Dollar coins

Occasionally I stop by the light rail station in my town and purchase a 25-cent transfer pass with a $20 bill. 19 small dollars and 3 quarters in change. I keep what I need to fill holes in my collection and spend the rest on breakfast for the rest of the week! Passes used to be 10-cents and if they go any higher than 25-cents I will rethink this practice

 

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Unless they are in BU/Proof condition they are spendable money basically. Same for the state quarters. The only ones I think are worth collecting are the Silver "S" quarters from each state.

Most stores and vending machines end up with these dollar coins. And are available in every bank I walk into.

 

But the Fed does release them for circulation, from already minted stock. If banks order them, they'll get them. If you order them from the bank, you'll get them, as I do. Sometimes mixed-circulated rolls going back to '79 SBA, often uncirculated rolls of various particular Presidential designs.

 

Not long ago I picked up $20 in halves and dollars at the bank because my daughter is starting to loose teeth (gotta loan them to the tooth fairy). There were 10 dollar coins, including SBAs, SACs and Presidents. The halves were all common.

Rob

 

I gave an Ike to a postal cashier at the post office. She had no clue what it was.

 

All coin shop owners spend Ike's, at least locally anyway. And these are from the 1970's. The newer phony dollars need to age a bit.

 

Just so we are straight on this, the Federal Reserve Bank ceased ordering Presidential Dollars in December 2011.

As such, since the US Mint was required by law to produce them, they continued production but only for collectors. Excess amounts are stored "by" the US Mint in US Mint vaults. The Federal Reserve Bank has not received ANY 2012 to date Presidential Dollars from the US Mint.

The US Mint produces circulating coinage according to "orders" received from the Federal Reserve Bank. If the Bank makes no orders, then coins are not produced.

"Banks", as members of the FRSm receive their coins by ordering them "from" the Federal Reserve System (FRS).

So, Since January of 2012, any current presidentials dollars received in rolls or change, are simply coins which collectors or dealers have purchased from the US Mint and then, due to poor quality of whatever, have been put back into the system.

Quite frankly, I have no idea why the Treasury Department continues this silly game they are playing with the publics money. They should simply stop ordering dollar bills from the Federal Reserve Bank thereby eliminating the dollar bill.

It'll save money in the long run.

 

I just turned in 1,000 IKE's to my local banks. All circulated and none were worth saving.

Well, that's not entirely true as I did keep the one 40% Silver coin I got from that bag and the 1972 Type 2. The rest went back.

 

So when, in 2013 or 2014, I ask my bank for $250... and a week or so later they call and tell me they're in... and I go and receive ten mint-wrapped rolls of uncirculated coins, representing maybe three Presidential designs issued in earlier years (each roll of a single design)... where are those coming from?

 

My understanding has been that they're coming from the piles of coins the Fed already had when the orders for new circulating quantities were suspended.

 

Some banks actually do request the new coins, I believe (could be wrong, but that's basically what the banks told me). One bank I dealt with back in 2007-2008 did this, so I got 'new' rolls of state quarters through them. But not all banks do this.

 

The Federal Reserve which has more than an ample stock of Presidential Dollar Coins from 2007, 2008, 2009, 2010, and 2011. But..........none from 2012, 2013, 2014, or 2015.

 

The term "new" is beoing used two ways here.

New = In a full date NF String & Sons wrapped roll of uncirculated coins from the US Mint

and

New = Any coin of the current years release. (This is what I am referring to. Specifically, 2012, 2013, 2014, or 2015 Presidential Dollars.)

 

In the last couple years before they cut off the circulation issue the Mint got the great idea to allow the general public to order boxes of rolls directly from the mint for face value (with the government picking up the tab for shipping) as a method of getting large quantities of the coins into circulation.

Instead, what happened was people started ordering large quantities of dollars using their credit cards, the ones that gave them either cash back or free miles. Then when the coins arrived they took them right down to the bank, paid off their cards, and got their cash back and miles at no cost. (and then they could repeat the process again and again.) As for the coins, the banks sent them straight to the federal reserve. That gave the Fed huge quantities of mint wrapped rolls of dollars in storage.

 

A couple years ago, a Burger King cashier did not know anything about a $2 bill, and requested assistance from the manager. The manager called the police on me for trying to pass a counterfeit bill. It was worth the wait for them to arrive! Priceless!

 

Paid for my bacon egg and cheese biscuit with Kennedy halfs this morning. Gave him one too many just to see if he could count. I got it back in change! He gets a passing grade in my book!

 

I like to give them out as souvenirs when I go overseas. Most people prefer the big Ike dollars, but everyone likes big coins, especially from their birth year. My dad carried an English large penny for years until both sides were completely worn away,
so I got him another.