U.S. Mint suspends Mutilated Coin Redemption Program
- Published: May 17, 2019, 6 AM
Pending the development of additional safeguards for its Mutilated Coin Redemption Program, the U.S. Mint has again temporarily suspended the processing of applications and submissions of material, Mint officials announced May 9.
“The United States Mint established the Mutilated Coin Redemption Program so people and businesses could exchange bent and partial coins (commonly referred to as mutilated coins) for reimbursement,” according to the Mint’s website. The program was established under the authority of 31 U.S.C. § 5120.
This is not the first time the program has been suspended.
In 2015, the Mint suspended the program to assess the security of the program and develop additional safeguards to enhance the integrity of the acceptance and processing of mutilated coinage.
The Mint engaged in the rulemaking process to revise the Treasury regulations appearing at 31 C.F.R. part 100, subpart C. Additionally, the Mint published on its website detailed information relevant to the revised procedures for the exchange of mutilated coins.
During that suspension period, the Mint filed a civil complaint alleging irregularities in the program and seeking forfeiture of millions of dollars in mutilated coins submitted by overseas vendors for redemption.
The program remained suspended for nearly two years, with the U.S. Mint planning to resume activity before the end of 2017. The program was resumed Jan. 23, 2018.
Material submitted is required to be separated by denomination and have a minimum weight of one pound per denomination.
The U.S. Mint has not accepted for redemption:
??Bent or partial coins that are not readily and clearly identifiable as to the genuineness and denomination of the coins.
??Bent and partial coins not presented separately by denomination category in lots of at least one pound for each denomination.
??Mixed coins, with the exception of bent or partial 1-cent coins and $1 coins presented in mixed years.
Unacceptable items, not classified as mutilated coins, that the Mint does not redeem are:
??Altered coins, changed to pass as another denomination.
??Precious coins (silver or gold).
Uncurrent coins are defined as “Whole U.S. coins which are merely worn or reduced in weight by natural abrasion yet are readily and clearly recognizable as to genuineness and denomination and which are machine countable; uncurrent coins should only be redeemed at Federal Reserve Banks and Branches.”
Connect with Coin World:
MORE RELATED ARTICLES
US Coins Jan 17, 2020, 5 PM
US Coins Jan 17, 2020, 4 PM
US Coins Jan 17, 2020, 3 PM
US Coins Jan 17, 2020, 2 PM