NDBA - North Dakota Bankers Association
10/09/2024 | Press release | Distributed by Public on 10/09/2024 08:22
U.S. Mint Officially Ends Mutilated Coin Exchange Program
The U.S. Mint today published a final rule officially ending a program that redeemed bent and partial coins for full face value. The Mutilated Coin Redemption Program was suspended in 2018 because of the cost and resources needed to identify counterfeit coins being submitted for redemption. The final rule permanently ends the program.
In an explanation about the program on its website, the U.S. Mint notes there is no statutory or regulatory prohibition on melting dimes, quarters, half-dollar and dollar coins when done without fraudulent intent and done consistently with federal law. However, there is a regulatory prohibition against melting pennies and nickels, based in part on the fact that the cost of producing the coins currently exceeds their face value. Requests for licenses to melt mutilated pennies and nickels must be submitted to the U.S. Mint.
To read more, visit: https://www.federalregister.gov/documents/2024/09/25/2024-21936/exchange-of-coin
In an explanation about the program on its website, the U.S. Mint notes there is no statutory or regulatory prohibition on melting dimes, quarters, half-dollar and dollar coins when done without fraudulent intent and done consistently with federal law. However, there is a regulatory prohibition against melting pennies and nickels, based in part on the fact that the cost of producing the coins currently exceeds their face value. Requests for licenses to melt mutilated pennies and nickels must be submitted to the U.S. Mint.
To read more, visit: https://www.federalregister.gov/documents/2024/09/25/2024-21936/exchange-of-coin
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