Coin Recyclers Sue US Mint Over Refusal To Buy Back Its Own Coins

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Some strange things are going on in the financial sector these days. The US Mint, who used to run a buyback program for its scrap coins, has announced their efforts will remain suspended indefinitely. This means the US government has no intention to buy back its own currency, which is now mostly in the hands of coin recyclers. Not a big vote of confidence for the US Dollar by any means.

To put this into perspective, there are close to US$1m in USD coins being held by the US Bureau of Customs and Border Protection. A total of US$700,000 in shipments belonging to three different importers is being detained for no official reason. The CBP will also need to pay a US$300,000 fine for detained melted coins without due process.

US Mint Has Little Confidence In Their Own Coins

Coin recyclers are not too amused by this decision, as they are missing out on a lot of money. This decision by the US Mint is creating a lot of bad blood, and recyclers cannot melt the coins down themselves since it is illegal to do so. A response by the US Government

Read more ... source: LiveBitcoinNews

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