Friday, September 30, 2022

Do Banks Have Silver Dollars

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Do Banks Still Have Silver Money In Their Possession

GET SILVER COINS FROM YOUR BANK!! COIN ROLL HUNTING LIVE STREAMS

– Quora is a question and answer website. Because there is little demand for dollar coins, banks do not even keep any on hand. Whatever a teller gathers, whether it’s old banknotes or silver coin, it’s all by luck. It will not be possible for a Teller to sell a coin for an assessed value at a financial institution.

Coin Collector Orest Fokine Learned The Hard Way That Just Because A Coin Is Legal Tender Doesn’t Mean You Can Spend It Anywhere Like Some Banks For Example

Morgan Campbelltimer

Whats the difference between legal tender and spending money?

A big headache for a Scarborough man who learned the hard way that banks arent obligated to honour collectors coins at face value, even if they come from the Royal Canadian Mint.

Two months ago 32-year-old Orest Fokine took advantage of a deal on a new silver coin the mint had stamped to commemorate Queen Elizabeths Diamond Jubilee.

The coin retails for $25, but Fokine was able to buy more than 30 of them at their $20 face value.

On Tuesday he needed money quickly, and with no cash at hand he headed to a CIBC branch near Kingston Rd. and Midland Rd. with one of his silver coins, hoping to exchange it for cash or deposit it into his account.

But the teller there told him he could do neither, rejecting Fokines silver coin.

When he appealed to the manager he was again told he couldnt exchange the coin for cash.

When he tried a nearby Royal Bank and Bank of Montreal branches and heard the same answer, he got steamed. He had bought the coin legitimately and had been assured it was legal tender, so he couldnt figure out why the banks wouldnt recognize his coin as real money.

This is the most ridiculous explanation Ive ever heard in my life, Fokine says. Nothing in the description of this coin states its not currency.

So who is right, the customer with the legal tender coin or the banks who kept rejecting it?

Theyre both correct, says Royal Canadian Mint Alex Reeves.

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Other Sources Of Rolls Of Coins

One of my juiciest sources of circulated coins is the company that services the Coinstar machines in my area. People dump all kinds of old coins into those things! Another great source is the convenience store clerks. Sometimes people bring in whole rolls of wheat cents or silver coins to buy cigarettes and liquor. Develop a rapport with likely sources of great coins in your neighborhood, and let them know you collect! Pass out a business card and ask them to call you when interesting rolls show up. I get great coins this way!

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Morgan And Peace Dollars

If you own any common Morgan or Peace silver dollars that are in worn condition, these are usually worth very close to the current price of an ounce of silver. Rarities or those in exceptionally good condition can be worth hundreds or even thousands of dollars.

If any of your Morgan dollars bear a CC mintmark under the eagle on the reverse, then theyre worth at least $50 to $100 each, maybe more. And while all 1921 Morgan dollars are common, the 1921 Peace dollar is scarce, with most worth at least $50 or more.

Again, there are many circumstances like these in which one or two variations between coins of the same date can mean a piece that might buy you lunch versus one that will help pay off your mortgage.

Bottom Line: The mintmark and condition of a Morgan silver dollar or Peace silver dollar will help determine how much it is worth.

Oz Mexican Silver Libertad Coin

1880

Purity: .999Backed by: Bank of MexicoShips in multiples of: 25 coins per tube Distinction: Produced at the oldest mint in the Americas. Also, the silver Libertad is produced at the end of the year they are minted in, not the beginning like other coins.

If you want to buy silver coins, this is where to start. Youll have beautiful coins, backed by a sovereign government, which can be easily sold when the need arises.

This isnt to say that you should never buy other silver coins. The point is that every investor should have a meaningful stack of standard bullion coins before buying anything else. These are your safety net, a tangible monetary insurance hedge that you and your family can easily sell if the need arises.

  • Investors Edge: The bulk of your silver coins should consist of American Eagles, Canadian Maple Leafs, Austrian Philharmonics, Australian Kangaroos, Britannias, and Mexican Libertads.

Now that we know what to buy, lets find out where to shop

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The Best Places To Buy Silver Coins

Most silver coins are bought in one of two places: at a local coin shop, or online.

Believe it or not, youll likely find better pricing online than at a coin shop, even after factoring in shipping costs. Thats because the overhead at a brick-and-mortar store is higher. But thats just part of the difference between them.

Heres the pros and cons of your two basic options

What Is The Value Of My United States Coin

Coin Type Average Circulated Typical Uncirculated Dollar Susan B. Anthony 1979-1981, 1999 face value face value face value face value face value face value face value face value face value face value face value face value Face value of the dollar Sacagawea 2000 Dollar Presidential 2007- face value dollar Presidential 2007- face value Type 1 gold dollar, minted between 1849 and 1854 $120 to $200 per hour. From $350 to $700.

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How Much Is A Buffalo Head Nickel Worth

Buffalo Nickels were first minted in 1913, and were replaced by the current design in 1938. Buffalo coins have some unusual and interesting anomalies, including some with three-legged buffalos, a notable lack of mint date and varying designs that are often forged and also add much value:

  • 1913-S Type 2
  • 1926-S
  • 1937-D Three legged Buffalo

Buffalo nickels can fetch dozens to tens of thousands of dollars. Expert coin collector James Bucki elaborates on how buffalo nickels are graded and priced.

Do Banks Have Silver Dollars

I Found Some Older Large US Dollar Coins at the Bank!! – Here’s Why You Should Always Ask for Them

If you are a fan of buying 1 oz. silver coins for collection or investment, you have probably wondered whether banks have silver dollars for sale. Because why?

Well, traditionally banks could not sell you these dollars above their face value. In other words, you are buying silver at a fraction of its value. Double the deal if you find rare collectible coins.

While most Canadian and US banks rarely do have silver dollars on hand, you occasionally get lucky. So how do banks have silver dollars and when do they? In our experience it is exclusively when people go and bring these to the bank. The 2009 and 2010 rise of silver made ownership mainstream. Many more people became aware of these coins higher value and sold them for it.

Does it help if youre willing to pay more? Not really when it comes to the bank. Legacy policies prevent most banks from being unable to return these to the Royal Canadian Mint or US Mint. Unfortunately, these deals are rather rare. But read on to understand what banks sell.

Like the Royal Canadian Mint, the big five banks Canadian banks sell gold and silver. These are the Bank of Montreal , the Canadian Imperial Bank of Commerce , the Royal Bank of Canada , the Bank of Nova Scotia , and TD Canada Trust . Each bank has a selection of products sourced from a preferred refiner. Is there a catch? That depends on how comfortable you are paying up to 3-4 x the premium to buy the same metal from a bank.

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Types Of Dollar Coins

All U.S. minted coins can be used for legal tender, though youd be better off collecting or selling some dollar coins. Coins like gold dollars and silver dollars are worth far more than one dollar. Furthermore, other coins like the presidential coins, though not worth much more than one dollar, have a certain sentimental value that may make them worth keeping in your collection.

What You Should Be Aware Of

The term silver dollar is often used to describe a grey metaled coin issued by the US Mint with a face value of $1, but that doesnt necessarily mean that the coin is made of silver.

You should do your homework before you purchase a silver dollar to ensure it is authentic.

Make sure you see the coin physically or get a real picture of the coin. It is important to scan the silver dollar to guarantee that all the required stamps are present.

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Popular Examples Of The Silver Dollar In Us History

There are three major US silver dollar coins you can find when searching for affordable silver for sale. The Seated Liberty Dollar is the longest running of the three, but also the oldest and as a result most difficult to find. The Morgan Silver Dollar and Peace Silver Dollar coins are still commonly discovered in personal collections and available as former circulation pieces. Heres a breakdown of all three major designs:

What Is The Monetary Value Of A Bicentennial Kennedy Half Dollar

How to buy Junk Silver From Banks

Design for the Bicentennial This currency was made in both the years 1975 and 1976, hence there were no coins created in the year 1975. 1976 Kennedy coin estimated value according to the United States Coin Book The value of a half dollar in Mint Condition in Uncirculated condition is $2.17 or more.

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Release Of Dollars By The Us Treasury: The Gsa Sale

Because of the size and weight of the dollar coins, they circulated minimally throughout their history, except in the West As a result, the coins were generally shipped to Washington and stored in the vaults of the U.S. Treasury at times these stores numbered into the hundreds of millions.

They were very popular as Christmas gifts, however, and from the 1930s to the early 1960s, many bags were annually released to banks nationwide to be distributed as presents. In November 1962, during this annual distribution, it was discovered that there were some rare and valuable dates, still sealed in their original mint bags, all in uncirculated condition, among the millions of dollar coins still in the Treasury vaults. Collectors/investors/dealers lined up to purchase them in $1,000 bags, trading silver certificates for the coins. Before this event, the great rarity of the Morgan series was 1903-O, which was by far the most expensive of the entire set. It was discovered that there were millions of this specific date and mint in the Treasury vaults an estimated 84% of the entire mintage sat in these bags, untouched for 60 years, all in uncirculated condition. While still relatively expensive in circulated grades, uncirculated examples can be had for a modest amount over common dates.

Investing In Precious Metals

Adding precious metals bullion and coins to an investment portfolio can provide diversification and can act as a hedge against inflation. We offer competitive pricing that is driven by market rates and quoted in Canadian or US dollars. In addition to owning physical precious metals, you can also buy precious metal certificates this allows you to own gold or silver without taking possession of physical bullion or coins.

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How To Get Eisenhower Dollar Coins

Hello,

Ive been interested in getting some Eisenhower dollar coins recently, and was wondering what the best way to get them is. I found out on the federal reserve website that they can be ordered by financial institutions in bags of $1000, and if I needed to do so, Id order the whole bag to get my hands on some. Ive read a lot of stories of people having difficulty getting banks to order them though, evidently because they arent on the online forms for ordering currency from the feds, and the calls need to be made directly and the Ikes asked for specifically, or something like that.

I bank through BoA and was wondering if there was anything I could say/do that would make it so they could order these coins for me. It seems that many tellers and even head tellers/supervisors are just unaware that they can still be ordered from the federal reserve, and that to do so requires some special ordering procedure. If BoA just says no, is there any other option for me besides Ebay and other websites that charge about $117 for $100 worth of the coins?

Thanks,

Any coin dealer can connect you with Ike dollars. Ebay sells them. They are not uncommon among collectors. Bags of 1000 would be a bit more difficult, Id suggest asking your bank.

Im mystified about them being available on special order from the Fed. I doubt that its true.

We would sell you Ikes as they come for about $1.50.coin or $1.35/100. Have 50,000 in stock.

Theyre in the care of Top People. Top. . .People.

What Kennedy Half Dollars Are Worth Money

How to get Free Silver From Banks – It’s out there ! ! FREE SILVER COINS – Tutorial

Rare or otherwise desired Kennedy half dollars can fetch a significant amount of money from collectors. As recently as 2019, for example, a particularly rare 1964 Kennedy half dollar sold for $108,000 at public auction.

For Kennedy half dollars without collector’s value, the value of your coin will depend on when it was minted, as the silver content of these coins varies by year.

Kennedy half dollars minted in 1964 contain 90% silver and 10% copper. These coins contain roughly 0.36169 ounces of silver. At the current price of silver that means that the silver in a 1964 Kennedy half dollar is worth about $8.10.

Kennedy half dollars minted between 1965 and 1970 contain 40% silver significantly less, but still worth salvaging. These coins contain roughly 0.1479 ounces of silver. At the current price of silver that means that a Kennedy half dollar minted between 1965 and 1970 is worth about $3.31 just due to its silver content.

Any Kennedy half dollar minted from 1971 onward does not contain any silver.

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Old Silver Dollar Certificates

Silver’s importance became apparent with the development of the Comstock lode and other deposits. This happened as Congress looked for ways to grow the monetary base. The U.S. went from producing 1% of the world’s silver to nearly 20% by the 1860s and 40% by the 1870s.

The Bland-Allison Act reintroduced free coinage for silver. It also required the government to purchase and coin into dollars between $2 million and $4 million worth of silver each month, though not more than $2 million per month was ever purchased.

Although the certificates no longer can be exchanged for silver coins, the historical significance in the printings resides in the economic impact the certificates held, as well as the certificateâs short-term status as valid legal tender.

What Silver Coins Are Worth Money

Any silver coin minted before 1965 contains a significant amount of silver and holds an intrinsic value due to that silver content.

The following coins contain a large amount of silver by content:

  • Morgan Dollars
  • Flowing Hair Silver Dollars
  • Draped Bust Silver Dollars
  • Gobrecht Silver Dollars
  • Seated Liberty Silver Dollars
  • Silver Trade Dollars
  • Barber/Liberty Head Half Dollars
  • Walking Liberty Half Dollars
  • Franklin Half Dollars
  • 1964 Kennedy Half Dollars
  • 1965-1970 Kennedy Half Dollars
  • Liberty Head/Barber Quarters
  • Standing Liberty Quarters
  • 1932, 1934-1964 Washington Quarters
  • Liberty Head/Barber Dimes
  • Winged Liberty Head/Mercury Dimes
  • 1946-1964 Roosevelt Dimes

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Do Banks Buy Silver Coins

If you have silver coins and want to sell them for the value of their silver, a bank is likely not to be a good choice. Most banks will only give you the face value of whatever coins you turn in, regardless of their metal content. So, a silver nickel would be worth 5 cents, for example. An online buyer, such as CashforSilverUSA, is likely to be a better option.

Silver Certificate Value Today

1884

The value of a silver dollar certificate is contingent on the condition and year issued. Although it is no longer possible to redeem a silver dollar certificate for silver, certificates are still technically legal tender. This means they can be exchanged for a Federal Reserve note.

Still, the actual value of a silver certificate is in its collectability. The certificates have become a collectors’ item, and collectors of the certificates pay greater-than-face value, depending on the rarity of the print.

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Insider Tips For Selling Your Gold Coins Profitably

Your goal is to make profits from the coins you have purchased so after buying the coins, you have to continue to keep an eye on the value of the coins so that you can know when the values have risen, and then you can sell your coins for profit.

You can continue to keep an eye on the prices on the website of the US mint or check places like www.goldprice.org for the latest prices. It helps to wait a few years after purchasing the coins before selling them because by then the value would have risen considerably and you can earn a sizable profit from selling them.

  • Know the value of gold

In buying or selling, it is essential to keep track of golds prices. Several newspapers and websites give updated news on the prices of gold. It is advised that you keep up with those medium. Do not rush to sell your gold unless what you have is doing extremely well in the market. Sell your gold coins when the prices are most favourable or when you really need the income.

  • A good site to keep watch of gold value is www.goldprice.org
  • Sometimes it is best to wait for years before selling particular coins, no matter how well they are doing in the market.
  • Know the value of your countrys currency

Information on this can be gotten online and in newspapers too. Selling your gold coins when your countrys currency drops is advisable because gold and currency of a country tends to have an inverse relationship.

  • Sell your coins when the demand is high

  • Avoid selling to unsteady buyers

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