Mutilated Coin Program to Resume
The U.S. Mint announced its intention to resume the mutilated coin redemption program after a three year suspension following concerns of fraud.
- ISRI’s congressional and agency advocacy paid off allowing recyclers - once again - to redeem from the U.S. Mint large amounts of bent, broken, or unusable coins resulting from shredding operations or vending machines for scrap value.
- The new redemption program, suggests the Mint, will update and improve the redemption process to enhance security and ensure the integrity of the nation’s coinage, update the redemption rates, and declare it will no longer accept ‘fused’ coins.
- As part of the program, the Mint suggests it could provide information to law enforcement officials or third parties for purposes of criminal investigations or for seeking civil adjustments.
- Why it’s important: Coin redeemers have been holding millions of dollars – perhaps tens of millions of dollars in mutilated coins waiting for the program’s redemption. If you are holding coins, don’t take for granted that the program will begin in 2017. The rulemaking can take some time. Contact Billy Johnson for more information.