US Considers Scrapping Mutilated Coin Programme

The US Mint is seeking public comment on its announcement in the Federal Register that it plans to close its Mutilated Coin Redemption Program relating to the face value exchange of bent and partial coins. 

In the announcement, on 3 May, the Mint explained that not only does the programme operate at a loss, but it is too cumbersome to practically manage because the sheer volume of coins submitted for replacement is in the millions. Some of the submissions have included numerous counterfeit US coins, resulting in lawsuits and an indefinite suspension of the program.

 The US government established the Mutilated Coin Program in 1911 to serve the public and businesses for the redemption of small amounts of damaged coin. For over 100 years, the program rolled along with most coins submitted in small quantities from private citizens.