legal tender

Definitions

Currency that must be accepted by a creditor in settlement of a financial debt.

Any official medium of exchange recognized by law to be valid for meeting a monetary obligation.

Examples

In many countries, banknotes and coins are considered legal tender for the settlement of all public and private debts.

The shopkeeper refused to accept the large stack of pennies, even though they are technically legal tender.

Synonyms

official currency lawful money hard cash circulating medium valid payment

Antonyms

illegal currency counterfeit money barter goods unauthorized tender non-circulating assets