Ok I'm curious about something. Suppose one has some mediocre Ike dollars and they just spend them. What happens to them once they go into a bank? Do they go back out into circulation somewhere or do they end up withdrawn and melted? :hammer: :vanish:
I have no answer for you. However, the subject caught my attention. Personally, I have been grabbing the Ike's up when I remember to ask about them at the bank. I live in a small town, so I am not always comfortable asking in front of other customers. I try to keep my hobby somewhat quiet. As far as my count in IKE's, well I only have one fat roll (25 count), and one loner. Good Question.
I'd say most of them in up in someone's pocket before they get that far. The coin shop I go to gives them out as change.
Good question to which I have no absolute answer! These days, most IKE's end back up in someone's casual collection simply because they either do not recall the coins (i.e. too young), do recall the coins (i.e. too old like me!), or simply think they are pretty cool and will someday be worth more than a buck. I'll take as many as I can find from ANY bank. As for the banks, I don't think they can send small quantities back to the Feds. I could be wrong but if that were the case, then satellite banks would simply ship them to their main banks who would then accumulate enough to ship back. At that point they'd get destroyed. Someone correct me if I'm wrong since I'd really like to know.
They dont destroy them, it would be stupid of the government to lose millions of dollars. They store them and if you have good enough connections, your bank can order them, many of them are still UNC. you get them by the $1000 bag.
"it would be stupid of the government to lose millions of dollars." ....WOW!! that wouldn't be the first time!!!:goof:
Come on, give Ikes and SBAs a little credit! At least they don't turn green after a few months in circulation like the current dollars that aren't circulating either.
A friend of mine works at a bank, and I asked her. She said that once in a while (rarely though, overall) someone comes in and tries to use those coinstar-type machines, which rejects non-standard coins like the Ikes. The customers then usually trade them for banknotes with a teller, and then the coins just hang out in the bank. Each teller has a separate drawer, and as far as she knows the coins end up hanging out in a certain drawer for quite a while, they don't go into the vault because of the low value as legal tender. In the time it sits in the drawer, it then either gets picked up by the tellers themselves, OR her bank gets quite a few regulars who are coin collectors who come in asking tellers if they have anything out of the ordinary, and get Ikes for face value. So if you visit a bank regularly, give it a shot, maybe your tellers have something hanging out in their drawer.
I love throwing one down on the counter when I get my 32oz pepsi from the quickie-mart and watch the face of the young cashier look at the coin and wonder if it is real money or not.
