Lately at a local pawn shop where I live at I've notice the Ike dollars are starting to go up in price and i'm collecting them but I don't want to over pay and the price went from about 1.25 per coin to 3.50 per coin and I wanna know if 3.50 is a fair price or if he's over charging ?
I get them at the bank for face value. They call me when they get them. I have even gotten circulated proofs.
Plus, after someone takes a bunch of Ikes off their hands, the tellers break out the karaoke machine, sing, clap, and tap dance. Every teller I know HATES dollar coins. Same for Canadian money.
Yup. I took 27 Ikes off a teller a few weeks ago and she said it made her day. She had them in her tray for a couple weeks before I came along.
Agreed. She was also glad to get rid of the $160 worth of halves she had in the back. I was happy to pull 22oz of silver out of it
Wow that's funny but where I live at in Ohio I rarely get Ike Dollars in circulation same with most banks. Usually I go to the local flea market and I buy them at face value or a little less from people trying to get rid of stuff.
You are buying dollar coins for less than a dollar? Why wouldn't they just buy something with them rather that take a loss to sell to you?
I couldn't tell you why but then again some of the people there are really don't know what they're doing.
In the early 1960s, our Bank of America would only exchange $10 or $20 worth of silver dollars for face value in paper currency. Above $20 and the silver dollars were discounted because the bulky silver dollars were obviously a burden to the bank.
It depends upon the coins. Run of the mill IKEs? Definite over charging. 40% Silver IKE's? Buy as many as you can! As a side note, never, ever, ever, use a pawn shop for coin valuation. I visited a coin shop in Austin Texas last year that had 90% and 40% Kennedy half's up for sale. He was asking 2x to 3x silver melt value for these coins and simply would not budge on the price. My guess is that they were purchased (or pawned) when silver was close to $40 an ounce.
I think the reason for this is that most of their coin contractors, which take the coins from them for return to the Federal Reserve, have minimums on the amounts they'll accept. With Eisenhower Dollars, it's probably 1,000 coins. If the bank does not have the requisite 1,000 coin minimum, then the coins stay in the vault waiting on the next inventory.
