The U.S. Mint has again halted its mutilated coin redemption program. This Recycling Today article was found via the May 14, 2019 issue of
News & Notes from the Society of Paper Money Collectors. -Editor
The U.S. Mint, Washington, suspended its mutilated coin redemption program this May. The U.S. Mint receives large bundles of coins that
have been mutilated or damaged in the recycling process of used cars, vending machines, laundry machines and other sources. The program has been
operated by U.S. Mint for many decades.
Several years ago, the U.S. Mint suspended this program while pursuing litigation. Scrap recyclers had to store these recovered unusable coins
during that period. The U.S. Mint had previously resumed operation of the mutilated coin redemption program in January 2018 as it released new
guidelines and certifications for submissions.
Some of the new guidelines include the establishment of procedures for certifying participants based on submission amounts and frequency, sampling
submissions to authenticate material, conducting site visits for certain participants and requiring information about how the submissions came to be
bent or partial. The Institute of Scrap Recycling Industries (ISRI), Washington, reports that this was considered a major victory for the recycling
industry, which had been stockpiling mutilated coins during the moratorium.
As recycling technology has advanced the ability to accumulate coins in significant quantities has grown quickly, ISRI reports that this is an
integral part of many recycling companies' operations and product lines. According to an ISRI news release, the association is reaching out to the
U.S. Mint to determine why the program was suspended. ISRI hopes to see the program resume operations as soon as possible.
To read the complete article, see:
US Mint suspends mutilated coin redemption
Coin World image composed from U.S. Mint photos
To read Coin World's coverage, see: https://www.coinworld.com/news/us-coins/2019/05/us-mint-suspends-mutilated-coin-redemption-program.html
To read earlier E-Sylum articles, see:
RECYCLERS DEFRAUD U.S. MINT WITH CHINESE COUNTERFEIT COINS
CHINESE COIN RECYCLER HOLDS OPEN HOUSE
WSJ EXAMINES DAMAGED AND SCRAP COIN RESALE PROGRAM
U.S. MINT RESUMES MUTILATED COIN PROGRAM
Wayne Homren, Editor
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