I was wondering what the oldest coins/paper money you could still find in uncirculated condition in bank vaults? Like the oldest year of pennies that you could find unopened? or dimes, nickels, quarters, half dollars, and paper money?
i guess that would depend on how deep the valut was??? otherwise, i would have no idea for coins. Paper money is a bit easier. Anything passing through the feds nifty scanner that is older then 1995 is automaticaly pulled, shredded and sold to the public in the horendous shredded money bags regardless of condition.
I USED to love going to older banks and requesting a bag of coins. If an older bank they usually had bags of coins in reserve in the vault for just in case they needed coins. HOWEVER, most banks in my area are being bought up by Bank Of America or Charter One. Bank of America by me has many new policies. One of them that is annoying is no matter who you are, how long you've gone there, any kind of withdrawal requires an ID. Next is NO MORE bags of old coins in the vault. Then there is this no more Half Dollars regardless of any customers wanting them. If they have a coin counter, as soon as it breaks down, out it goes and is not replaced. You bring in coins, they are sent out for counting, the amount is entered into your account and there is a price on that. NO ACCOUNT. The price is higher. In other words if you have a bank that still has coin reserves, if I were you I'd get them before Bank Of America buys that bank.
You should see the Bank Vaults at the old WIlliamsburg Bank Building that has been converted to a 40 story condo. Ruben
wow i think that's ridiculous. how could they shred money like that. there are probably a lot of people out there that would pay a little over face value for a 1995 star note or even a CU 1995 note but they just shred it. thats crazy
They print money to replace the old currency in circulation. If they didnt, it would just keep increasing the money supply out there. Also... old notes were easy to copy. Storytime, I was a cashier at Staples when I was 16. HP just came out with a new line of printers which were great. There was a paper company that made regular printing stock, that felt very similar to regular bills, and better yet... if you used the counterfit markers, it would pass the test. Obviously we did not do it, but at the end of the day cleaning up the machines, I would see a photo copy of a dollar bill or so left on the printer. Crazy unreal how authentic it looked, esp if a little crumpled.
Years ago there was a law that a certain amount of the paper money in "circulation" has to consist of United States Notes. These were the old red seal notes that were back by government obligations. Well in the mid 60's, so as to not have more than one type of money in actual circulation, the red seal notes that came into the Fed were replaced with a new series of $100 United States Notes 1966A and they were stored in the vaults and counted as being in circulation. A small number of these did get out and were valued I believe at over $1000 each. In the 1980's the legislation that required the United States notes be maintained as part of the money supply was repealed. Paper money collectors appealled to be allowed to buy examples of these $1000 apiece $100 bills but the government shredded all of them. They gave up a potential of a $900 profit on every note they could have sold. (I know they wouldn't have sold a tremendous number of them, but they still passed up a big free profit.)
You fail to understand our government. They are so used to money and never having to earn any, they have very little regards as to it's value. That includes face value. AAHHHHH, yes they know how to spend it but making it possible for us peasants to have some, no way.
It continues to amaze me the basic lack of understanding of the US monetary system by most otherwise bright people but...the only benefit the government has to sell those notes was to appease collectors. The government doesn't make a profit, it CAN'T make a profit. When the government needs money, it prints it. We are the rats in the maze. The Government owns the maze. Ruben
