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F E D E R A L R E S E R V E B A N K O F S T . L O U IS
S T i l o u i s 2 , M IS S O U R I

September 10, 1951

To A ll Banking Institutions in the
Eighth Federal Reserve District:

The Treasury D epartm ent has informed us th a t for a time the M ints will
be unable to supply coin to the Federal Reserve banks and branches in the full
am ounts needed. The Director of the M int has further informed us that the
working force of the M ints is being rapidly built up and th at overtime is being
employed in order to augment and speed up production. However, by reason
of m atters beyond their control, especially curtailm ent of the copper supply,
the Director says th at M ints will be unable a t this time to conduct the heavy
operations which would be necessary to ease the coin shortage.
The Director of the M int has requested us to solicit the cooperation of
commercial banks in two ways:
(1) By holding no more coins in reserve than are actually needed, and
(2) By encouraging their customers to place in circulation such coins
as they may have accum ulated beyond day to day needs.
Your cooperation in these respects will be greatly appreciated.