Custer County Republican. (Broken Bow, Neb.) 1882-1921, 1903-10-22
MUTlLATED COINS
Ecdeemcd by the Government NJ 30
Cents on the Dollar.

Redeemed by the Government NJ 80
Ceuts on the Dollar.
What becomes OF the mutllated coin
IS a question which has probably fore
ed itself upon the consideration of
everyone, particularly when a plugged
quarter or 81 with someone's initials
scratched on 1t has been thrown back
ON his hands. There is OF course q
federal statute with appropriate PEN
altics against the mutilation OF coin.
but the average American sovereign
seems TO think when he gets coin
1t is his own personal property instead
Of measure of values and a portable
representative of tangible holdings.
Time was when nearly every child
wore about its neck, suspended by a
string or chain, some silver coin, from
half-dime up to 81. That practice
has fallen into desuetude, bu; the coins
themselves are SIT In circulation.
Mutilated silver, and Ivy mu,ilation is
meant any performation VI the coin or
scratch or DETACHMENT upon H.. "a re-
deemed by the government at 20 per
cent of its face value. This \ little
less than the market price o; the sill
posely so, for it is the federal policy
to discourage tamperlug Of any KIND
with the coin of the realm. !: IS 10
crime TO pass mutilatCd coin aud /;
is case of let the receiver beware,
for he is the man to he stack. Prob
ollv In, ~ on ~
his business every day IN the year gifts
n certain amount of mu;lsted coin.
| Unless he works 1t off on his customers
| II must be turned n ut the b Tx. and
| this Is the usual disposition made OF
| II by reputable houses. l; ~ taken by
| the bank all right, but at its ntsrL II.
| and not Its face value
"Mutilnted silver Is dposited every
| day" said Albert WITT abCn, who,
among other things, has charge of that
branch OF the business of the National
| Bank of Commerce. I'VE credit our
customers With the 10 per cent % the
| face value We can realize from the
governm M and forward the coin rs
fast as accumulated, 10 the Tr-"su !
| Department; IN Washington. The gov
eminent is very strict about mutilat
ing coin, r!ghtfully so. For example
suppose out of hundred silver dol
| lars only SO much silver Is taken as
might be extracted from hole but
little larger than the point of a pen
cl If the mutilated coin was all w
ed to pass current at its face value
the business would be a profitable one
The government pays less than the
value OF the silver in the coin becaus;
that Is the best way to discourage this
method of stealing. There is n firm
in Chicago which pays 80 cents anG
In some cases as much as 30 cents or
the dollar for mutilated silver. 1t can
not be stated certainly what theil
game is, but possibly they have agents
to shove the coin at It's face value
and so make an enormous profit.
"Mutilated bills are also redeemed by
the government, the rule being tina
when three-fifths of bill is sent in FOL
| redemption the face value will be paiC
for It, Every day bills are taken il
at the banks which have outlived thei
usefulness. These are either so badly
worn and much patched that they wi
not hold together or have been torn
cut, burned or otherwise mutilatcd
SO long rs three-tifths of them is IL
existence they will be taken up In
connection with this practice Of tn
! Treasury Department clerk in one
the large Chicago banks got himself
into serious trouble only last week. liz
was In charge of the mutilatcd coin
and bin business of his institution and
conceived the idea of making little
private profit, so he clipped artlstically
and soon ran his shipments up SO
high that the department became sus-
picious and sent special agents to in
vestigate. 1t was found that he had
been Systematically clipping and past.
Ing and had made quite large sum
off the government When arrested
he had about 500 in mutlated hi l. in
his possession. He Is to be tried /
this offense and If found guilty vii
be sent to the penitentary for fifteen
years. kansas City Journal.