Quantcast
Channel: Business - Tim Worstall
Viewing all articles
Browse latest Browse all 761

I once actually checked up on this

$
0
0

Going to the DMV to pay his bill, he wheeled in five wheelbarrows of coins, weighing in at 1,600 pounds.

It took staff at least seven hours to count the coins, working until early on Thursday morning.

To pay the $3,000 bill, he had spent just over $1,000 in purchasing the wheelbarrows and hiring people to break open the hundreds of rolls of coins.

He paid the bill in US pennies. Unwrapped and loose.

And one day, after a similar sort of thing, I checked up on it all. Called the US Mint, the BoE. And US coins are legal tender. You can pay a debt with them, in any amount. UK ones are not. Can’t recall the actual numbers but you can only demand to pay in pennies up to 20 p, ten p up to a couple of quid and so on.

And yes, you could pay the IRS your entire tax bill in those wheelbarrows of unwrapped pennies. There was an intimation that you might have an ever so slightly raised possibility of being randomly audited if you did but they would have to take the money…..


Viewing all articles
Browse latest Browse all 761

Trending Articles