange banknotes for gold. You can only exchange them for other Bank of England banknotes of the same face value.

daveiron wrote:
Not really.  If you mean banknotes then they used to be promissory notes, but that's not the case nowadays.

So why do new notes still carry the wording 'I promise to pay the bearer' ?

Maybe its because they have to put that on to keep the scam going, many people do not know that the gold was removed as surety in the 1930's and that man replaced it as surety; so technically the 'cash' still has to state 'I promise to pay the bearer' because now the one promising to 'back it,' and or pay is us with our life energy, if they took it off then it would reveal the fraud they are perpetrating, just one thought on it, obviously would need to break it down further in order to confirm one way or the other.

flyingfish wrote:

You can only exchange them for other Bank of England banknotes of the same face value.

That's exactly what I thought. a fiver for £5 etc what else could you exchange them for (promise wise)?