Withdrawal of low-denomination coins
Videos
Page
The withdrawal of a country's lowest-denomination coins from circulation may either be through a decision to remove the coins from circulation, or simply through ceasing minting.
The Swiss 1 Rappen coin, last minted in 2006
Legal tender
Videos
Page
Legal tender is a form of money that courts of law are required to recognize as satisfactory payment for any monetary debt. Each jurisdiction determines what is legal tender, but essentially it is anything which when offered ("tendered") in payment of a debt extinguishes the debt. There is no obligation on the creditor to accept the tendered payment, but the act of tendering the payment in legal tender discharges the debt.
Detail of the obverse of a Series 1950 United States ten-dollar bill, showing the phrase "This note is legal tender for all debts, public and private, and is redeemable in lawful money at the United States Treasury, or at any Federal Reserve Bank." This phrase was subsequently shortened in later issues to "This note is legal tender for all debts, public and private."
Indian rupees were stamped with Government of Pakistan to be used as legal tenders in the new state of Pakistan in 1947.