Author Topic: Legal Tenders  (Read 1338 times)

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Offline repindia

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Re: Legal Tenders
« Reply #45 on: October 05, 2018, 06:25:10 AM »
Marshall Islands I think
http://www.pireport.org/articles/1997/10/20/marshall-isalnds-legal-tender-coins-bring-lawsuit
From memory (I've not found a quote) I think the outcome was that the coins could be redeemed at 30% of face.

That's it! I was way off geographically.  :)

Offline kansal888

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Re: Legal Tenders
« Reply #46 on: October 05, 2018, 08:18:42 AM »
Dear Friends

I am posting the link of Wikipedia on NCLT.

https://en.wikipedia.org/wiki/Non-circulating_legal_tender

Signing off for now on this thread.

Regards

Sanjay Kansal

Non-circulating legal tender (NCLT) refers to coins that are theoretically legal tender and could circulate but do not because their issue price, and/or their melt value at the time of issue is significantly above the arbitrary legal tender value placed thereon. They are sold to collectors and investors with no intention that they be used as money. Notable examples would include commemoratives, proofs, bullion coins, presentation sets, patterns and the like.[1]

Some coins intended as NCLT have historically circulated such as the 1893 World's Columbian Exposition Half Dollars[2] which was a commemorative and the 1856 Flying Eagle cent[3] which was a pattern.

Private issues are not NCLT because they are not legal tender and are properly viewed as medals

Offline EWC

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Re: Legal Tenders
« Reply #47 on: October 05, 2018, 08:42:24 AM »
But I do feel that people are perhaps seeking to stand upon firm ground here, where in the modern financial world, there is hardly any to be found.

I am posting the link of Wikipedia on NCLT.
https://en.wikipedia.org/wiki/Non-circulating_legal_tender
Signing off for now on this thread.

Given its mode of production - the apparent suggestion - that Wikipedia should be the last word  seems to me to be clutching at straws

Rob T

Offline kansal888

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Re: Legal Tenders
« Reply #48 on: October 05, 2018, 12:12:21 PM »
Given its mode of production - the apparent suggestion - that Wikipedia should be the last word  seems to me to be clutching at straws

Rob T

I agree with you.

Offline Abhay

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Re: Legal Tenders
« Reply #49 on: March 30, 2019, 04:48:21 AM »
If you see the GST Invoice issued by the Kolkata Mint, the HSN Code for the coins is mentioned as 71181000.

If you search for HSN Code 71181000, it shows as "HS Codes 71181000 : HS Classifcations of Coin (other than gold coin), not being legal tender. Harmonized System Codes of Chapter 71 : Natural or cultured pearls, precious or semi-precious stones, preciousmetals, metals clad with precious metal and articles thereof; immitation jewellery; coin."

So, as per Kolkata Mint, all the Proof and UNC sets are being sold as Non Legal Tender Coins.

Abhay
INVESTING IN YESTERDAY

Offline dheer

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Re: Legal Tenders
« Reply #50 on: March 30, 2019, 08:17:08 AM »
Interesting
http://coinsofrepublicindia.blogspot.in
A guide on Republic India Coins & Currencies

Offline Rabi_R

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Re: Legal Tenders
« Reply #51 on: March 30, 2019, 09:45:53 AM »
What is interesting?

Offline kansal888

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Re: Legal Tenders
« Reply #52 on: March 31, 2019, 03:05:30 AM »

If you search for HSN Code 71181000, it shows as "HS Codes 71181000 : HS Classifcations of Coin (other than gold coin), not being legal tender.


Dear Abhay ji

An error in correct HSN classification by the accounts department of Kolkata mint does not means commemorative coins sold by Kolkata mint are not legal tender. May be the GST system does not have correct HSN codes for commemorative

Regards
Sanjay Kansal