American Coins With Holes In Their Center

Are they still considered legal tender?

Thanks

Quasi

As coin dealers, we get mutilated coins all the time.

Our bank used to take them back at face value. Up until about a year ago.

We have now been told that they don’t want them as they can’t get reimbursed for them by the FED or whoever.

But I’m just telling you what I’ve been told by our bank. And, unfortunately, they make the rules.

http://www.ustreas.gov/education/faq/coins/sales.html#q4

So, it looks like coins with a hole punched in the middle are “not whole”, i.e. they’re not just worn down by “pocket wear”, so they’re probably not legal tender.

Yo, Sam, I’m guessing that your bank just doesn’t want the hassle, so they shrug their shoulders and blame it on the Feds. But all you have to do is fill out the paperwork and ship 'em off to the Mint.

http://www.kc.frb.org/Pubaffrs/faqs.htm

I would assume this should also be sent “Registered Mail Return Receipt Requested”. I mean, you wouldn’t just stuff 'em in a bubble pack and drop them off… :smiley:

Thanks DDG. Since Registered mail costs about $7 or so plus the postage, one couldn’t just send back a piddling amount of coins. I’ll suggest it to the powers that be.

Just as a minor hijacking nitpick, or nitpicking hijack - I was at one time told (by my High School Government teacher) that coinage was not legal tender at all - that is to say, it could be refused in tender of a debt.

The master spoke on the subject but there was a lack of a definitive conclusion, which I suspect is a sort of answer to your OP in itself.

AmbushBug