Scrap recyclers want U.S. Mint to resume program
- Published: Aug 24, 2021, 10 AM
The Institute of Scrap Recycling Industries is urging the U.S. Mint to resume its mutilated coin redemption program, which has been suspended since 2019 while the bureau revises its regulations and safeguards against alleged fraud.
The Mint also suspended the redemption program in 2015 for similar reasons. That suspension was lifted in early 2018. The second suspension began in May 2019.
“Without any indication that recyclers would not be eligible to redeem coins through this program, recyclers continue to collect coins from their downstream sorting and separation operations and now have six years’ worth of mutilated coins stored at their facilities,” institute officials note in a July letter to the Mint. “Recyclers have lost significant revenues. ...”
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