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OR

The Mutilated Coin Redemption Program is Back

Apr 6, 2018, 12:55 PM by SPAN
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 ReMA and its members
    • this effort, while taking three years, involved advocacy with the U.S. Mint and Congress to get it resumed. 

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