2016-06-18 Sat

The suspension of Mutilated Coin Redemption Program by U.S. Mint, which allows anybody to exchange bent and partial coins for reimbursement, is officially extended for six months, 2nd May onwards.

There have been reports that metal recyclers allegedly use fake U.S. coins imported from China and exchange them using the scheme. As per officials, the program’s security needs to be enhanced to avoid any kind of risks for which an independent contractor named PricewaterhouseCoopers’s assistance is also sought for. More time would be required due to recent litigation involving the exchange program.

A civil complaint was filed by three firms named America Naha Inc., Wealthy Max Ltd. and XRace Sports Co. Ltd on 20th March, 2015, against some pending payments worth $5.4 million.

The complaint is still being reviewed as 13 metric tons of mutilated coins stored in 13 crates in a Chinese warehouse were inspected by Wealth Max Ltd. publically.