legally exporting pennies
Posted: Wed Jan 28, 2015 7:42 amThe rule governing pennies has a clause in it as follows:
"The Cash Product Office of the Federal Reserve advised that some depository institutions export 5-cent and one-cent coins, as well as other U.S. circulating coins, to foreign countries that have so-called “dollarized” monetary systems. Central banks in these countries purchase U.S. circulating coinage from domestic depository institutions for use as circulating money in their own countries. To accommodate this legitimate requirement to permit the exportation of 5-cent and one-cent coins, we have added an additional exception to the final regulation"
A google search comes up with the following:
Countries using the US dollar exclusively[edit]
•British Virgin Islands.
•Caribbean Netherlands (from 1 January 2011)
•East Timor (uses its own coins)
•Ecuador (uses its own coins in addition to U.S. coins; Ecuador adopted the US dollar as its legal tender in 2000.)
•El Salvador.
•Marshall Islands.
In theory someone could order a lot of pennies in one of these countries and have them shipped by the fed. Next would be to see what regulations these countries have. Coincidentally my step mom lives in the Marshall Islands. One of should have set up a sorting business in the Caribbean
"The Cash Product Office of the Federal Reserve advised that some depository institutions export 5-cent and one-cent coins, as well as other U.S. circulating coins, to foreign countries that have so-called “dollarized” monetary systems. Central banks in these countries purchase U.S. circulating coinage from domestic depository institutions for use as circulating money in their own countries. To accommodate this legitimate requirement to permit the exportation of 5-cent and one-cent coins, we have added an additional exception to the final regulation"
A google search comes up with the following:
Countries using the US dollar exclusively[edit]
•British Virgin Islands.
•Caribbean Netherlands (from 1 January 2011)
•East Timor (uses its own coins)
•Ecuador (uses its own coins in addition to U.S. coins; Ecuador adopted the US dollar as its legal tender in 2000.)
•El Salvador.
•Marshall Islands.
In theory someone could order a lot of pennies in one of these countries and have them shipped by the fed. Next would be to see what regulations these countries have. Coincidentally my step mom lives in the Marshall Islands. One of should have set up a sorting business in the Caribbean