US Mint Is Being Sent Thousands Of Counterfeit Coins!!
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- Опубліковано 8 чер 2024
- US Mint Is Being Sent Thousands Of Counterfeit Coins! US Mint To Stop Exchanging Mutilated Coins For Face Value.
US Mint proposal www.federalregister.gov/docum...
US Mint regulations on melting pennies and nickels www.ecfr.gov/current/title-31...
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Go to our help community here for coin help coinauctionshelp.com/forum/in...
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I think its a no brainer to cut China off from litterally nickel and diming our U.S. Mint. I know China's mindset from experience and I don't think they have our best interests at heart.
My gosh ! A real, brilliant-remark !!
Epic ! 🤨👍🏻
Stay vigilant fellow American I talk about the samesville issue on my channel thanks for being truthful! Stay Free
Interesting. I didn’t know that you could send in mutilated coins. Crazy that counterfeiting has become some widespread. Thanks Daniel
The U.S. Mint should only accept mutilated coins originating from within the United States.
Well our us mint should take all mutilated coins from outside the us and say yes they are mutilated so we destroyed them more
@@eddieworley3409 that's where part of the problem comes because they don't have the resources to sift though millions of fake coins made of Chinesium. Only Americans should be allowed to exchange American coins, like Joe Moore said.
That's a nice idea, but what's to prevent china (or whoever) from shipping them to an operative within the US, and then the operative sends them to the mint from within the US? The mint would never know where they came from.
@@jumemowery1050 nothing is ever perfect, but it will cut out a large portion. My idea is that they should only accept damaged coins from authorized entities like banks (American ones) and anyone that wants to exchange large amounts should have to become "authorized" as well, which means that they should probably have a business license like for the Waste Management operations and have to show ID and proof of citizenship for this authorization so that the Mint will know who should be charged with fraud if they send a truckload of counterfeit coins in. I don't like that they are doing this because they are throwing the baby out with the bathwater because a foreign enemy has been defrauding them. I don't like that they are affecting American jobs with their deceit, either.
@@jumemowery1050easy to arrest them isn't it
This actually makes sense to stop accepting mutilated coins.
Imagine that, a bureaucracy doing something smart and saving money. Will wonders ever cease?
My thoughts exactly
Gives scrappers a "reason" to melt copper pennies. "They were too damaged and the mint wouldn't take them". Probably be the reason why I don't see many copper pennies in rolls anymore. Thanks for sharing, Daniel. 👍👍
You don't see them because they haven't made them for over 40 years.
Another good information video. Thanks again for educating everyone on the newest mint information. Thanks, Daniel, for all you do for the hobby, and have a great day.
The Australian mint does not take mutilated coins at face, but scrap value, it has a long time. They are no longer classed as legal tender.
Just 5 yrs ago Publix would accept returns even w/o receipts. This proved so abused now the policy is strictly with receipts. I’d be for scrapping this program
Agreed.
Publix likes making customers feel good, to foster goodwill… the abuse of this policy must have been flagrant. Maybe food handed out by charities was being brought to Publix to get cash.
Interesting subject matter. Have a great day Sir Daniel!
US Mint Is Being Sent Thousands Of Counterfeit Coins! US Mint To Stop Exchanging Mutilated Coins For Face Value.
US Mint proposal www.federalregister.gov/documents/2024/05/03/2024-09453/exchange-of-coin
US Mint regulations on melting pennies and nickels www.ecfr.gov/current/title-31/subtitle-B/chapter-I/part-82/section-82.2
BUY COINS From Us portsmouthcoinshop.com/
Go to our help community here for coin help coinauctionshelp.com/forum/index.php
More videos! www.youtube.com/@CoinHELPu/videos
Join CONECA conecaonline.org/
This is going to become a wider problem with banks and retailers no longer accepting damaged coins.
This is some very good information that you’re sharing today. Thanks once again Daniel. Much appreciated. You take care and have a wonderful day.
It really sucks theres so many counterfits out there but getting rid of cash and going CBDC is far worse
If you want people to trust your fiat currency then the mint should be forced to honour all there products, period.
Daniel.
Thanks for the info, if all of my teachers could keep my attention like you do, Wow! Tony
Great video still learning thanks
Again, the government waiting or holding off until the problem is completely out of hand, this has been going on for years and the loss, to the American people, can never be made up.
Thanks ill have to mention this in my next video
My biggest issue with US coins that become unusable are the current composition of CENTS. They are called stinkin' Zincolns for a reason. They (the mint) need to come up with another option for CENTS or do like Canada (even thouh I don't like it).
The newer pennies are terrible. I accidentally left an open box out in the rain. They started corroding fast.
Best to do like Canada
Canada got rid of the penny after 2012
@@norman6492 And so should the US. (And the nickel 5, I would argue).
Why go through the trouble of sending them to the U.S. Mint? Heck, I just spend them.
who is going to accept a mutilated coin that the bank won't take?
@@Light256 a cashier making 13/h
It's hard to imagine there are so many counterfeit coins out there that the mint is losing money over it. Geez...makes me wonder how many may be in my stash.
These are fake US coins from overseas -- from China!
The government paying government employees to exchange at face value it was always operating at a loss
Thanks for the program update. I looked into the exchange program not long ago. I metal detect and have loads of zinc pennies that the bank refuses to accept because they're corroded. They're US currency and should be accepted as long as it is still recognizable. Problem is what the mint would deem "readily and clearly identifiable" is likely a far cry from any zincoln with any discoloration or corrosion. I even have zincolns in my penny album that have started to bubble and corrode... and they're not getting subjected to weathering other than air!
If the mint doesn't want to deal with (damaged) corroded coinage then they should find a solution to their use of a sacrificial metal for currency... why do you think zincs are used on boats???
Maybe I'll send it in as tax payment.
If you search coin rolls you will find at times corroded pennies and partially mutilated coins in them. That is one of the easiest way to get rid of them -- but be sure to mix in coinage that is not mutilated.
About a year ago I contacted the mint to ask about their recycling program. I was told they had suspended the program indefinitely.
The newer Zincoln cents don't hold up. Could see why they would not want them back.
I just recieved 3 whole rolls of damaged and counterfeit dimes yesterday ...🤨
Wondering if now reading this, people will just melt down copper cents in there garage. Almost 4 cents per penny I'm copper value.
It takes heat to melt the cents. Natural gas, LPG, or propane costs money too.
2.98 cents per penny
Thank you Daniel. Very interesting info, as always!
🙏🌎☮️♥️
I can’t be upset by the ending of a program I didn’t know existed.
Woohoo!!! I have been looking into how and where to sell my copper
They should scrap the program. Too many scammers out there. As a private individual I have never had the need to do this. It is not like the average joe is going to take a loss. The expense to verify what comes in would be high. The decision to end this program makes nothing but sense to me.
I’ve seen plenty of videos on UA-cam e of guys who melt down the prior to 82 Pennie’s into copper blocks and. Are holding onto them for future redemption.
They are asking for comment because by law they have to for any non-emergency issued regulation (and emergency regulations are time limited and expire).
Thanks for your videos
What about the zinc Pennines that rot in the ground after only a couple of hours??
The main submitters are Brinks and loomis we simply give our mutilated and damaged to them in deposits (seperated) they eventually send in large batches. So this would also include nearly all banks damaged also as they also use Brinks and Loomis now. Yes banks all just buy there rolled coinage now vs rolling themselves. Same with strapped cash.
The losses for damaged coins if no longer accepted would drive up these services some.
Great info
Tip:
Spell check. I before e, except after c.
Interesting info.
Recycling beat up coins makes " cents" .
LOL !
I see what you did there.
Good video Daniel!
Fraud and Greed: Why we can't have nice things.
Over the last year I have been receiving intentionally damaged coins in change from convenience stores. I suspect bored vagrants are intentionally damaging the coins. Most of the time they are dimes, quarters, and dollars. I have started asking for different coins in change.
I had no idea this Rip-Off was going on ! Seems there's someone out too get over on someone /thing every day . Wow . Now the U S Mint can lower the prices on some of it's products . Also cut back on all the strange (?) types of coins ie;specal types of quarters/ dollar coins they make for every thing / one out there . There way too many com. coins out any way . No real value 'cept face value . Thanks , again for the info . If not for you ( some others ? ) we would never know . Tom Daytona Beach , FL 18, May 2024 .
I guess counterfitting quarters and mutilating them done correctly could be a good retirement income gig. I had never thought of that scam.
The Chinese Fake Everything industry is working overtime!
I dont understand how they keep getting away with counterfeiting coins. I always thought it was highly illegal but on Temu you can get anything you want and they do nothing about it.
Either enforce the law or not have one.
US law enforcement doesn't have any jurisdiction in China.
Customs Border Protection
never knew about this program until now, thanks for letting us know?
Be interesting to find out if people send back mint mistakes..
I am saving all copper pennies and nickels now.
Junk cars are loaded with coins. The problem it's in bad shape, caked in soda pop syrup or corroded under the floor mats.
I'm a car wrecker and in every single car there are coins under the seats and carpets that has fallen down in the center console area. I have a big bucket of coins that are not any more legal tender. I also metal detect and the poor quality of today coins make them damaged within a short period of time. Hardly ever do I find a spendable coin! I see it as a hidden tax taken out by governments to take coins and bills out of the legal tender system. Also releasing clad iron money is theft! Remember governments or central banks are selling this crap money to us. They are IOU:s. What is the next step, aluminium foil covered mintos? That will dissolve in your pocket when you exercise! In my country every few years one or two domination's are changed and the old ones are no longer usable. Every time, millions of money is not turned in. The treasury is rubbing it's hands! Many is in foreign countries, lost or hidden by old people.
It's only a matter of time until The Fed starts doing the same with old US money.
I put all my damaged coins in rolls and send them back to the bank.
Who would sue the mint over a claim some coins were counterfeit? Seriously a lawyer isn't cheap.
As for melting, what they don't know won't hurt them! 🤪
Did you submit your 24 hour silver dipped 2000 $1 Sac coins for reimbursement? LOL. I don't think the mutilation program benefits the average person in any way. It's too expensive to melt down cents and nickels for scrap metal.
Why is it illegal to melt pennies and nickels?
Because the government doesn't want you to do it.
The government actually owns all the money it makes, also its like burning an American flag, you just don't do that!!!
Because it costs money to make them every one you destroy is one they have to replace on top of what they already do
Why would a mint buy gold or silver for anything other than spot price. Its not like they are collectors. They literally mint these things. It would be like selling your car back to your dealer years later with dents in expecting to be paid in full new for old.
How interesting that the mint should be complaining about losing money when their primary function is to MAKE money.
I just had my mutilated and damaged coins in rolls that I bring to the bank.
I agree, I have always brought mine to the bank.
If the Mint doesn't take them, the bank will stop taking them.
I also roll up foreign (Canadian) coins to cash in at the bank, they never look in them, whatever works.
@@misterTVman I like to get dollar coin at the bank to use as tips, etc. I’ve started finding Chinese coins in the rolls. 10 Yuan is what? About a nickel maybe? I’ve been scammed! Next, watch out for wooden nickels.
Go figure
Government cant do its job
Imagine that
I tried the redemption program months ago and their website said it was suspended. I have at least 5 pounds of various damaged coins with no place to redeem them. It's not fair or right if you ask me.
There are a lot of implications here…
You must have a powerful computer. I've never seen that many browser tabs open at once.....😂
They should overhaul coinage altogether. No more pennies and nickels. Dime is the base coin, quarters, halves and dollar coins only. No more 1 dollar notes either.
How does a person pay cash for a cup of coffee without dollar bills? Or put something in the tip jar? I try not to use my card for small purchases.
@@maryricketts7337 dollar coins and $2 bills
A washer dryer? What damage does that do?
Ah...but counterfeit coins are illegal to have so.....they should be jailed/confiscated. Where's the loss?
I sent them a fake Morgan dollar a couple years ago. At least I assume they got it after I gave it to my bank.
As a side note…the mint has ceased production of the nickel and dime…..
I’m interested if Daniel might be able to find more confirmation about the issue……
The dimes are still profitable for the mint yet the nickel is costing them 0 $00.112 to make and distribute…..????
Is this true?
No, this is nor true.
Personally, I don't believe changes like this should be made without specific legislation from Congress and signed by the president. Even aside from that, I have an issue with the government/banking system releasing money into circulation and then refusing to take it back on the grounds that they loose money from taking their own currency back. Counterfeiting is a big concern and lack of proper funding for this program also appears to be a concern.
Only if Congress had to approve it to begin with. Otherwise, they are not involved -- which is for the best IMO.
Congress specifically designated the US Mint, and many other US Government Agencies to develop their own regulations; and the base method and time-frames for regulations and their comment period, etc. are set in the law that congress passed.
There's a different procedure for "emergency" regulations (if there is an "emergency" that meets a criteria defined by Congress), and those expire after a certain period of time.
personally i find it ridiculous that you can do what you want with pre 65 stuff but not ptre 83 cents, or even why they still insist on minting cents consideribg they have ran a loss on them for many years. what is their rationale for allowing the silver but not vopper? both silver and copper have been removed from all circulating coins sine 1983 so why is one legal and the other two not?
I believe the 5 cent piece is still 25% copper.
@@allanfifield8256agreed dimes and quarters also have copper in them
You can MELT ALL the Pennies your Little Heart desires!! Not a Darn thing UNCLE Sam can DO!! Melting Cents is a Different Story!! Come on DANIEL!
Cents are Pennie’s as nickels are five cents and dimes are ten cents, and the US Mint even calls them pennies. It’s all nicknames like the Buffalo Nickel but it is actually a Bison. Just a bit of Americana.
They should accept the coins no matter the cost as long as they are redeemed by US Citizens, after all we are constantly taxed, its not like its their money. They use our money without our approval outside of the US. I don't see how or why someone could benefit counterfeiting coinage and make a profit at todays cost for everything.
China can, cheap, communist, slave labor.
The US dollar is the world reserve currency, whatever the denomination we can’t refuse to take our currency from foreign sources. The program needs to be discontinued for all.
How many zinc pennies are out there?
I was rolling up so many $.50 rolls for my bank
Billions
The mint is just going to turn into a giant coinstar and charge 30% 😂 then give you over inflated monopoly money amyways, gotta love our government ❤
I find it hard to believe they are loosing money when so much change is being eliminated from circulation by getting lost, going into collections, going into piggy banks, etc. I would think the mint makes money by money being take out of circulation. All my metal detected coins go into rolls if they identifiable and have no corrosion. Corrosion zinc pennies go to trash.
The value of the man-hours require to sort and inspect coins are certainly in excess of the value of the coins themselves (an exception might be the $1 coin). How many coins can you sort in an hour - hour after hour - day after day?
everything is wrong with the us mint.
How so? This seems to be a step in the right direction.
@@don951 ,who's right direction?
The government? Our pathetically weak and falling apart government! Daniel, I must say that within the past couple of decades, our government...our government...forget it, my words won't change a thing.
Come back quickly, Lord Jesus, please hurry!
God's grace to all,
Louis
Hi
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