We all know how the War Nickels were designed to be removed from circulation and presumably melted into a blob. What were some other coins that were removed from circulation on purpose? I would wager the pre-1965 dimes,quarters, and half dollars were a target after the hated Coinage Act of 1965, as were the steel pennies after the war. Is the government currently actively removing any types of coins from circulation? What would happen if somebody deposited a Peace Dollar into a bank? Would the bank be required to return the coin to the mint for destruction?
No, not specific types. But the banks will remove coins that have been damaged or worn to the point that they are no longer readily identifiable. Those coins are then returned to the Fed. Basically nothing would happen and no the banks are not required to turn them in to the Fed. The banks will take them at face value, but what usually happens is that somebody at the bank, an employee, will cash them out, exchange them at face, and take them home or perhaps even save them for a particular customer who has asked a teller to do this for them should it happen.
Cool topic. I agree with Doug but wonder a bit about some of the early stuff. I'm thinking Seated coins with and without arrows. I'm not sure the Fed ever wanted anything back. This is a Conder question.
After the 1965 Act was passed yes the Fed actively tried to remove silver coinage from circulation. This went on for several years, but eventually was stopped in the '70s if memory serves.
Can we be clear that the "Fed" is not the Federal Government but the Federal Reserve Bank? Too often folks confuse "the Fed" with the government which it is not.
The private member banks and there are public components as well. It serves two masters (you the public, and it's "owners" the banks) Really in this day and age, what's not controlled by large banks?
Some bank will take, and some banks will not take coins that are in bad condition. I have about $50.00 worth that I took and they would no accept. So, I spend them a few at a time, to get rid of them. Most I have found with a metal detector. The ones from the beach, are really bad form the clad coins.
Not to hijack... The Canadian government is actively removing old coinage from the system. It will some be all steel coins there.
