Discussion in 'Coin Chat' started by Jason1367, Jan 8, 2015.
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The second bag yielded 3 more Silver Eagles, 2 Morgans, a Peace Dollar and a 1972-S 40% Silver IKE.
Why do you think I ordered the bags? The first 3 bags I ordered only coughed up a 40% Silver 1971-S, a solitary 72 T2, and a 71-D RPM-001. I sold the ROM for $100+ and the T2 for like $20.
I order the bags to search for varieties. Specifically, RPM's and not silver as this is the 1st time I've come across a relatively good amount of silver pieces.
I checked with the vault teller and she access's the form online through their ordering system. She threw out the form I gave her a long time ago otherwise I'd have printed one for the folks here.
All Federal Reserve Member banks can order Eisenhower Dollars from their Federal Reserve supplier. It's in their ordering system right below Presidential Dollar, Sacagawea Dollars and Native American Dollars. All they have to do is look.
The problem is that most banks won't go the extra mile for their customers while mine will.
As for availability? I strongly expect that coins are stored in a common facility to supply the banks in the direct area. Of course there is also the Loomis and Guarda delivery services which may not have all different coin types. My bank, for right now, has access to a supply. This could very well change once I go through all the bags that they have in storage as they may be very hesitant to order from the Federal Reserve Vaults in Dallas.
Picture it this way.
Budweiser makes beer.
They bottle and can that beer. The beer the factory produces goes to a Budweiser storage facility.
That storage facility supplies orders for distributors.
Distributors have their own storage facilities which they draw from to supply their customers.
Their customers may not be the local liquor store but in fact may be yet another level of seller that sells large quantities to chain stores or what ever.
I do not see that coin storage and delivery would be any different as I know that my bags did not come to my bank from the Dallas Vaults. They came from some other storage facility.
Oh yeah, my bank will order all the coins I want as long as I do not return the coins to "them". Other branches in the area are ok. For now.
I do try to deposit my rolled coins at banks that are 50 miles or more away from my particular metropolitan area.
That's what I thought. I've often said the banks CAN order them, they just don't know HOW. This gives us the information to tell them where to look.
Send me $1200 and I'll order one for ya and ship it out Priority Mail Flat Rate!
I bet you would! Cheers!
so, I'll be hunting through these for the next couple of days or so.
Wish me luck
@softmentor What part of SoCal are you from? PM me if you want it secret. I am SoCal too so I am curious about Ike availability. That is all.
Social here too and I tried 10 banks.
Why would "the government" pull them? What do you suppose they'd do with them? They'd have to be sent to a refiner to separate the various metals they're composed of and it's unlikely they'd even come close to profiting from that. If anybody is "pulling" them it's speculators.
Metals are very rarely "separated" due to the extreme cost. Usually something like this will simply be used to make some sort of alloy and there is no additional expense at all. It's not unusual at all in industry to toss bags of weighed coins into a mixture to achieve the proper alloy.
It makes no sense for the government to incur the cost of storing Ikes but the government doesn't do much that does make sense. I guess they figure it's just taxpayer money.
Finding IKE Rolls is unusual since they typically ship them out in 1,000 coin bags. I've onky heard if one fella that found these in rolls and thus was from a Family Owned bank that still had them in their bank vaults.
There simply is no "demand" for them in open commerce because the dollar bill exists.
As of the end of 2011, the Federal Reserve reported that they had presidential dollars, Sacagawea Dollars, Susan B Nthony Dollars and IKE Dollars in their storage facilities which is why the Treasury Department put the skids on anymore circulation uality production. The US Mint is still required by law to produce them. They just don't have to produce so many of them.
Also, think of dollar coins this way: These are actual US Money note a paper note indicating it's owned (and borrowed from) by the Federal Reserve Bank which is a privately held corporation. In other words, for each one that the US Mint produces, it's a dollar off the national debt.
BTW, if you need some, I have a bunch of IKE Paper rolls which makes it a snap to roll these up and deposit them at other banks. I use an empty half dollar tube to get them straight in the roll and then crease them over 5 times in a clockwise direction.
I can send you some if you're interested and agree to pay the postage.
I get paper rollers from my bank for free, thanks though
One would think local banks should receive and distribute these uncirculated rolls of presidential dollars. However, today I visited 15 different bank locations asking if they had the new coins and I received similar responses from each bank. Basically the banks said that they do not get rolls of new coins from the Mint. The five banks which did have one or two rolls of “gold dollars” as they called them, possessed rolls which customers had wrapped and brought in.
What am I doing wrong? Do banks really no longer receive coins from the Mint? If so, how does the mint distribute the new presidential dollars? Maybe I am crazy but I believe there must be a way to get US coins at face value.
If speaking on the phone is easier than writing a lengthy response, please message me and I will give you my cell number. I appreciate any advice or assistance.
I would just order them direct. yes, you will pay shipping and a premium, but way better than visiting 15 bank branches!!
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