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United States Code states:

Whoever fraudulently alters, defaces, mutilates, impairs, diminishes, falsifies, scales, or lightens any of the coins coined at the mints of the United States, or any foreign coins which are by law made current or are in actual use or circulation as money within the United States; or

Whoever fraudulently possesses, passes, utters, publishes, or sells, or attempts to pass, utter, publish, or sell, or brings into the United States, any such coin, knowing the same to be altered, defaced, mutilated, impaired, diminished, falsified, scaled, or lightened-

Shall be fined under this title or imprisoned not more than five years, or both.

(United States Code, Title 18, Part I, Chapter 17, § 331)

However, like all law, this is open to interpretation. For example, the word "fraudulently" in the above clause seems to make it clear that this law is only talking about those who destroy US currency for the purpose of committing some sort of fraud, such as counterfeit. This is the way that most people have interpreted this law, and it has not really ever been officially challenged yet in court. For example, there has never been any federal discussion on the legality of penny-flattening machines, as they have never been claimed to be committing fraud. And I've never yet seen anybody going to jail for accidentally tearing a US Federal Reserve Note (paper money).

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