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F ederal reserve bank OF DALLAS Dallas, Texas, February 23, 1944 PENNIES To the Nonmember Banks in the Eleventh Federal Reserve District: On November 10, 1943, at the request of the Treasury Department, we addressed a circular letter to all banking institutions in this district regard ing the temporary shortage of pennies. In order to effect a better distribu tion of pennies during that emergency, all banking institutions were requested to ship to the Federal Reserve banks pennies in excess of their absolute needs. The banks were advised that such shipments should be made by express, collect. As as result of the cooperation received from banks and others, an ample supply of pennies is now available. The Treasury Department has therefore informed us that, after February 29, 1944, we will not be reim bursed for the transportation costs on shipments of pennies made to this bank by nonmember banks. Accordingly, the provisions of our circular letter of November 10, 1943, applicable to shipments made by nonmember banks will not be effective after February 29, 1944. Yours very truly, R. R. GILBERT President This publication was digitized and made available by the Federal Reserve Bank of Dallas' Historical Library (FedHistory@dal.frb.org)
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