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Originally Posted by Shoonra
No, the expression "lawful money" exists only the 1862 law creating United States Notes. Gold and silver coin were no declared lawful money and, judging from the Trebilcock decision, United States Notes, declared to be lawful money, were not automatically convertible to gold. The expression is therefore applied only to paper money, evidently to show it had legality equal to gold and silver.
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LAWFUL. That which is not forbidden by law. Id omne licitum est, quod non est legibus prohibitum, q
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"Lawful money" would then be "money which is not forbidden by law". Of course, "law" requires honest weights and measures so paper money would not be lawful as it is forbidden.
If in doubt on this matter I might be willing to sell you a piece of paper that represents a bushel of oats. It might not be as nutritious as the real thing though.