The Mutilated Coin Redemption Program is Back
After an effort spanning three years, ISRI’s work to have the U.S. Mint restart its Mutilated Coin Redemption Program bore fruit and delivered a significant economic benefit to ISRI members.
- Late last year, the U.S. Mint finally resumed its long-standing Mutilated Coin Redemption Program at the U.S. Mint
- ISRI helped develop the certification system for large scale redemptions
- the Mint released its certification process in mid-January and has just begun accepting submissions of mutilated coins
- the Mint has admitted that it will take several years to redeem the enormous backlog of mutilated coins held at scrapyards throughout the United States and abroad
- The Mint reserved its authority to make facility visits before and after approving a company’s certification
- The Mint also notified redeemers that it will refer suspicious cases to the Justice Department
- Resuming this program for scrap recyclers was an important victory for ISRI and its members
- this effort, while taking three years, involved advocacy with the U.S. Mint and Congress to get it resumed.