[Title 31 CFR 100]
[Code of Federal Regulations (annual edition) - July 1, 2002 Edition]
[Title 31 - MONEY AND FINANCE: TREASURY]
[Subtitle B - Regulations Relating to Money and Finance]
[Chapter I - MONETARY OFFICES,]
[Part 100 - EXCHANGE OF PAPER CURRENCY AND COIN]
[From the U.S. Government Printing Office]


31MONEY AND FINANCE: TREASURY12002-07-012002-07-01false100PART 100MONEY AND FINANCE: TREASURYRegulations Relating to Money and FinanceMONETARY OFFICES,
PART 100--EXCHANGE OF PAPER CURRENCY AND COIN--Table of Contents




Sec.
100.2  Scope of regulations; transactions ef-fected through Federal 
          Reserve banks and branches; distribution of coin and 
          currencies.

                          Subpart A--In General

100.3  Lawfully held coins and currencies in general.
100.4  Gold coin and gold certificates in general.

             Subpart B--Exchange of Mutilated Paper Currency

100.5  Mutilated paper currency.
100.6  Destroyed paper currency.
100.7  Treasury's liability.
100.8  Packaging of mutilated currency.
100.9  Where mutilated currency should be transmitted.

                       Subpart C--Exchange of Coin

100.10  Exchange of uncurrent coins.
100.11  Exchange of bent and partial coins.
100.12  Exchange of fused and mixed coins.
100.13  Criminal penalties.

                      Subpart D--Other Information

100.16  Exchange of paper and coin to be handled through Federal Reserve 
          banks and branches.
100.17  Location of Federal Reserve banks and branches.
100.18  Counterfeit notes to be marked; ``redemption'' of notes 
          wrongfully so marked.
100.19  Disposition of counterfeit notes and coins.

    Authority: 31 U.S.C. 321.

    Source: 47 FR 32044, July 23, 1982, unless otherwise noted.



Sec. 100.2  Scope of regulations; transactions effected through Federal Reserve banks and branches; distribution of coin and currencies.

    The regulations in this part govern the exchange of the coin and 
paper currency of the United States (including national bank notes and 
Federal Reserve bank notes in process of retirement and Federal Reserve 
notes). Under authorization in the Act approved May 29, 1920, 41 Stat. 
655 (31 U.S.C. 476), the Secretary of the Treasury transferred to the 
Federal Reserve

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banks and branches the duties and functions performed by the former 
Assistant Treasurers of the United States in connection with the 
exchange of paper currency and coin of the United States. Except for the 
duties in this respect to be performed by the Treasurer of the United 
States and the Director of the Mint, as may be indicated from time to 
time by the Secretary of the Treasury, exchanges of the paper currency 
and coin of the United States and the distribution and replacement 
thereof will, so far as practicable, be effected through the Federal 
Reserve banks and branches. The Federal Reserve banks and branches are 
authorized to distribute available supplies of coin and currency to 
depository institutions, as that term is defined in section 103 of the 
Monetary Control Act of 1980 (Pub. L. 96-221). As authorized by section 
107 of the Act, transportation of coin and currency and coin wrapping 
services will be provided according to a schedule of fees established by 
the Board of Governors of the Federal Reserve System. Inquiries by 
depository institutions regarding distribution and related services 
should be addressed to the Federal Reserve bank of the district where 
the institution is located.



                          Subpart A--In General



Sec. 100.3  Lawfully held coin and currencies in general.

    The official agencies of the Department of the Treasury will 
continue to exchange lawfully held coins and currencies of the United 
States, dollar for dollar, for other coins and currencies which may be 
lawfully acquired and are legal tender for public and private debts. 
Paper currency of the United States which has been falsely altered and 
coins altered to render them for use as other denominations will not be 
redeemed since such currency and coins are subject to forfeiture under 
Title 18, United States Code, section 492. Persons receiving such 
currency and coins should notify immediately the nearest local office of 
the U.S. Secret Service of the Department of the Treasury, and hold the 
same pending advice from the Service.



Sec. 100.4  Gold coin and gold certificates in general.

    Gold coins, and gold certificates of the type issued before January 
30, 1934, are exchangeable, as provided in this part, into other 
currency or coin which may be lawfully issued.



             Subpart B--Exchange of Mutilated Paper Currency



Sec. 100.5  Mutilated paper currency.

    (a) Lawfully held paper currency of the United States which has been 
mutilated will be exchanged at face amount if clearly more than one-half 
of the original whole note remains. Fragments of such mutilated currency 
which are not clearly more than one-half of the original whole note will 
be exchanged at face value only if the Director, Bureau of Engraving and 
Printing, Department of the Treasury, is satisfied that the missing 
portions have been totally destroyed. The Director's judgment shall be 
based on such evidence of total destruction as is necessary and shall be 
final.

                               Definitions

    (1) Mutilated currency is currency which has been damaged to the 
extent that (i) one-half or less of the original note remains or (ii) 
its condition is such that its value is questionable and the currency 
must be forwarded to the Treasury Department for examination by trained 
experts before any exchange is made.
    (2) Unfit currency is currency which is unfit for further 
circulation because of its physical condition such as torn, dirty, limp, 
worn or defaced. Unfit currency should not be forwarded to the Treasury, 
but may be exchanged at commercial banks.

[47 FR 32044, July 23, 1982, as amended at 56 FR 10170, Mar. 11, 1991]



Sec. 100.6  Destroyed paper currency.

    No relief will be granted on account of lawfully held paper currency 
of the United States which has been totally destroyed.

[[Page 326]]



Sec. 100.7  Treasury's liability.

    (a) Payment will be made to lawful holders of mutilated currency at 
full value when:
    (1) Clearly more than 50% of a note identifiable as United States 
currency is present; or
    (2) Fifty percent or less of a note identifiable as United States 
currency is present and the method of mutilation and supporting evidence 
demonstrate to the satisfaction of the Treasury that the missing 
portions have been totally destroyed.
    (b) No payments will be made when:
    (1) Fragments and remnants presented are not identifiable as United 
States currency; or
    (2) Fragments and remnants presented which represent 50% or less of 
a note are identifiable as United States currency but the method of 
destruction and supporting evidence do not satisfy the Treasury that the 
missing portion has been totally destroyed.
    (c) All cases will be handled under proper procedures to safeguard 
the funds and interests of the claimant. In some cases, the amount 
repaid will be less than the amount claimed. In other cases, the amount 
repaid may be greater. The amount paid will be determined by an 
examination made by trained mutilated currency examiners and governed by 
the above criteria.
    (d) The Director of the Bureau of Engraving and Printing shall have 
final authority with respect to settlements for mutilated currency 
claims.

[47 FR 32044, July 23, 1982, as amended at 56 FR 10170, Mar. 11, 1991]



Sec. 100.8  Packaging of mutilated currency.

    Mutilated currency examiners are normally able to determine the 
value of mutilated currency when it has been carefully packed and boxed 
as described below:
    (a) Regardless of the condition of the currency, do not disturb the 
fragments more than is absolutely necessary.
    (b) If the currency is brittle or inclined to fall apart, pack it 
carefully in cotton and box it as found, without disturbing the 
fragments, if possible.
    (c) If the money was in a purse, box, or other container when 
mutilated, it should be left therein, if possible, in order to prevent 
further deterioration of the fragments or from their being lost.
    (d) If it is absolutely necessary to remove the fragments from the 
container, send the container with the currency and any other contents 
found, except as noted in paragraph (h) of this section.
    (e) If the money was flat when mutilated, do not roll or fold.
    (f) If the money was in a roll when mutilated, do not attempt to 
unroll or straighten.
    (g) If coin or any other metal is mixed with the currency, remove 
carefully. Do not send coin or other metal in the same package with 
mutilated paper currency, as the metal will break up the currency. Coin 
should be forwarded as provided in Sec. 100.12 (c) and (d).
    (h) Any fused or melted coin should be sent to: Superintendent, 
United States Mint, P.O. Box 400, Philadelphia, PA 19105.



Sec. 100.9  Where mutilated currency should be transmitted.

    Mutilated currency shipments must be addressed as follows: 
Department of the Treasury, Bureau of Engraving and Printing, OCS, Room 
344A, Post Office Box 37048, Washington, DC 20013.

[47 FR 32044, July 23, 1982, as amended at 56 FR 10170, Mar. 11, 1991]



                       Subpart C--Exchange of Coin



Sec. 100.10  Exchange of uncurrent coins.

    (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 basis. Uncurrent coins will be redeemed at face 
value.
    (c) Criteria for acceptance. Uncurrent coins, forwarded for 
redemption at face value, must be shipped at the expense and risk of the 
owner. Shipments of subsidiary or minor coins for redemption at face 
value should be sorted by denomination into packages in sums of 
multiples of $20. Not more than $1,000 in any silver or clad coin, $200 
in 5-cent

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pieces, or $50 in 1-cent pieces should be shipped in one bag or package.
    (d) Redemption sites. Uncurrent coins will be redeemed only at the 
Federal Reserve banks and branches listed in Sec. 100.17.



Sec. 100.11  Exchange of bent and partial coins.

    (a) Definitions. (1) Bent coins are U.S. coins which are bent or 
deformed so as to preclude normal machine counting 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.
    (b) Redemption basis. Bent and partial coins shall be presented 
separately by denomination category in lots of at least one pound for 
each category. Bent and partial coins shall be redeemed on the basis of 
their weight and denomination category rates (which is the weight 
equivalent of face value). If not presented separately by denomination 
category, bent and partial coins will not be accepted for redemption. 
Denomination categories and rates are Cents, @ $1.4585 per pound; 
Nickels, @ $4.5359 per pound; Dimes, Quarters, Halves, and Eisenhower 
Dollars @ $20.00 per pound; and Anthony Dollars @ $56.00 per pound. 
Copper plated zinc cents shall be redeemed at the face value equivalent 
of copper one cent coins.
    (c) Redemption site. Bent and partial coins will be redeemed only at 
the United States Mint, P.O. Box 400, Philadelphia, PA 19105. Coins are 
shipped at sender's risk and expense.

[47 FR 32044, July 23, 1982, as amended at 64 FR 39920, July 23, 1999]



Sec. 100.12  Exchange of fused and mixed coins.

    (a) Definitions. (1) Fused coins are U.S. coins which are melted to 
the extent that they are bonded together and the majority of which are 
readily and clearly identifiable as U.S. coins.
    (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 or mixed coins for 
redemption.
    (c) Criteria for acceptance. (1) A minimum of two pounds of fused 
and mixed coins is required for redemption.
    (2) Fused and mixed coins containing lead, solder, or other 
substance which will render them unsuitable for coinage metal will not 
be accepted.
    (d) Redemption site. Fused and mixed coins will be redeemed only at 
the United States Mint, P.O. Box 400, Philadelphia, PA 19105. Coins are 
shipped at sender's risk and expense.

[47 FR 32044, July 23, 1982, as amended at 64 FR 39920, July 23, 1999]



Sec. 100.13  Criminal penalties.

    Criminal penalties connected with the defacement or mutilation of 
U.S. coins are provided in the United States Code, Title 18, section 
331.



                      Subpart D--Other Information



Sec. 100.16  Exchange of paper and coin to be handled through Federal Reserve banks and branches.

    Other than as provided in this document all transactions including 
the exchange of paper currency and coin shall be handled through the 
Federal Reserve banks and branches.



Sec. 100.17  Location of Federal Reserve banks and branches.

                    Federal Reserve Bank and Address

Boston--600 Atlantic Avenue, Boston, MA 02106
New York--33 Liberty Street (Federal Reserve P.O. Station), New York, NY 
10045
Buffalo Branch--160 Delaware Avenue (P.O. Box 961), Buffalo, NY 14240
Philadelphia--Ten Independence Mall (P.O. Box 66), Philadelphia, PA 
19105
Cleveland--1455 East Sixth Street (P.O. Box 6387), Cleveland, OH 44101
Cincinnati Branch--150 East Fourth Street (P.O. Box 999), Cincinnati, OH 
45201
Pittsburgh Branch--717 Grant Street (P.O. Box 867), Pittsburgh, PA 15230
Richmond--701 East Byrd Avenue (P.O. Box 27622), Richmond, VA 23261
Baltimore Branch--114-120 East Lexington Street (P.O. Box 1378), 
Baltimore, MD 21203
Charlotte Branch--530 East Trade Street (P.O. Box 30248), Charlotte, NC 
28230
Atlanta--104 Marietta Street, NW., Atlanta, GA 30303

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Birmingham Branch--1801 Fifth Avenue, North (P.O. Box 830447), 
Birmingham, AL 35283-0447
Jacksonville Branch--800 Water Street (P.O. Box 929) Jacksonville, FL 
32231-0044
Miami Branch--9100 NW., 36th Street (P.O. Box 520847), Miami, FL 33152
Nashville Branch--301 Eighth Avenue, North, Nashville, TN 37203
New Orleans Branch--525 St. Charles Avenue (P.O. Box 61630), New 
Orleans, LA 70161
Chicago--230 South LaSalle Street (P.O. Box 834), Chicago, IL 60690
Detroit Branch--160 Fort Street, West (P.O. Box 1059), Detroit, MI 48231
St. Louis--411 Locust Street (P.O. Box 442), St. Louis, MO 63166
Little Rock Branch--325 West Capitol Avenue (P.O. Box 1261), Little 
Rock, AR 72203
Louisville Branch--410 South Fifth Street (P.O. Box 32710), Louisville, 
KY 40232
Memphis Branch--200 North Main Street (P.O. Box 407), Memphis, TN 38101
Minneapolis--250 Marquette Avenue, Minneapolis, MN 55480
Helena Branch--400 North Park Avenue, Helena, MT 59601
Kansas City--925 Grand Avenue (Federal Reserve Station), Kansas City, MO 
64198
Denver Branch--1020 16th Street (P.O. Box 5228, Terminal Annex), Denver, 
CO 80217
Oklahoma City Branch--226 Dean A. McGee Street (P.O. Box 25129), 
Oklahoma City, OK 73125
Omaha Branch--2201 Farnam Street (P.O. Box 3958), Omaha, NB 68103
Dallas--400 South Akard Street (Station K), Dallas, TX 75222
El Paso Branch--301 East Main Street (P.O. Box 100), El Paso, TX 79999
Houston Branch--1701 San Jacinto Street (P.O. Box 2578), Houston, TX 
77001
San Antonio Branch--126 East Nueva Street (P.O. Box 1471), San Antonio, 
TX 78295
San Francisco--400 Sansome Street (P.O. Box 7702), San Francisco, CA 
94120
Los Angeles Branch--950 South Grand Avenue (Terminal Annex, P.O. Box 
2077), Los Angeles CA 90051
Portland Branch--915 SW Stark Street (P.O. Box 3436), Portland, OR 97208
Salt Lake City Branch--120 South State Street (P.O. Box 30780), Salt 
Lake City, UT 84125
Seattle Branch--1015 Second Avenue (P.O. Box 3567), Seattle, WA 98124

[47 FR 32044, July 23, 1982, as amended at 56 FR 10170, Mar. 11, 1991]



Sec. 100.18  Counterfeit notes to be marked; ``redemption'' of notes wrongfully so marked.

    The Act of June 30, 1876 (19 Stat. 4; 31 U.S.C. 424), provides that 
all U.S. Officers charged with the receipt or disbursement of public 
moneys, and all officers of national banks, shall stamp or write in 
plain letters the word ``counterfeit,'' ``altered,'' or ``worthless'' 
upon all fraudulent notes issued in the form of, and intended to 
circulate as money, which shall be presented at their places of 
business; and if such officers shall wrongfully stamp any genuine note 
of the United States, or of the national bank, they shall, upon 
presentation, ``redeem'' such notes at the face amount thereof.



Sec. 100.19  Disposition of counterfeit notes and coins.

    All counterfeit notes and coin found in remittances are cancelled 
and delivered to the U.S. Secret Service of the Department of the 
Treasury or to the nearest local office of that Service, a receipt for 
the same being forwarded to the sender. Communications with respect 
thereto should be addressed to the Director, U.S. Secret Service, 
Department of the Treasury, Washington, DC 20223.