Inconsistencies within the U.S. Mint's mutilated coin redemption program have threatened to cost recyclers millions of dollars in redeemable coins.
The Institute of Scrap Recycling Industries (ISRI) submitted comments to the U.S. Department of the Treasury in response to the U.S. Mint's notice and request for comments regarding proposed revisions related to the exchange of uncurrent, bent, partial, fused, and mixed coins, updates to the redemption rates and procedures, and acceptance and processing of bent and partial United States coins.
In its comments, ISRI details the burden placed on recyclers when the program was unexpectedly suspended for a second time, after being reinstated in 2019. ISRI also references the historical significance of recyclers recovering coins, which has become an integral part of many recycling companies' operations, product mix, and bottom lines.
Additionally, ISRI's comments highlight the potential dangers of the Mint's proposal to prohibit the redemption of coins retrieved through the shredding process, as it may drive some recyclers to return to less effective manual sorting and separation processes that unnecessarily increase the risks to workers.
