Sending "uncurrent" coinage to Federal Reserve Bank.

[canaboy123]

Sending "uncurrent" coinage to Federal Reserve Bank.

As the title says, i'm interesting in culling out worn,dirty,ect coins also known as "uncurrent" and shipping them to the reserve bank for redemption. Anyone have first hand experience with this?

 

[jrf30]

Re: Sending "uncurrent" coinage to Federal Reserve Bank.

I let my dump b ank do that. they are willing if i give them a batch of nasty coins.

 

[Generic_Lad]

Re: Sending "uncurrent" coinage to Federal Reserve Bank.

Just send it back in customer wrapped rolls or if it isn't too bad just dump it in the counter.

About the only thing that coin counters won't take are things stuck together, encrusted coins and bent coins. A worn or dirty coin will go through just fine

 

[canaboy123]

Re: Sending "uncurrent" coinage to Federal Reserve Bank.

Just send it back in customer wrapped rolls or if it isn't too bad just dump it in the counter.

About the only thing that coin counters won't take are things stuck together, encrusted coins and bent coins. A worn or dirty coin will go through just fine

I know the counter will take them, the point of the program i believe is to send in old/worn/dirty/ coins and in return get them replaced with new ones.

 

[Agro]

Re: Sending "uncurrent" coinage to Federal Reserve Bank.

i think they'll replace them with one of them statue of liberty, tax refund-looking checks

 

[fistfulladirt]

Re: Sending "uncurrent" coinage to Federal Reserve Bank.

My credit union will replace damaged or bent coins with new.

 

[Diver_Down]

Re: Sending "uncurrent" coinage to Federal Reserve Bank.

All banks are shareholders in the Federal Reserve. Part of their job is to cycle damaged coin and currency to the nearest Fed branch for removal from circulation. There is no loss to their balance sheet as they are credited appropriately.

Here's a little factoid: Any currency that is tested with those ink pens and makes it's way to the Reserve is destroyed. The currency is considered defaced/mutilated and is shredded. So whenever you see an individual marking up FRNs, think of the loss to taxpayers. I understand the need to protect oneself against counterfeiting, but there are better surefire methods that doesn't involve defacing our currency.