Guess this little-known coin rule that stumped Millionaire Hot Seat contestants
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Believe it or not, there are still laws that can confuse most of us when it comes to paying in cash.
Take, for instance, the legal tender. While it's well-known that many shops accept coins as a form of tender, only a few Australians are aware of some of the more restrictive laws and regulations governing the use of these coins.
A lesser-known quirk in the law was highlighted in all its glory by Eddie McGuire, host of the popular quiz show Millionaire Hot Seat, as he asked one of the contestants this question:
'In Australia, what is the maximum payment in silver coins that must be accepted as legal tender?'
The contestant, Rita, decided to pass, leading to Cindy (a former checkout worker at Woolworths) being allowed to answer.
‘I would assume $20, but that would be super annoying to count up,’ she said before deciding on her final answer of $10.
The possible answers presented were $1, $5, $10 and $20—however, it was soon revealed that while coins are legal tender, there are restrictions about how much can be paid in one transaction.
So, what do you think the answer is? Before reading ahead, see if you can guess correctly! Click the spoiler button below to reveal the answer.
The Reserve Bank of Australia said that while coins are legal tender, there are restrictions on how much can be paid in one transaction. These restrictions include:
How fascinating! We here at Seniors Discount Club are curious–did you guess right? Have you ever tried to pay with more than $5 in coins for a purchase? If so, how did it go? Let us know in the comments below!
Take, for instance, the legal tender. While it's well-known that many shops accept coins as a form of tender, only a few Australians are aware of some of the more restrictive laws and regulations governing the use of these coins.
'In Australia, what is the maximum payment in silver coins that must be accepted as legal tender?'
There is a restriction on accepting silver coins as legal tender. Credit: Karen Laårk Boshoff/Pexels
‘I would assume $20, but that would be super annoying to count up,’ she said before deciding on her final answer of $10.
The possible answers presented were $1, $5, $10 and $20—however, it was soon revealed that while coins are legal tender, there are restrictions about how much can be paid in one transaction.
So, what do you think the answer is? Before reading ahead, see if you can guess correctly! Click the spoiler button below to reveal the answer.
It turns out that when paying in silver coins, your purchase must not exceed $5!
- not exceeding 20c if 1c and/or 2c coins are offered (these coins have been withdrawn from circulation but are still legal tender);
- not exceeding $5 if any combination of 5c, 10c, 20c and 50c coins are offered; and
- not exceeding 10 times the face value of the coin if $1 or $2 coins are offered.
How fascinating! We here at Seniors Discount Club are curious–did you guess right? Have you ever tried to pay with more than $5 in coins for a purchase? If so, how did it go? Let us know in the comments below!
