The Paying Tellers Department

Cover The Paying Tellers Department
The Paying Tellers Department
Glenn G Glenn Gaywaine Munn
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C. Metallic coins are manufactured at the various United States mints. ) Redemption of mutilated and worn money is best effected by the exchange of the uncurrent bills for new ones at the nearest Federal Reserve Bank. Where the Federal Reserve Bank is located in the same city this can be accomplished by direct delivery. Otherwise it is neces- sary to forward the currency by express -express and insurance charges being payable, as heretofore explained, by the Federal Reserve Bank. If the bank pr...e- [94] THE PAYING TELLER'S DEPARTMENT fers, instead of receiving new currency in return for the old, a credit may be placed to the bank's account upon the books of the Federal Reserve Bank. Mutilated and lightweight gold coins are not redeemable at face value if below the limit of tolerance. Lightweight silver and minor coins are redeemable at face value. Mutilated and torn paper currency is redeemable at the face value, provided three-fifths or more of the bill remains. For less than three-fifths, but for two- fifths and more, a piece of paper money is redeemable at one-half of face value.

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