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

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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.

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§ 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. stances, the entire submission will be As a result, failure to follow the direc- destroyed or retained as evidence. tions in this section may result in a de- (2) A submission appears to be part nial of redemption: of, or intended to further, any criminal (a) Regardless of the condition of the scheme. In such instances, the entire currency, do not disturb the fragments submission will be destroyed or re- more than is absolutely necessary. tained as evidence. (b) If the currency is brittle or in- (3) A submission contains a material clined to fall apart, pack it carefully in misrepresentation of facts. cotton and box it as found, without dis- (4) Fragments and remnants pre- turbing the fragments, if possible. sented are not identifiable as United (c) If the currency was in a purse, States currency; or box, or other container when muti- (5) Fragments and remnants pre- lated, it should be left therein, if pos- sented which represent 50% or less of a sible, in order to prevent further dete- note are identifiable as United States rioration of the fragments or from currency but the method of destruction their being lost. and supporting evidence do not satisfy (d) If it is absolutely necessary to re- the Treasury that the missing portion move the fragments from the con- has been totally destroyed. tainer, send the container with the cur- (c) Lawfully held mutilated currency rency and any other contents found, in a submission that also contains except as noted in paragraph (g) of this counterfeit currency may be destroyed section. or retained as evidence, at the discre- (e) If the currency was flat when mu- tion of the Director of the Bureau of tilated, do not roll, fold, laminate, Engraving and Printing. tape, glue or in any other way alter the (d) All cases will be handled under currency in an attempt to preserve it. proper procedures to safeguard the (f) If the currency was in a roll when funds and interests of the submitter of mutilated, do not attempt to unroll or lawfully held mutilated currency. In straighten. some cases, the amount redeemed will (g) If coin or any other metal is be less than the amount estimated by mixed with the currency, remove care- the submitter. In other cases, the fully. Do not send coin or other metal amount redeemed may be greater. The in the same package with mutilated amount redeemed will be determined paper currency, as the metal will break by an examination made by trained up the currency. Coin should be ex- mutilated currency examiners and gov- changed in accordance with subpart C erned by the above criteria. of this part.

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(h) Mutilated currency shipments Bank. A Federal Reserve Bank will re- must be addressed as follows: deem uncurrent coins, based on the (1) USPS Delivery—Department of policies described in the Federal Re- the Treasury, Bureau of Engraving and serve’s Operating Circular 2. Printing, MCD/OFM, Room 344A, Post (c) Criteria for acceptance. Depository Office Box 37048, Washington, DC 20013. institutions that redeem uncurrent (2) Non Postal Courier (FEDEX/ coins must sort the coins by denomina- UPS)—Department of the Treasury, tion into packages in accordance with Bureau of Engraving and Printing, the Federal Reserve’s Operating Cir- MCD/OFM, Room 344–A, 14th & C cular 2. The Federal Reserve Banks Streets SW., Washington, DC 20228. have the right to reject any shipment containing objects that are not U.S. § 100.9 Notices. coins or any contaminant that could (a) The Director may provide infor- render the uncurrent coins unsuitable mation pertaining to any mutilated for coinage metal. currency submission to law enforce- (d) Redemption sites. The Federal Re- ment officials or other third parties for serve Banks and branches listed in purposes of investigation of related § 100.17 are the only authorized redemp- criminal activity or for purposes of tion sites at which a depository insti- seeking a civil judgment. tution that has established a direct (b) Whoever mutilates currency with customer relationship with a Federal the intent to render it unfit to be re- issued may be fined and/or imprisoned. Reserve Bank may redeem uncurrent 18 U.S.C. 333. coins. (c) Whoever intentionally files a false § 100.11 Request for examination of claim seeking reimbursement for muti- bent or partial coin for possible re- lated currency may be held criminally demption. liable under a number of statutes in- cluding 18 U.S.C. 287 and 18 U.S.C. 1341 (a) General. Lawfully held bent or and may be held civilly liable under 31 partial coins of the United States may U.S.C. 3729, et seq. be submitted to the United States Mint for examination in accordance with the Subpart C—Request for Examina- provisions in this subpart. Any submis- tion of Coin for Possible Re- sion under this subpart shall be deemed an acceptance of all provisions of this demption subpart. (b) Definitions. (1) Bent coins are U.S. SOURCE: 82 FR 60311, Dec. 20, 2017, unless coins which are bent or deformed so as otherwise noted. to preclude normal machine counting § 100.10 Request for examination of but which are readily and clearly iden- uncurrent coin for possible redemp- tifiable as to genuineness and denomi- tion. nation. (a) Definition. Uncurrent coins are (2) Partial coins are U.S. coins which whole U.S. coins which are merely are not whole; partial coins must be worn or reduced in weight by natural readily and clearly identifiable as to abrasion yet are readily and clearly genuineness and denomination. recognizable as to genuineness and de- (3) Participants are individuals or nomination and which are machine businesses that submit coins through countable. the redemption process. (b) Redemption process. The United (c) Redemption process. (1) Depending States Mint will not accept uncurrent on submission amount and frequency, coins for redemption. Members of the participants may be subject to a cer- public wishing to redeem lawfully held tification process by the United States uncurrent coins must deposit the Mint. The established annual weight uncurrent coins with a bank or other threshold and details about the partici- financial institution that will accept pant certification process will be pub- them, or with a depository institution lished on the United States Mint’s that has established a direct customer website. If certification is required, it relationship with a Federal Reserve must be done prior to submission.

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(2) All submissions for review shall disposed of by the United States Mint; include an estimate of the value of the or coins and an explanation of how the (vi) A submission contains more than submission came to be bent or partial. a nominal amount of uncurrent coins. The submission should also contain the In such instances, the participant may bank account number and routing be notified to retrieve the entire sub- number for a checking or savings ac- mission, at the participant’s sole ex- count at a bank or other financial in- pense, within 30 days. If the submission stitution (such as a mutual fund, bro- is not retrieved in a timely manner, kerage firm, or credit union) in the the entire submission will be treated as United States. voluntarily abandoned property, pursu- (3) Participants may be required to ant to 41 CFR 102–41.80, and will be re- provide documentation for how the tained or disposed of by the United participant came into custody of the States Mint. bent or partial coins. (7) The Director of the United States (4) The United States Mint reserves Mint, or designee, shall have final au- the right to test samples from any sub- thority with respect to all aspects of mission to authenticate the material. redemptions of bent or partial coin The size of the sample will be limited submissions. to the amount necessary for authen- (d) Redemption rates—(1) Generally. tication. Testing may result in partial Participants shall separate bent or par- or complete destruction of the sample. tial coins by the denomination cat- (5) The United States Mint reserves egories listed below in lots of at least the right to conduct site visits for par- one pound for each denomination cat- ticipants over a certain volume thresh- egory. The United States Mint will re- old to verify information provided to deem bent or partial coins on the basis the United States Mint. of their weight and denomination at (6) No redemption will be made when: the following rates: (i) A submission, or any portion of a (i) One-Cent Coins: $1.4585 per pound. submission, demonstrates a pattern of (ii) 5-Cent Coins: $4.5359 per pound. intentional mutilation or an attempt (iii) Dime, Quarter-Dollar, and Half- to defraud the United States; Dollar Coins: $20.00 per pound. (ii) A submission appears to be part (iv) $1 Coins: $20.00 per pound. of, or intended to further, any criminal (2) Exceptions. (i) The United States activity; Mint will redeem one-cent coins in- (iii) A submission contains a mate- scribed with a year after 1982 at the rial misrepresentation of facts; rate set forth at paragraph (d)(1)(i) of (iv) Material presented is not identi- this section unless such one-cent coins fiable as United States coins. In such are presented unmixed from one-cent instances, the participant will be noti- coins inscribed with a year before 1983. fied to retrieve the entire submission, The United States Mint will redeem at the participant’s sole expense, with- unmixed one-cent coins inscribed with in 30 days. If the submission is not re- a year after 1982 at a rate of $1.8100 per trieved in a timely manner, the entire pound. submission will be treated as volun- (ii) The United States Mint will re- tarily abandoned property, pursuant to deem $1 coins inscribed with a year 41 CFR 102–41.80, and will be retained or after 1978 at the rate set forth at para- disposed of by the United States Mint; graph (d)(1)(iv) of this section unless (v) A submission contains any con- such $1 coins are presented unmixed taminant that could render the coins from $1 coins inscribed with a year be- unsuitable for coinage metal. In such fore 1979. The United States Mint will instances, the participant will be noti- redeem unmixed $1 coins inscribed with fied to retrieve the entire submission, a year after 1978 at a rate of $56.00 per at the participant’s sole expense, with- pound. in 30 days. If the submission is not re- (e) Redemption sites. Coins are shipped trieved in a timely manner, the entire at the sender’s risk of loss and expense. submission will be treated as volun- (1) Bent and partial coins submitted tarily abandoned property, pursuant to in quantities less than or equal to a 41 CFR 102–41.80, and will be retained or threshold established annually will be

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redeemed only at the United States be handled through the Federal Re- Mint at Philadelphia, P.O. Box 400, serve banks and branches. Philadelphia, PA 19105. (2) Bent and partial coins submitted § 100.17 Location of Federal Reserve in quantities greater than a threshold banks and branches. established annually should be sched- Federal Reserve Bank and Address uled with the United States Mint to be Boston—600 Atlantic Avenue, Boston, MA sent directly to the authorized recy- 02106 cler(s) of the United States Mint. New York—33 Liberty Street (Federal Re- serve P.O. Station), New York, NY 10045 § 100.12 Exchange of fused or mixed Buffalo Branch—160 Delaware Avenue (P.O. coin. Box 961), Buffalo, NY 14240 (a) Definitions. (1) Fused coins are Philadelphia—Ten Independence Mall (P.O. U.S. coins which are melted to the ex- Box 66), Philadelphia, PA 19105 Cleveland—1455 East Sixth Street (P.O. Box tent that they are bonded together. 6387), Cleveland, OH 44101 (2) Mixed coins are U.S. coins of sev- Cincinnati Branch—150 East Fourth Street eral alloy categories which are pre- (P.O. Box 999), Cincinnati, OH 45201 sented together, but are readily and Pittsburgh Branch—717 Grant Street (P.O. clearly identifiable as U.S. coins. Box 867), Pittsburgh, PA 15230 (b) Fused and mixed coins. The United Richmond—701 East Byrd Avenue (P.O. Box States Mint will not accept fused coins 27622), Richmond, VA 23261 for redemption. The United States Baltimore Branch—114–120 East Lexington Street (P.O. Box 1378), Baltimore, MD 21203 Mint will not accept mixed coins for Charlotte Branch—530 East Trade Street redemption, except as provided for in (P.O. Box 30248), Charlotte, NC 28230 § 100.11(d)(2). Atlanta—104 Marietta Street, NW., Atlanta, GA 30303 § 100.13 Notices. Birmingham Branch—1801 Fifth Avenue, (a) Additional information and proce- North (P.O. Box 830447), Birmingham, AL 35283–0447 dures about the United States Mint’s Jacksonville Branch—800 Water Street (P.O. redemption of bent or partial coins can Box 929) Jacksonville, FL 32231–0044 be found on the United States Mint’s Miami Branch—9100 NW., 36th Street (P.O. website. Box 520847), Miami, FL 33152 (b) Criminal penalties connected with Nashville Branch—301 Eighth Avenue, North, the defacement or mutilation of U.S. Nashville, TN 37203 coins are provided in 18 U.S.C. 331. New Orleans Branch—525 St. Charles Avenue (P.O. Box 61630), New Orleans, LA 70161 (c) The Director of the United States Chicago—230 South LaSalle Street (P.O. Box Mint may provide information per- 834), Chicago, IL 60690 taining to any bent or partial coin sub- Detroit Branch—160 Fort Street, West (P.O. missions to law enforcement officials Box 1059), Detroit, MI 48231 or other third parties for purposes of St. Louis—411 Locust Street (P.O. Box 442), investigating related criminal activity St. Louis, MO 63166 or for purposes of seeking a civil judg- Little Rock Branch—325 West Capitol Ave- nue (P.O. Box 1261), Little Rock, AR 72203 ment. Louisville Branch—410 South Fifth Street (d) Whoever intentionally files a false (P.O. Box 32710), Louisville, KY 40232 claim seeking reimbursement for Memphis Branch—200 North Main Street uncurrent, bent or partial coins may be (P.O. Box 407), Memphis, TN 38101 held criminally liable under a number Minneapolis—250 Marquette Avenue, Min- of statutes including 18 U.S.C. 287 and neapolis, MN 55480 18 U.S.C. 1341 and may be held civilly Helena Branch—400 North Park Avenue, Hel- ena, MT 59601 liable under 31 U.S.C. 3729, et seq. Kansas City—925 Grand Avenue (Federal Re- serve Station), Kansas City, MO 64198 Subpart D—Other Information Denver Branch—1020 16th Street (P.O. Box 5228, Terminal Annex), Denver, CO 80217 § 100.16 Exchange of paper and coin to Oklahoma City Branch—226 Dean A. McGee be handled through Federal Re- Street (P.O. Box 25129), Oklahoma City, OK serve banks and branches. 73125 Omaha Branch—2201 Farnam Street (P.O. Other than as provided in this docu- Box 3958), Omaha, NB 68103 ment all transactions including the ex- Dallas—400 South Akard Street (Station K), change of paper currency and coin shall Dallas, TX 75222

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El Paso Branch—301 East Main Street (P.O. 101.2 Petitions for mitigation. Box 100), El Paso, TX 79999 101.3 Petitions reviewed by Assistant Sec- Houston Branch—1701 San Jacinto Street retary, Enforcement, Operations, Tariff (P.O. Box 2578), Houston, TX 77001 Affairs. San Antonio Branch—126 East Nueva Street 101.4 Extraction of gold bullion from the (P.O. Box 1471), San Antonio, TX 78295 counterfeit coins. San Francisco—400 Sansome Street (P.O. 101.5 Payment of smelting costs. Box 7702), San Francisco, CA 94120 101.6 Return of the bullion. Los Angeles Branch—950 South Grand Ave- 101.7 Exceptions. nue (Terminal Annex, P.O. Box 2077), Los 101.8 Discretion of the Secretary. Angeles CA 90051 AUTHORITY: 18 U.S.C. 492. Portland Branch—915 SW Stark Street (P.O. Box 3436), Portland, OR 97208 SOURCE: 42 FR 1472, Jan. 7, 1977, unless oth- Salt Lake City Branch—120 South State erwise noted. Street (P.O. Box 30780), Salt Lake City, UT 84125 § 101.1 Purpose and scope. Seattle Branch—1015 Second Avenue (P.O. The purpose of this part is to estab- Box 3567), Seattle, WA 98124 lish a policy whereby certain pur- [47 FR 32044, July 23, 1982, as amended at 56 chasers or holders of gold coins who FR 10170, Mar. 11, 1991] have forfeited them to the United States because they were counterfeit § 100.18 Counterfeit notes to be marked; ‘‘redemption’’ of notes may, in the discretion of the Secretary wrongfully so marked. of the Treasury, recover the gold bul- lion from the coins. This part sets The Act of June 30, 1876 (19 Stat. 4; 31 forth the procedures to be followed in U.S.C. 424), provides that all U.S. Offi- implementing this policy. cers charged with the receipt or dis- bursement of public moneys, and all of- § 101.2 Petitions for mitigation. ficers of national banks, shall stamp or (a) Who may file. Any person may pe- write in plain letters the word ‘‘coun- tition the Secretary of the Treasury terfeit,’’ ‘‘altered,’’ or ‘‘worthless’’ for return of the gold bullion of coun- upon all fraudulent notes issued in the terfeit gold coins forfeited to the form of, and intended to circulate as United States, if: money, which shall be presented at (1) The petitioner innocently pur- their places of business; and if such of- chased or received the coins and held ficers shall wrongfully stamp any gen- them without the knowledge that they uine note of the United States, or of were counterfeit; and, the national bank, they shall, upon (2) The petitioner voluntarily sub- presentation, ‘‘redeem’’ such notes at mitted the coins to the Treasury De- the face amount thereof. partment for a determination of wheth- er they were legitimate or counterfeit; § 100.19 Disposition of counterfeit notes and coins. and, (3) The coins were determined to be All counterfeit notes and coin found counterfeit and were seized by the in remittances are cancelled and deliv- Treasury Department and forfeited to ered to the U.S. Secret Service of the the United States. Department of the Treasury or to the (b) To whom addressed. Petitions for nearest local office of that Service, a mitigation of the forfeiture of counter- receipt for the same being forwarded to feit gold coins should be addressed to the sender. Communications with re- the Assistant Secretary, Enforcement, spect thereto should be addressed to Operations, Tariff Affairs, Department the Director, U.S. Secret Service, De- of Treasury, 15th and Pennsylvania Av- partment of the Treasury, Washington, enue, NW., Washington, DC 20220. DC 20223. (c) Form. The petition need not be in any particular form, but must be under PART 101—MITIGATION OF FOR- oath, and set forth at least the fol- FEITURE OF COUNTERFEIT GOLD lowing: COINS (1) The full name and address of the petitioner; Sec. (2) A description of the coin or coins 101.1 Purpose and scope. involved;

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