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FED ER AL RESERVE BANK O F NEW YORK r Circular No. 7 5 7 4 L February 2 1 , 197S "1 J FOOD COUPONS T o A ll B a n ks, and O th ers Concerned, in the Second F ederal R eserve D istric t: The U nited States D epartm ent of A griculture, Food and N utrition Service, has announced that on M arch 1. 1975, it will begin issuing a new series of food coupons. The new series eliminates the 50-cent and $2 coupons and introduces $1 and $10 coupons and a redesigned $5 coupon, which are incorporated into newly designed coupon books. The main reasons for the change are rising food coupon allotments, the corresponding increased volume of coupons needed to meet those allotments, and increased production and shipping costs. The new coupons have a more sophisticated design to deter counter feiting. Retailers and wholesalers may accept the old coupons until July 1, 1975. Banks will continue to accept old coupons for redemption until A ugust 1, 1975. As stated in the an nouncement, retailers will be required to separate the old and the new $5 coupons before depositing them with banks or wholesalers ; banks will also be required to separate the old and the new $5 coupons when depositing them with Federal Reserve Banks. Revised deposit forms, which will provide for deposits of coupons of the new and old series, will be sent to each bank by M arch 1, 1975. If you have any questions concerning these changes, please call, at our H ead O f fice, John Chowansky, M anager, Collection D epartm ent (Telephone No. 212-791-5079), or Joseph P. Botta, Chief, Coupon Division (Telephone No. 212-791-5081), or at our Buffalo Branch, H a rry A. Curth, Jr., A ssistant Cashier (Telephone No. 716-853-1700, Ext. 208). A l fr e d H ayes, President.
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