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FEDERAL

VOLUME 2

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1934

REGISTER
NUMBER 209

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Washington, Thursday, October 28, 1937
TREASURY DEPARTMENT.
Treasurer of the United States; Director of the Mint.
1937 D e p a r tm e n t C ir cu la r N o . 55, R e v ise d
E x c h a n g e o f P a per C u r r e n c y and C o in O c t o b e r 25, 1937.
1. This Circular supersedes Department Circular No. 55, revised, dated January 26, 1927, issued by the Treasurer of the United States and the Director of the Mint, as amended and supplemented.
2. The following regulations govern the exchange of the coin and paper currency of the United States including Na tional bank notes and Federal Reserve bank notes in process of retirement and Federal Reserve notes. Under authoriza tion in the act approved May 29, 1920, 41 Stat. 655 U. S. C.
title 31, sec. 476, the Secretary of the Treasury transferred to the Federal Reserve banks and branches the duties and func tions performed by the former Assistant Treasurers of the United States in connection with the exchange of paper cur rency and coin of the United States. Except for the duties in this respect to be performed by the Treasurer of the United States as may be indicated from time to time by the Secretary of the Treasury exchanges of the paper currency and coin of the United States and the distribution and replacement thereof will, so far as practicable, be effected through the Federal Reserve banks and branches. Federal reserve banks and branches have been instructed by the Treasury to make an equitable and impartial distribution of available sup plies of currency and coin in all cases, and applications there for should be made to the Federal reserve bank or branch of such bank located in the same district with the applicant.
Distribution of new coins will not be made so long as there are available sufficient stocks of circulated coins in the Fed eral reserve banks and branches or in the Treasury offices.
X. IN GENERAL

3. The official agencies of the Treasury Department will continue to exchange lawfully held coins and currencies of the United States, dollar for dollar, for other coins or cur rencies which may be lawfully acquired and are legal tender for public and private debts.
4. Gold coin and gold certificates are exchanged only as provided in the act, orders, regulations, and instructions relating to gold and gold certificates.
I I . EXCHANGE OF MUTILATED PAPER CURRENCY

5. Lawfully held paper currency of the United States in cluding National bank notes and Federal Reserve bank notes in process of retirement and Federal Reserve notes when not so mutilated that less than three-fifths of the original proportions remain, will be exchanged a t its face amount.
Such lawfully held paper currency, when so mutilated th at less than three-fifths but clearly more than two-fifths of the original proportions remain, is exchangeable only by the
Treasurer of the United States, a t one-half the face amount of the whole note or certificate: Provided, however, That it may be exchanged at face amount upon compliance with the provisions of the following paragraph. Fragments not clearly more than two-fifths are not exchangeable, unless accompanied by the evidence required in the following paragraph.
6. Fragments less than three-fifths, when identifiable as to denomination, kind and genuineness, are exchangeable at the face amount of the whole note, only by the Treasurer of the United States, when accompanied by satisfactory proof that the missing portions have been totally destroyed.
This proof should be in the form of an affidavit from the owner setting forth th at he is the owner and the cause and manner of destruction. If, however, the owner cannot of his own knowledge state the facts as to destruction, an af fidavit or affidavits from any other person or persons having knowledge of the facts will also be required.
7. The affidavits must be subscribed and sworn to before a notary public or other officer authorized by law to ad minister oaths. Unless authenticated by the official impres sion seal of the officer, the affidavit should be accompanied by a certificate from the proper official, showing th at the officer was in commission on the date of the acknowledg ment. The date when the officers commission expires should appear in any event. Should any affiant sign by mark X, his signature must be witnessed by two persons besides the acknowledging officer, and the places of residence of the witnesses to the mark must be stated.
8. In addition to the affidavits, there should be furnished a certificate, to be executed, if possible, by an officer of an incorporated bank or trust company or by a public officer of the United States, setting forth th at th at officer has read the affidavits and th at the affiants are reputable per sons in the community and are, in the judgment of the officer, worthy of belief.
9. Blank forms for affidavits or certificates are not fur nished. No relief is granted on account of currency totally destroyed.The Treasurer of the United States will exercise such discretion under this regulation as may seem to him needful to protect the United States from fraud.

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EXCHANGE OF MUTILATED COIN

10. In general.Except as hereinafter provided mutilated silver and minor coins are not accepted at their face amount but at their bullion or metal value. Silver coins are muti lated when plugged, fused together, or so punched, clipped, chipped, or otherwise mutilated as to be appreciably reduced in weight, or when so defaced as to be not readily and clearly identifiable as to genuineness and denomination. Minor coins are mutilated when plugged, fused together, or so de faced as not to be readily identifiable, or when so punched or clipped or otherwise mutilated as to show a material loss of metal. Silver and minor coins th at are bent or twisted out of shape, but showing no appreciable reduction 2701