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FEDERAL RESERVE BANK O F N EW YORK Circular No. 8 6 0 I T July 13, 1979 J [ CURRENCY AND COIN Revision of Operating Circular No. 3 To All Member and Nonmember Banks in the Second Federal Reserve District: Enclosed is a copy of a revised Operating Circular No. 3, entitled “Currency and Coin.” This operating circular contains procedures that banks must follow in shipping currency and coin to this Bank and in ordering currency and coin from us; it also sets forth provisions regarding the risk of loss in such shipments to and from this Bank. The major changes in this editon of the circular are summarized below. A v o i d a n c e o f o v e r la p p in g d e p o s i t s a n d w ith d r a r v a ls Paragraphs 1 and 2 of the revised circular provide a clarification of our policy regarding overlapping deposits and unnecessary shipments. Note that we reserve the right to fill orders from banks that make unnecessary deposits and withdrawals of like denomi nations with currency received from such banks. Interchanges of currency and coin among banks are encouraged. P r e p a r a t io n o f c u r r e n c y d e p o s its Paragraph 7 (formerly 3) has been amended to provide that $2 and $20 bills must be deposited in full bundles of 1,000 pieces; $50 and $100 bills must be deposited in 100 note packages and in 1- to 10-package bundles. In addition, a footnote has been added to provide a uniform definition of fit currency. P a c k a g e s tr a p s Paragraph 8 (formerly 4) contains new strap specifications and provides that straps should comply with ABA color standards. H a g s , s e a ls , a n d ta g s f o r d e p o s its Paragraphs 9 and 18 include a recommendation that crimped seals on bags of currency and coin bear an identification of the depositing bank. W o r n a n d m u t i l a t e d co in Paragraphs 20 and 21 (formerly 19) reflect revised definitions of worn and mutilated coin, which were adopted by the Bureau of the Mint and the Federal Reserve Banks effective July 1, 1979. Note that coin that is bent or twisted out of shape is now classified as mutilated. C u r r e n c y s h ip m e n ts Paragraph 26 (formerly 23) establishes new standard dollar amounts for ordering currency. Several other changes have also been made, primarily to reflect our current practices and procedures, the new Anthony dollar coin, and the $2 bill. Additional copies of the revised operating circular will be furnished upon request. P aul A . V olcker, President. F ederal Reserve B ank of N ew Y ork r_ O p e r a t i n g C i r c u l a r N o . 5M Revised Ju ly 13, 1979 J CURRENCY AND COIN To All Member and Nonmember Banks in the Second Federal Reserve District: This circular sets forth the general terms and conditions regarding the currency and coin services provided by this Bank. Any bank, member or nonmember, that directly or indirectly makes a shipment of currency or coin to, or orders a shipment of currency or coin from, any office of this Bank is deemed to agree to the provisions of this circular. Unless otherwise indicated, all references to this Bank apply equally to the Buffalo Branch. Banks are requested to transact business directly with the office (either New York City or Buffalo) from which they normally receive service. TABLE OF CONTENTS Topic Paragraph Number Overlapping deposits and withdrawals ................................................ Unnecessary shipments of fit currency.................................................. 1 2 Method of shipment Armored carrier service................................................................. Registered mail deposits ............................................................... Fourth class mail coin shipments .................................................. 3 4 5 Incoming shipments to FRBNY Credit for deposits of currency and coin ...................................... 6 Preparation of currency Fit and unfit currency ......................................................... 7, 8 Shipments ............................................................................... 9 Currency no longer issued ................................................... 10 Mutilated currency................................................................. 11 Currency fragments ............................................................... 12 Counterfeit currency ............................................................. 13 Foreign currency ................................................................... 14 Other currencies..................................................................... 15 Compliance with procedures................................................. 16 Preparation of coin..................................................................... 17-23 Packaging ............................................................................... 18 Deposit forms ......................................................................... 19 Worn coins ............................................................................. 20 Mutilated coins....................................................................... 21 Canadian coins ....................................................................... 22 Other coins ............................................................................. 23 Outgoing shipments from FRBNY Orders for currency and coin.................................................. 24, 25 Standard amounts of currency...................................................... 26 Standard amounts of coin............................................................. 27 Notice of shipment ......................................................................... 28 Examination of bags ..................................................................... 29 Handling charges for nonmember banks ..................................30, 31 Verification; claims ....................................................................... 32 Risk of loss Shipments by armored carrier or registered m ail.....................33-35 Risks not assumed................................................................. 34 Conditions ............................................................................... 35 Shipments by other means ....................................................... 36, 37 Nonmember bank shipments ......................................................... 38 General Forms ............................................................................................ Return of empty bags..................................................................... Requests for weekend or holiday shipments................................ Counterfeit, altered, or raised currency or coin...................... 42, Agreement to this circular............................................................. Revision of this circular............................................................... Effect on previous circulars ......................................................... 39 40 41 43 44 45 46 Overlapping deposits and withdrawals should be avoided 1. In view of the high cost of handling and transporting currency and coin, banks should not deposit and withdraw the same denominations of currency and coin within a short period of time. Banks should inter change fit currency and coin among themselves whenever feasible. This Bank will assist banks in establishing such currency and coin exchange arrangements. We reserve the right to fill orders from banks that make unnecessary deposits and withdrawals of like denominations with cur rency received from such banks. 2 / Unnecessary shipments of fit currency 2. Normally, fit currency * should not be deposited with this Bank. Exceptions may be considered when a bank has excess currency and all its unfit currency has already been deposited. METHOD OF SHIPMENT Armored carrier service 3. Banks provided with armored carrier service by this Bank are requested to coordinate their deposits and withdrawals of currency and coin with our established armored carrier service schedules. We will not assume the cost or risk of loss of any shipment to or from this Bank made by means other than such armored carrier service unless the shipment is necessitated by unusual and nonrepetitive circumstances and prior approval of the shipment by such other means has been given by this Bank. r v Registered mail deposits 4. Banks located outside the cities of New York and Buffalo that are not provided with armored carrier service by us should ship currency to us by registered mail. Packaged and bundled currency in all denomina tions may be included in the same bag sent by registered mail. Inasmuch as a registered mail fee is charged for each bag, as few bags as possible should be used. Form MON. 82 (for New York), form B MON. 12A (for Buffalo) and form B MON. 13A (for Head Office territory banks served by the Buffalo Branch) should be completed and attached to each bag. Also, a tag bearing the name and address of the sending bank should be attached to each bag, and the necessary postage should be affixed securely to the back of the tag (not to the bag). No writing indicating the nature or value of the contents should appear on the bag or on the tag. The postage—first class rates plus the fee established for registered mail—should be prepaid. Member banks should pay the lesser of the two fees established for registered mail; their reserve accounts will be credited for these charges. It is not necessary for any bank to pay for a return post office registry card, as the second copy of the deposit form will be returned to the sending bank to acknowledge receipt of the deposit. Insured fourth class mail Coin 5. Banks not shipping coin by armored carrier or making direct deposit should send their shipments by insured fourth class mail. When coin shipments are sent by insured fourth class mail, the member bank will be credited in its reserve account for the postage charges. For the Head Office, form MON. 99, and for the Buffalo Branch, form B MON. 12, (B MON. 13 for Head Office territory banks served by the Buffalo Branch), must be completed and forwarded to us. The amount of coin * See footnote 1 on page 4 fo r a definition of fit currency. 3 contained in each bag shipped by insured fourth class mail should not exceed $500, except in the following cases: a bag of Anthony dollar coins should not exceed $2,000; a bag of nickels should not exceed $200; and a bag of pennies should not exceed $50. It is not necessary for any bank to pay for a return post office registry card, as the second copy of the deposit form will be returned to the sending bank to acknowledge receipt of the deposit. INCOMING SHIPMENTS TO FEDERAL RESERVE BANK OF NEW YORK Credit for deposits of currency and coin 6. Subject to verification and to the other provisions of this circular, we will credit on the date of receipt the account of the shipping or de positing bank (or the account of another bank that has made arrange ments with us to receive the credit) with the amount of currency and coin received by us (plus the cost of postage, if mailed by a member bank not located in the cities of New York or Buffalo), and an advice of credit will be mailed to the sending bank. Preparation of currency for deposit Fit and unfit currency 7. Fit currency 1 not needed by a depositing bank and unfit cur rency, each packaged separately and clearly labeled fit or unfit, should be piece-counted by the depositing bank and arranged face and top up in packages of 100 bills each, according to denomination (under no circum stances should denominations be mixed) and in bundles (also clearly labeled fit or unfit), as follows: nomination Ones Twos Fives Tens Twenties Fifties Hundreds N um ber of packages to a bundle Dollar amount of bundle $ 1,000 10 10 10 10 10 1-10 1-10 2,000 5,000 10.000 20,000 5,000-50.000 10,000-100,000 Bills of $50 and $100 denominations should be consolidated in packages of 100 notes of the same denomination and in bundles of 1 to 10 pack ages of the same denomination. Exceptions may occasionally be made in the case of very small and infrequent depositors. Currency that cannot be arranged as provided above, because of insufficient quantities, should 1 A note is considered fit for fu rth e r circulation when it is fa irly clean so that its class, denom i nation and genuineness can be determ ined w ithout difficulty, and it contains a sufficient amount of “ life” or “ sizing” to perm it its being easily handled. I t should not contain heavy creases that break the fiber of the paper and indicate that disintegration has begun. I t should not present a limp or raglike appearance. N or should it be so badly soiled as to be offensive, or torn, perforated o r otherw ise damaged. M ere creasing or w rinkling th at has not broken or seriously weakened the note does not make it unfit. Also, “ dog-ears” or bent corners do not render notes unfiit. 4 not be d ep osited w ith u s, but sh o u ld be retained u n til e n o u g h cu rren cy o f th e ap propriate d en o m in a tio n to co m p lete th e stand ard b u n d le u n its has b een accum u lated. 8. E a ch p a ck a g e o f 1 0 0 n o te s sh o u ld be b ou n d w ith a single p aper strap, w h ich sh o u ld co m p ly w ith A B A co lo r stan d ard s. In a d d itio n , each p ack age strap sh o u ld in d ica te th e n am e or in itia ls o f the p erson w h o prep ared th e p a ck a g e, th e n am e o f the d ep o sitin g bank, th e nam e an d a d d ress o f the office o f th e bank a t w h ich the d ep o sit w a s p repared, an d th e d ate th e p a ck age stra p w a s prep ared. U n d e r no circu m sta n ces sh o u ld p in s, clip s, rubber b an d s, o r stra p s o f an o th er bank be u sed in secu rin g p a ck a g es o r b u n d les. E a c h b u n d le sh o u ld be secu red w ith h ea v y -d u ty rubber b an d s or str in g -tie d by m ach in e. For Head Office deposits only, a co m p leted “fro n t ca rd ” (F o r m M O N . 2 0 0 ) th a t a p p ro x im a te s the siz e o f th e cu rren cy sh o u ld be p laced in fro n t o f th e first p ack age o f each bun dle. O n it sh o u ld be record ed th e d ate it w a s prep ared, th e d ollar am ou n t co n ta in ed in th e b u n d le, th e n am e an d ad d ress o f the d ep o sitin g office, an d th e d en o m in a tio n co n ta in ed in each bun dle. A su p p ly o f fron t ca rd s w ill be fu rn ish ed to m ain offices or d esig n a ted w a re h o u ses o f m em b er bank s u p on req u est. Shipments or deposits of currency 9. B u n d le s o f cu rren cy sh o u ld be sh ip p ed or d ep o sited in stro n g tea r-resista n t bags. E a c h b ag sh o u ld be w ell secu red w ith a crim ped seal or com p arab ly se cu re m ethod . It is reco m m en d ed that crim ped sea ls bear so m e form o f id en tification o f th e d ep o sitin g bank su ch a s an ab breviation o f n a m es o r in itia ls. B a g s sh ip p ed by re g ister ed m ail sh ou ld be ta g g ed as in d ica ted in p aragrap h 4. E ach b ag sh ip p ed by arm ored carrier m u st h a v e a y e llo w en v e lo p e tag, E N V . 161, or a b lu e en v elo p e tag, E N V . 162, secu rely affixed to the o u tsid e o f the bag. A y e llo w en v elo p e tag, E N V . 161, sh o u ld be u sed o n an y b ag co n ta in in g le ss than five b un dles o f $1 b ills or b ills o f o th e r d en o m in a tio n s. A b lu e en v elo p e tag, E N V . 162, sh o u ld be u sed o n a b a g c o n ta in in g five or m ore b u n d les o f $1 b ills and n o o th er d en o m in a tio n s. A su p p ly o f en v elo p e ta g s w ill be fu rn ish ed on req u est. ( T h e s e ta g req u irem en ts do not ap p ly to d ep o sits m ade at th e B u ffa lo B r a n c h .) E a ch sh ip m en t or d ep o sit of cu rren cy m u st be acco m p a n ied by a co m p leted co p y o f ou r C urren cy D ep o sit form ( M O N . 161, fo r N e w Y o rk , B M O N . 12A for B u ffa lo and B M O N . 1 3 A fo r the H e a d O ffice territory bank s serv ed by the B u ffalo B r a n c h ) sh o w in g th e full a d d r ess o f the d ep o sitin g office, the total am ou n t o f the d ep o sit by d en o m in a tio n an d the total n u m b er o f b ags co m p risin g th e d ep osit. If a d d ition al in fo rm a tio n or in stru ctio n s are placed on th e d ep o sit form , su ch a s in stru ctio n s to cred it an acco u n t o th er than the d e p o sitin g b a n k ’s a cco u n t, the d ep o sitin g bank sh o u ld affix su ffi cien t first class p o sta g e to th e back o f the sea led en v elo p e tag co n ta in in g the d ep osit form and can cel the p o sta g e w ith in k ; no reim b u rsem en t is m ade for th is p ostage. T h e p o sta g e is n ece ssa r y in o rd er to co m p ly w ith the p ostal la w s, w h ich p roh ib it th e sh ip m en t o f “ le tte r s” o u tsid e the m ails w ith o u t th e p ay m en t o f p o sta g e. 5 Currency no longer issued 10. C urren cy n o lo n g er issu e d , su ch a s g o ld certifica tes, F ed er a l R e se r v e B a n k n o tes, n a tio n a l bank n o te s a n d la r g e -siz e n o te s, req u ires sp ecial h and lin g. B a n k s sh o u ld se g re g a te su ch cu rren cy from o th er cu r ren cy an d m ay a rran ge it in p a ck a g es o f n o m o re than 100 n o te s w ith o u t regard to d en o m in a tio n . S u c h p a ck a g es sh o u ld be b un d led sep a ra tely and m arked “ M isc e lla n e o u s.” Mutilated currency 11. “ M u tila ted cu r r e n c y ” are n o tes that are torn (w ith clea rly m ore than on e h alf o f th e o rig in a l n o te r e m a in in g ), p atched, or p er forated . T o rn cu rren cy sh o u ld be ca refu lly m en d ed on the back, not on the face, w ith tran sp aren t tap e so as to p reser v e a s n early as p o ssib le th e orig in a l d esig n an d siz e . P in s, clip s, an d o th er m etallic su b sta n ces sh ou ld be rem o v ed a s th ey m ay ca u se in ju ry to cu rren cy h an d lers or d am age th e p ro c e ssin g m ach in ery. Currency fragments 12. F ra g m e n ts o f cu rren cy that do n ot c o n stitu te clea rly m ore than on e h alf o f th e o rig in a l w h o le n o te, a s w ell as cu rren cy in su ch p oor co n d itio n that its v a lu e is q u estio n a b le or sp ecia l ca re is requ ired in its h a n d lin g , m u st be sen t d ire ctly to th e T r e a su r y D ep a rtm en t, B u rea u of G o v ern m en t F in a n cia l O p er a tio n s, R o o m 132, A n n e x N o . 1, D C S B E P A , W a sh in g to n , D .C ., 2 0 2 2 6 , in a ccord an ce w ith T r e a su r y D e p a r t m en t C ircular N o . 5 5 , co p ie s o f w h ich w ill be fu rn ish ed u p o n request. S u ch fra g m en ts w ill be e x c h a n g e d at face v a lu e o n ly i f th e T r e a su r y D ep a rtm en t is sa tisfied th a t th e m issin g p o rtio n s h a v e b een to ta lly d e s tr o y e d ; the T r e a su r y ’s ju d g m e n t is final an d is b ased on su ch ev id e n c e o f total d estru ctio n a s th e T r e a su r y d eem s n ecessa ry . If? Counterfeit currency 13. N o te s k n o w n by a bank to be co u n te rfeit sh o u ld be^sent d irectly to th e U n ite d S ta te s S ecr et S e r v ic e , a s p ro v id ed in paragrap h 4 3 . N o te s that are su sp ected co u n te rfeits m ay be fo rw ard ed to u s fo r in sp e ctio n by reg istered m ail, as p ro v id ed in p aragrap h 4 2 , or by re g u la rly sch ed u led arm ored carrier se rv ic e, p ro v id ed th at th e n o te s are se g re g a te d an d id en tified a s su sp e cted co u n te rfeits. U n d e r no circu m sta n ces sh ou ld su sp ected co u n terfeit n o te s be in clu d ed in a b an k ’s fit or unfit cu rren cy d ep o sits. T h is B a n k w ill n ot a ssu m e a n y lo ss in cid en t to a sh ip m en t of cu rren cy to u s by o rd in a ry m ail. A receip t w ill be issu ed for each n ote d eterm in ed to be c o u n te r fe it, and cred it w ill be g iv e n fo r each n o te d eterm in ed to be g en u in e . Foreign currency 14. C anadian cu rren cy m ay be sh ip p ed to u s at o u r e x p e n se by m em ber bank s w ith th e e x c e p tio n o f bank s located in th e citie s of N e w 6 Y o rk , B u ffalo, and N e w a r k (w h e r e e x c h a n g e s o f C anad ian cu rren cy 'ca n be m ade lo c a lly ). C anad ian cu rren cy m ay be in clu d ed in the sam e bag a s U n ite d S ta tes cu rren cy p ro v id ed it is p rop erly se g re g a te d w ith in th e bag. E a ch d ep o sit o f C anad ian cu rren cy m u st be accom p an ied by a sep arate d ep o sit form (H e a d O ffice— form M O N . 1 6 1 ; B u ffa lo B ran ch — form B M O N . 12 A , and form B M O N . 1 3A for H e a d O ffice territory banks serv ed by th e B u ffa lo B r a n c h ). T h e ta g s affixed to th e o u tsid e o f the cu rren cy b ags, sh o u ld id en tify th e co n ten ts as in clu d in g C anadian cu rren cy and in d ica te the am oun t. C anad ian cu rren cy receiv ed by u s w ill be co n v erted in to U n ite d S ta te s fu n d s b y sale, cred it g iv e n fo r the p roceed s, and a d v ice m ailed u p on co m p letio n o f th e sale. N o tw ith sta n d in g th e fo re g o in g , bank s a re u rg ed to u se local fa cilities, if availab le, for the e x c h a n g e o f C anad ian cu rren cy . Other currencies 15. C u rren cy o f fo reig n co u n tr ies o th er than C anada sh o u ld n ot be sen t to th is B an k. Compliance with procedures 16. T h e large v o lu m e o f cu rren cy h an d led by th is B a n k m ak es it im p erative that th e p rep aration p ro ced u res fo r cu rren cy d ep o sits set forth h erein be stric tly ob serv ed . Im p ro p erly prep ared cu rren cy d ep o sits that do n ot m eet the req u irem en ts o u tlin ed in th is circu lar m ay be returned to the d ep o sitin g bank at its e x p en se . P r e p a r a tio n o f c o in fo r d e p o s it 17. C oin n ot n eed ed by a bank m ay be d ep o sited w ith th is B an k. P r io r to the d ep o sit it sh o u ld be v erified th rou gh w e ig h in g or p iece cou n t by the d ep o sitin g bank. T h e co in sh o u ld be b a g g ed in bulk w ith o u t w rap p ers o f an y k in d ; it sh o u ld also be se g re g a te d by d en o m in a tio n in th e standard u n its b e lo w : M e th o d of S h ip p in g In su re d 4th C la ss M a il S u sa n B . A n th o n y D o lla r L a rg e D o lla r s H a lf-D o lla r s Q u arters D im es N ic k e ls C ents $ 2 ,0 0 0 500 500 500 500 200 50 in in in in in in in each each each each each each each b ag bag bag bag b ag b ag bag A l l O th e r $ 2 ,0 0 0 1.0 0 0 1.0 0 0 1.000 1.000 200 50 in in in in in in in each each each each each each each b ag bag b ag b ag b ag bag bag Bags, seals, and tags for coin deposits 18. C oin sh o u ld be sh ip p ed or d ep o sited in stro n g , tea r-resista n t b ags, and each b ag sh o u ld be w ell secu red w ith a crim p ed seal, h ea v y d u ty stitch in g , o r a com p arab ly secu re m eth od . If a crim p ed seal is u sed , w e recom m en d that th e seal bear id en tifica tio n of the d ep o sitin g bank su ch as in itia ls or a b b reviation of the bank nam e. E ach d en om in ation 7 sh ou ld be in a sep arate bag. T h e n am e an d a d d ress o f th e d ep o sitin g bank, and the d en o m in a tio n and a m o u n t co n ta in ed in each bag sh o u ld be p lain ly m ark ed on a ta g affixed to each bag. Deposit forms 19. E ach d ep o sit o f co in m u st be a ccom p an ied by a co m p leted co p y o f our coin d ep o sit form ( M O N . 9 9 fo r N e w Y o rk , B M O N . 12 for B u ffalo, and B M O N . 13 for H e a d O ffice territo ry b an k s serv ed by th e B u ffalo B r a n c h ) sh o w in g th e fu ll a d d ress of th e d ep o sitin g office, an d th e total am ou n t o f th e d ep o sit by d en o m in a tio n and th e total n um ber o f b ags co n ta in in g the d ep o sit. W h e n d ep o sits a re sen t by in su red fourth cla ss m ail th e m em b er b a n k ’s re se rv e a cco u n t w ill be cred ited fo r th e p o sta g e ch arges. Worn coins 20. C oin s that a re w o rn or red u ced by n atu ral ab rasion , b ut are readily and clea rly id en tifiab le a s to g en u in e n e ss an d d en o m in a tio n , are n ot regard ed as m u tila ted and w ill be receiv ed at face am o u n t at th is B an k. S u ch co in s sh o u ld be retu rn ed to th is B a n k in a sep arate b ag, id en tified as w o rn , and sh o u ld be sep arated by d en o m in a tio n . Mutilated coins 21. C oin s are co n sid er ed m u tila ted w h e n p u n ch ed , clip p ed , p lu g g ed , fu sed togeth er, ben t or tw iste d o u t o f sh ap e, or w h e n so d e fa c e d a s to be n ot read ily and clea rly id en tifiab le a s to g e n u in e n e ss or d en om in ation . M u tilated co in s sh o u ld not be fo rw a rd ed to th is B a n k nor to th e T r e a s u rer o f th e U n ite d S ta te s but sh o u ld be fo rw a rd ed at th e se n d e r ’s risk and e x p e n se to the U n ite d S ta te s A ssa y O ffice, 3 2 O ld S lip S tr ee t, N e w Y o rk , N e w Y o rk 10 0 0 5 , fo r sa le in a ccord an ce w ith T r e a su r y D ep a rt m en t C ircular N o . 55, co p ie s o f w h ich w ill be fu rn ish ed by th is B an k u p on requ est. Canadian coins 22. A s is th e ca se w ith C anad ian cu rren cy , all bank s are u rg ed to u se local facilities, if ava ila b le, fo r th e e x c h a n g e o f C anad ian coin . H o w ev er, w ith th e e x c e p tio n o f bank s located in th e c itie s o f N e w Y o rk , B u ffalo, an d N e w a r k , w h ere local e x c h a n g e fa cilities are availab le, m e m b er banks m ay sh ip C anad ian co in to u s by eith er re g u la rly sch ed u led arm ored carrier se rv ic e o r in su red fo u rth cla ss m ail at o u r e x p e n se . C anadian co in sh o u ld be sh ip p ed in a sep a ra te bag. E a ch d ep o sit of C anadian co in m u st be acco m p a n ied by a sep arate d ep o sit form ( M O N . 9 9 for N e w Y o rk , B M O N . 12 for B u ffa lo , an d B M O N . 13 fo r H e a d O ffice territory bank s serv ed by th e B u ffa lo B r a n c h ). T h e p lain tag affixed to th e o u tsid e o f the co in bag sh o u ld id en tify th e co n ten ts as C anadian an d in d ica te th e a m ou n t. C anad ian co in re ce iv e d by u s w ill be co n v erted in to U n ite d S ta te s fu n d s by sale, cred it g iv e n for the p roceed s, and an ad vice m ailed u p on co m p letio n o f th e sale. Other coins 23. C oin o f fo r e ig n co u n tries oth er than C anad a sh o u ld n ot be sen t to th is B ank. 8 OUTGOING SHIPMENTS FROM FEDERAL RESERVE BANK OF NEW YORK Currency and coin 24. O r d e rs fo r c u rr en cy w ill be filled w ith eith e r fit o r n ew cu r ren cy, an d ord ers fo r c o in w ill be filled w ith circu la ted or n e w co in at th e d iscretio n o f th is B a n k . S h ip m e n ts w ill be fo rw a rd ed to bank s lo ca ted o u tsid e th e c itie s o f N e w Y o r k an d B u ffa lo b y a rm ored carrier se rv ic e or b y re g iste r e d m ail ( a t o u r o p tio n ) in th e ca se o f cu rren cy and by in su red fou rth cla ss m ail in th e ca se of co in . W e w ill p ay th e co st o f su ch sh ip m en ts to m em b er b ank s. B a n k s in N e w Y o r k C ity sh o u ld arran ge, a t th eir risk an d ex p e n se , to p ick u p cu rren cy an d co in ord ered from us. Requests for currency and coin 25. R eq u ests fo r cu rren cy an d co in sh o u ld be m a d e on fo rm s su p p lied by us ( H e a d O ffice— form M O N . 126 fo r cu rren cy an d fo rm M O N . 119 for c o in ; B u ffa lo B ra n ch — form B M O N . 11 fo r cu rren cy an d c o in ) , e x c e p t th a t, at o u r o p tio n , req u ests m ay be m ad e b y phon e. O rd er form s that a re n o t p rop erly co m p leted m a y be retu rn ed u n p ro cessed . O rd ers fo r d eliv e ry on a rm ored carrier ro u tes or re g ister ed m ail m u st be receiv ed at th is B a n k at least th ree ( 3 ) fu ll b u sin ess d ays p rior to th e req u ested d e liv e r y d a te ; la te o rd er s m ay n o t be p ro cessed in tim e for d eliv e ry on the req u ested d ate. A s an altern ate m eth od of o rd er in g cu rren cy , b a n k in g o ffices th at ex p e r ie n c e little flu ctu ation in cu rren cy n eed s can be su p p lied w ith cu rren cy in p red eterm in ed a m o u n ts and d en o m in a tio n s at d esig n a ted in te rv a ls b y su b m ittin g a “ S tan d ard C u rren cy O rd er A u th o r iz a tio n ” (fo r m M O N . 3 2 7 ) to th is B a n k . P a r ticip a tin g b ank in g o ffices w ith sta n d in g cu rren cy ord ers m ay can cel or ch a n g e su ch sta n d in g o rd er s by a d v isin g th is B a n k o f th e ch a n g e at least three ( 3 ) fu ll b u sin e ss d a y s p rior to th e an ticip ated d eliv e ry date. T h e n o tification m ay be m a d e by letter o r by tele p h o n e to th e H e a d O ffice ( 2 1 2 -7 9 1 - 5 0 6 1 ) o r, a s a p p rop riate, to o u r B u ffa lo B ran ch (7 1 6 8 4 9 - 5 0 4 1 /5 0 2 4 ) . T h o se b a n k in g offices th at m eet sp ecific v o lu m e req u ire m en ts, h ave ad eq u ate v a u lt fa cilities, and m eet lo a d in g d o ck sp ecifica tio n s can m ake arra n g e m en ts to receiv e sh ip m e n ts o f co in d irectly fro m th e U n ite d S ta te s M in t. A b a n k in g office th at is in te re sted in a rr a n g in g for su ch a direct sh ip m en t fro m the U n ite d S ta te s M in t sh o u ld co n ta ct th e H e a d O ffice o f th is B a n k ( 2 1 2 -7 9 1 - 5 1 1 1 ). U r g e n t o r e m e rg en cy req u ests for coin or cu rren cy m a y be m ad e b y telep h o n e to th e H e a d O ffice of th is B an k ( fo r cu rren cy , call 2 1 2 -7 9 1 -5 0 6 1 ; for co in , call 2 1 2 -7 9 1 -5 1 1 4 ) o r to ou r B u ffa lo B ra n ch (fo r cu rren cy o r co in , call 7 1 6 -8 4 9 -5 0 2 4 ). A ll telep h o n e req u ests, w h e th er e m e rg en cy o r o th e rw ise , m u st in clu d e the ap propriate test w o rd , taken from th e list o f sp ecia l te st w o rd s su p p lied b y u s, and w ill be record ed a u to m a tica lly on m a g n e tic ta p e re co rd in g d evices. T h is B a n k re se rv es the rig h t to requ ire the re q u estin g bank to confirm its telep h o n ed req u est by a letter o f co n firm a tio n o v e r a u th orized sig n a tu re ( s ) . 9 Currency shipments 26. F it and n ew cu rren cy w ill o n ly be fu rn ish ed in m u ltip les o f th e fo llo w in g stan d ard a m o u n ts : D en o m in a tio n F it O n es Tw os F iv e s T ens T w en ties F iftie s H u nd reds $ 1 ,0 0 0 2 ,0 0 0 5 ,0 0 0 1 0 ,0 0 0 2 0 ,0 0 0 5 ,0 0 0 10 ,0 0 0 N ew $ 4 ,0 0 0 2 ,0 0 0 2 0 ,0 0 0 4 0 ,0 0 0 2 0 ,0 0 0 5 ,0 0 0 10 ,0 0 0 E x c e p tio n s to req u irem en ts for o rd er in g n ew cu rren cy m ay o cca sio n a lly be m ade to p erm it sm all o r in freq u en t o rd er er s to m eet sea so n a l d em an d s for n ew cu rren cy. W h e n fillin g an o rd er, it m ay be n ece ssa r y , d ep en d in g on in v en to rie s, to su b stitu te, eith er en tire ly or in part, n ew cu rren cy for fit o r v ic e versa. Coin shipments 27. C oin s w ill be sh ip p ed in b a g s co n ta in in g th e fo llo w in g a m o u n ts : M e th o d of S h ip m e n t D en om in ation S u sa n B . A n th o n y L a rg e D o lla r s H a lf-D o lla r s Q u arters D im es N ick els C en ts In su re d 4 th C la s s M a il $ 2 ,0 0 0 500 500 500 500 200 50 in in in in in in in each each each each each each each bag bag bag bag bag bag b ag A l l O th e r $ 2 ,0 0 0 1.0 0 0 1 .0 0 0 1 .0 0 0 1.0 0 0 200 50 in in in in in in in each each each each each each each bag bag bag bag b ag b ag b ag Notice of currency and coin shipment 28. W ith regard to each sh ip m en t o f cu rren cy or co in by arm ored carrier serv ic e, a " N o tic e o f S h ip m e n t” form is sen t sep arately by m ail to the co n sig n ee . If the sh ip m en t is n ot p rom p tly receiv ed , w e sh ou ld be notified im m ed ia tely by telep h o n e (c h a r g e s r e v e r se d ) so that th e sh ip m en t m ay be traced p rom p tly. Currency and coin bags to be examined 29. B e fo r e sig n in g a n y receip t ten d ered by a rep resen ta tiv e o f an arm ored carrier se rv ic e, or the U n ite d S ta tes P o sta l S e rv ice , each bag c o n ta in in g cu rren cy o r co in sh o u ld be carefu lly ex a m in ed . If u pon e x a m i n ation , a bag is fo u n d to h a v e a h o le o r tear in it or it ap p ears that its seal h as been tam p ered w ith , the co n ten ts of su ch b a g sh o u ld be im m e d i ately verified , and a n otation sh o u ld be m ade on th e related receip t as to th e con d itio n o f th e b ag o r seal. If a sh o rta g e is fou n d , th e am oun t o f th e sh orta g e sh o u ld a lso be n oted on the receipt. 10 Handling charges for nonmember hanks 30. A h an d lin g ch a rg e w ill be im p o sed on each o u tg o in g sh ip m en t or d eliv ery o f cu rren cy or coin m ad e at th e req u est of, o r on b eh alf of, a n on m em b er bank. F o r cu rren cy sh ip m e n ts the ch a rg e w ill be $ 4 an d for co in sh ip m en ts, $ 3 . S u c h ch a rg e s w ill be im p o sed reg a rd less o f the m eth od o f sh ip m en t or d eliv e ry an d w ill be in a d d itio n to o u r sh ip p in g o r in su ra n ce ch arg es. 31. In th e ab sen ce o f o th er a rra n g em en ts, the a m o u n t o f cu rren cy and coin fu rn ish ed b y u s w ill be ch arged to the req u estin g b an k ’s accou n t w ith us. If a bank d o es n ot h a v e an acco u n t w ith u s, the am ou n t o f cu rren cy an d coin fu r n ish e d by us to g eth e r w ith a n y related sh ip p in g , in su ran ce, an d h a n d lin g ch a rg es w ill be ch a rg ed to th e re se rv e accoun t o f a m em ber bank that h as m ade ap p rop riate a rra n g em en ts w ith u s on b eh alf o f th e n onm em b er bank. Verification of currency and coin; claims 32. A ll cu rren cy an d co in received from th is B a n k sh o u ld be verified no later than th e third b u sin ess d a y a fter receip t, b y tw o or m ore re sp o n sib le em p lo y ee s o f th e a d d r esse e bank in the p resen ce of each other. C u rren cy sh o u ld be verified b y p iece cou n t. C oin sh ip m e n ts receiv ed from th is B a n k m ay be verified by w e ig h in g a n d /o r p iece cou n t. U n til verified , th e cu rren cy and co in sh o u ld be h eld u n d er dual co n tro l. If an ex c ep tio n is d isco v e re d u pon v erifica tio n , w e sh o u ld be in fo rm ed of th e d eta ils im m ed ia tely by letter (a n d by telep h o n e if o v er $ 5 0 ) , sig n ed b y an officer o f th e bank. I f th e ex c e p tio n rela tes to cu rren cy , th e p ack age strap and fron t card, an d p la stic w ra p p in g o f th e b u n d le sh o u ld be returned to us. I f th e ex c e p tio n rela tes to co in , both th e d e p o sitin g b ank ’s bag tag and th is B a n k ’s b ag ta g sh o u ld be retu rn ed to u s. W e ca n n o t h o n o r a claim fo r an e x c e p tio n a fte r the b ank h as d istrib u ted th e cu rren cy or co in to a th ird p arty, w h e th er a b ranch or a cu sto m er. RISK OF LOSS Shipments from or to member banks at our expense by armored carrier service or registered mail 33. E x c e p t a s sp ecifica lly p ro v id ed in p aragrap h s 3 4 an d 3 5 w e w ill a s s u m e : (a) All risks of loss incident to the shipment of currency or coin, if made in conformity with the provisions of this circular, by a member bank in the Second Federal Reserve District to us by armored carrier service,2 or regis tered mail,2 from the time the shipment leaves the office of the sender until it is delivered to our office; and (b) All risks of loss incident to the shipment of currency or coin by us, or for our account at our request, to a member bank in this District by armored carrier service, or registered mail, until the shipment is delivered at the office of the addressee bank to which it is addressed or, in case an undelivered ship ment is reforwarded, until the shipment is delivered at the correct or new address or until it is returned to the sender.*3 * U nless otherw ise indicated, the term "arm o red c arrie r service,” when used in this circular, re fe rs only to arm ored c a rrie r service provided by- us. 3 T he term “ registered m ail” includes insured fo urth class mail in the case of shipm ents of coin p u rsu a n t to paragraphs 5 and 6 o f this circular. 11 Certain risks not assumed by us 34. W e w ill n o t a ssu m e a n y risk s o f lo ss in a n y o f th e fo llo w in g circu m sta n ces, an d a n y lo ss a r isin g th ereu n d er is a g reed an d u n d er sto o d to be a ssu m ed b y th e b ank sh ip p in g , o rd erin g , o r c a u sin g su ch s h ip m e n ts : (a) Any loss resulting from hostile or warlike action by any military, naval, air forces, or agents of domestic, foreign, or revolutionary governments, powers, or forces, whether or not war has been formally declared, and includ ing defending against an actual or expected attack; or any loss caused by any weapon of war employing atomic fission or radioactive force whether in time of peace or war. (b) Any loss resulting from any dishonest, fraudulent, or criminal act of an employee of any bank, other than ourselves, shipping, causing, ordering, or receiving the shipment. (c) Any loss to the extent recoverable from any insurance, surety, or in demnity company pursuant to purchased insurance, surety, or indemnity (including bankers’ blanket bond), whether primary or excess, carried by or maintained by any person other than ourselves. (d ) Any loss in excess of $2,000,000 on all shipments to us by any one banking office on any one day. (e) Any loss incident to a shipment to us by ordinary mail. (f) Any loss incident to a shipment to us by armored carrier service, or registered mail, if the shipment is not made in conformity with the provisions of paragraph 35. ( g ) Any loss incident to a shipment to us by registered mail in excess of the amount stated in the notice of shipment referred to in paragraph 3 5 (a ). (h) Any loss incident to a shipment by us, or for our account at our request, by registered mail if the addressee bank takes delivery of the shipment at any place other than that office of the addressee bank to which the shipment is addressed, unless the shipment shall be in the charge of a responsible person, including an armored carrier service not provided by us, while in transit from the place at which delivery is taken to such office of the addressee bank. Conditions regarding shipments to us 35. W e w ill n ot a ssu m e a n y risk o f lo ss in resp ect o f a n y sh ip m en t by a m em ber bank to u s by a rm ored ca rrier se rv ic e, o r reg istered m ail, u n less th e sen d er co m p lie s w ith the fo llo w in g term s an d c o n d itio n s: (a) Concurrently with any shipment by registered mail, but under separate cover, the sender shall mail us a notice of shipment showing the date, amount, and description of the shipment, such notice to be on the appropriate form supplied by us for use in accordance with the provisions of paragraphs 4 and 5 of this circular. (b) The contents of the shipment shall be prepared and verified by two or more responsible employees of the sender and enclosed in a strong, undam aged tear-resistant bag, well secured with a crimped seal that is acceptable to the armored carrier service at the place of delivery to the armored carrier service, or to the post office at the place of mailing. (c ) W ith respect to any shipment by registered mail, the sealed package shall be the charge of a responsible person, including an armored carrier service not provided by us, until deposited and registered at the post office. (d) The post office registry receipt, or any other receipt with respect to 12 each shipment by registered mail, or armored carrier service shall be care fully preserved by the sender in order that it may be available as evidence in event of loss and, in the event a loss is claimed, shall be turned over to us upon our request. S h ip m e n ts fr o m o r to m e m b e r b a n k s b y o th e r m e a n s o f tr a n s p o r ta tio n 36. In th e ca se o f a sh ip m en t o f cu rren cy or co in to u s b y a m em ber bank in th e S eco n d F ed er a l R e se r v e D istr ic t, n ot loca ted in th e cities o f N e w Y o r k o r B u ffa lo , by m ea n s o f tra n sp o rta tio n o th er than arm ored carrier se rv ic e or r e g ister ed m a il,4 w e w ill a ssu m e all risk of lo ss in cid en t to th e sh ip m en t, e x c e p t th o se lo sse s d escrib ed in su b p ara g ra p h s ( a ) , ( b ) , ( c ) , ( d ) , a n d ( e ) of p aragrap h 3 4 , from th e tim e the sh ip m en t le a v es the office o f th e sen d er u n til d e liv e r y to o u r o ffic e ; P ro v id e d , ( i ) w e sh all h a v e sp ecifica lly a p p ro v ed th e u se o f su ch m ean s o f tran sp ortation w ith resp ect to su ch sh ip m en t, ( i i ) th e co n ten ts o f the sh ip m en t sh all h a v e b een p rep ared an d v er ified by tw o or m o re re sp o n sib le em p lo y ees o f th e se n d er an d e n clo sed in a stro n g , u n d am aged tea r-resista n t bag, w ell secu red w ith a crim p ed seal, h ea v y stitch in g , or o th er com p arab ly secu re m ea n s, an d ( i i i ) the sen d er sh a ll h a v e co m p lied w ith all co n d itio n s sp ecifica lly im p o sed by us w ith resp ect to such sh ip m en t. If w e se lec t a m ea n s o f tra n sp o rta tio n o th er th an arm ored carrier se rv ic e or re g ister ed m ail, in c o n n ectio n w ith a sh ip m en t of cu rren cy or co in by u s, or for o u r a cco u n t at o u r req u est, to a m em b er bank in th is D istr ic t, w e w ill a ssu m e all risk s o f lo ss in cid en t to the sh ip m en t, e x c ep t th o se lo sse s d escrib ed in su b p aragrap h s ( a ) , ( b ) , and ( c ) o f p aragrap h 3 4 , u n til the sh ip m en t is d eliv ered at the office o f the ad d ressee bank to w h ich it is a d d ressed . In ca se an u n d eliv ere d sh ip m en t is reforw a rd ed , w e w ill co n tin u e to a ssu m e su ch risk s o f lo ss until th e sh ip m en t is d eliv e re d at th e correct or n ew a d d ress o r u n til it is returned to th e send er. T h e p r o v isio n s o f p aragrap h 3 7 sh all ap p ly to a n y lo ss th e risk o f w h ich is a ssu m ed by u s u n d er th is p aragrap h 36. 37. W e w ill p ay p ro m p tly the a m o u n t o f an y lo ss the risk s of w h ich are a ssu m ed by u s u n d er p aragrap h 33 o r paragrap h 3 6 if a fter in v estig a tio n w e a re satisfied that the lo ss occu rred d u r in g th e tim e th e sh ip m en t w a s in th e p o sse ssio n o f an a rm ored ca rrier p ro v id ed b y u s, th e U n ite d S ta te s P o sta l S e r v ic e , o r a n y o th e r carrier p ro v id ed by u s u nd er paragrap h 36. In a d d itio n , w e m u st rece iv e from the m em ber bank su sta in in g th e lo ss, in form sa tisfa cto ry to u s, a w ritten p ro o f o f lo ss, receip t, and an y o th e r n ece ssa r y d o cu m e n ts, in clu d in g , but n o t lim ited to, an a ssig n m e n t o f its rig h t, title, a n d in te re st in th e lo st p rop erty. A n y bank re ce iv in g a n y p a y m en t from us sh a ll tak e all m ea su res d eem ed n ecessa ry b y us, in o u r b eh a lf and at o u r risk an d e x p e n se , fo r the reco v ery , reissu e, o r rep la cem en t o f th e p ro p erty in resp ect o f w h ich the lo ss w a s in cu rred , in clu d in g th e in stitu tio n o f leg a l p ro ce ed in g s in its o w n nam e. U n le s s an d u n til th ere is a ch a n g e in o u r p o licy , in th e ev e n t an y bank reco v e rs a lo ss in w h o le o r in p art from a n y in su ra n ce, su rety or in d em n ity co m p a n y p u r su a n t to p u rch a sed in su ra n ce, su rety , o r in 4 Such other m eans of tran sp o rtatio n would include, fo r exam ple, arm ored c arrie r service not provided by us. 13 d en in ity (in c lu d in g b a n k er s’ b o n d ) carried o r m a in ta in ed by it, th e risk o f w h ich lo ss, but for th e p r o v isio n s o f p aragrap h 3 5 ( c ) w o u ld h ave been assu m ed by u s u n d er p aragrap h 3 7 , and as a d irect re su lt o f su ch reco v ery th e c o st to su ch bank o f m a in ta in in g th e sam e or eq u iv a len t in su ra n ce, su re ty , o r in d em n ity is in crea sed , th e a m o u n t o f su ch in crea se, if d eem ed by u s to be reason ab le, w ill be reim b u rsed by us. Shipments from or to nonmember banks 38. W e d o not a ssu m e a n y risk s o f lo ss in cid en t to th e sh ip m en t of cu rren cy o r co in by a n o n m em b er bank to u s, or b y u s to a n on m em b er bank. T h e risk o f lo ss in cid en t to th e sh ip m en t o f cu rren cy or co in by us to a n on m em b er bank, h o w e v er , is o r m a y b e co v e re d a s f o llo w s : In th e ca se o f sh ip m e n ts by r e g ister ed m ail to a n o n m em b er bank in th is D istric t, w e w ill, in th e a b sen ce o f in stru ctio n s to th e con trary, arran ge for th e co v e r a g e th ereo f at th e e x p e n se o f th e n o n m em b er bank und er certain re g ister ed m ail in su ra n ce p o licies carried by u s. T h e s e p o licies do n ot co v e r lo ss by th eft b y e m p lo y e e s o f sen d ers or a d d r esse es (e x c e p t in a v er y lim ited cla ss o f circ u m sta n c es, and ev e n in su ch cir cu m sta n ces th e in su ra n ce a ffo r d e d by su ch p o licies is e x c e s s in su ra n ce o n ly ) , n or do su ch in su r a n c e p o lic ie s p ro v id e p ro tec tio n a g a in st socalled w ar o r related risk s. S u c h p o licies co n ta in th e fo llo w in g cla u se s w ith resp ect to w ar an d related r i s k s : “ * * * this policy does not insure against: (a) capture, seizure, arrest, re straint, detainment, confiscation, preem ption, requisition or nationalization, and the consequences thereof or of any attempt thereat, whether in tim e of peace or war and whether lawful or otherw ise; any consequences of hos tilities or warlike operations (whether there be a declaration of war or not) but the foregoing shall not exclude collision, explosion or contact with any fixed or floating object (other than a m ine or torp ed o), stranding, heavy weather or fire unless caused directly (and independently of the nature of the voyage or service which the vessel concerned or, in the case of a collision any other vessel involved therein, is perform ing) by a hostile act by or against a belligerent power, the term ‘power’ as used herein including any authority maintaining naval, m ilitary or air forces in association with a pow er; or any loss or damage caused by any weapon of war em ploying atom ic fission or radioactive force whether in tim e of peace or war; (b ) the consequences of civil war, revolution, rebellion, insurrec tion, or civil strife arising therefrom, piracy, risks of contraband or illegal transportation or trade, and seizure or destruction under quarantine or customs regulations.” R isk a tta ch es u n d er the p o lic ie s from th e tim e o f a ccep ta n ce by th e m essen g er or carrier, w h eth er in sid e or o u tsid e th e p rem ises o f th e sen d er, u n til actu al d e liv e r y h a s been m a d e to th e office o f the ad d ressee, w h eth er d eliv e ry is effec te d in w h o le o r in part by em p lo y ee s or a g en ts o f th e P o st O ffice D ep a rtm e n t, th e sen d er, or th e a d d r esse e, o r in th e ev e n t o f n o n d eliv ery for a n y rea so n , at the p lace o f a d d r ess u n til d e liv ered at th e p ro p er a d d r e ss o r a co rrect o r n e w a d d ress o r until returned to th e p rem ise s o f th e send er. L ia b ility u nd er th ese p o licies is lim ited to $ 1 0 ,0 0 0 ,0 0 0 on cu rren cy an d $ 2 5 ,0 0 0 on co in d isp atch ed by u s to a n y o n e a d d r esse e on a n y o n e d ay by a n y o n e co n v ey a n ce, and is furth er lim ited to $ 2 ,0 0 0 ,0 0 0 on cu rren cy and $ 2 ,0 0 0 on co in in any o n e sh ip p in g p ackage. c GENERAL F o r m s in u se 39. T h e fo llo w in g fo rm s are referred to in th is c ir c u la r : F o r m n u m b ers N a m e o f F o rm N e w Y o rk B u ffalo C oin D e p o sit C oin O rder C u rren cy D ep o sit C urren cy O rd er G reen F ro n t C ard Y e llo w E n v elo p e T a g B lu e E n v e lo p e T a g M O N . 99 M O N . 119 M O N . 161 M O N . 126 M O N . 200 E N V . 161 E N V . 162 B B B B M ON. M ON. M ON. M ON. N /A N /A N /A 1 2 /B M O N . 13 11 1 2 A /B M O N . 13A 11 S u p p lies o f th ese fo rm s m ay be o rd ered by le tter or telep h o n e to th e H e a d O ffice ( 2 1 2 -7 9 1 -5 1 1 4 ) or, if ap p rop riate, to ou r B u ffa lo B ran ch (7 1 6 -8 4 9 - 5 0 4 1 ). S u p p lie s o f S ta n d in g C u rren cy O r d e r fo rm s, M O N . 3 2 7 , can be ord ered at th e sa m e n um ber at th e B u ffa lo B ran ch . S u p p lies o f S ta n d in g C urren cy O r d e r fo rm s, M O N . 3 2 7 , a n d R e g iste r e d M ail fo rm s M O N . 8 2 , can be o rd ered at the H e a d O ffice by ca llin g (2 1 2 7 9 1 - 5 0 6 1 ). R e tu r n o f e m p ty b a g s 4 0 . E m p ty cu rren cy and co in b a g s b ea rin g th e n a m es o f bank s in the S eco n d F ed er a l R e se r v e D istr ic t, receiv ed by u s, are retu rn ed from tim e to tim e, at ou r e x p e n se , to th e bank s w h o se n am es appear thereon. B a n k s that receiv e o u r b a g s or b a g s o f th e U n ite d S ta te s M int sh ou ld return the em p ty b a g s to us by fou rth c la ss p arcel p o st a fter a sm all num ber have a ccu m u lated . B a g s b ea rin g the n am e o f ou r B u ffa lo B ran ch sh o u ld be retu rn ed to th e B ran ch . C red it w ill be g iv e n for th e cost o f p o sta g e. W e d o n ot su p p ly b a g s to bank s for th e d ep o sit of cu rren cy or coin to th is Bank. R e q u e s ts fo r w e e k e n d o r h o lid a y s h ip m e n ts 41. T h e p o st office a u th o ritie s h a v e in fo rm ed u s that m any p o st offices in to w n s an d c itie s in th e S eco n d F ed er a l R e se r v e D istr ic t do n ot h ave ad eq uate fa cilities for th e o v er n ig h t sa fek ee p in g o f valu able reg istered m ail sh ip m e n ts. In o rd er to red u ce th e hazard o f lo ss o f cu rren cy and co in by b u rglary and robbery from p ost offices that are h o ld in g su ch sh ip m e n ts o v er n ig h t, o r o v e r a S a tu rd a y ( i f d eliv e ry w ill n ot be accep ted on that d a y ) , a S u n d a y , o r a h o lid a y , th e p o st office a u th o ritie s su g g e st that b an k s can a ssist by ( 1 ) a n tic ip a tin g cu rren cy and co in n eed s su fficien tly in a d v a n ce to a ssu re th e a rriv a l o f su ch sh ip m en ts at d estin a tio n s in tim e for d eliv e ry on a reg u la r b u sin ess d ay, ( 2 ) a rra n g in g to pick up su ch sh ip m e n ts im m ed ia tely u p on arriv a l at the local p o st office, ev en if su ch a rrival is a fter b a n k in g h o u rs but b efore th e bank v a u lts are clo se d , an d ( 3 ) tim in g th e ir req u ests so that sh ip m en ts w ill n ot h a v e to be m ad e on a F rid a y ( if d eliv e ry w ill n o t be accep ted on S a tu r d a y ), o r o n a d ay p rec ed in g a h o lid a y , e x c e p t in ca ses o f u rg en t need. IS Counterfeit, altered, or raised currency or coin 42. T h e r e g u la tio n s o f th e T r e a su r y D ep a rtm e n t, P a r t 4 0 3 C hapter I V o f T itle 31 o f th e C od e o f F ed er a l R e g u la tio n s, p ro v id e as f o llo w s : 403.1 D elivery of counterfeit obligations and other securities and coins authorized. Authority is hereby given to all banks and banking institutions of any nature whatsoever organized under general or special Federal or State statutes, to all U . S. Post Offices, and to all disbursing officers of the U nited States and their agents, to take possession of and deliver to the Treasury Department through the Secret Service all counterfeit obligations and other securities and coins of the U nited States or of any foreign gov ernm ent which shall be presented at their places of business. 43. T h e fo llo w in g in fo rm a tio n is tra n sm itted at th e req u est o f th e U n ite d S ta tes S e c r e t S e r v ic e : All counterfeit, altered, or raised currency received by banks from any source should be properly branded in ink or by rubber stamp. All such currency and all counterfeit or altered coin received by banks from any source should be forwarded to the nearest office of the United States Secret Service. The Secret Service has offices in the U.S. Custom House, Room 623, 6 World Trade Center, New York, N.Y. 10048; in the Federal Building, Room 1208, 121 W. Huron St., Buffalo, N.Y. 14202; in the Main Post Office Building, P.O. Box 1087, Syracuse, N.Y. 13201; and at 60 Evergreen Place, East Orange, N J. 07108. A receipt will, upon request, be issued to the depositing bank for any currency or coin that is found to be counterfeit, raised, or altered. If inspection of such currency or coin is desired for reclamation purposes, request should be made directly to the Secret Service office to which the currency or coin was forwarded. Information which may aid the Secret Service with respect to any counterfeit, altered, or raised currency, or any counterfeit or altered coin should be sent to the nearest office of the Secret Service. Agreement to this circular 44. A n y b ank s, m em b er or n o n m em b er, sh ip p in g o r c a u sin g th e sh ip m en t o f cu rren cy or co in to u s o r fo r o u r a cco u n t, an d a n y bank re q u estin g th e sh ip m en t o f cu rr en cy o r co in by u s, sh all, b y su ch a ctio n , be d eem ed to h a v e a g re ed to th e ter m s an d c o n d itio n s set fo rth in th is circular. Revision of this circular 45. T h e righ t is re se rv ed to w ith d ra w , add to, o r am en d at an y tim e, a n y p r o v isio n s o f th is circular. Effect of this circular on previous circulars 46. T h is circular su p e rse d e s o u r O p er a tin g C ircular N o . 3, R ev ised N o v em b e r 18, 1970, an d its s ix su p p lem en ts. P aul A. V olcker, President 16 of