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.

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