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Mutilated Coin Redemption Program
The Mutilated Coin Redemption Program is a program of the United States Mint that allows holders of damaged United States coins to exchange them for usable money. Some clients redeem large quantities (tons) of coins that are recovered from scrapping, vehicle recycling, and car shredding operations overseas. The large volume and a growth of that volume suggested possible vulnerabilities in the program. Counterfeit mutilated coins could be redeemed for real money. A high percentage of ''undamaged'' coins suggested the possibility that the program could be misused for money laundering Money laundering is the process of concealing the origin of money, obtained from illicit activities such as drug trafficking, corruption, embezzlement or gambling, by converting it into a legitimate source. It is a crime in many jurisdictions .... Silver coins were absent (as required), and the percentages of pennies and nickels was low (suggesting local melting rather than redemption). Dramatic ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
United States Mint
The United States Mint is a bureau of the Department of the Treasury responsible for producing coinage for the United States to conduct its trade and commerce, as well as controlling the movement of bullion. It does not produce paper money; that responsibility belongs to the Bureau of Engraving and Printing. The first United States Mint was created in Philadelphia in 1792, and soon joined by other centers, whose coins were identified by their own mint marks. There are currently four active coin-producing mints: Philadelphia, Denver, San Francisco, and West Point. History The Massachusetts Bay Colony established a mint in Boston in 1652. John Hull was Treasurer and mintmaster; Hull's partner at the "Hull Mint" was Robert Sanderson. The historical marker reads: The first authorization for the establishment of a mint in the United States was in a resolution of the Congress of the Confederation of February 21, 1782, and the first general-circulation coin of the United States ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Coin
A coin is a small, flat (usually depending on the country or value), round piece of metal or plastic used primarily as a medium of exchange or legal tender. They are standardized in weight, and produced in large quantities at a mint in order to facilitate trade. They are most often issued by a government. Coins often have images, numerals, or text on them. ''Obverse'' and its opposite, ''reverse'', refer to the two flat faces of coins and medals. In this usage, ''obverse'' means the front face of the object and ''reverse'' means the back face. The obverse of a coin is commonly called ''heads'', because it often depicts the head of a prominent person, and the reverse ''tails''. Coins are usually made of metal or an alloy, or sometimes of man-made materials. They are usually disc shaped. Coins, made of valuable metal, are stored in large quantities as bullion coins. Other coins are used as money in everyday transactions, circulating alongside banknotes. Usually the highest va ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Money
Money is any item or verifiable record that is generally accepted as payment for goods and services and repayment of debts, such as taxes, in a particular country or socio-economic context. The primary functions which distinguish money are as a medium of exchange, a unit of account, a store of value and sometimes, a standard of deferred payment. Money was historically an emergent market phenomenon that possess intrinsic value as a commodity; nearly all contemporary money systems are based on unbacked fiat money without use value. Its value is consequently derived by social convention, having been declared by a government or regulatory entity to be legal tender; that is, it must be accepted as a form of payment within the boundaries of the country, for "all debts, public and private", in the case of the United States dollar. Contexts which erode public confidence, such as the circulation of counterfeit money or domestic hyperinflation, can cause good money to lose its value. ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Scrap
Scrap consists of Recycling, recyclable materials, usually metals, left over from product manufacturing and consumption, such as parts of vehicles, building supplies, and surplus materials. Unlike waste, scrap Waste valorization, has monetary value, especially recovered metals, and non-metallic materials are also recovered for recycling. Once collected, the materials are sorted into types — typically metal scrap will be crushed, shredded, and sorted using mechanical processes. Scrap recycling is important for creating a more sustainable economy or creating a circular economy, using significantly less energy and having far less environmental impact than producing metal from ore. Metal recycling, especially of structural steel, Ship breaking, ships, used manufactured goods, such as Vehicle recycling, vehicles and white goods, is a major industrial activity with complex networks of wrecking yards, sorting facilities and recycling plants. Processing Scrap metal originates both ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Vehicle Recycling
__NOTOC__ Vehicle recycling is the dismantling of vehicles for spare parts. At the end of their useful life, vehicles have value as a source of spare parts and this has created a vehicle dismantling industry. The industry has various names for its business outlets including wrecking yard, auto dismantling yard, car spare parts supplier, and recently, auto or vehicle recycling. Vehicle recycling has always occurred to some degree but in recent years manufacturers have become involved in the process. A car crusher is often used to reduce the size of the scrapped vehicle for transportation to a steel mill. Approximately 12-15 million vehicles reach the end of their use each year in just the United States alone. These automobiles, although out of commission, can still have a purpose by giving back the metal and other recyclable materials that are contained in them. The vehicles are shredded and the metal content is recovered for recycling, while in many areas, the rest is further ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Scrap Metal Shredder
A scrap metal shredder, also sometimes referred to as a metal scrap shredder, is a machine used for reducing the size of scrap metal. Scrap metal shredders come in many different variations and sizes. Applications Some examples of scrap metal materials that are commonly shredded are: Car crushers are large machines that turn a car into a large bucket of scrap steel and the rest of the car into non-ferrous materials, plastics and waste called automotive shredder residue. The glass, fabric, plastic, and all other non-ferrous materials are separated by eddy current magnets in place of heavy media separation. The non-ferrous materials may be referred to as "zorba". Often the profit from the non-ferrous materials covers the operating cost for the shredder. When a metal shredder starts, the material enters into the tear box through the feeding system. The tear blade is loaded on the box. The material is torn into small pieces through the tear, extrusion and shear of the tear blade, ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Money Laundering
Money laundering is the process of concealing the origin of money, obtained from illicit activities such as drug trafficking, corruption, embezzlement or gambling, by converting it into a legitimate source. It is a crime in many jurisdictions with varying definitions. It is usually a key operation of organized crime. In US law, money laundering is the practice of engaging in financial transactions to conceal the identity, source, or destination of illegally gained money. In UK law the common law definition is wider. The act is defined as "taking any action with property of any form which is either wholly or in part the proceeds of a crime that will disguise the fact that that property is the proceeds of a crime or obscure the beneficial ownership of said property". In the past, the term "money laundering" was applied only to financial transactions related to organized crime. Today its definition is often expanded by government and international regulators such as the US Offic ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Coins Of The United States
Coins of the United States dollar (aside from those of the earlier Continental currency) were first minted in 1792. New coins have been produced annually and they make up a valuable aspect of the United States United States currency, currency system. Today, circulating coins exist in denominations of 1¢ (i.e. 1 cent (currency), cent or $0.01), 5¢, 10¢, 25¢, 50¢, and $1.00. Also minted are Bullion coin, bullion (including gold coin, gold, silver coin, silver and platinum coin, platinum) and Commemorative coin, commemorative coins. All of these are produced by the United States Mint. The coins are then sold to Federal Reserve Banks which in turn are responsible for putting coins into circulation and withdrawing them as demanded by the country's economy. Current coinage Today, four mints operate in the United States producing United States Mint coin production, billions of coins each year. The main mint is the Philadelphia Mint, which produces circulating coinage, mint sets and s ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
