corroded coins

[pamela vandi]

What is the name of your state? louisiana

I took some corroded coins to the bank. They were easily identifiable, but discolored on one side. The teller blew a gasket, and said that government agency that they deal with did not accept corroded coins. I asked who that would be. She didn't know, consulted the bank manager, and he didn't know either. She took the coins, boo-hoo-hooing that the bank would have to throw them away. She said that they would not take any more corroded coins. QUESTIONS: What government agency was she referring to? I want to ask the agency if they do or do not accept easily identifiable corroded coins.

 

[knotcops]

I believe the US Treasury. The Treasury issues the coin and the Federal Reserve issues the paper.

Next time, roll the coins in wrappers and the bank will never know the difference.

 

[Crazyhorse]

The Treasury will accept coins and bills in any condition.

I remember seeing this show about this Treasury subdepartment that handled compensating people for their corroded or decaying currency. The case they were working on involved some old lady who had a box of old 1930's currency in her attic since... well... the 1930's. The bundles of currency had literally turned to dust. The technicians spent some insane amount of time picking through this layered dust with magnifying glasses and tweezers and eventually compensated this woman (or her estate, dont' remember) with new bills. Cool huh?

 

[I AM ALWAYS LIABLE]

My response:

Why didn't you contact John Walsh about this, on his television show, America's Most Corroded Coins?

IAAL

 

[pamela vandi]

www.usmint.gov

. What happens to United States coins that are no longer fit for circulation? Those coins are classified either as uncurrent or as mutilated. Coins that are chipped, fused, and not machine-countable are considered mutilated. The Mint redeems mutilated coins at the value of their metal content. Mutilated coins are only redeemable through the United States Mint at:
United States Mint
P.O. Box 400
Philadelphia, PA 19105
(215) 408-0203
Uncurrent coins are worn, but machine-countable, and their genuineness and denomination are still recognizable. Uncurrent coins are replaced with new coins of the same denomination by the Federal Reserve Banks, then forwarded to the Mint.

All uncurrent or mutilated coins received by the Mint are melted, and the metal is shipped to a fabricator to be recycled in the manufacture of coinage strips.


*********************************************

Thank you, knotcops and Crazyhorse. I e-mailed the US Treasury, and they referred me to the US Mint. I found the above on the www.usmint.gov web site.

 

[cbg]

I wonder if the agency the bank employee referred to was the state Division of Banks, rather than the US Treasury. Seems to me they would fit in there somewhere.

 

[pamela vandi]

next question

My next question is: Are banks legally required to provide any service(s) to the general public, only to customers of their bank, or none to anyone? If a non-customer wants to get change for a twenty, can the bank legally refuse? Back to the corroded coins issue, if a non-customer wants to dump easily identifiable corroded coins on a bank, can the bank legally refuse to accept them?