Obselete but non valuable, what do banks do?

I've been trying to find out what banks do with coins that are obselete (Ike dollars, and Kennedy's). I've been to many banks in my area (I live in a large city) and I've had a hard time obtaining these coins. They either dont' have them or they say they get shipped out as soon as they come in. Where are they going? Are there tons of these old coins sitting at the Fed vaults. I know some larger banks have their own coin warehouse facilities.

Fortunately I live in a city with a FRB. I asked my bank to order some halves for me. They said they could get them in boxes of $500. What am I likely to get? Are there old silver halves at the Fed? I've found silver halves from bank rolls in the past but I've never tried Fed rolls. I would think that the fed coin rolling and counting machines would automatically pull the silver out.

 

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...i have no proof doug, but i REALLY find it hard to believe the guvmint

doesn't still use the sorters. :whistle: sorry but i've made up my mind. :bow:

 

Some bank tellers will hold Ikes and Kennedys for customers who collect coins.

 

It's really a crapshoot. Sometimes you get brand new rolls, sometimes you get well-circulated rolls full of silver.

Best of luck to you.

Oh, and a tip: Return the coins to a different bank than where you order them. If they see you buying the halves and then returning them, they probably won't order you more; they'll just keep the same box on-hand for you

 

I've looked thru 4 boxes of halves so far and i spend the halves around town. It takes me about 6 months to spend a box. I have found some silver and nicer coins for the Dansco album. Most every one likes halves and never heard of any complaints. The 1st 3 boxes looked unsearched but the last one was definitely search because most of the halves edge were marked in black with a black marker.

with anyone that likes to look thru halves boxes for silver and varities doesnt like to get someone elses dumps- :loud:too bad there isn't a rule, if you order them you must spend them :loud:

back to the Fed bank question - tell me if i'm wrong here - i always thought that when you get a box of halves from bank - a armor truck company delivers them to the bank and gets charged a nominal fee for this service. If and when the armor truck company runs out of halves they place a order with the Fed.

the only draw back with halves is that most self-serve check outs and vedning machines don't like halves compared to dollar coins which have no problem :headbang: wish this wasnt the case !!!!!

 

...you mean you found some place that doesn't mind the dollar coins? :eating:

most stores that i spend them at give the coins a double-blink and ask "are

these real money"? :whistle:

 

They sure do!!! hex it a US coin I guess they do see them much.

Fifty
try main branches of banks they have been good to me!!!:thumb:

 

I'm still relatively new to coins and I've never heard of the government using silver sorters before, but I do know it would cost them money to continue their use. From a remaining circulating silver volume perspective, I would expect in 2010 the inflection point on the cost/benefit of continued sorting would have long since been passed.

 

I thought it was interesting today when I was at the coin shop the dealer was out of the shop when I showed up and when he came back he said the bank had called him to take a look at some money. Apparently the bank (that bank at least) does check for older money to see if it's worth more. That was surprising to me.

 

For the record, these are not obsolete.

They are still being minted and used (although you do get strange looks).

 

This sounds like some behind the scenes deal. A bank employee is purchasing these coins at face, and selling them for a profit (but still a good deal most likely) to the shop dealer.

 

You know, that's funny, I spend them here in Illinois without a hitch.

 

...that's 'cause you guys got the memo.

 

I spend the dollar coins all the time with no problem. It's the halves that get second looks. It's funny seeing a teenager cashier take the halves, I've even had some kids ask me how much it was even when it says it on the coin! The weirdest moment was when a cashier at McDonalds took $3.50 in halves from me, asked me what these coins were. After I told her, she looked at the coins for about five seconds then asked me how much I gave her. lol

 

Not around me with Bank of America or Chase. In either place if a teller is found holding anything for anyone, including a relative, grounds for dismissal.
All halves are sent out to a main office and then forwarded to the Federal Reserve. Same with all Ikes, odd coins from the past, etc.
Neither one will take orders for such coins. Niether will just take bulk or rolled coins from customers directly. By that I mean if you bring in any coins, they are placed in a plastic bag, shipped out for counting, the results added to your account. NO ACCOUNT? Then they send you a check. Naturally all this is not free and there is a charge for that service.
If you have a buisness that requires change, you must bring in a proof of buisness statement stating you require coinage and how much and when. And of course there is a charge for that too.
Regardless of where you live, such policies will be starting soon enough per the officers at those banks here.

 

I'm in Illinois. I get lousy looks all the time when trying to use those things. Actually funny looks when trying to use a Half Dollar, babby sized dollar, ikes are completely a joke to try using. I've had Metra conductors tell me never to hand them those things. They still have coin changers and none have places for those coins. At a resturant I left some of those baby sized dollars with the presidents on them for a tip. The waitress said loudly as I walked away, Sir you left some of your kids play money on the table. At Walgreens I tried to pay for a newspaper with Halves and held up the line while the cashier had to call someone to see if they were really USA coins. She would probably have taken a Peso easier. Even at Walmart a cashier told me they have no place in the register for those so don't you have some really usable money?
I've had it trying to use such coins. And I'm afraid what would happen if I tried spending a $2 bill. Who's get me out of jail?

 

...i'm disappointed that the powers that be do not publish and broadcast

information on the coins. this would enlighten the public that these coins

exist and ARE REAL MONEY!!! gee, this just MIGHT help take the mystery

out of this whole thing. the guvmint sure goes all out on informing the

public on filling out the census!! in fact they even try to intimidate you

and subtly threaten the public if you don't co-operate! makes one wonder

where the logic is.

 

This is NOT quite the truth.

Yes, Ike dollars ARE obsolete. They have not been minted in over 20 years.
The country has moved on to Sacs and Pres. Dollars.

Kennedy halves are still being minted but not released for circulation. They are only sold in bags and rolls from the US Mint website at a premium over face value and can also be found in US Mint and US Proof set that are created each year.

 

When I signed up for a new account at a local TCF bank, I asked if they had any Ikes dollars. Boy was I surprised when the rep said "yeah we have a drawer full of them!". So he went and grabbed them for me, 50 of them. So everytime I go in there I ask and usually get a couple now. Also they give you $50 for opening a new account, so basically they were free!
I tell the guys at my work to ask for kennedys and Ikes whenever they go to their banks. One guy came by my desk and dropped of a mix of kennedys and Ikes, 9 total. 3 of the kennedys were silver.
I asked at my other bank about kennedys, the manager said she they don't order any from the feds, but she would order me some. $500 a box or bag.