The E-Sylum:  Volume 11, Number 9, March 2, 2008, Article 25

MORE NEW YORK MERCHANTS ACCEPTING EUROS

[A trend we've noted in the past is the move toward more
acceptance of non-U.S. currencies by U.S. merchants - see
the links below to earlier articles on the acceptance of
Mexican and Canadian coins and banknotes in several border
towns.  On Monday the Washington Post published an article
about how several new York City merchants are actively
accepting euros in payment in addition to U.S. dollars.
-Editor]

"Euros Only" reads a handmade sign in Billy's Antiques on
East Houston Street in Manhattan. But that's really just
an attention grabber. Actually, owner Billy Leroy explains,
the store will accept Canadian dollars and British pounds,
and U.S. dollars, too.

Leroy is one of a small but growing group of New York
merchants in tourist-favored neighborhoods such as SoHo,
the East Village and Times Square who have begun to accept
the euro and other foreign currencies.

With the dollar near its lowest rate ever against the euro
and the numbers of international tourists in New York at
all-time highs, some store owners figure accepting the euro
offers a convenience to customers and sometimes generates
a stockpile of a strong currency for themselves.

Leroy began accepting euros after a buying trip to a Paris
flea market in November, when the exchange rate meant he
couldn't afford to purchase his usual volume of dressers,
mirrors and wax figurines. This is his way to raise euros
back home.

"European customers are here, buying apartments, and when
they're buying apartments, they're here buying furniture
for the apartments," said Leroy, in his shop, smoking a
cigar. "This weekend, 50 percent of my customers were
European."

U.S. currency is the only legal tender money in the United
States, but parties can agree to satisfy a debt by other
means.

"We have no problem with New York City stores finding new
ways to get Europeans to spend more money here, provided
they don't get ripped off on the exchange rate and still
pay the sales tax," said Stu Loeser, chief spokesman for
Mayor Michael R. Bloomberg.

However, some people in the United States don't appreciate
stores here dealing in foreign currencies. "I get mail
saying I'm un-American," said Leroy, the antique shop owner.
"But it's American to adapt."

To read the complete article, see:
Full Story

 PIZZA PATRÓN'S PESO POLICY PAYS
 esylum_v10n17a21.html

 PESO PAYMENTS AND LEGAL TENDER LAWS IN THE U.S.
 esylum_v10n18a25.html

 U.S. LEGAL TENDER LAWS AND THE USE OF MEXICAN AND CANADIAN COINS AND NOTES
 esylum_v10n19a19.html

 LEGAL TENDER STATUS RATIFIED IN COINAGE ACT OF 1965
 esylum_v10n19a20.html

  Wayne Homren, Editor

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