Susan B's almost gone

With the eminent change coming with the Presidential coin program, I expect that the Susan B Anthony Coins are going to be permanently retired. Now might well be the time to stickup and find quality pieces of Susan B., before they disappear from the banks altogether. I recently got about 200 of them and the kinds and I are looking through them for the best examples. Is anyone else doing something similar?

Ruben

 

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Ruben,
This coin has been hoarded for so many years that it is my opinion that it will take years for this coin to show any real value

BRUCE "THE FRANK GROUP"

 

We still get Suzy Bs from the change machine where I work, they come out mixed in right with the Sacs, mostly 79s. I did come across a 1999 once. I may start a set of those someday when I run out of every other series to collect..lol.

 

i was able to get 29 Ikes today at my bank. no great ones thou. I wont even take the SBA anymore from the bank. got to many of them

 

I save a few nice ones from mint sets. There are a few really great ones and some that are PL.

 

I went to the bak and ask to buy a roll of Silver dollars and they have me S.B.A..... I said, whats this??? She said, Silver Dollars... I was shocked...

 

I started my collecting craze with collecting SBA's because they were easily obtainable from the bank. After collecting several hundred I had matured my collecting desires to include ASEs, so I cashed in all but the high quality SBAs and completed my set of ASEs. I have put together several sets of SBAs in BU condition and I think that's about as far as I'm going to go with them. I still keep about 40 XF/AU SBAs on hand to give to new young collectors as a gift, along with Ikes, Mercs, Buffs, and Wheaties. I find it important to inspire kids with the history behind the coin.

 

Ruben:
The coin show is tomorrow, pm me for info if you want to go.

 

I never expect these to have much real value in my lifetime, any more than I would expect IKE's to have real value. Real Value to me is in the hundreds of dollars.

Never the less, despite the fact that IKE's have showed up in banks according to some folks, around here they have entirely vanished and to collect them now requires buying them in the market.

SBA's are going to go that way soon. And in addition to that they are lwo mint numbers, esepecially the 1981's


1980-P


27,610,000


0


1980-D


41,628,708


0


1980-S


20,422,000


3,554,806


1981-P


3,000,000


0
Available and sold originally only in Mint Sets.

1981-D


3,250,000


0
Available and sold originally only in Mint Sets.

1981-S


3,492,000


4,063,083
Available and sold originally only in Mint and Proof Sets. Found with Clear and Blob mintmark varieties.

1999-P


35,892,000


estimated 750,000
Proofs were sold by the Mint only as single, cased examples.

1999-D


11,776,000


0

Ruben

 

With all due respect, saving SBAs from the bank is not a good idea, in my opinion. Take that money and buy high quality examples - those are worth keeping. For a while in 2000 or so I was getting some nice BU SBAs from the machine at tge Post Office - I kept those. The others, though, are spenders. (Actually, in my case, most get my initials counterstamped on them, and THEN they are spent).

The govt will likely not "retire" the SBA or any coin, at least not in regard to recalling them. They made 90+ cents each when they made them, and if they recall them they would lose all that profit.

 

I don't understand how this profit is calculated. If a coin is put into circulation and is highly circulated, then the Government gets value for the coin. If it is not circulated, it have almost no value to the government.

Ruben

 

How many are sitting now in the Federal reserve? I don't think it works like this, not in terms of real costs. First of all, Wealth and therefore real money must expand when the economy is healthy. How does money get into the economy when new wealth is created? How? The bank needs to borrow money from the Fed at Prime and recieves money and te Fed makes interest. The bank takes that money and invests in, say Railroads. The railroads then pay the bank with interest above prime. The bank then pays the Fed with interest at prime and the spread is wealth in the bank.

The point is, that money comes into the ecomomy as currency by many mechanisms. The guenuine cost of the coins is how many times it circulates per year before needing to be replaced by another instrument of money.

Ruben

 

Same thing happened to me. I asked a friend who's wife worked at a bank to ask her if she had any Silver DOllars.

He called her and she said she did, so i asked her to buy 10 of them.

When i got them...SBA's


I spent them, so no real loss

 

I get very nice 1999 SBAs at the vending machines in the local university. Are they worth anything, they are typically in VF or better condition.

 

You've got to be kidding me. What kind of accounting system is that? The mint is just an agency of the government. Accrediting them with a 1 for each coin would be the equivilant of IRS being credited with value of taxes collected from W2 forms, or the GA office being accredits $50 for each summons form they hand out to the FBI.

This is beyond me. I don't understnad it at all. And the gold eagles do they get ony $5.00? They can never account for the true cost of a coin or bill like this. They make money on each $1 bill! It would be their incentive to make them as cheap as possible and sell them more and more based on their face value rather than the actual costs to the public. And when they get money back, what is that money? Worn out pennies that have to be destroyed? Its one thing when they sell coins to the public above face value, then its like any other business. But when they are replacing capital in the economy the sale cost of the coin should be according to government accounting practices which would normally be just the cost of the manufacturing and delivering the mandated object.

When the coins had approximate value to the bullion content and the face, that system might have made some sense, but by todays standard, coins are just a government owned token, not much different from a chair or a light bulb.


Ruben

 

BTW - for what it is worth, you have me digging now to understand this better, and what I was talking about, how money gets into the economy via prime rate lending is EXACTLY legal seigniorage, at least according to this source.

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Further discussion

Ordinarily seigniorage is only an interest-free loan to the issuer because when the currency is worn out the issuer buys it back at face value thereby negating the revenue earned when it was put into circulation. Currently under the rules governing monetary operations of major central banks, seigniorage on bank notes is simply defined as the interest payments received by central banks on the total amount of currency issued. However if the currency is collected instead of being returned to the issuer the back end of the deal never occurs.

http://en.wikipedia.org/wiki/Seigniorage

 

And everyone knows that Wikipedia is always 100% factually correct, with no political views.

Please take any further discussion of the economics of mint operation to the General Discussion or Politics, Religion and World Events forum, where all philosophical discussion belongs.

 

It was a legal definition, and as I come to understand it from my days as an undergrad, but I'm happy to take it to another thread.

Ruben