U.S. Mint extends exchange program suspension

The U.S. Mint recently announced it would continue the ongoing suspension of its exchange program for bent and partial coins for an additional six months.

After beginning last November, the hiatus was expected to conclude May 2 of this year; however, the Mint needs more time to complete development of new security measures that will limit the program’s vulnerability to fraud.

The notice, posted here, states the U.S. Mint has made “significant progress” in assessing the current state of the program, which previously allowed owners of bent, broken or worn coins to submit their damaged currency for reimbursement. After receiving more than 30,000 claims and redeeming more than $30 million USD ($38.8 million Cdn.) annually, the program was found to be susceptible to fraud. Two glaring examples include the fact some coins with incorrect metal compositions have gone through the program, which has redeemed more U.S. half dollars than were ever produced by the U.S. Mint.

Leave a Reply

Keep up to date with the numismatic community

Sign up to receive our newsletter.

Canadian Coin News

Canada

Canadian Coin News is Canada's premier source of information about coins, notes and medals.

Although we cover the entire world of numismatics, the majority of our readers are Canadian, and we concentrate on the unique circumstances surrounding collecting in our native land.

Send Us Your Event

Running an event? Send it to us and we will display it on Canadian Coin News!

Submit Event →

Subscribe To 26 Issues For Just $45.75/year

Subscribe today to receive Canada's premier coin publication. Canadian Coin News is available in both paper and digital forms.

Subscribe Now

We acknowledge the financial support of the Government of Canada through the Canada Periodical Fund of the Department of Canadian Heritage.