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F e d e r a l Re s e r v e

bank

OF DALLAS

Dallas, Texas, November 30, 1942

NICKELS AND PENNIES

To All Banking Institutions in the
Eleventh Federal Reserve District:
We have been advised by the Treasury Department that the United
States Mints are discontinuing the coinage of pennies on account of the
scarcity of the metal needed therefor. The Department has further advised
that a bill authorizing the coinage of pennies of a new metal content is now
pending in Congress.
In order to effect a better distribution of nickels and pennies during the
present emergency, we have been asked by the Treasury to request all
banking institutions in our district to ship nickels and pennies, in excess of
their absolute needs, to the Federal Reserve bank or branch in whose terriĀ­
tory the shipping bank is located.
The coin should be shipped loose, in canvas bags, each bag to contain
coins of only one denomination and to be tagged so as to show plainly the
denomination and amount of contents, as well as the name of the sending
bank. Not more than $250 in nickels or $100 in pennies should be placed in
any one bag. Each bag should be securely sealed with lead seals, and the
shipment should be made by express, collect.
The cooperation of all banking institutions will be greatly appreciated.

Yours very truly,
R. R. GILBERT
President

CTORY
BUY

U N IT E D
st a t e s

WAR
BONDS
AND

.STAMPS

This publication was digitized and made available by the Federal Reserve Bank of Dallas' Historical Library (FedHistory@dal.frb.org)


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