Some countries or banks that issue legal tender will link their legal tender with one or more foreign currencies and maintain their exchange rate at a certain level with their foreign exchange reserves. There are also legal tender without any anchor, whose value floats freely and is maintained by the issuer's control of circulation.
(1) The Chief Executive in Council may authorize the issue of coins by order. The design, denomination, composition, quasi-weight and allowable tolerance shall be specified in the order. As long as the coins are not handled in any way prohibited by law, they are legal tender to pay the following amounts-(Amended by 1999 Article 3)
(a) for coins with a denomination of not less than $ 1, the amount paid does not exceed $100;
(b) For coins less than $ 1, the amount paid shall not exceed $2.
(2) Each coin is only legal tender of the denomination indicated.
(3) Where a coin is damaged, reduced or lightened except due to normal wear and tear, or is damaged by printing or engraving any name, word or mark, or being cut, punched or chopped in any form, the coin shall be deemed to be disposed of in a manner prohibited by law.
(4) The Chief Executive in Council may make regulations to provide that any coin that is dealt with in a manner prohibited by law may be recalled, cut, destroyed, damaged or disposed of in accordance with such regulations. (amended 68 of 0999 s 3)
(formulated in 1994)
2007-09-1512:14: 21supplement:
Article 2 of Chapter 454 states that coins are legal tender. Reference: legislation/index, which does not represent real commodities or goods, are legal tender.
Refers to the currency that does not represent physical objects or goods, and the issuer has no obligation to cash the currency in kind, and only relies on the laws and regulations of * * * to make it legal tender. The value of fiat money comes from the owner's belief that money can maintain its purchasing power in the future, but the money itself has no intrinsic value.
Some countries or banks that issue legal tender will link their legal tender with one or more foreign currencies and maintain their exchange rate at a certain level with their foreign exchange reserves. There are also legal tender without any anchor, whose value floats freely and is maintained by the issuer's control of circulation. Legal tender refers to the currency that does not represent real commodities or goods. The issuer has no obligation to cash the currency in kind, and only relies on the laws and regulations of * * * to make it legal tender. The value of fiat money comes from the owner's belief that money can maintain its purchasing power in the future, but the money itself has no intrinsic value.
Some countries or banks that issue legal tender will link their legal tender with one or more foreign currencies and maintain their exchange rate at a certain level with their foreign exchange reserves. There are also legal tender without any anchor, whose value floats freely and is maintained by the issuer's control of circulation. ,