Last week, ISRI submitted its comments urging the U.S. Mint to resume the suspended mutilated coin redemption program.
Earlier this year, the U.S. Mint earlier requested comments from stakeholders about approaches to ensure the integrity of the nation’s currency while resuming this very important program that had been suspended nearly three years ago following concerns of possible fraud. In our comments, ISRI continued our suggestion to employ certification programs including facility visits to provide confidence in the coin acceptance process. ISRI has been working with the Mint since the suspension began to provide such assurances and cooperation to resume this vital program. During a recent U.S. Senate confirmation hearing for the Mint director nominee David Ryder, Senator Tim Scott (R-SC) asked Mr. Ryder about the status of the program. Ryder acknowledged the ongoing rule making and confirmed he hoped the program would resume quickly, recognizing the importance of the program to the U.S. scrap recycling industry. Senator Scott represents many ISRI members in South Carolina who take advantage of this program. For more information about the Mint Mutilated Coin Redemption Program, please contact Billy Johnson.