2016-11-02 Wed

Regulations for the U.S Mint’s mutilated coin redemption program will be reviewed till 15th November 2016. The program was suspended on 2nd November 2015 for six months initially due to fraud activities involving foreign vendors. On 2nd May 2016, the suspension was extended indefinitely. It will be started only when the new program regulations are finalized and implemented.

A vendor named Wealthy Max Ltd has accused the U.S Mint for seizing mutilated U.S. coins worth millions of dollars that the company tried to redeem before the program’s suspension.

Security measures are being reviewed to ensure quality processing of mutilated coinage. Participant certification, coinage material authentication, chain of custody information, and annual submission limitations are being considered.

The U.S Mint has defined the meaning of bent and partial coins. The redemption of uncurrent coins is not being considered by the Mint.