The Royal Australian Mint will activate a new ‘Worn and Damaged Circulating Coin Policy’ from 1 July 2008. The policy will provide advice and guidance to the public, businesses and other organisations, approved deposit-taking institutions (ADI), such as banks, and Cash-in- Transit businesses about handling coins that are worn, damaged or mutilated.
‘The Mint aims to ensure that only high quality coins are in circulation. The new policy will assist in the effective removal of mutilated coins from circulation, which maintains confidence in Australia’s currency and makes it more difficult to pass counterfeit coins. In addition, the circulation of worn, damaged or mutilated coins hinders the smooth operation of coin operated and coin handling machines, which this policy will help to address.’ said Janine Murphy, Chief Executive Officer of the Royal Australian Mint.
Worn, damaged and some mutilated coins can be deposited with ADI’s. Depositors will continue to be credited with full value in most cases. However, depositors of mutilated coins will be required to complete a ‘Mutilated Coin Claim Form’ which their ADI will forward to the Mint for processing. The Mint will accept these deposits if the claim form is completed in full and the coins are identifiable and suitable for recycling into new coins. A scrap value less a handling and administration fee will be paid to the depositor through their ADI after a mutilated coin claim has been accepted.
The Royal Australian Mint does not accept deposits of coins directly from individuals, organisations or businesses.
The new policy will replace the ‘Mutilated Coin Policy’ which was put in place in 2004. The 2004 policy was designed to assist with managing the risk to the integrity of our currency from the importation of large volumes of mutilated coins. The 2008 ‘Worn and Damaged Circulating Coin Policy’ has built on this to provide an overall policy on the acceptance of worn, damaged and mutilated coins.
The new ‘Worn and Damaged Circulating Coin Policy’, along with the ‘Worn and Damaged Coin Handling Guide’ and the ‘Mutilated Coin Claim Form’ will be available from the Royal Australian Mint website www.ramint.gov.au.
For further information please contact Bruce Webber on 02 6202 6884 or email email@example.com