The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
FEDERAL RESERVE BOARD WASHINGTON X-3181 AUIUSt SUBJECT: 9.. 1921. Destruction of "punchings", cancelled paper currency~ . ·Dear ·Sir: ... The Treasury Department advises the Board that on several occasions recently there have been sent in to the Department for .redemption ·by in:iividuals residing in Federal ·Reserve Bank cities packages containing a quantity of pieces known _as "p~chings" cut from notes by cancelling machines. This would. indicate that all of the Federal Reserve Banks are not exercising due care in the matter of destroying 11 punchings" from notes that have passed through the cancelling machines. The suggestion is made by an official ·of the Treasury Department that all "punehings" should be gathered up and burned each day. Thi.s matter should have the attention of the officer of your bank who has supervision of this work. · Very truly yours, G o v e r n o r. TO THE GOVERNORS OF ALL FEDERAL RESERVE BANKS.
@FedFRASER