-Papa! what's money?
-What is money, Paul? Money?
-Yes, what is money?
-Gold, and silver, and copper. Guineas, shillings, half-pence. You know what they are?
-Oh yes, I know what they are. I don't mean that, Papa. I mean what's money after all?
Little Paul Dombey, Dombey and Son, by Charles Dickens (1848)

Is the 500 euro note legal tender?

Athanassios K. Boudalis
07/28/2016 - 12:22
Tags: 
500 euro banknote
ban on cash
legal tender
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"High denomination banknotes should be accepted as means of payment in retail transactions. A refusal thereof should be possible only if grounded on reasons related to the ‘good faith principle’ (for example the face value of the banknote tendered is disproportionate compared to the amount owed to the creditor of the payment)."1

So, is the 500 euro note legal tender afterall?

"For security reasons 500 euro banknotes are not accepted" (pump at gas station in Kehl, Germany).

Not always, not everywhere as it seems...

 

1. COMMISSION RECOMMENDATION of 22/3/2010 on the scope and effects of legal tender of euro banknotes and coins (2010/191/EU)

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