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443 Part 100—Exchange of Paper Currency and Coin

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443 Part 100—Exchange of Paper Currency and Coin Monetary Offices, Treasury § 100.2 (B) Payment of a civil penalty im- Subpart C—Request for Examination of posed by the Final Notice of Assess- Coin for Possible Redemption ment shall be paid by EFT in accord- ance with instructions provided in the 100.10 Request for examination of uncurrent coin for possible redemption. notice, unless the assessing official has 100.11 Request for examination of bent or given written approval to have pay- partial coin for possible redemption. ment made by other means; 100.12 Exchange of fused or mixed coin. (C) If payment of a civil penalty im- 100.13 Notices. posed by the Final Notice of Assess- ment has been suspended on the condi- Subpart D—Other Information tion that the person comply in the fu- 100.16 Exchange of paper and coin to be han- ture with 31 U.S.C. 333 and this sub- dled through Federal Reserve banks and part, the failure by the person to so branches. comply will make the civil penalty 100.17 Location of Federal Reserve banks payable on demand; and branches. 100.18 Counterfeit notes to be marked; ‘‘re- (D) If a civil penalty is not paid with- demption’’ of notes wrongfully so in 30 days of the date of the Final No- marked. tice of Assessment (or on demand 100.19 Disposition of counterfeit notes and under paragraph (c)(3)(ii)(D) of this sec- coins. tion), a civil action to collect the pen- AUTHORITY: 31 U.S.C. 321. alty or enforce compliance may be SOURCE: 47 FR 32044, July 23, 1982, unless commenced at any time within two otherwise noted. years of the date of the Final Notice of Assessment; and § 100.2 Scope of regulations; trans- (E) Any civil penalty imposed by the actions effected through Federal Final Notice of Assessment may be Reserve banks and branches; dis- subject to judicial review in accord- tribution of coin and currencies. ance with 5 U.S.C. 701 et seq. (a) The regulations in this part gov- ern the exchange of the coin and paper § 92.18 Judicial review. currency of the United States (includ- A Final Notice of Assessment issued ing national bank notes and Federal under the procedures in this subpart Reserve bank notes in process of retire- may be subject to judicial review pur- ment and Federal Reserve notes). suant to 5 U.S.C. 701 et seq. Under authorization in the Act ap- proved May 29, 1920, 41 Stat. 655 (31 U.S.C. 476), the Secretary of the Treas- PART 100—EXCHANGE OF PAPER ury transferred to the Federal Reserve CURRENCY AND COIN banks and branches the duties and functions performed by the former As- Sec. sistant Treasurers of the United States 100.2 Scope of regulations; transactions ef- in connection with the exchange of fected through Federal Reserve banks paper currency and coin of the United and branches; distribution of coin and States. Except for the duties in this re- currencies. spect to be performed by the Treasurer Subpart A—In General of the United States and the Director of the Mint, as may be indicated from 100.3 Lawfully held coins and currencies in time to time by the Secretary of the general. Treasury, exchanges of the paper cur- 100.4 Gold coin and gold certificates in gen- rency and coin of the United States eral. and the distribution and replacement thereof will, so far as practicable, be Subpart B—Request for Examination of Mu- effected through the Federal Reserve tilated Currency for Possible Redemp- banks and branches. The Federal Re- tion serve banks and branches are author- 100.5 Mutilated paper currency. ized to distribute available supplies of 100.6 Destroyed paper currency. coin and currency to depository insti- 100.7 Treasury’s redemption process. tutions, as that term is defined in sec- 100.8 Packaging and shipping of mutilated tion 103 of the Monetary Control Act of currency. 1980 (Pub. L. 96–221). As authorized by 100.9 Notices. 443 VerDate Sep<11>2014 15:51 Aug 06, 2020 Jkt 250128 PO 00000 Frm 00453 Fmt 8010 Sfmt 8010 Q:\31\31V1.TXT PC31 kpayne on VMOFRWIN702 with $$_JOB § 100.3 31 CFR Ch. I (7–1–20 Edition) section 107 of the Act, transportation Subpart B—Request for Examina- of coin and currency and coin wrapping tion of Mutilated Currency for services will be provided according to a schedule of fees established by the Possible Redemption Board of Governors of the Federal Re- serve System. Inquiries by depository SOURCE: 79 FR 30725, May 29, 2014, unless institutions regarding distribution and otherwise noted. related services should be addressed to the Federal Reserve bank of the dis- § 100.5 Mutilated paper currency. trict where the institution is located. (a) General. Lawfully held mutilated (b) The Department of the Treasury paper currency of the United States has authorized amendments to this may be submitted for examination in part by the following bureaus and of- accord with the provisions in this sub- fices: part. Such currency may be redeemed (1) This section—Office of the Sec- at face amount if sufficient remnants retary. of any relevant security feature and (2) Subpart A—Office of the Sec- clearly more than one-half of the origi- retary. nal note remains. Fragments of such (3) Subpart B—Bureau of Engraving mutilated currency which are not and Printing. clearly more than one-half of the origi- (4) Subpart C—United States Mint. nal whole note or are lacking sufficient (5) Subpart D—Office of the Sec- remnants of any relevant security fea- retary. ture will be redeemed at face value [47 FR 32044, July 23, 1982, as amended at 82 only if the Director, Bureau of Engrav- FR 60310, Dec. 20, 2017] ing and Printing, Department of the Treasury, is satisfied that the missing Subpart A—In General portions have been totally destroyed. The Director’s judgment shall be based § 100.3 Lawfully held coin and cur- on such evidence of total destruction rencies in general. as is necessary and shall be final. Any The official agencies of the Depart- submission under this subpart shall be ment of the Treasury will continue to deemed an acceptance of all provisions exchange lawfully held coins and cur- contained herein. rencies of the United States, dollar for (b) Definitions. The following defini- dollar, for other coins and currencies tions are used in this subpart: which may be lawfully acquired and Mutilated currency is currency which are legal tender for public and private has been damaged to the extent that: debts. Paper currency of the United (i) One-half or less of the original States which has been falsely altered note remains; or and coins altered to render them for (ii) Its condition is such that its use as other denominations will not be value is questionable and the currency redeemed since such currency and must be forwarded to the Department coins are subject to forfeiture under of the Treasury for the examination by Title 18, United States Code, section trained experts before any redemption 492. Persons receiving such currency is made. and coins should notify immediately the nearest local office of the U.S. Se- Unfit currency is currency which is cret Service of the Department of the unfit for further circulation because of Treasury, and hold the same pending its physical condition such as torn, advice from the Service. dirty, limp, worn or defaced. Unfit cur- rency should not be forwarded to the § 100.4 Gold coin and gold certificates Department of the Treasury, but may in general. be exchanged at commercial banks. Gold coins, and gold certificates of the type issued before January 30, 1934, § 100.6 Destroyed paper currency. are exchangeable, as provided in this No relief will be granted on account part, into other currency or coin which of lawfully held paper currency which may be lawfully issued. has been totally destroyed. 444 VerDate Sep<11>2014 15:51 Aug 06, 2020 Jkt 250128 PO 00000 Frm 00454 Fmt 8010 Sfmt 8010 Q:\31\31V1.TXT PC31 kpayne on VMOFRWIN702 with $$_JOB Monetary Offices, Treasury § 100.8 § 100.7 Treasury’s redemption process. (e) The Director of the Bureau of En- graving and Printing shall have final (a) Lawful holders of mutilated cur- authority with respect to redemptions rency may receive a redemption at full of mutilated currency submissions. value when: (1) Clearly more than 50% of a note (f) All submissions for review shall identifiable as United States currency include an estimate of the value of the is present along with sufficient rem- currency and an explanation of how it nants of any relevant security feature; came to be mutilated. The submission or should also contain the bank account (2) Fifty percent or less of a note number and routing number for an ac- identifiable as United States currency count of a United States bank since all is present and the method of mutila- redemptions of $500 or more shall be tion and supporting evidence dem- made through Electronic Funds Trans- onstrate to the satisfaction of the fer (EFT). Treasury that the missing portions § 100.8 Packaging and shipping of mu- have been totally destroyed. tilated currency. (b) No redemption will be made when: (1) A submission, or any portion Mutilated currency examiners are thereof, demonstrates a pattern of in- best able to determine the value of the tentional mutilation or an attempt to currency when it has been carefully defraud the United States. In such in- packed and boxed as described below.
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