Ottumwa semi-weekly courier. [volume] (Ottumwa, Iowa) 1899-1903, 1903-08-06
COINS REDEEMED.
GOVERNMENT WILL ACCEPT MI
TILATED BILLS AND GOLD
AND SILVER PIECES.
Gives Face Value for Paper Money If
Three.Fifths of Bill is Presented -
Damaged Coins Worth Only 40
Cents on the Dollar. ~

Many people have doubtless wondered
what becomes of any mutilated coins that
are constantly to be seen In handling of
this necessity. The question of what
disposition is made of these coins is
brought favorably to ones mind when
a plugged half or a dollar is thrown back
on his hands.
There is of course federal statute
with appropriate penalties against the
mutiatlon of coin, but the average Amer
lean sovereign seems to think that when
he gets coin it is his own personal
property instead of measure of values
and portable representative of tangi-
Bile holdings. Time was when nearly ev-
cry child Wore about his neck suspended
by string or chain, some silver coin
from half-dime up to 81. That prac-
tice has fallen into desuetude, but the
coins themselves are still in circula-
ton.
Mntilated silver, and by mutilation is
meant any perforation of the coin or
scratch or DETACHMENT upon it, is redeemed
by the government at 40 per cent of its
face value. This Is a little less than the
marked price of the silver of which 1t Is
composed. and purposey so, for it is the
federal policy to discourage talnpering of
any kind with the coin of the realm. 1t
Is no crime to pass mutilated coin
and it Is case of let the receiver beware.
every merchant in the course of his busi-
ness every day in the year gets certain
amount Of mutilated coin. Unless he
works 1t off on his customers it must be
turned in at the bank, and this Is the
usual disposition made of it by reput-
able houses. 1t Is taken by the bank all
right, but at its market, and not its face
value.
Government Gets MutiIated Coins
'Mutilated silver is deposited every day."
said Albert Witzleben, who. among other
things. has charge of that branch of the
business of the National Rank of Com
merce. I'VE credit our customers with the
40 per cent of the face value we can re-
alize from the government and forward
the coin as fast as 1t accumulates, to the
treasury department in Washington. The
government is very strict about mutilating
coin, and rightfuly So For example, sup
pose ont of q hundred silver dollars only
so much silver is taken as might be eX-
tracted from Il hole hut little larger than
the point of pencil. If the mntilated coin
was allowed to pass currency at Its face
value the business would be profitable
one The government pays less than the
value of the silver in the coin because
that Is the best way to discourage this
method of stealing. There is a firm in
Chicago which pays 80 cents on the dollar
for mutilated silver. 1t cannot be stated
certainly what their game is, but pos
sibly they have agents to shove the coin
at it's face value and so make an enormous
profit.
Mutilated Bills are Redeemed.
"afutiiated bills are also redeemed by the
government, the rule being that when
| three-ffths of a ban is sent in for reiemp-
tion the face value will be paid for 1t.
Every dav bills are taken in at the banks
which have outlIved their usefulness.
These are either so badly worn and much
patched that they will not hold together
or have been torn, cut, burned or other
wise mutilated. So long rs three-ffths of
them is in existence they will be taken up.
In connection with this practice of the
treasury department clerk In one of the
large Chicago banks got himself into seri-
Gus trouble only last week. He was in
charge of the mutilated coin and bill bust
ness of his institution and conceived the
idea of making little private profit, so
he clipped artistically and soon ran his
shipments up so high that the department
became suspicious and sent special agents
to investigate. 1t was found that he had
been Systematically clipping and FASTING
government. When arrested he had about
S40O in mutilated bills in his possession.
He is to be tried for this offense, and If
found guilty will be sent to the peniten-
tiary for fifteen years. There has been
very little intention swindling in Kansas
City In connection with either mutilated
coin or currency, and most of both that
comes our way is legitimate"