The U.S. Mint announced its intention to resume the mutilated coin redemption program after a three year suspension following concerns of fraud.
- ISRI鈥檚 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鈥檚 coinage, update the redemption rates, and declare it will no longer accept 鈥榝used鈥� 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鈥檚 important:聽Coin redeemers have been holding millions of dollars 鈥� perhaps tens of millions of dollars in mutilated coins waiting for the聽program鈥檚 redemption. If you are holding coins, don鈥檛 take for granted that the program will begin in 2017. The rulemaking can take some time.聽
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