Ike Dollars

I go to my local bank and see these coins all the time and they sell them for face value all the time. I have noticed that people are willing to pay more for them... why? Should i start hoarding these. How many do you think i could sell 100 for?

Thanks

 

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Well they are getting harder to find. But are they worth more than $1 to me? No. But I suppose value is determined by how much the customer wants it, and how much they're willing to pay.

 

I'd pay more than $1 for sealed, unsearched bags.

Maybe I just have really good luck finding T2's, but 7 thus far makes me think they're out there to be found if you can track down unsearched lots.

 

My wife works at a credit union, and routinely brings Ikes home for me. The mintages are low enough on many dates/ mint marks, but I don't think demand is very high for circulated Ikes at this time. I do hold on to all of them though. Who knows, we may see a boom in Odd series like these. Hopefully it happens about the time I am ready to retire!

 

WHat do you have to lose by hoarding them if you can find at face value? The miniscule interest you earn nowadays? I would buy them at face all day long if I could get them for that. It may take a while, but they will be worth more than face. People used to laugh at me for buying bags of wheat cents for $70 saying they will never be worth more than one cent.

 

Once a month I haul my Ikes off to the local flea market... and once a month people are willing to pay me $5 for three of them. I usually sell about twenty lots of three (all circulated) for a $40 profit. Most buyers have never seen an Ike.

 

If you can find a 40% silver or cool variety Ike in circulation, it will be worth more than face value, sometimes much more. Try finding higher grade Ikes in circulation though. IMO, these are the ones worth hanging onto. TC

 

I have about $1k in ikes sitting about 10 feet from me right now. There's always a cost to hanging onto that much cash that you can't really use... opportunity cost. That's $1k less I can use to roll-search.

I do notice that when I talk to tellers about Ikes, they always tell me they're relatively popular with customers, they get asked for them at least twice a week, not including my weekly rounds.

 

I used to be able to buy rolls of them as one local bank, though not for the last few yrs now.. they dont seem that easy to find here now.. though I do see those silver bicentennial sets on shops here for roughly 22.00 or just under that..

 

How come IKE's were not included in the 1971 and 1972 UNC sets?

 

The Ike came out after the mint sets went on sale in 1971 and by that time the mint had probably already made the commitments on packaging for the 1972 sets. (Although I would think that changing the layout on the mint set packaging of that time would not have been that difficult. They probably could have put the Ikes in the 72 sets if they had really tried. They probably didn't ask the packager if they could make the change.) But they had the lead time for planing to get them into the 73 sets.

 

To answer the OP's original question, I have seen lots of 100 circulated Ikes sell for $125.

 

Went to the bank to pick up my cases of coins today. The teller had 34 ikes saved for me. She told me they cant go through the coin counting machine so she keeps them in the vault until the armored car comes every Thursday to pick up all the change. Also picked up 2 silver dollars @ $25 each that people have just brought in. I get anything unusual that comes in since i play golf with the bank president all the time.

I gonna hoard a 100 and ebay them at 2 lots of 50 and see what happens.

 

They probably would want to use clad coins for the sets like they did for 1973.
They were having problems with the die steel for dollars and perhaps gave up on sets for that reason. A new die steel was adopted starting in 1973. There is some evidence that they were considering clad proofs in 1971. They were many proof style planchets made that ended up in regular production in Denver.

 

Current price over face value on these, in circulated condition, is about $.35. So $100 face is about $135.

FYI, banks cannot "sell" these at a mark up. They can only except equal value for change.

 

Really? Why is that? I never knew banks had that law limiting their actions. Maybe some banks have that policy.

If someone deposits $100 worth of Morgans the bank is legally required to exchange these for a $100 bill?

 

Yes since Federal Reserve banks do not deal with precious metals and the coins can ONLY be considered for their face value.

However, that's NOT to say that whomever is making the deposit won't get advised to do otherwise with them.

I have heard on occasion where folks roll up their Morgan dollars in paper rolls and deposit them at local banks for face value.

 

I have been in a bank that had Morgan dollars. They refused to sell them to me.
That was way back when they were worth $! each.

 

I found three Morgans for face a couple weeks ago. They're rare, but out there.

 

Whats your point?