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Samsung pays Apple $1 Billion in 30 Trucks full of 5 Cent Coins is a Hoax

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Rumors about Samsung paying Apple the $1 billion in 30 trucks of 5 cents coins have been put to rest.

The Internet went crazy when information that Samsung paid Apple the $1 billion it was asked to pay for copyright issue in 30 trucks of 5 cents coins started doing the rounds. However, this news has been confirmed as untrue.

According to the news which was published in PaperBlog, supposedly, "Samsung tried to pay Apple its $1bn fine by sending more than 30 trucks to Apple's headquarters loaded with 5-cent coins. Apple security was stunned. Apple chief executive Tim Cook, then got a call from Samsung who told him this was how they were paying the billion-dollar fine." According to the report, the idea originated from a meme of the popular website 9Gag.com

A picture posted on facebook showing a security unload a truck of 5 cents coins and captioned "SAMSUNG PAYS APPLE $1 BILLION SENDING 30 TRUCKS FULL OF 5 CENTS COINS" has already receive more than six thousand likes, more than a thousand comments and over eight thousand shares. While some people immediately termed the news as fakes, others wondered what it would be like if it was real. Some commenters even went to the extent of suggesting ways to count the coins.

'Haha hoax or not (but obviously it's a hoax alright) the idea was sure is funny. HAHA but on legal payment with coins it is subject to a limit and paying that much is way above the limit," read one comment.

Another commenter writes, "Build a Huge Apple Statue.....in the Middle of New York out of all the coins the New Statue of Liberty cos thats what Apple has done for many given us power and time to enjoy and work with it well done Apple..."

As a matter of fact, Samsung's fine is not yet payable. Despite the jury's verdict, the judge is yet to rule on September 20 or December 6, according to The Guardian.

Another good reason that the 30 trucks may be very well rejected by Apple can be explained by the U.S. Treasury site.

In the Section 31 U.S.C. 5103 of the Coinage Act of 1965, entitled "Legal tender," it is stated:
"United States coins and currency (including Federal reserve notes and circulating notes of Federal reserve banks and national banks) are legal tender for all debts, public charges, taxes, and dues. This statute means that all United States money as identified above are a valid and legal offer of payment for debts when tendered to a creditor."

Read on.

"There is, however, no Federal statute mandating that a private business, a person or an organization must accept currency or coins as for payment for goods and/or services. Private businesses are free to develop their own policies on whether or not to accept cash unless there is a State law which says otherwise. For example, a bus line may prohibit payment of fares in pennies or dollar bills. In addition, movie theaters, convenience stores and gas stations may refuse to accept large denomination currency (usually notes above $20) as a matter of policy”.

If the rumour had been true, Samsung would have only embarrassed itself.

Some smarter U.S. citizens would have also noticed a fact, as Ken Tindell pointed out on Twitter.
"A nickel weighs 5g. It would take 2,755 18-wheeler trucks (max legal tare 80,000 lbs) to carry the money."

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Aug 30, 2012 07:43 AM EDT

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