The Caldwell tribune. [volume] (Caldwell, Idaho Territory [Idaho]) 1883-1928, 1903-10-24
MuTILATEp COINS
Sedeemed by the Government ~
CerIEa ne, 81. -

"eoeemed by the Government at 40
Cents on the Dollar,
What becomes Of the mutiIated coin
. a question which has probably fore
ed itself upon the consideration Of
everyone, particularly when plugged
quarter or 81 with someone's initials
scratched on it has been thrown back
On his hands. There is of course a
FEDERAL statute with appropriate pen
altles against the mutilation of coin,
OUT the average American sovereign
seems 10 think when he gets a coin
II is mis- own personal property instead
Oh measure of values and a portable
representative Of tangible holdings.
lime 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
mas fallen into desuetude but the coins
themselves are still In circulation.
Mutllated silver, and by mutilation is
meant any reformation Of the coin or
scratch or DETACHMENT upon 1t, is re-
deemed by the government at 40 per
cent Of its face value. This is a little
less than the market price of the sill
yer Of which it is composed, and pur-
posely so, for 1t is the federal policy
TO discourage tampering Of any kind
with the coin of the realm. 1t is no
crime to pass a mutilated coin and it
| Is case Of let the receiver beware,
for he Is the man to be stuck. Prob
ably every merchant in the course Of
his business every day in the year gets
certain amount of mutilated coin.
Unless he works 1t off on his customers
1t must be turned In at the bank, and
this is the usual disposition made of
1t by reputable houses. 1t is taken by
the bank all right, but at its market,
and not Its face value.
"Mutilated silver is deposited every
day" said Albert Witzleben, who
among other things, has charge of that
branch Of the business Of the National
Bank Of Commerce. 1--WE credit ou1
customers with the 40 per cent Of the
face value we can realize from the
government and forward the coin al
fast as accumulated, to the Treasury
Department In Washington. The gov
eminent Is very strict about mutilat
ing coin, rightfully so. For example
suppose out of a hundred silver dol
lars only 50 much silver Is taken al
might be extracted from a hole bu
little larger than the point Of a pen
Gil If the mutilated coin was allow
ed to pass current at its face value
the business would be q profitable one
The government pays less than thu
value Of the silver in the coin because
that is the best way to discourage thi'
method Of stealing. There is a firm
In Chicago which pays 30 cents anC
in some cases as much as 81 cents OF
the dollar for mutilated silver. 1t can
not be stated certainly what thei
game is, but possibly they have agent
to shove the coin at Its face valu'
and SO make an enormous profit.
"Mutilated bills are also redeemed b,
the government, the rule being tina
when three f1fths of bill Is sent In 70
redemption the face value will be pail
for it. Every day bills are taken il
at the banks which have outlived thei
usefulness. These are either so badl
worn and much patched that they wi
not hold together or have been tori
cut, burned or otherwise mutilated
So long as three-ffths of them is l.
existence they will be taken up. l.
connection with this practice Of tn
Treasury Department a clerk in one 0
the large Chicago banks got himsel
into serious trouble only last week. H
was in charge Of the mutilated col
and bill business Of his institution an
conceived the idea Of making littl
private profit, so he clipped artisticall
and soon ran his shipments up s
high that the department became su!
picious and sent special agents TO IL
yestigate. 1t was found that he ha
: been Systematically clipping and pas
ing and had made quite a large sui
off the government. When arreste
4 he had about $500 in mutilated bills
his possession. He Is to be tried II
} this offense, and If found guilty wi
be sent to the penitentiary for hftee
, years. kansas City Journal.
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