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Replies: 10 / Views: 1,299 |
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Pillar of the Community
United States
1418 Posts |
What happened? Any thoughts?  
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Valued Member
United States
436 Posts |
Lawn mower? 
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Pillar of the Community
United States
4212 Posts |
Garbage disposal? Looks like it's been to heck and back!
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Moderator
 United States
16679 Posts |
Damaged. Spend it.
swcoin.ecrater.com
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Valued Member
United States
303 Posts |
If a bank received this coin, what whould happen to it?
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Pillar of the Community
 United States
1418 Posts |
Not sure, but I found it roll searching.
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Pillar of the Community
United States
6326 Posts |
What's wrong with it ?.......  
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Bedrock of the Community
United States
12437 Posts |
Quote: If a bank received this coin, what whould happen to it?
A bank would probably not even accept it since mutilated coinage is considered to be unfit for circulation, not to mention the fact that the Treasury will not redeem mutilated coins for full value so the bank would lose the face value. "Those coins are classified either as uncurrent or as mutilated. Coins that are chipped, fused, and not machine-countable are considered mutilated. The Mint redeems mutilated coins at the value of their metal content.
Mutilated coins are only redeemable through the United States Mint at: United States Mint P.O. Box 400 Philadelphia, PA 19105 (215) 408-0203
Uncurrent coins are worn, but machine-countable, and their genuineness and denomination are still recognizable. Uncurrent coins are replaced with new coins of the same denomination by the Federal Reserve Banks, then forwarded to the United States Mint. All uncurrent or mutilated coins received by the Mint are melted, and the metal is shipped to a fabricator to be recycled in the manufacture of coinage strips." http://www.treas.gov/education/faq/...les.shtml#q4
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Valued Member
United States
113 Posts |
Why does the U.S. Treasury treat damaged coins differently than bills? I don't understand why the U.S. Treasury could label the above coin as "mutilated" and only offer metal value yet honor replacement of a damaged bill if you have clearly 51% of the bill?
If that's the case I'll send them all my "mutilated" pre 1982 pennies and double my money with the current price of Cu! Silver, too! LOL.
Edited by cmdrstp 11/11/2009 01:29 am
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Bedrock of the Community
United States
17884 Posts |
Quote: The Mint redeems mutilated coins at the value of their metal content. This is misleading. Yes they redeem them based on the value of their metal content, but under the full law as it is written they use that metal content to determine what that represented as FACE value and that is the value redeemed. A pound of CuNi clad identifiable as US coinage would get you $20 even though the market value of the metal is nowhere near that. Coins have to be separated by denomination and in at least one pound lots. Copper cents will be redeemed at a rate of $1.46 per pound, five cent pieces at $4.54 per pound, dimes quarters and halves at $20 per pound , and SBA's at $56 per pound. At least that was the way the law was written in 1999. Tresury Regulations Subpart C Section 100.11 b
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Bedrock of the Community
United States
20753 Posts |
AHHH, so that is what happened to my Son's not bitting his fingernails anymore.
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Replies: 10 / Views: 1,299 |
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