U.S. Mint News – United States Extends Suspension of Coin Exchange Program

Under the authority of 31 U.S.C. 5120, the United States Mint established a program by which people and businesses could exchange bent and partial coins for reimbursement. Fused or mixed coins cannot be redeemed by the United States Mint.

On November 2, 2015, the United States Mint suspended the exchange program for a period of six months to assess the security of the program and develop additional safeguards, as necessary, to ensure the integrity of United States coinage. 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.

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.

The redemption of uncurrent coins, as defined by 31 CFR 100.10(a), is unaffected by this suspension.Uncurrent coins may still be redeemed by Federal Reserve banks and branches in accordance with the criteria and procedures set forth in 31 CFR 100.10.

For related coverage on CoinWeek, check out the following links:

1. Wealthy Max Ltd Files Motion to Dismiss Civil Forfeiture Case
2. U.S. Mint Suspends Coin Exchange Program
3. Wealthy Max Ltd Supports Treasury’s Decision to Suspend Coin Redemption
4. Wealthy Max Opens Up to Redeem Name
5. FormerFeds Group Issues Mutilated Coin Redemption Program White Paper

About the United States Mint

The United States Mint was created by Congress in 1792 and became part of the Department of the Treasury in 1873. It is the Nation’s sole manufacturer of legal tender coinage and is responsible for producing circulating coinage for the Nation to conduct its trade and commerce. The United States Mint also produces numismatic products, including proof, uncirculated, and commemorative coins; Congressional Gold Medals; and silver and gold bullion coins. The United States Mint’s numismatic programs are self-sustaining and operate at no cost to taxpayers.
 

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