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biglouddrunk
Penny Pincher Member
138 Posts |
 Posted - 08/15/2009 : 02:12:14
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Today I was wondering if the feds somehow takes rough lincolns out of circulation like they do bills? Also if do I wonder how they sort them and if they return Canadians above the boarder. Do coins even get return to the fed? Does anybody know how this whole thing works?
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wolvesdad
1000+ Penny Miser Member
USA
2164 Posts |
Posted - 08/15/2009 : 04:50:10
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I know that the banks I've talked to don't deal with the 'reclamation' of broken/dirty/corroded coins.
I do remember something about sending in un-useable coins into the mint or someplace and they will pay you the value of the metal content.
Canadians don't generally get returned above the boarder. Honestly, many banks simply throw them away if there are not tellers that want them, or if the customers themselves don't take them back. |
"May your percentages ever increase!" |
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dp2007
Penny Pincher Member
130 Posts |
Posted - 08/15/2009 : 07:34:52
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| I wondered the same thing a couple of years ago when I started hand searching. I even put the bad looking ones to the side in hope I could return them and get them out of circulation. I don't remember the details now but the final answer I found was that the Fed was not interested in changing out damaged coins for new ones. |
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NotABigDeal
1000+ Penny Miser Member
USA
3890 Posts |
Posted - 08/15/2009 : 11:56:20
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Not sure if the Fed activly pulls the bad coins, but I know you can send the coins in and they will tally them up and pay you for them. It takes several weeks but it is doable.
Deal |
Live free or die.
Plain and simple.
"If you love wealth more than liberty, the tranquility of servitude better than the animating contest of freedom, depart from us in peace. We ask not your council or your arms. Crouch down and lick the hand that feeds you. May your chains rest lightly upon you and may posterity forget that you were our countrymen."
- Samuel Adams |
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slickeast
1000+ Penny Miser Member
USA
2533 Posts |
Posted - 08/15/2009 : 12:04:32
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Deal, I think that there is a minimum that you have to send in. I am not sure.....so everyone read the following from their web site.
You must be logged in to see this link.
If you have mutilated coins that have been fused together or melted, you can send them to the following address:
Superintendent
U.S. Mint
Post Office Box 400
Philadelphia, PA 19105
Further questions about the Mint can be answered either in our FAQs, at the U.S. Mint web site or by phoning the Public Affairs office at 202-354-7227.
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You don't have to be the BEST you just have to be.......SLICK
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G Powerbuck
Penny Collector Member
USA
256 Posts |
Posted - 08/15/2009 : 12:17:27
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| I think someone on here tried this to get the new Lincoln cents this year. I believe he said that they sent a check for the face value of the coins, not the new coins that he was looking for. |
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NotABigDeal
1000+ Penny Miser Member
USA
3890 Posts |
Posted - 08/15/2009 : 12:18:27
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Correct, they do not replace the coins. They just pay you for them.
Deal |
Live free or die.
Plain and simple.
"If you love wealth more than liberty, the tranquility of servitude better than the animating contest of freedom, depart from us in peace. We ask not your council or your arms. Crouch down and lick the hand that feeds you. May your chains rest lightly upon you and may posterity forget that you were our countrymen."
- Samuel Adams |
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dp2007
Penny Pincher Member
130 Posts |
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AGgressive Metal
Administrator
USA
1937 Posts |
Posted - 08/17/2009 : 10:39:11
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| US Mint/Treasury is in charge of coins, not the Federal Reserve. Everyone else beat me to the info - I've been wondering about sending in some messed up coins I have myself. |
And he that hath lyberte ought to kepe hit wel / For nothyng is better than lyberte / For lyberte shold not be wel sold for alle the gold and syluer of all the world.
-Caxton's edition of Aesop's Fables, 1484 |
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highroller4321
1000+ Penny Miser Member
USA
2648 Posts |
Posted - 08/17/2009 : 12:31:32
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quote:
Originally posted by biglouddrunk
Today I was wondering if the feds somehow takes rough lincolns out of circulation like they do bills? Also if do I wonder how they sort them and if they return Canadians above the boarder. Do coins even get return to the fed? Does anybody know how this whole thing works?
The companies that process coin activly take out mutilated coin. They dont search through the coins for mutilated but during the processing the mutilated coin normally gets kicked out.
They also dont pay you the face value of the coin. They go by weight.
For pennies they use the copper weight so if you send them all zinc you will be loseing money. |
Copper Penny Investing
www.portlandmint.com |
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Cerulean
Penny Hoarding Member
USA
993 Posts |
Posted - 08/19/2009 : 13:45:05
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| Banks don't cull bad cents... citizens do. When a coin is too damaged to be accepted by machines, 99% of us will just throw the bad coin away. |
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Cerulean's Standing Offer: $3/lb shipped for foreign coins |
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highroller4321
1000+ Penny Miser Member
USA
2648 Posts |
Posted - 08/20/2009 : 00:23:56
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quote:
Originally posted by Cerulean
Banks don't cull bad cents... citizens do. When a coin is too damaged to be accepted by machines, 99% of us will just throw the bad coin away.
I wouldnt say 99% I have never thrown money literally away. |
Copper Penny Investing
www.portlandmint.com |
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HoardCopperByTheTon
Administrator
USA
6807 Posts |
Posted - 08/23/2009 : 13:25:25
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I never throw them away. I either spend them or roll them in a CWR to turn in to the bank.  |
If your percentages are low.. just sort more. If your percentages are high.. just sort more.
Now selling Copper pennies. 1.6x plus shipping. Limited amounts available. |
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farmer
New Member
10 Posts |
Posted - 08/23/2009 : 18:31:11
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| I have seen more dirty cents out of rapped rolls here of late-so I can say in the East no one is culling them |
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NotABigDeal
1000+ Penny Miser Member
USA
3890 Posts |
Posted - 08/24/2009 : 06:09:44
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Never, EVER throw away any money. Spend the uglies.
Deal |
Live free or die.
Plain and simple.
"If you love wealth more than liberty, the tranquility of servitude better than the animating contest of freedom, depart from us in peace. We ask not your council or your arms. Crouch down and lick the hand that feeds you. May your chains rest lightly upon you and may posterity forget that you were our countrymen."
- Samuel Adams |
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JobIII
1000+ Penny Miser Member
USA
1507 Posts |
Posted - 08/24/2009 : 07:42:30
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I don't think i've ever thrown away a coin or bill that was too damaged to use.
Bills bring to the bank and they will replace it. Coins do the same thing and if you're not sure, just add it to a roll of coins to be deposited. I do this mostly with canadian pennies and quarters, but bad coins will do as well.
Money is money no matter the quality. |
Selling Copper cents. $0 FV available at 1.4xFV. Also interested in trading for wheat pennies and other coins Please pm me for requests or inquiries.
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Does the fed remove ugly lincolns?
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