§ 100.10 - Request for examination of uncurrent coin for possible redemption.

§ 100.10 Exchange Request for examination of uncurrent coinscoin for possible redemption.

(a) Definition. Uncurrent coins are whole U.S. coins which are merely worn or reduced in weight by natural abrasion yet are readily and clearly recognizable as to genuineness and denomination and which are machine countable.

(b) Redemption basis. Uncurrent coins will be redeemed at face value. process. The United States Mint will not accept uncurrent coins for redemption. Members of the public wishing to redeem lawfully held uncurrent coins must deposit the uncurrent coins with a bank or other financial institution that will accept them, or with a depository institution that has established a direct customer relationship with a Federal Reserve Bank. A Federal Reserve Bank will redeem uncurrent coins, based on the policies described in the Federal Reserve's Operating Circular 2.

(c) Criteria for acceptance. Uncurrent coins, forwarded for redemption at face value, must be shipped at the expense and risk of the owner. Shipments of subsidiary or minor coins for redemption at face value should be sorted Depository institutions that redeem uncurrent coins must sort the coins by denomination into packages in sums of multiples of $20. Not more than $1,000 in any silver or clad coin, $200 in 5-cent pieces, or $50 in 1-cent pieces should be shipped in one bag or packageaccordance with the Federal Reserve's Operating Circular 2. The Federal Reserve Banks have the right to reject any shipment containing objects that are not U.S. coins or any contaminant that could render the uncurrent coins unsuitable for coinage metal.

(d) Redemption sites. Uncurrent coins will be redeemed only at the The Federal Reserve banks Banks and branches listed in § 100.17 are the only authorized redemption sites at which a depository institution that has established a direct customer relationship with a Federal Reserve Bank may redeem uncurrent coins.