Editing Commodity money (section)

== Legal tender issues ==
Today, the face value of [[coins|specie]] and base-metal coins is set by government fiat, and it is only this value which must be legally accepted as payment for debt, in the jurisdiction of the government which declares the coin to be legal tender. The value of the precious metal in the coin may give it another value, but this varies over time. The value of the metal is subject to bilateral agreement, just as is the case with pure metals or commodities which had not been monetized by any government. As an example, [[Gold coin|gold]] and [[silver coin]]s from other non-U.S. countries are specifically exempted in U.S. law from being legal tender for the payment of debts in the United States,<ref>{{usc|31|5103}}</ref> so that a seller who refuses to accept them cannot be sued by the payer who offers them to settle a debt. However, nothing prevents such arrangements from being made if both parties agree on a value for the coins.