Q:

Can stamps be used as a legal tender?

A:

Quick Answer

While stamps can be used in financial transactions, they are not considered legal tender in the United States. The term "legal tender" refers to denominations that lenders are legally obligated to accept as payment for a debt. In private transactions, individuals can use stamps as payment if both parties agree.

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Can stamps be used as a legal tender?
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Full Answer

In the United States, the dollar is the only legal tender. In the United Kingdom, the only legal tender is sterling. Unlike legal tender, damaged and used stamps do not retain their value and are not backed by the U.S. government. Any value attached to stamps in a private trade is determined by the parties involved rather than a governing agency.

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