Full text of Federal Reserve Bank of New York Circulars : 6640. Currency and Coin

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F E D ER A L R E S E R V E BANK
O F NEW YO R K

TCircular No. 6 6 4 0 1
L November 18, 1970 J

CURRENCY AND COIN
Revision of Operating Circular No. 3

To All Member and Nonmember Banks
in the Second Federal Reserve District:

E nclosed is a cop y o f Operating Circular No. 3, R evised N ovem ber 18, 1970,
entitled “ Currency and C oin ,” which supersedes the p rior edition, R evised
A p ril 4, 1956, as amended b y the F irst and Second Supplements thereto, dated
Ju ly 2, 1957, and M ay 2, 1968, respectively.
The principal changes in the circular include separate sections fo r our H ead
Office and our B uffalo Branch on the general terms and conditions relating to
the handling o f shipments o f currency and coin ; procedures fo r the remittance
o f suspected counterfeit b ills ; procedures fo r ordering fit $50 n o te s ; and p roce­
dures fo r the verification o f currency shipments received from our H ead Office or
our B uffalo Branch.
There have been m any other changes, prim arily to reflect our current p ra c­
tices and procedures.
W e w ould call your special attention to the provisions o f paragraph 1 o f the
enclosed operating circular, urging the cooperation o f banks in avoiding unneces­
sary shipments o f currency and coin.
A dditional copies o f the revised operating circular w ill be furnished upon
request.




A lfred H ay es,

President.