It is not illegal for a shop to refuse your cash – if your cash is coins and you have too many of them
- Coins are legal tender and must be accepted as payment for goods and services – up to a point.
- Unlike notes, The South African Reserve Bank Act limits to how many coins must be accepted per transaction.
- A retailer may – but doesn't have to – refuse to accept if you try to pay with too many coins.
Legal tender literally means that somebody you owe money must to accept your cash – just as long as you don't try to pay with too many coins.
Retailers can refuse to accept payment for any goods or services if its made up coins that surpass the limit set by Section 17 of the South African Reserve Bank Act, the Bank pointed out this week.
These are the maximum number of coins of each denomination shops must accept.
So a retailer would be well within its rights to refuse to take your money at the till if you try to pay with 51 coins of R1 each.
However, that retailer can accept all the coins it wants, says Professor Jannie Rossouw of the University of Witwatersrand's School of Economics. It is not illegal to try to make payment with too many coins, nor is it illegal to accept too many coins – but the retailer has the choice.
So, for example, in South Africa Apple would have been well within its rights to turn away 30 trucks sent by Samsung with $1 billion (R11.9 billion) in 5 cent coins, as payment for a fine – as was rumoured to have happened.
Receive a single WhatsApp message every morning with all our latest news. Sign up here.
- No-one will pick up Bitcoin, warns SA’s central bank governor
- These are the best 5 wines under R80, according to SA's top young sommelie
- Millions of South Africans are turning to Norway to get their weather forecasts – here’s why
- The Maritzburg company that helps make Tesla cars, now brings wifi to millions of air travellers
- Low GI bread and bottled water - surprising products set for a VAT increase
- The mining industry really didn't like the last minister of minerals, but Gwede Mantashe is a pretty complicated guy
- He farms cabbages and sold life policies - 8 things you didn't know about Nhlanhla Nene
- The R1 billion yacht belonging to one of Russia's most eligible bachelors has just docked in Cape Tow
- Where to get the best paid jobs in government (and what to avoid)
- South Africans are probably eating Chinese honey that has been mixed with syrup, warns Wandile Sihlobo
- Barbra Streisand says she successfully made two clones of her pet dog, but that they have 'different personalities'
- South Africa's first black woman winemaker just launched her own brand — and the world can't get enough of it
- Steinhoff can't tell shareholders much – but promises to do 'whatever it takes' to stay afloat
- Even at 15%, South Africa is not paying too much in VAT compared to the rest of the world