Currency, Legal Tender & More
Start here to find answers to frequently asked questions about traditional currency, such as the US dollar. Also included are links on virtual currency. Visit our Banking Law page for information about banking regulation, bank accounts, and checks.
Agencies / Organizations
Find consumer and collector information, and complaint procedures from the following agencies:
- WI Dept. of Financial Institutions
Oversees currency exchanges in Wisconsin. - US Dept. of the Treasury
- Bureau of Engraving & Printing
Produces currency. Includes details about currency, security features, and counterfeit complaint procedures.
- Bureau of Engraving & Printing
- US Federal Reserve
Responsible for issuing Federal Reserve notes, the primary form of currency used in the United States. - US Mint
Manufactures & distributes coins and national medals.
US Currency
- Consumers,Coin Collecting, and Sale of Coins (US Mint)
- Know Your Money: Counterfeit Currency (US Secret Service)
- Currency Design & History (US Bureau of Engraving & Printing)
- Currency & Coin FAQs (US Dept. of the Treasury)
- Legal Tender Status (US Dept. of the Treasury)
On business, government agency, or private acceptance of only certain kinds of payment or denominations of currency. - Use of "In God We Trust" on Currency (Library of Congress)
- Exchanges
- Currency Exchanges in Wisconsin (WI Dept. of Financial Institutions)
- Exchange Rates (US Dept. of the Treasury)
Cryptocurrency
- Cryptocurrency alerts and articles (FTC)
- Cryptocurrency reports (Congressional Research Service)
- Virtual currency FAQ (IRS)
- Virtual currencies information (IRS)
Gold and Silver
Some states have passed laws exempting the exchange of gold and silver from sales tax. However, Wisconsin is not one of those states.
- Investing in Gold (Federal Trade Commission)
- Is US Currency Still Backed by Gold? (US Federal Reserve)
The Law (Additional statutes, regulations & opinions may apply to your specific situation.)
- WI Statutes: s. 218.05 "Community Currency Exchanges"
- 12 US Code ch. 3 subchapter XII "Federal Reserve Notes"
- 31 US Code s.5103 "Legal Tender"
Related Topics
Law Review Articles
- Regulating Cryptocurrencies in the United States: Current Issues and Future Directions
40 Wm. Mitchell L. Rev. 813