In a recent viral story, it was rumored that Samsung tried to pay Apple its $1 billion fine in nickels. However, this story has been debunked as false. Firstly, the fine is not yet payable as the judge has not ruled on it. Secondly, even if Samsung did attempt to pay the fine in nickels, Apple would have the right to refuse the payment according to US currency laws. Lastly, the sheer amount of metal required for such a payment is astronomical. This story serves as a reminder that not everything you read online is true, no matter how amusing it may be.
Debunking the Rumor
Samsung’s Fine is not yet Payable
The rumor circulating that Samsung paid Apple its $1 billion fine in nickels is false. As of now, the judge’s ruling on the fine is still pending. The only verdict in the case has come from the jury, which assessed the fine. The judge’s decision, which could potentially triple the fine, will be announced on September 20th or possibly December 6th. Until then, Samsung only needs to pay its lawyers, which should be less than $1 billion.
Paying the Fine in Nickels would not be Legal Tender
Even if the fine were to be paid, Samsung would not be able to pay it in nickels as claimed by the rumor. According to the US Treasury, United States currency is legal tender for all debts. This means that any form of US money is considered a valid and legal offer of payment for debts. However, private businesses have the right to refuse cash payments and develop their own policies regarding acceptable forms of payment. Therefore, it would be Apple’s choice whether or not to accept the payment in nickels. In the UK, the rules on legal tender are stricter, with 5p coins only being legal tender for amounts up to £5.
The Logistics of Transporting a Billion Dollars in Nickels
The logistics of transporting a billion dollars worth of nickels would be highly impractical. A nickel weighs 5 grams, and to transport a billion dollars in nickels, it would require 20 billion of them. This amounts to 100,000 tonnes of weight, which is equivalent to four and a half Olympic swimming pools filled entirely with copper. Additionally, there is an unlikelihood of having that many nickels in circulation, as rising metal prices have encouraged people to melt them for their copper and zinc content.
The Amount of Copper Involved in a Billion Nickels
A billion nickels would contain a significant amount of copper, as each nickel is comprised of 95% copper. Estimating the amount of copper involved, assuming that a billion nickels would weigh 100,000 tonnes, it would occupy just over 11,185 cubic meters of space. To put this into perspective, this would be the same as four and a half Olympic swimming pools filled entirely with copper. The sheer volume and weight of the copper involved make the logistics of such a payment even more implausible.
The Origin of the Story and its Credibility
The rumor of Samsung paying Apple in nickels originated from a fake news site called El Deforma, which is similar to The Onion. This site specializes in publishing satirical and fake news articles. The lack of credibility of the source should cast doubts on the authenticity of the story. Despite this, Yahoo News mistakenly reported the story, leading to its circulation and the subsequent debunking.
Samsung’s Fine
The Judge’s Ruling on the Fine is Pending
Contrary to the rumor, the judge’s ruling on Samsung’s fine is still pending. The jury has assessed the fine of $1.049 billion, but the judge’s decision is awaited. The judge has the power to triple the fine, potentially increasing it even further. The final ruling is expected to be announced on September 20th or possibly December 6th.
Samsung Currently Only Needs to Pay its Lawyers
Until the judge’s ruling is announced, Samsung is not required to pay the fine. Currently, the company only needs to pay its lawyers. The amount the company has to pay for legal fees is expected to be less than the $1 billion fine initially assessed by the jury.
Legal Tender
US Currency is Legal Tender for all Debts
According to the US Treasury, United States currency is considered legal tender for all debts. This means that any form of US money, including coins and currency, is a valid and legal offer of payment for debts when tendered to a creditor.
Private Businesses Can Choose Whether or Not to Accept Currency as Payment
While US currency is legal tender, private businesses have the freedom to establish their own policies regarding acceptable forms of payment. They can choose to accept or refuse cash payments. However, state laws may impose restrictions on businesses’ payment policies. For instance, some businesses may refuse large denomination currency or set limits on acceptable payment forms.
UK Rules on Legal Tender are Stricter
In the UK, the rules on legal tender are stricter compared to the US. Legal tender, which refers specifically to payment for a court-ordered debt, has limitations in terms of coin denominations. According to the Royal Mint, 5p coins are only legal tender for amounts up to £5. For higher amounts, such as £1, legal tender can be used for debts of any value.
Logistics of Paying in Nickels
The Weight of a Billion Dollars in Nickels
Transporting a billion dollars in nickels would present significant logistical challenges due to their weight. With a nickel weighing 5 grams, a billion nickels would weigh 100,000 tonnes. The sheer weight makes it impractical to transport such a hefty amount of coins.
Unlikelihood of Having That Many Nickels in Circulation
Contrary to the assumption made by the rumor, it is highly unlikely that there are enough nickels in circulation to make up a billion dollars. A New York Times article from 2006 mentioned that there were about 20 billion nickels in circulation at that time. Rising metal prices have encouraged people to melt down nickels for their copper and zinc content, further reducing the number of nickels in circulation.
The Amount of Copper Involved in a Billion Nickels
Considering the composition of a nickel, which contains 95% copper, a billion nickels would involve a substantial amount of copper. Estimating the weight of a billion nickels at 100,000 tonnes, it would approximately occupy over 11,185 cubic meters of space. This volume of copper is equivalent to filling four and a half Olympic swimming pools entirely with the metal.
Visualizing the Amount of Copper Required
To visualize the magnitude of the copper required for a billion nickels, one can imagine four and a half Olympic swimming pools filled with copper. This visualization helps understand the logistical challenge and the sheer magnitude of metal involved in paying a fine in such a manner.
The Origin of the Story
The Story Originated on a Humor Site
The rumor about Samsung paying Apple in nickels originated from a humor site called El Deforma. This Mexican website specializes in publishing fake news articles, similar to The Onion. It is important to note that the story originated as a work of satire and should not be taken as a factual account.
El Deforma, an Onion-like Mexican Website, First Published the Story
El Deforma, known for its satirical content, was the first to publish the story of Samsung paying Apple in nickels. The website capitalizes on publishing fake news articles for entertainment purposes. The story’s intent was not to report factual information but to create a humorous narrative.
The Lack of Credibility of the Source
Due to the nature of El Deforma as a satire website, the source lacks credibility. Satirical websites are known for publishing fictitious stories designed for entertainment rather than factual reporting. Therefore, the story about Samsung paying Apple in nickels should not be taken seriously.
Yahoo News Mistakenly Reported the Story
Despite the lack of credibility of the source, Yahoo News mistakenly reported the story. This led to the widespread circulation of the rumor, further perpetuating its falseness. The incorrect reporting highlights the importance of verifying information from reliable sources before accepting it as true.
Conclusion
The Rumor of Samsung Paying Apple in Nickels is Debunked
After examining the facts and debunking the rumor, it is clear that Samsung did not pay Apple its $1 billion fine in nickels. The judge’s ruling on the fine is still pending, and Samsung currently only needs to pay its lawyers. The logistics and legal tender aspects make the rumor highly implausible.
The Story Originates from a Fake News Site
The story about Samsung paying Apple in nickels originated from a satirical and fake news site called El Deforma. This Mexican website specializes in publishing fictional news articles for entertainment purposes. As a result, the story lacks credibility and should not be taken seriously.
The Logistics and Legal Tender Aspects Make the Story Improbable
When considering the logistics of transporting a billion dollars in nickels and the legal tender rules, it becomes evident that paying a fine in this manner is highly unlikely. The weight, sheer volume of copper, and the unlikelihood of having enough nickels in circulation make the story inconceivable.
