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FEDERAL RESERVE BANK OF N E W YORK /"Circular No. 3 4 9 8 T L September 23, 1949 J PAPER CURRENCY AND COIN Revision of Operating Circular No. 3 To all M em ber and Nonmember Banks in the Second Federal Reserve District : We transmit herewith a copy of our Operating Circular No. 3, Revised September 23, 1949. The changes in substance made by the revised circular are as follows: 1. Paper currency in all denominations is to be forwarded to us by registered mail. W e previously required banks to ship paper currency in the $1 denomination totaling over $500 to us by express. This change has been made because of several increases in express rates, the most recent of which was substantial and became effective September 9, 1949. 2. Coin will be shipped by us either by registered mail or by express at the option of the ordering bank instead of at our option. Current express and mail rates on coin ship ments make it less expensive for us to ship coin to nearly all banks by registered mail rather than by express. However, the additional convenience which many banks can obtain from “ on premises” delivery of coin through express facilities has prompted us to permit the ordering bank to select the method of shipment more convenient to it. 3. Banks located in towns in which express facilities are not available may ship coin to us by insured fourth-class mail. The amount of coin so shipped in each bag, however, should not exceed $200, and the address tag affixed to each such bag should be endorsed ‘ ‘ Examined at mailing office— Contains only fourth-class m ail” . 4. Requests for shipments of paper currency and coin should normally be made on order forms to be supplied by us, thus making it unnecessary for banks to request such shipments by letter. Such forms are now being printed and will be supplied in the near future. In the meantime, each request for coin should state whether shipment is to be made by regis tered mail or by express. Certain changes have also been made in connection with the preparation of pack ages and bundles of paper currency for shipment to us (paragraphs 2, 3 and 4). Additional copies of the revised operating circular will be furnished upon request. A llan S proul, President.
@FedFRASER