Mutilated coin redemption suspended six more months

Officials cite ongoing litigation involving alleged irregularities
By , Coin World
Published : 04/29/16
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The United States Mint’s six-month suspension of its Mutilated Coin Redemption Program is extended another six months beginning May 2.

Notice of the extension was published April 29 in the Federal Register.

The Mutilated Coin Redemption Program allows individuals and businesses to exchange bent and partial coins for reimbursement.

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Following an investigation into alleged irregularities associated with the program, U.S. Mint officials suspended the exchange of mutilated coins to accommodate assessment of the program’s security and development of additional safeguards.

“Since that time, the United States Mint has made significant progress in assessing the current state of the program, evaluating risks, and identifying potential remedial measures,” according to the April 29 Federal Register notice. “Additionally, the United States Mint has engaged the services of an independent contractor to assist us in these efforts.

“However, due to recent litigation involving the exchange program and more time needed to complete our work, the United States Mint is extending the suspension of its redemption of bent and partial coins for an additional period of six months.”

Tom Jurkowsky, director of the Mint’s Office of Corporate Communications, identified the independent contractor as PricewaterhouseCoopers.

Litigation continues

Federal prosecutors say several metal recyclers based in the United States conspired in an elaborate scheme to bilk the U.S. Mint out of more than $5.4 million.

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