Legal Tender, Debt, and the Institutional Settlement of Monetary Obligations in English Law – Levy Economics Institute of Bard College This paper challenges the widespread public and institutional misconception that legal tender laws in English law compel creditors to accept payment in a specific form. We argue that legal tender...mo...

''The paper concludes that the operational currency of the modern state is not physical legal tender but central bank reserves and commercial bank money, rendering legal tender a concept of largely historical and symbolic significance.'' #legal #tender #debt #NeilWilson #RichardTye #AndrewBerkeley