Grant County herald. [volume] (Lancaster, Wis.) 1850-1968, 1903-09-30
MUT!LATED COINS
Redeemed by the Government at 40
Cects ON the Dollar.

Redeemed by the Government at 40
Cents ON the Dollar.
What becomes of the mutilated 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 it has been thrown back
on his hands. There is of course a
federal statute with appropriate pen
alties against the mutilation of coin,
but the average American sovereign
seems to think when he gets coin
it is his own personal property instead
Of a measure of values and portable
representative of tangible holdings.
Time was when nearly every child
wore about it's neck, suspended by a
string or chain, some silver coin, from
a haif-dime4 up to 81. That practice
has fallen into desuetude, but the coins
themselves are still in circulation.
Mutilated silver, and by mutilation is
meant any perforMation OF the coin or
scratch or DETACHMENT upon it, Is re-
deemed by the government at 40 per
cent of it's 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 it 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. Prob
ably every merchant in the course OF
his business every day in the year gets
a certain amount of mutilated coin.
Unless he works it off on his customers
it must be turned in at the bank, and
this Is the usual disposition made CT
it by reputable houses. 1t is taken by
the bank all right, but at it's 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. eve credit our
customers with the 40 per cent Of the
| face value we can realize from the
government and forward the coin as
| 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 q hundred silver dol
lars only so much silver is taken as
might be extracted from a hole but
little larger than the point Of pen
| cl. If the mutilated coin was allow
| ed to pass current at it's 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 so cents and
in some cases as much as 50 cents on
| the dollar for mutilated silver. 1t can
not be stated certainly what their
game is, but possibly they have agents
to shove the coin at it's face value
and so make an enormous profit.
'NIutilated bills are also redeemed by
the government, the rule being that
when three-ffths of bill is sent in for
redemption the face value will be paid
for it. Every day 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 storn,
cut, burned or otherwise mutilated.
SO long as 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 serious trouble only last week. He
was in charge Of the mutilated coin
and bill business of his institution and
conceived the idea Of making little
private profit, SD he clipped artistically
and soon ran his shipments up so
high that the department be came 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 a large sum
off the government. When arrested
he had about $4cO in mutilated bills in
his possession. He is to be tried fer
this offense, and if found guilty will
be sent to the penitentiary for fifteen
years. kansas City Journal.