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This morning more than 30 trucks filled with 5-cent coins arrived at Apple’s headquarters in California. Initially, the security company that protects the facility said the trucks were in the wrong place, but minutes later, Tim Cook (Apple CEO) received a call from Samsung CEO explaining that they will pay $1 billion dollars for the fine recently ruled against the South Korean company in this way.
Actually, under US law, all US currency are legal tender for all debt, public charges, taxes and due.
So as long as it is not a purchase, the debt holder must accept the US currency regardless of it's form.
In the US, but most countries (including Canada) have limits which usually read something like: Up to X amount when paying in denominations of Y where they will list several ranges.
Paying in pennies is one of those things that appeals to people who want to "stick it to the man" but in reality it's just not practical and you're not "sticking" it to anyone but yourself. Let's say you owe someone $10,000 and you're pissed at them and want to send them pennies.
Where are you going to get one million pennies from? Do you think a bank will just give you that many pennies and not charge you some kind of fee for wasting all their time gathering that many together? But let's say, for arguments sake, that you could place an "order" for that many and the bank would call you when your "pallet" of pennies arrived. Now it's time to make your payment.
When you deliver the payment, do you actually think you're just going to drop off the pennies, say "here's your money" and leave? The person you owe is going to demand you stay and count it with them so you can both verify the amount is correct. Just like they'd do to any customer paying for something in cash. So now you've just wasted a huge amount of your time along with wasting their time. If you refused and left then they could claim there was only $5,000 (not the $10,000 you owe) and how would you ever be able to prove it?
Again, it's one of those things that sounds cool but in the end it's just stupid.
So he spent 6 hours to fold the bills and when he got there they refused to accept them unless they were unfolded. So he stayed to unfold them as well. I don't know what this guys time is worth but my time is far too valuable to waste on something so stupid. Posted via RS Mobile
1 billion dollar in nickels is 20 billion nickels.
20 billions nickels at 5 grams each is 100 billion grams or 100 million kg. The United States Mint About Us
Maximum legal gross weight in State of California is 80,000 lbs as per this webpage. Road Weight and Size limitations: By State
comment: not sure if legal gross weight includes the cab or not
additionally, in comment 11 it states:
11] This state does not provide overweight/over dimensional permits unless cargo is not able to be broken up (one solid unit), at which point, special arrangements have to be made with a specialized carrier. 80,000 is legal in AL, FL, GA, LA, MS, NC, SC, TN, VA; however, there may be issues with axle weights if not loaded correctly.
Therefore, it is highly unlikely this delivery was granted a special permit.
So 220 millions lbs of cargo would require a minimum of 2750 trucks.