The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1903-08-02
MUTILATED COINS
Redeemed by the Government at 40
Cents on the Dollar.

Cents on the Dollar.
Kansas City Journal.
What becomes of the mutilated coin is
a question which has probably forced it
self 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 a federal statute with appro-
pirate penalties against the mutiation of
coin, but the average American sovereign
seems to think when he gets a coin it is
his own personal property instead of
measure of values and a portable repre-
sentative of tangible holdings. Time was
when nearly every child wore about its
neck, suspended by string or chain, some
silver coin from a half-dime up to 81. That
practice has fallen into desuetude, but
the coins themselves are still in circula-
ton.
Mutilated 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 it's
face value This is a little less than the
market price of the silver. of which 1t Is
composed. and purposely 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 a case of let the receiver beware,
for he is the man to be stuck. Probably
ness every day in the year gets certain
amount of mutilated coin. Unless he
works il off on his customers it must be
turned in at the bank. and this is the usual
disposition made of it by reputable houses.
Ii is taken by the bank all right, but at its
market, and not its face value.
'Mutllated 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 Com
merce. I'VE credit our customers with the
- $l~< en- nltta
alize from the government and forward
the coin as fast as accumulated, to the
Treasury Department in Washington The
government is very strict about mutilating
coin, and rightfuIly For example. sup
pose out of hundred silver dollars only
so much silver is taken as might be ex-
tracted from hole but little larger than
the point OF pencil. If the mutilated coin
was allowed 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 because that
is the best way to discourage this method
sof stealing There is a firm in Chicago
which pays 80 cents and in some cases as
much as So cents on the dollar for mutilated
silver 1t cannot be stated certainly what
their game is, but possibly they have agents
to shove the coin at its face value and so
make an enormous profit
.Murilated bills also redeemed by the
government. the rule being that when
three-ifths of bill is sent I'm for redemp-
ton the face. value will be paid for it,
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 otherwise
mutilated. So long three-fifths of them
is i'm existence they will be taken up. In
connection with this practice of. the Treas
ury Department "a clerk in one of the large
Chicago banks got himself into serious
trouble only last week. He was in charge
of the mutilated coin and bill business of
his institution and conceived the idea of
lit q r.ri-r 70 ha oil nA
artistically and soon ran his shipments up
so high that the department became sus-
picious and sent special agents TO investi-
gate. 1t was found that he had been sys-
Dramatically clipping and pasting and had
made quite large sum off the government
When arrested he had about 800 in mutt
lated bills in his possession. He is to be
tried for this offense. and II found guilty
will be sent TO the penitentiary for fifteen
years. There has been very little inten-
tional swindling i'm Kansas City in connec-
ton with either mutilated coin OF currency,
and most OF both that comes our way is
legitimate"