82 FR 43730 - Exchange of Coin
DEPARTMENT OF THE TREASURY
United States Mint Federal Register Volume 82, Issue 180 (September 19, 2017)
United States Mint
Federal Register Volume 82, Issue 180 (September 19, 2017)
| Page Range | 43730-43732 | |
| FR Document | 2017-19885 |
[Federal Register Volume 82, Number 180 (Tuesday, September 19, 2017)] [Proposed Rules] [Pages 43730-43732] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2017-19885] ======================================================================= ----------------------------------------------------------------------- DEPARTMENT OF THE TREASURY 33 CFR 100 United States Mint Exchange of Coin AGENCY: United States Mint, Treasury. ACTION: Notice of proposed rulemaking. ----------------------------------------------------------------------- SUMMARY: The United States Mint proposes to revise its regulations relating to the exchange of uncurrent, bent, partial, fused, and mixed coins. The proposed revisions include updates to redemption rates and procedures previously proposed in the Federal Register on July 16, 2014, as well as revisions that will enhance the integrity of the acceptance and processing of bent and partial United States coins. DATES: Send comments on or before November 3, 2017. ADDRESSES: The United States Mint invites comments on all aspects of this proposed revision. You may send comments, identified by docket number and/or RIN number, by any of the following methods:Federal eRulemaking Portal: www.regulations.gov. Follow the instructions for sending comments. Mail: Submit all written comments to Mutilated Coin Redemption Program; Financial Directorate; United States Mint; 801 9th Street NW., Washington, DC 20220. Hand Delivery/Courier: Same as mail address. Instructions: All submissions received must include the agency name and docket number or Regulatory Information Number (RIN) for this rulemaking. All comments received will be posted without change to regulations.gov, including any personal information provided. For additional information on the rulemaking process, see the ``Public Participation'' heading of the SUPPLEMENTARY INFORMATION section of this document. FOR FURTHER INFORMATION CONTACT: Sheila Barnett, Legal Counsel, Office of the Chief Counsel, United States Mint, at (202) 354-7624 or sbarnett@usmint.treas.gov. SUPPLEMENTARY INFORMATION: I. Background The Treasury Regulations appearing at 31 CFR part 100, subpart C, are promulgated under 31 U.S.C. 5120, and relate to the exchange of uncurrent, bent, partial, fused, and mixed coins. The last amendment to 31 CFR part 100, subpart C, was on August 23, 1999. Since then, the United States Mint has identified portions of the regulations in need of revision to update redemption rates and procedures, and to enhance the integrity of the acceptance and processing of bent and partial United States coins. The first category of proposed revisions would update and improve the redemption process of bent and partial coins to enhance security and ensure the integrity of United States coinage. These revisions were not previously proposed. The revisions would establish procedures for certifying participants based on submission amounts and frequency, sampling submissions to authenticate material, conducting site visits for certain participants, and requiring information on how the submission came to be bent or partial. The revisions will also inform submitters of required banking information. Lastly, the revisions would provide the United States Mint discretion to cease processing submissions that appear to be part of an illegal scheme, or contain material that is not identifiable as bent or partial United States coinage. The second category of proposed revisions, previously proposed in 79 FR 41468, July 16, 2014, relates to the redemption rates for uncurrent coins and bent and partial coins that have been withdrawn from circulation. For uncurrent coins, the revision would clarify the procedure for redemption by instructing the public to deposit the uncurrent coins with a financial institution that will accept them, or with a depository institution that has a direct relationship with a Federal Reserve Bank. The revision would make clear that a Federal Reserve Bank will redeem uncurrent coins based on the policies described in the Federal Reserve's Operating Circular 2. For bent or partial coins, the proposed revision would update the redemption rates of certain coins to reflect the current values and compositions of coins being redeemed. For example, in the existing regulation, the redemption rate for one-cent coins is $1.4585 per pound; this redemption rate was derived from the weight of brass one- cent coins (3.11 grams or 0.1097 ounces each), which the United States Mint has not minted and issued since 1982. In 1983, the United States Mint began minting and issuing only copper-plated zinc one-cent coins, which weigh 2.50 grams or 0.0882 ounces each. Due to the weight difference, a pound (the minimum weight for redemption) of copper- plated zinc one-cent coins contains a higher quantity of coins than a pound of brass one-cent coins. The proposed revisions would make the redemption rate $1.8100 for a pound consisting solely of copper-plated zinc one-cent coins. For brass one-cent coins, or a mix of both brass and copper-plated zinc one-cent coins, the lower redemption rate of $1.4585 will apply. A similar update would be made to the redemption rate for $1 coins. The third category of proposed revisions, also previously proposed in 79 FR 41468, July 16, 2014, would clarify that the United States Mint will not accept fused coins. The United States Mint will also not accept mixed coins (coins of several alloy categories presented together) for redemption, with the exception of bent or partial one- cent coins and $1 coins that are presented in mixed years. [[Page 43731]] The fourth category of proposed revisions puts the public on notice that the Director of the United States Mint may provide information pertaining to any bent or partial coin submission to law enforcement officials or other third parties for purposes of investigating related criminal activity or for purposes of seeking civil judgment. The revisions would also notify potential participants that they may be held criminally and/or civilly liable, fined, and/or imprisoned for fraudulent submissions. II. Public Participation The United States Mint previously proposed updates to redemption rates and procedures in 79 FR 41468, July 16, 2014, and requested comments. The United States Mint received one comment, but it was not responsive to the proposed updates. A final rule was not published. In 81 FR 75922, Nov. 1, 2016, the United States Mint issued a request for public comment on new ways to enhance the integrity of the acceptance and processing of bent and partial coins. Seventeen comments were received and reviewed. The majority of comments were submitted by individuals or entities that previously exchanged bent or partial coins with the United States Mint. In general, most comments expressed support for requiring participant certification, particularly for participants submitting large quantities of bent or partial coins. Many comments expressed concern with the cost and feasibility of coinage material authentication but supported sampling or spot testing by the United States Mint. Many comments supported the suggestion of requiring chain of custody information regarding the bent or partial coin submissions. Comments from stakeholders in the recycling industry, however, discussed the difficulty they face in tracing coins recovered by auto and appliance shredding, and therefore recommended that recyclers be considered the point of origin. Multiple comments noted the importance of documenting the chain of custody of coins that had circulated outside of the United States. The suggestion of annual limitations on submissions was largely disfavored by those who submitted comments. Many comments described a backlog of bent or partial coins from the suspension of the exchange program and a lack of alternative forums to redeem such coins. III. Procedural Analysis Regulatory Planning and Review The Office of Management and Budget has determined that this proposed rule does not constitute a ``significant regulatory action'' under Executive Order 12866 or Executive Order 13771. Regulatory Flexibility Act Analysis It is hereby certified that the proposed revisions will not have a significant economic impact on a substantial number of small entities. Accordingly, a regulatory flexibility analysis under the Regulatory Flexibility Act, 5 U.S.C. 601 et seq., is not required. First, the regulations do not directly regulate any entities. The redemption of uncurrent, bent, or partial coins is a discretionary service offered to the public; participation is voluntary. Second, many of the coins presented for redemption in the past were submitted by individuals transacting with the United States Mint in their own names. The number of entities tendering significant quantities of coins for redemption is small. Even if each such individual or entity qualified as a ``small entity'' within the meaning of 5 U.S.C. 604(a), the United States Mint does not believe that the proposed revisions are likely to have a significant economic impact. The revisions do not change or limit the scope of what may be submitted for redemption or who may submit them. The revisions may require additional information from participants to deter potential fraud and abuse, but the added administrative costs for participants are expected to be minimal. IV. Request for Comment Before the proposed revisions to the Treasury Regulations at 31 CFR part 100, subpart C, are adopted as final regulations, the United States Mint will consider any comments that are submitted to the bureau as prescribed in this preamble under the ``Dates'' and ``Addresses'' headings. The United States Mint and the Department of the Treasury request comments on all aspects of the proposed revisions. List of Subjects in 31 CFR Part 100 Coins. For the reasons set forth in the preamble, the United States Mint proposes to revise 31 CFR part 100, subpart C as follows: PART 100--EXCHANGE OF PAPER CURRENCY AND COIN Subpart C--Request for Examination of Coin for Possible Redemption Sec. 100.10 Request for examination of uncurrent coin for possible redemption. 100.11 Request for examination of bent or partial coin for possible redemption. 100.12 Exchange of fused or mixed coin. 100.13 Notices. PART 100--EXCHANGE OF PAPER CURRENCY AND COIN Subpart C--Request for Examination of Coin for Possible Redemption Sec. 100.10 Request for examination of uncurrent coin 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 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. Depository institutions that redeem uncurrent coins must sort the coins by denomination into packages in accordance 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. The Federal Reserve Banks and branches listed in Sec. 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. Sec. 100.11 Request for examination of bent or partial coin for possible redemption. (a) General. Lawfully held bent or partial coins of the United States may be submitted to the United States Mint for examination in accordance with the provisions in this subpart. Any submission under this subpart shall be deemed an acceptance of all provisions of this subpart. (b) Definitions. (1) Bent coins are U.S. coins which are bent or deformed so as to preclude normal machine counting [[Page 43732]] but which are readily and clearly identifiable as to genuineness and denomination. (2) Partial coins are U.S. coins which are not whole; partial coins must be readily and clearly identifiable as to genuineness and denomination. (3) Participants are individuals or businesses that submit coins through the redemption process. (c) Redemption process. (1) Depending on submission amount and frequency, participants may be subject to a certification process by the United States Mint. The established annual weight threshold and details about the participant certification process will be published on the United States Mint's Web site. If certification is required, it must be done prior to submission. (2) All submissions for review shall include an estimate of the value of the coins and an explanation of how the submission came to be bent or partial. The submission should also contain the bank account number and routing number for a checking or savings account at a bank or other financial institution (such as a mutual fund, brokerage firm, or credit union) in the United States. (3) Participants may be required to provide documentation for how the participant came into custody of the bent or partial coins. (4) The United States Mint reserves the right to test samples from any submission to authenticate the material. The size of the sample will be limited to the amount necessary for authentication. Testing may result in partial or complete destruction of the sample. (5) The United States Mint reserves the right to conduct site visits for participants over a certain volume threshold to verify information provided to the United States Mint. (6) No redemption will be made when: (i) A submission, or any portion of a submission, demonstrates a pattern of intentional mutilation or an attempt to defraud the United States; (ii) A submission appears to be part of, or intended to further, any criminal activity; (iii) A submission contains a material misrepresentation of facts; (iv) Material presented is not identifiable as United States coins. In such instances, the participant will be notified to retrieve the entire submission, at the participant's sole expense, within 30 days. If the submission is not retrieved in a timely manner, the entire submission will be treated as voluntarily abandoned property, pursuant to 41 CFR 102-41.80, and will be retained or disposed of by the United States Mint; (v) A submission contains any contaminant that could render the coins unsuitable for coinage metal. In such instances, the participant will be notified to retrieve the entire submission, at the participant's sole expense, within 30 days. If the submission is not retrieved in a timely manner, the entire submission will be treated as voluntarily abandoned property, pursuant to 41 CFR 102-41.80, and will be retained or disposed of by the United States Mint; or (vi) A submission contains more than a nominal amount of uncurrent coins. In such instances, the participant may be notified to retrieve the entire submission, at the participant's sole expense, within 30 days. If the submission is not retrieved in a timely manner, the entire submission will be treated as voluntarily abandoned property, pursuant to 41 CFR 102-41.80, and will be retained or disposed of by the United States Mint. (7) The Director of the United States Mint, or designee, shall have final authority with respect to all aspects of redemptions of bent or partial coin submissions. (d) Redemption rates. (1) Generally. Participants shall separate bent or partial coins by denomination in lots of at least one pound for each denomination category. The United States Mint will redeem bent or partial coins on the basis of their weight and denomination at the following rates: (i) One-Cent Coins: $1.4585 per pound. (ii) 5-Cent Coins: $4.5359 per pound. (iii) Dime, Quarter-Dollar, and Half-Dollar Coins: $20.00 per pound. (iv) $1 Coins: $20.00 per pound. (2) Exceptions. (i) The United States Mint will redeem one-cent coins inscribed with a year after 1982 at the rate set forth at subparagraph (1)(i) of this subsection unless such one-cent coins are presented unmixed from one-cent coins inscribed with a year before 1983. The United States Mint will redeem unmixed one-cent coins inscribed with a year after 1982 at a rate of $1.8100 per pound. (ii) The United States Mint will redeem $1 coins inscribed with a year after 1978 at the rate set forth at subparagraph (1)(iv) of this subsection unless such $1 coins are presented unmixed from $1 coins inscribed with a year before 1979. The United States Mint will redeem unmixed $1 coins inscribed with a year after 1978 at a rate of $56.00 per pound. (e) Redemption sites. Coins are shipped at the sender's risk of loss and expense. (1) Bent and partial coins submitted in quantities less than or equal to a threshold established annually will be redeemed only at the United States Mint at Philadelphia, P.O. Box 400, Philadelphia, PA 19105. (2) Bent and partial coins submitted in quantities greater than a threshold established annually should be scheduled with the United States Mint to be sent directly to the authorized recycler(s) of the United States Mint. Sec. 100.12 Exchange of fused or mixed coin. (a) Definitions. (1) Fused coins are U.S. coins which are melted to the extent that they are bonded together. (2) Mixed coins are U.S. coins of several alloy categories which are presented together, but are readily and clearly identifiable as U.S. coins. (b) The United States Mint will not accept fused coins for redemption. The United States Mint will not accept mixed coins for redemption, except as provided for in Sec. 100.11(d)(2). Sec. 100.13 Notices. (a) Additional information and procedures about the United States Mint's redemption of bent or partial coins can be found on the United States Mint's Web site. (b) Criminal penalties connected with the defacement or mutilation of U.S. coins are provided in 18 U.S.C. 331. (c) The Director of the United States Mint may provide information pertaining to any bent or partial coin submissions to law enforcement officials or other third parties for purposes of investigating related criminal activity or for purposes of seeking a civil judgment. (d) Whoever intentionally files a false claim seeking reimbursement for uncurrent, bent or partial coins may be held criminally liable under a number of statutes including 18 U.S.C. 287 and 18 U.S.C. 1341 and may be held civilly liable under 31 U.S.C. 3729, et seq. Dated: September 13, 2017. Jean Gentry, Chief Counsel, United States Mint. [FR Doc. 2017-19885 Filed 9-18-17; 8:45 am] BILLING CODE P
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section 149(a), such as bonds that are of the acceptance and processing of bent submitters of required banking
tax-exempt under section 103. For and partial United States coins. information. Lastly, the revisions would
purposes of determining whether an DATES: Send comments on or before provide the United States Mint
obligation is described in section November 3, 2017. discretion to cease processing
4701(b)(1)(B), the rules of § 1.163–5(c) of ADDRESSES: The United States Mint submissions that appear to be part of an
this chapter apply. invites comments on all aspects of this illegal scheme, or contain material that
(4) Registered form. The term proposed revision. You may send is not identifiable as bent or partial
registered form has the same meaning as comments, identified by docket number United States coinage.
in § 1.163–5(b) of this chapter. and/or RIN number, by any of the
(5) Issuer—(i) In general. Except as The second category of proposed
following methods: revisions, previously proposed in 79 FR
provided in paragraph (b)(5)(ii) of this • Federal eRulemaking Portal:
section, the term issuer is the person 41468, July 16, 2014, relates to the
www.regulations.gov. Follow the redemption rates for uncurrent coins
whose interest deduction would be instructions for sending comments.
disallowed solely by reason of section and bent and partial coins that have
• Mail: Submit all written comments
163(f)(1). been withdrawn from circulation. For
to Mutilated Coin Redemption Program;
(ii) Sponsor treated as issuer. A pass- uncurrent coins, the revision would
Financial Directorate; United States
through certificate (as defined in Mint; 801 9th Street NW., Washington, clarify the procedure for redemption by
§ 1.163–5(a)(3)(i)(B) of this chapter), a DC 20220. instructing the public to deposit the
participation interest described in • Hand Delivery/Courier: Same as uncurrent coins with a financial
§ 1.163–5(a)(3)(ii) of this chapter, or a mail address. institution that will accept them, or
regular interest in a REMIC, as defined Instructions: All submissions received with a depository institution that has a
in sections 860D and 860G and the must include the agency name and direct relationship with a Federal
regulations thereunder, is considered to docket number or Regulatory Reserve Bank. The revision would make
be issued solely by the recipient of the Information Number (RIN) for this clear that a Federal Reserve Bank will
proceeds from the issuance of the rulemaking. All comments received will redeem uncurrent coins based on the
certificate or interest (the sponsor). The be posted without change to policies described in the Federal
sponsor is therefore liable for any excise regulations.gov, including any personal Reserve’s Operating Circular 2.
tax under section 4701 that may be information provided. For additional For bent or partial coins, the proposed
imposed with reference to the principal information on the rulemaking process, revision would update the redemption
amount of the pass-through certificate, see the ‘‘Public Participation’’ heading rates of certain coins to reflect the
participation interest, or regular interest. of the SUPPLEMENTARY INFORMATION current values and compositions of
* * * * * section of this document. coins being redeemed. For example, in
(e) Applicability date—(1) In general. FOR FURTHER INFORMATION CONTACT: the existing regulation, the redemption
* * * Sheila Barnett, Legal Counsel, Office of
(2) Exception. Notwithstanding rate for one-cent coins is $1.4585 per
the Chief Counsel, United States Mint, pound; this redemption rate was
paragraph (e)(1) of this section, at (202) 354–7624 or sbarnett@
paragraphs (b)(3), (4), and (5) of this derived from the weight of brass one-
usmint.treas.gov. cent coins (3.11 grams or 0.1097 ounces
section apply to obligations issued after
March 18, 2012. For the rules that apply SUPPLEMENTARY INFORMATION: each), which the United States Mint has
to obligations issued on or before March not minted and issued since 1982. In
I. Background
18, 2012, see § 46.4701–1 as contained 1983, the United States Mint began
The Treasury Regulations appearing minting and issuing only copper-plated
in 26 CFR part 46, revised as of the date
at 31 CFR part 100, subpart C, are zinc one-cent coins, which weigh 2.50
of the most recent annual revision.
promulgated under 31 U.S.C. 5120, and grams or 0.0882 ounces each. Due to the
Kirsten Wielobob, relate to the exchange of uncurrent, weight difference, a pound (the
Deputy Commissioner for Services and bent, partial, fused, and mixed coins. minimum weight for redemption) of
Enforcement. The last amendment to 31 CFR part 100, copper-plated zinc one-cent coins
[FR Doc. 2017–19753 Filed 9–15–17; 4:15 pm] subpart C, was on August 23, 1999. contains a higher quantity of coins than
BILLING CODE 4830–01–P Since then, the United States Mint has a pound of brass one-cent coins. The
identified portions of the regulations in proposed revisions would make the
need of revision to update redemption redemption rate $1.8100 for a pound
DEPARTMENT OF THE TREASURY rates and procedures, and to enhance
consisting solely of copper-plated zinc
the integrity of the acceptance and
one-cent coins. For brass one-cent coins,
33 CFR 100 processing of bent and partial United
or a mix of both brass and copper-plated
States coins.
The first category of proposed zinc one-cent coins, the lower
United States Mint
revisions would update and improve the redemption rate of $1.4585 will apply.
Exchange of Coin redemption process of bent and partial A similar update would be made to the
coins to enhance security and ensure redemption rate for $1 coins.
AGENCY: United States Mint, Treasury.
the integrity of United States coinage. The third category of proposed
ACTION: Notice of proposed rulemaking.
These revisions were not previously revisions, also previously proposed in
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SUMMARY: The United States Mint proposed. The revisions would establish 79 FR 41468, July 16, 2014, would
proposes to revise its regulations procedures for certifying participants clarify that the United States Mint will
relating to the exchange of uncurrent, based on submission amounts and not accept fused coins. The United
bent, partial, fused, and mixed coins. frequency, sampling submissions to States Mint will also not accept mixed
The proposed revisions include updates authenticate material, conducting site coins (coins of several alloy categories
to redemption rates and procedures visits for certain participants, and presented together) for redemption, with
previously proposed in the Federal requiring information on how the the exception of bent or partial one-cent
Register on July 16, 2014, as well as submission came to be bent or partial. coins and $1 coins that are presented in
revisions that will enhance the integrity The revisions will also inform mixed years.
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![43732 Federal Register / Vol. 82, No. 180 / Tuesday, September 19, 2017 / Proposed Rules
but which are readily and clearly property, pursuant to 41 CFR 102–41.80, (e) Redemption sites. Coins are
identifiable as to genuineness and and will be retained or disposed of by shipped at the sender’s risk of loss and
denomination. the United States Mint; expense.
(2) Partial coins are U.S. coins which (v) A submission contains any
(1) Bent and partial coins submitted
are not whole; partial coins must be contaminant that could render the coins
in quantities less than or equal to a
readily and clearly identifiable as to unsuitable for coinage metal. In such
instances, the participant will be threshold established annually will be
genuineness and denomination.
(3) Participants are individuals or notified to retrieve the entire redeemed only at the United States Mint
businesses that submit coins through submission, at the participant’s sole at Philadelphia, P.O. Box 400,
the redemption process. expense, within 30 days. If the Philadelphia, PA 19105.
(c) Redemption process. submission is not retrieved in a timely (2) Bent and partial coins submitted
(1) Depending on submission amount manner, the entire submission will be in quantities greater than a threshold
and frequency, participants may be treated as voluntarily abandoned established annually should be
subject to a certification process by the property, pursuant to 41 CFR 102–41.80, scheduled with the United States Mint
United States Mint. The established and will be retained or disposed of by to be sent directly to the authorized
annual weight threshold and details the United States Mint; or recycler(s) of the United States Mint.
about the participant certification (vi) A submission contains more than
process will be published on the United a nominal amount of uncurrent coins. In § 100.12 Exchange of fused or mixed coin.
States Mint’s Web site. If certification is such instances, the participant may be
required, it must be done prior to (a) Definitions. (1) Fused coins are
notified to retrieve the entire
submission. U.S. coins which are melted to the
submission, at the participant’s sole
(2) All submissions for review shall expense, within 30 days. If the extent that they are bonded together.
include an estimate of the value of the submission is not retrieved in a timely (2) Mixed coins are U.S. coins of
coins and an explanation of how the manner, the entire submission will be several alloy categories which are
submission came to be bent or partial. treated as voluntarily abandoned presented together, but are readily and
The submission should also contain the property, pursuant to 41 CFR 102–41.80, clearly identifiable as U.S. coins.
bank account number and routing and will be retained or disposed of by (b) The United States Mint will not
number for a checking or savings the United States Mint. accept fused coins for redemption. The
account at a bank or other financial (7) The Director of the United States
institution (such as a mutual fund, United States Mint will not accept
Mint, or designee, shall have final
brokerage firm, or credit union) in the mixed coins for redemption, except as
authority with respect to all aspects of
United States. redemptions of bent or partial coin provided for in § 100.11(d)(2).
(3) Participants may be required to submissions. § 100.13 Notices.
provide documentation for how the (d) Redemption rates.
participant came into custody of the (1) Generally. Participants shall (a) Additional information and
bent or partial coins. separate bent or partial coins by procedures about the United States
(4) The United States Mint reserves denomination in lots of at least one Mint’s redemption of bent or partial
the right to test samples from any pound for each denomination category. coins can be found on the United States
submission to authenticate the material. The United States Mint will redeem Mint’s Web site.
The size of the sample will be limited bent or partial coins on the basis of their (b) Criminal penalties connected with
to the amount necessary for weight and denomination at the the defacement or mutilation of U.S.
authentication. Testing may result in following rates:
coins are provided in 18 U.S.C. 331.
partial or complete destruction of the (i) One-Cent Coins: $1.4585 per
sample. pound. (c) The Director of the United States
(5) The United States Mint reserves (ii) 5-Cent Coins: $4.5359 per pound. Mint may provide information
the right to conduct site visits for (iii) Dime, Quarter-Dollar, and Half- pertaining to any bent or partial coin
participants over a certain volume Dollar Coins: $20.00 per pound. submissions to law enforcement
threshold to verify information provided (iv) $1 Coins: $20.00 per pound. officials or other third parties for
to the United States Mint. (2) Exceptions. (i) The United States purposes of investigating related
(6) No redemption will be made Mint will redeem one-cent coins criminal activity or for purposes of
when: inscribed with a year after 1982 at the seeking a civil judgment.
(i) A submission, or any portion of a rate set forth at subparagraph (1)(i) of
submission, demonstrates a pattern of this subsection unless such one-cent (d) Whoever intentionally files a false
intentional mutilation or an attempt to coins are presented unmixed from one- claim seeking reimbursement for
defraud the United States; cent coins inscribed with a year before uncurrent, bent or partial coins may be
(ii) A submission appears to be part 1983. The United States Mint will held criminally liable under a number
of, or intended to further, any criminal redeem unmixed one-cent coins of statutes including 18 U.S.C. 287 and
activity; inscribed with a year after 1982 at a rate 18 U.S.C. 1341 and may be held civilly
(iii) A submission contains a material of $1.8100 per pound. liable under 31 U.S.C. 3729, et seq.
misrepresentation of facts; (ii) The United States Mint will
asabaliauskas on DSKBBXCHB2PROD with PROPOSALS
Dated: September 13, 2017.
(iv) Material presented is not redeem $1 coins inscribed with a year
identifiable as United States coins. In after 1978 at the rate set forth at Jean Gentry,
such instances, the participant will be subparagraph (1)(iv) of this subsection Chief Counsel, United States Mint.
notified to retrieve the entire unless such $1 coins are presented [FR Doc. 2017–19885 Filed 9–18–17; 8:45 am]
submission, at the participant’s sole unmixed from $1 coins inscribed with BILLING CODE P
expense, within 30 days. If the a year before 1979. The United States
submission is not retrieved in a timely Mint will redeem unmixed $1 coins
manner, the entire submission will be inscribed with a year after 1978 at a rate
treated as voluntarily abandoned of $56.00 per pound.
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Document Created: 2018-10-24 14:18:13
Document Modified: 2018-10-24 14:18:13
| Category | Regulatory Information | |
| Collection | Federal Register | |
| sudoc Class | AE 2.7: GS 4.107: AE 2.106: | |
| Publisher | Office of the Federal Register, National Archives and Records Administration | |
| Section | Proposed Rules | |
| Action | Notice of proposed rulemaking. | |
| Dates | Send comments on or before November 3, 2017. | |
| Contact | Sheila Barnett, Legal Counsel, Office of the Chief Counsel, United States Mint, at (202) 354-7624 or [email protected] | |
| FR Citation | 82 FR 43730 |
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