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FEDERAL RESERVE BANK OF NEW YORK J u n e 6, 1974 R E C I R C U L A T I O N OF C O P P E R P E N N I E S T o A ll Banks in the Secon d F ed era l R e s e r v e D istric t: O u r C i r c u l a r No. 7397, w h i c h w a s sent to y o u on M a y 22, 1974, c o n t a i n e d the tex t of a p r e s s s t a t e m e n t by the D i r e c t o r of the M i n t c a l l i n g on the b a n k i n g i n d u s t r y to a s s i s t in a p r o g r a m to r e t u r n p e n n i e s to c i r c u l a t i o n . In a d d ition, A r t h u r F. Burns, C h a i r m a n of the B o a r d of G o v e r n o r s of the F e d e r a l R e s e r v e System, sent a lett e r to all c o m m e r c i a l b a n k s in the N a t i o n on M a y 23, 1974, r e q u e s t i n g t h e i r c o o p e r a t i o n in thi s p r o g r a m . In this c o n n e c t i o n , the B o a r d of G o v e r n o r s has r e q u e s t e d t h a t d u r i n g the c u r r e n t c a m p a i g n to r e t u r n p e n n i e s to c i r c u l a t i o n all b a n k s r e s t r i c t the i s s u a n c e of p e n n i e s to t h e i r c o m m e r c i a l c u s t o m e r s only. We w o u l d g r e a t l y a p p r e c i a t e y o u r c o o p e r a t i o n in this e f fort. Al fr e d Ha y e s , President.
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