IKE's being pulled?

Discussion in 'Coin Chat' started by Jason1367, Jan 8, 2015.

  1. joecoincollect

    joecoincollect Well-Known Member

    Never seen a roll of them at a bank. Sometimes there's one or two loose ones I can buy.
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  3. 19Lyds

    19Lyds Member of the United States of Confusion

    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.
  4. Ethan

    Ethan Collector of Kennedy's

    I would buy a bag if I could.
  5. Conder101

    Conder101 Numismatist

    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.
  6. 19Lyds

    19Lyds Member of the United States of Confusion

    Send me $1200 and I'll order one for ya and ship it out Priority Mail Flat Rate!
    Ethan likes this.
  7. jlogan

    jlogan Well-Known Member

    I'm going to go around to all the banks in town asking this week. hopefully i can get some, i had great results last time. 21 silver dollars out of 2500 :D
  8. Ethan

    Ethan Collector of Kennedy's

    I bet you would! Cheers!
  9. softmentor

    softmentor Well-Known Member

    Digging up this old thread to say WOO HOOO Got $4000 in Ikes today. My current theory is that the central facility that receives coin, counts it and rolls it then sends it out, just isn't getting in that much. If that is true, then they probably hold the Ikes for a while till they have enough to run a "batch" and so they came up with $4000 this run and so I got my order filled. (I have a standing order for $5000 so they only had the $4000.)
    so, I'll be hunting through these for the next couple of days or so.
    Wish me luck
  10. bdunnse

    bdunnse Who dat?

    @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.
  11. ocjoe949

    ocjoe949 Active Member

    Social here too and I tried 10 banks.
  12. davidh

    davidh soloist gnomic

    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.
  13. cladking

    cladking Coin Collector

    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.
  14. 19Lyds

    19Lyds Member of the United States of Confusion

    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.
  15. 19Lyds

    19Lyds Member of the United States of Confusion

    And for the record, just because folks can't or don't know how to get them does not mean that they are being pulled in a physical sense. These coins are money and the coins themselves still exist in Federal Reserve 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.
    Rocky Raven likes this.
  16. softmentor

    softmentor Well-Known Member

    Yes, they were 4 bags of $1000 each
  17. 19Lyds

    19Lyds Member of the United States of Confusion

    So, unrolled?

    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.
  18. softmentor

    softmentor Well-Known Member

    yes, unrolled, loose in bags.
    I get paper rollers from my bank for free, thanks though
  19. Rocky Raven

    Rocky Raven New Member

    I'm so confused. I joined this forum today because I cannot get uncirculated rolls of the new presidential coins from my banks. I can't believe some people are finding Ikes!

    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.
  20. geekpryde

    geekpryde Husband and Father Moderator

    I would just order them direct. yes, you will pay shipping and a premium, but way better than visiting 15 bank branches!!

  21. Rocky Raven

    Rocky Raven New Member

    Thank you for the response, but I am looking to get coins from the bank at face value. I appreciate the website you offered. However the Mint sells each roll for $10 over face, and five dollars shipping charge. I would want to buy at least one P roll and one D roll for each president (and they are minting four per year). So I should give the Mint an extra $120 a year because my local bank won't order new rolls? There has to be another way.
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