ISRI Criticizes U.S. Mint's Decision to Suspend Used Coin Recovery Program

SEATTLE (Scrap Monster): The Institute of Scrap Recycling Industries (ISRI) has denounced the U.S. government’s decision to suspend the used coin redemption program. Incidentally, ISRI has been instrumental in reinstating the scheme in 2017, following three long years of suspension.

According to online notification in the U.S. Mint website, applications and material submitted to its Mutilated Coin Redemption Program has been temporarily ceased, pending the development of additional safeguards.

Robin Wiener, President, ISRI termed the U.S. Mint’s decision as a bad move. The suspension of the program that is worth millions of dollars to the recycling industry is a major disappointment, she said. The Institute will work to identify any issues that the Mint may have with the program. Further, it will offer necessary solutions in order to ensure that the scheme is reinstated at the earliest.

The scrap recycling facilities in the U.S. recover coins, mainly from end-of-life vehicles, vending machines and coin-operated laundry machines. The used coins thus recovered in significant quantities are stockpiled and sent to the U.S. Mint. Incidentally, melting down of coins is illegal.

ISRI noted that recovery of used coins is an integral part of operations of many recycling companies. The unforeseen suspension of the Program is likely to badly impact the entire U.S. recycling industry.