Millionaire Hot Seat question about little-known coin rule stumps Aussies
Did you know there is a limit on how much you can hand over in coins?
When paying with cash at a shop, you wouldn’t expect to be told your money isn’t “legal tender”. But a question on popular quiz show Millionaire Hot Seat highlighted a little-known rule that had all contestants stumped.
The question was given to one player by host Eddie McGuire on Tuesday night, who asked: “In Australia, what is the maximum payment in silver coins that must be accepted as legal tender?”
The contestant Rita considered the possible answers – $1, $5, $10 and $20 – before deciding to pass.
The question was then given to the next competitor Cindy who admitted that despite being a former checkout worker at Woolworths, she also had no idea.
“I would assume $20, but that would be super annoying to count up,” she said, before deciding on her final answer of $10.
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Before revealing the correct answer, McGuire asked the remaining contestants how they would’ve answered – and they were all wrong.
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What is the maximum amount you can pay in silver coins?
It turns out that when paying in silver coins, your purchase must not exceed $5.
The Reserve Bank of Australia said that while coins are a legal tender, there are restrictions about how much can be paid in one transaction. The amounts are limited to the following:
not exceeding 20c if 1c and/or 2c coins are offered (these coins have been withdrawn from circulation, but are still legal tender);
not exceeding $5 if any combination of 5c, 10c, 20c and 50c coins are offered; and
not exceeding 10 times the face value of the coin if $1 or $2 coins are offered.
“A person could technically use 100 five cent coins for a $5 purchase, but vendors are not required to accept more than that,” McGuire said.
“There you go, fun fact,” Cindy said, before she was eliminated.
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