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Question : What is the rationale behind why one is ready to hold a ten rupee coin?

Option 1: It is finely and artistically minted

Option 2: It can be melted to extract metal worth 10 out of it

Option 3: Its value is backed by the issuing authority

Option 4: Its intrinsic value is greater than 10


Team Careers360 16th Jan, 2024
Answer (1)
Team Careers360 22nd Jan, 2024

Correct Answer: Its value is backed by the issuing authority


Solution : The correct answer is Its value is backed by the issuing authority.

Coins issued by the government and central bank are considered legal tender, which means they must be accepted for transactions. Refusing to accept legal tender coins can be a violation of the law. The primary reason for holding a ten-rupee coin is its monetary value. Coins are legal tender, and people accept and use them for transactions. They have intrinsic value that can be spent or exchanged for goods and services.

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