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"Rare" Mutilated PMD Coins Are Only Worth Scap Value!

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MachinMachinMan's Avatar
Australia
1985 Posts
 Posted 10/22/2023  11:46 pm Show Profile   Bookmark this topic Add MachinMachinMan to your friends list Get a Link to this Message Number of Subscribers
From RAM website:


Quote:
Anyone with coins that are worn through normal use can deposit these coins with their bank, for full face value. But if you have mutilated coins, your bank will require you to complete a Mutilated Coin Claim Form and your deposit will be forwarded to the Mint for processing. If your coins are accepted the Mint will pay a scrap value, but not the full face value.


https://www.ramint.gov.au/sites/def...ng_guide.pdf

But these coins go for thousands on ebay.












Edited by MachinMachinMan
10/23/2023 12:03 am
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Sap's Avatar
Australia
16806 Posts
 Posted 10/23/2023  12:06 am  Show Profile   Bookmark this reply Add Sap to your friends list Get a Link to this Reply
Coin 2 has been deliberately defaced with a Dremel or similar tool.

Coins 1 and 3 look very typical of the kinds of coins that fall out of scrapped cars as they're being pulled apart.

I think these coins might just qualify as "damaged", rather than "mutilated" - they don't seem to have large pieces missing and may not be underweight. But you'd really have to ask at your bank. If you took these three coins to the bank, it's most likely the bank would accept them for face, then toss them in the weekly bulk scrap bag for returning to the Mint. It's not worth the negative PR to ask a customer to fill in forms etc for just a few coins. If you tried to bank a thousand of the things, that's a different question.

I seem to recall some years ago, the Mint was hit by a scam where the scrap metal dealers that the Mint itself was sending scrap coins off to, was returning the scrapped coins to the banks. Hence the provision that coins "damaged in any industrial process (including scrap metal processing)" are no longer redeemable.
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ttkoo's Avatar
Australia
2498 Posts
 Posted 10/23/2023  02:34 am  Show Profile   Bookmark this reply Add ttkoo to your friends list Get a Link to this Reply

Quote:
I seem to recall some years ago, the Mint was hit by a scam where the scrap metal dealers that the Mint itself was sending scrap coins off to, was returning the scrapped coins to the banks. Hence the provision that coins "damaged in any industrial process (including scrap metal processing)" are no longer redeemable.


That's very opportunistic.
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Coinfrog's Avatar
United States
94367 Posts
 Posted 10/23/2023  08:37 am  Show Profile   Bookmark this reply Add Coinfrog to your friends list Get a Link to this Reply
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Brandmeister's Avatar
United States
6451 Posts
 Posted 10/23/2023  10:01 am  Show Profile   Check Brandmeister's eBay Listings Bookmark this reply Add Brandmeister to your friends list Get a Link to this Reply
That problem seems like it could be fixed through proper security and verification measures, rather than punishing the general public.
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