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US Mint News – Request for Comments on Coin Exchange Program

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For many years, the United States Mint has administered a program by which people and businesses could exchange bent and partial coins (commonly referred to as “mutilated coins”) for reimbursement. Bent coins are defined as U.S. coins which are bent or deformed so as to preclude normal machine counting but which are readily and clearly identifiable as to genuineness and denomination. Partial coins are defined as U.S. coins which are not whole; partial coins must be readily and clearly identifiable as to genuineness and denomination.

On November 2, 2015, the Mint suspended its exchange of bent and partial coins to assess the security of the program and develop additional safeguards to enhance the integrity of the acceptance and processing of mutilated coinage. On May 2, 2016, the Mint extended the suspension. The program will resume at such time as the new regulations are finalized and published. Some of the safeguards the Mint is considering include requiring participant certification, coinage material authentication, chain of custody information, and annual submission limitations.

The redemption of uncurrent coins is not being considered by the Mint. Uncurrent coins may be redeemed only at Federal Reserve banks and branches.

The Mint is now requesting additional comments from stakeholders and the public to supplement the information it has collected to date. This notice is not seeking comments on changing the definitions of bent or partial coins.

Submit electronic comments to [email protected]. Submit all written comments to:

Mutilated Coin Redemption Program
Financial Directorate, United States Mint
801 9th Street NW
Washington, DC 20220

FOR FURTHER INFORMATION CONTACT:

Sheila Barnett, Legal Counsel, Office of the Chief Counsel, United States Mint, at [email protected].

* * *

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. Wealthy Max Ltd – FormerFeds Group Issues Mutilated Coin Redemption Program White Paper
  6. U.S. Mint News – United States Extends Suspension of Coin Exchange Program
  7. Wealthy Max Presents Motion to Dismiss in Civil Forfeiture Case

 


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United States Mint
United States Minthttps://www.usmint.gov/
Since Congress created the United States Mint on April 2, 1792, the primary mission of the Mint is to produce an adequate volume of circulating coinage for the nation. As a self-funded agency, the United States Mint turns revenues beyond its operating expenses over to the General Fund of the Treasury. Other responsibilities include: Maintaining physical custody and protection of the Nation's $100 billion of U.S. gold and silver assets; Manufacturing and selling platinum, gold, and silver bullion coins; and Overseeing production facilities in Denver, Philadelphia, San Francisco, and West Point, as well as the U.S. Bullion Depository at Fort Knox, Kentucky.

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