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wolvesdad
1000+ Penny Miser Member
USA
2164 Posts |
 Posted - 03/09/2008 : 13:03:07
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What do you do with them?
I get some that to me should be decomisioned, but I'm not spending 1cent to do it.
Doesn't it still hold true that banks are responsible for removing damaged coin from circulation and returning it to the Mint/Fed?
I know they do it with paper currency.
But when I brought in about$0.75 of debased money the bank teller didn't know what to do. SHe wanted to throw it in the counting machine, but I was afraid it'd be rejected and slight me that $0.75 cents... so I asked her nicely to count it there and suggested that it needed to be retired.
I don't think WE should have to retire them to the garbage though.... And I'd rather not throw them back into the gene pool just in case they are reproducing(see other thread). No one likes a cruddy cent.
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"May your percentages ever increase!" |
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pencilvanian
1000+ Penny Miser Member
USA
2209 Posts |
Posted - 03/09/2008 : 13:10:42
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The Philadelphia Mint will take damaged coins but you have to send the coins by insured mail.
It is too expensive to bother with unless you have at least $20 or $30 in change, but even the insured mail cost comes out of your own pocket.
Sadly there is no easy answer to this question. |
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deleted
26 Posts |
Posted - 03/09/2008 : 13:11:25
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| you ought to see the zincers i dig up with my metal detector. you can barley even tell its a cent. i just roll them up with the other ones. |
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c140cessna
Penny Collector Member
USA
419 Posts |
Posted - 03/09/2008 : 13:57:49
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As much as I love hoarding - my real goal is payday....that will only happen when the penny is dead.....I'm trying to make everyone hate the penny so I try to recirculate the nastiest ones I can find....I dump them in the lobby machines.
I wish there was a chemical I could add to the penny to make it stink! That would be the best.
I think having the penny around these days is crazy...probably only a few more years left for the penny.... |
Edited by - c140cessna on 03/09/2008 13:59:00 |
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wolvesdad
1000+ Penny Miser Member
USA
2164 Posts |
Posted - 03/09/2008 : 14:14:10
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wow, not exactly the answer I was expecting....
Not me, I don't want anyone to "Hate" the penny. And I try to give other people as little trouble as possible(their lives are tough too).
But I don't think it is the private citizen's responsibility to take care of this?
Am I wrong about banks being required to take torn or severly damaged paper money? And they send it to the bank themselves to be 'reclaimed'? There are local Fed banks, couldn't our banks just send it straight to them?
I don't think mailing it is the real or only answer. |
"May your percentages ever increase!" |
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Tourney64
1000+ Penny Miser Member
USA
1035 Posts |
Posted - 03/09/2008 : 14:48:19
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Zinc Ugly pennies -
Roll them up and turn them into a dump bank that doesn't have a coin counter. The really messed up zinc ones, I don't even try to put in the bank coin counters as it's likely you won't get credit for them.
Ugly Copper Pennies -
Put them all in one box and sell them as such with no numismatic value, only copper value. Who cares what they look like if they will eventually get melted when the ban gets lifted. |
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PennyProspector
Penny Pincher Member
USA
212 Posts |
Posted - 03/09/2008 : 15:13:06
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I have a plan... (not A GREAT PLAN.. but a plan)
I drop the ones that are some what still a penny back into my return bags but the ones that are rotten beyond hope... I am keeping in a plastic bag.
and at some later poin will auction them on ebay as "BAD PENNIES" I figure people will buy anything on ebay and I will own the entire ebay market on crapy zink cents.... Oooops until now! Now that I have shared my plan I will have to share my bad penny fortune with you guys too, lol
Laugh now but later when I retire off my rotten pennies and my picture is on the front cover of fortune magazine, you will all say "I knew that guy when he was a nobody!"
Love all of the pennies! there is a place to get rid of all of them if you dont want to sell on ebay mail them randomly to people out of the phone book.
(I dont know that anything good can come of this practice but i still think it is funny)
pp |
Happy Prospecting! |
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c140cessna
Penny Collector Member
USA
419 Posts |
Posted - 03/09/2008 : 15:34:51
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| Remember - if enough of the public hates the penny...it will be eliminated...and we can cash in....this will take years...so every little bit we can do to encourage the death of the penny, the better... |
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fiatboy
Administrator
912 Posts |
Posted - 03/09/2008 : 20:51:54
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Toss 'em in the trash. They're just pennies, after all.
(only kidding...just kindly ask a bank teller to exchange them.) |
"Bart, it's not about how many stocks you have, it's about how much copper wire you can get out of the building." --- Homer Simpson |
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WilliamC
Penny Collector Member
USA
471 Posts |
Posted - 03/09/2008 : 21:28:13
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As long as it's a penny I just put it into the middle of a roll and not worry about it.
It's not like I'm the one that messed it up. |
Sorting In Northwest Mississippi |
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Epaphras
Penny Collector Member
USA
382 Posts |
Posted - 03/09/2008 : 21:50:44
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| Throw them in $50 bag of zinc returns and let Brinks or some other coin distributor take care of it. Not need to lose sleep over an abused penny. |
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wolvesdad
1000+ Penny Miser Member
USA
2164 Posts |
Posted - 03/09/2008 : 23:11:08
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I guess my point wasn't very clear.
SOme penies are so corroded they are missing about 10-20% of the coin.
SOme are otherwise damaged.
I don't like getting these in change. I think that they should be removed from circulation.
I think the banks are responsible for this, just like paper bills(ie you can bring in 3/4 of a bill and they'll trade if for a better one, then they will send this damaged one in to be destroyed and replaced)
I don't want to make people hate the penny, or to give them trouble... and I just thought someone might have had some experience or knowledge of this reclamation process....other than paying postage to send them in to be 'bought' by the Philly mint. |
"May your percentages ever increase!" |
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horgad
1000+ Penny Miser Member
USA
1641 Posts |
Posted - 03/10/2008 : 07:39:15
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quote:
Originally posted by wolvesdad
I guess my point wasn't very clear.
SOme penies are so corroded they are missing about 10-20% of the coin.
SOme are otherwise damaged.
I don't like getting these in change. I think that they should be removed from circulation.
I think the banks are responsible for this, just like paper bills(ie you can bring in 3/4 of a bill and they'll trade if for a better one, then they will send this damaged one in to be destroyed and replaced)
I don't want to make people hate the penny, or to give them trouble... and I just thought someone might have had some experience or knowledge of this reclamation process....other than paying postage to send them in to be 'bought' by the Philly mint.
Bank tellers seem aware of and willling to deal with damaged bills. They have the process in place to send them back to the Feds, but alot of them don't know what to do with bad coins. However I have found some that do. At least I have had them take my bad pennies and set them aside when I told them that they probably needed to be sent in as damaged, but for all I know they just handed them back out after I have left. So if you ask around enough you might find a bank that deals with them and save yourself the cost of shipping them in for destruction...
About Damaged Paper:
"Paper money that has been mutilated or partially destroyed may in some cases be redeemable at full face value. Any badly soiled, defaced, torn, or worn-out currency that is clearly more than half of the original note can be exchanged at a commercial bank, which processes the note through a Federal Reserve Bank.
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About Damaged Coins:
"The redemption value of mutilated coins depends on their type, denomination, and the extent of their mutilation. Redemption of mutilated coins is handled by the U.S. Mint in Philadelphia. Coins that are merely bent or worn slick through natural wear are not considered mutilated and are exchangeable at full face value."
From a FAQ at You must be logged in to see this link.
"I have some coins that were damaged and the bank will not redeem them. What can I do with them?"
"The Treasury Department has prescribed regulations regarding uncurrent and mutilated coins. Let us explain the difference. Uncurrent coins are whole, but are worn or reduced in weight by natural abrasion. They are easily recognizable as to genuineness and denomination, and they are such that coin sorting and counting machines will accept them. Merchants and commercial banks will generally accept or refuse these coins at their discretion. However, Federal Reserve Banks and branches handle the redemption of uncurrent coins.
Mutilated coins, on the other hand, are coins that are bent, broken, not whole, or fused or melted together. The United States Mint is the only place that handles redemption of mutilated coins, and they should be sent to the Mint at Post Office Box 400, Philadelphia, PA 19106." |
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starwarsgeek171
Penny Hoarding Member
USA
651 Posts |
Posted - 03/10/2008 : 09:17:21
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I actually super-glued a zincoln back together the other day after it literally snapped in half!
Sad. |
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WilliamC
Penny Collector Member
USA
471 Posts |
Posted - 03/10/2008 : 09:28:45
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Well for the truly unrecognizable pennies I'd be likely to throw them away.
But if it's a recognizable penny that came out of a penny roll, then back into a penny roll it goes :)
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Sorting In Northwest Mississippi |
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aboxaweek
Penny Collector Member
USA
326 Posts |
Posted - 03/10/2008 : 18:22:31
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| I got a bunch of pennies that got ran over by a train that are in half. Would this even be considered a pennie...ha ha |
*HUCKABEE*
___08'____
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HoardCopperByTheTon
Administrator
USA
6807 Posts |
 Posted - 03/10/2008 : 19:44:30
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Gotta be careful where you leave your pennies laying around.. 
I heard you can actually turn them in at the Philidelphia mint also so you don't have to worry about shipment. My boss is visiting the Philly mint in a few weeks. I thought I would send in a small bag of pennies for retirement and get them replaced with shiny new ones. |
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. |
Edited by - HoardCopperByTheTon on 03/10/2008 19:45:20 |
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wolvesdad
1000+ Penny Miser Member
USA
2164 Posts |
Posted - 03/11/2008 : 00:41:18
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| Cool, but I like the one guys idea of trying and sell them on ebay! ;-) |
"May your percentages ever increase!" |
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Topic |
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Crappy, Corroded or otherwise defunt cents!??
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