Want to turn-in some crappy clad coinage that’s all nice and mutilated? Too bad, but the irony here is second to none. Here’s why…
Oh the irony of the US Mint suspending its mutilated coin program.
That is the program where coinage that is mutilated can be turned in for fresh new coinage that is not.
From the US Mint’s website (bold and bold added for emphasis and to point out the irony):
PLEASE NOTE: The United States Mint has temporarily ceased processing applications and material submitted to its Mutilated Coin Redemption Program pending the development of additional Program safeguards. Updates on the status of the Program will be posted here as soon as they become available.
The United States Mint established the Mutilated Coin Redemption Program so people and businesses could exchange bent and partial coins (commonly referred to as mutilated coins) for reimbursement. The information in this section outlines the process for submitting mutilated coins for reimbursement.
Submission requirements vary depending on how much is submitted annually and whether you submit as an individual or a company. The varying requirements help to appropriately process all mutilated coin shipments. Mutilated coins submitted for redemption must meet the acceptance criteria listed below.
Contact us with questions at [email protected] or 202-354-7760.
Why is this ironic?
Because if you have some bent and partial coins, but they are of the Unconstitutional crappy clad variety, then you are S-O-L.
However, if you have some bent and partial coins, and they are of the 90% Constitutional coinage variety, like the pre-1965 dimes, quarters and half dollars, well guess what?
They are worth their weight in silver!
Because, technically speaking, and for more of the United States’ history than not, the definition of “one dollar” is nothing more than a specific weight and purity of silver, and derivatives of the dollar are derivatives of that weight and purity, so ten Merc Dimes have the same silver weight and purity as one Morgan dollar, and two Standing Liberty Quarters have the same silver weight and purity as one Franklin Half Dollar.
Because of the silver content, if you have a bent 1921 Peace Dollar, the “melt value” of that coin is:
And you can sell it for melt value, at a price which, because of the purposeful destruction of the US dollar by the Fed, enabled by the US Government, over the last 116 years, means you get multiples of the face value in today’s dollars.
However, if you have a 1965 or newer clad quarter, and it is bent, the melt value is:
That’s right, that one clad quarter is not even worth one clad nickel!
And if you wanted to exchange it for a new quarter, you can’t!
Which just goes to show you how corrupt our currency is.
Money is supposed to be fixed “weights & measures”.
Today, we use debt-based fiat Fed notes.
Debt-based fiat always ends the same.
It ends with deadly hyperinflation.
Gold & silver hold their value.
And right now, that value.
Is barely appreciated.
This will not last.
– Half Dollar
About the Author
U.S. Army Iraq War Combat Veteran Paul “Half Dollar” Eberhart has an AS in Information Systems and Security from Western Technical College and a BA in Spanish from The University of North Carolina at Chapel Hill. Paul dived into gold & silver in 2009 as a natural progression from the prepper community. He is self-studied in the field of economics, an active amateur trader, and a Silver Bug at heart.