My Bank can't get $1 coins anymore.

Every time I go to the bank and make a deposit, I usually get a $25 roll of presidential dollars and $10 worth of Nickels. I hope the nickels will be worth something 30 years from now, if not they are still work face value. Anyway, the dollars I just like to have because I find them more convenient to spend than carrying around $1 bills. So I always try to keep at least $20 of them around the house for spending, and then replenish them occasionally. Well, the last 3 times I've gone to the bank they didn't have any. I asked why today and they said that they can't get them anymore. All they had were a few loose coins in their drawers. Any idea why that would be, being that I've heard the reserve has millions of them in storage?

 

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You do know business strike Presidential dollars are discontinued don't you?

 

I'm sure they still have a massive stockpile though considering how unpopular they are.

 

Tellers at one branch told me they can know longer sell boxes of coins at face value, they now have to charge 5 cents per roll. Head teller at the other branch told me that is a ridiculous rule and she will continue to sell them at face. Where there is a rule, there is always a way around it.

 

I didn't say that.

I said they're discontinued. Banks won't order for reasons Doug stated.

 

Remember business strikes are discontinued for circulation only - the new issues, starting with 2012, can be ordered from the mint for a substantial premium over face.

 

Yeah my bank will not get them anymore either. Like they've stated above they lose money on them, and not many people come in asking for them. (that's what I was told at my bank anyway)

 

It's not so much that they can't get them anymore, it's that they won't order them for the few folks who want to use them. It costs banks money to order coinage that is not used and with the economy the way it is most banks are letting that part of their customer service fade away.

 

you didn't say what?

 

You'd think that when the mint stopped producing these for the general public, and based on the fact that you have to order the 2012 Presidential dollars from the mint, they would appreciate in value. But so far, this isn't so.

In 2011, I'd have to buy each different $1 coin from for TWICE the face value if the bank didn't have them. Today, the same applies, they're gonna cost you at least $2 to get. I only get them to stick in a album which I started in 2007 when they first came out.

On eBay, the 2012 rolls are going for about $35 which is the price you have to pay by getting them from the mint, including postage.

Bottom line, the "golden" Presidential Dollars were a bust and I doubt the basic ones will appreciate in value in the near term, EVEN THOUGH THERE ARE FEWER OF THEM!

The Mint just produced too many of these and nobody was using them and now they've got a stockpile of BILLIONS of the pre-2012 ones at the mint.

 

Indeed, they are finally getting put out of circulation. Ive been roll searching the dirty rolls. Suprisingly Im still finding some errors. Some 2010 and 2011 can pass for unc. Ill still take circulated rolls of $1 coins over rolls of halves.
The mint is now offering $100 BAGS of them for only 111.99 plus shipping!!! This is pretty good news for error hunters like myself. I cant wait to see some decent errors that dont have to do with the edge lettering. Like some clips and brockages and caps...cant wait!!

 

It cost the bank money to order new bills. Most Chinese community will have new bills during the Chinese new years but not new coins.

 

I expect Fred Shecter to pounce on this thread at any moment and state his *ahem* "little argument" about "The banks CAN order Golden Dollars! ANY bank CAN! This talk of them saying they can "not" order dollar coins is "the bank "training you" not to ask for them" so that they no longer have to deal with them"

:devil:

 

All coinage costs the banks money...like Doug said, dealing with change is done at a loss for banks.

 

I always get tellers trying to get me to take those $1 coins when I go in for rolls. One guy put his coin tray on the counter and said take what you want. I took the halves but they weren't anything. I did take one tellers Ike's and I sold them to someone else who wanted them at face. Stop in any bank on the way, they will be glad to give them to you. TD Bank will probably give you a box if you want it, stop in there.

 

Some banks have a monthly plan while others pay per box. My guess is that when they have those dollars, they can't get rid of them.

 

The decline, and unpopularity of, the dollar coins had nothing to do with the Mint producing too many of them.

The lack of interest in them has always been present in society since the 19th century when the Morgan series was first released in 1878. Americans, are not fans of dollar denomination coins. They like their greenback dollars as you're not loaded down with carrying more than ten singles in your wallet, like your pockets would be with dollar coins.

As long as their are Washington greenbacks, the dollar coin will not be popular among the public.

 

Then why didn't fractional currency win out over coins? After all, the purchasing power of a dollar today isn't that far off from the value of a dime back then...