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Pillar of the Community
 United States
1804 Posts |
cladking Quote:
Most of the spent coins are in FED storage and nearly pristine or with very light circulation. I tend to agree with this. My bags were surprisingly MS-PLUS-ish as a whole. The general nature of my IKEs were either horrible, or close to breath taking, coin by coin. I guess we are all hoping they ARE in FED storage. |
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Pillar of the Community
United States
2271 Posts |
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Please share info, Which Branch? I talked to someone at the Chicago FED years ago about many questions related to coin usage and distribution. I was primarily interested in how the states coins were going to be handled vis a vis the mint and FED's FIFO policy. Apparently this is just designed into the system or is informal since his knowledge about it was limited. He was able to tell me quite a bit of very interesting stuff though. The Chicago FED no longer much deals in coin at all and merely contracts out most of the work. They keep enough for business as well as a small emergency supply. They did a census of dates in circulation in '98 in anticipation of the new coins and, apparently, to determine attrition. I don't recall him specifically stating they had no Ikes but there was the implication since emergency supplies of Ikes was almost an oxymoron in 1998 and moreso today. I did not ask him about Ike supplies in the hands of contractors but it seems improbable that there would not be a very large supply. I'd imagine local availability of Ikes is primarily dependent on the policy of these contractors and the availability of coins. Of course if the FED is paying them good money to store large amounts of Ikes they might be loathe to issue any knowing that many will just come right back like a boomerang. I believe that when coins, like quarters, back up in the system due to economic conditions then they are stored under contract in other types of secure warehouses. If coins back up they are first shipped to FED districts short on coins and then they are stored, presumably, in the locations they are backing up. Right now there should be almost no quarters in storage since mintages are soaring. I just don't know about Ikes in storage and can only guess. Time don't fly, it bounds and leaps.
Edited by cladking
01/06/2015 09:24 am
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Moderator
 Canada
10458 Posts |
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Do not spend your Ikes. At the risk of having jbuck never speaking to me again, I must confess I did exactly that. I bought a collection in southern Canada, that had two large Canvas sacks ($1000 per sack) of Eisenhower dollars. They looked all to be uncirculated to me, one bag was exclusively 1976. After inquiring with several larger coin dealers in Canada, I did not get a single offer that equalled the face value (remember that the US dollar is slightly stronger than the Canadian dollar). So, I tossed the two bags in the SUV, hopped in with the wife and kids, and headed south across the border. I deposited the two bags at the first bank that would let me (without having an account there) and we went shopping!! At the time, it never occurred to me to inquire here about the bags...  "Discovery follows discovery, each both raising and answering questions, each ending a long search, and each providing the new instruments for a new search." -- J. Robert OppenheimerContent of this post is licensed under a Creative Commons Attribution-NonCommercial 3.0 Unported License. See: http://creativecommons.org/licenses...0/deed.en_USMy eBay store
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Pillar of the Community
United States
1804 Posts |
SPP Quote:At the risk of having jbuck never speaking to me again, I must confess I did exactly that. I bought a collection in southern Canada, that had two large Canvas sacks ($1000 per sack) of Eisenhower dollars. They looked all to be uncirculated to me, one bag was exclusively 1976. After inquiring with several larger coin dealers in Canada, I did not get a single offer that equalled the face value (remember that the US dollar is slightly stronger than the Canadian dollar). So, I tossed the two bags in the SUV, hopped in with the wife and kids, and headed south across the border. I deposited the two bags at the first bank that would let me (without having an account there) and we went shopping!! At the time, it never occurred to me to inquire here about the bags... OMG Domain555 is having a heart attack. ~~~~  Or a stroke. ~~~~ I am going straight to my liquor cabinet. ~~~~~  |
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Pillar of the Community
United States
663 Posts |
Let me start by saying, "I LOVE IKES"! However, after saving every one I came across I started searching them for errors/varieties and I noticed I had some pretty beat up IKES. I have decided to depart with the well circulated ones and have decided to only keep the best specimens, similar to the other denominations.....except for silver halves, quarters, dimes, and nickels which I keep all of no matter what the condition. Which brings me to my point. While I LOVE IKES, they have no metal value (unlike....say....Morgans). Even if every IKE in the FED were destroyed, the only place they are going to be worth a premium is with collectors and what collector is going to want to put a beat up coin in their Dansco? I hope I'm not making a mistake letting the cruddy ones go, but my current position tells me it makes as much sense saving a beat up IKE bicentennial as it does to save a Washington quarter bicentennial..... Am I wrong on this? |
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Pillar of the Community
United States
1804 Posts |
Agrippa  Quote:Let me start by saying, "I LOVE IKES"! However, after saving every one I came across I started searching them for errors/varieties and I noticed I had some pretty beat up IKES. I have decided to depart with the well circulated ones and have decided to only keep the best specimens, similar to the other denominations.....except for silver halves, quarters, dimes, and nickels which I keep all of no matter what the condition. Which brings me to my point. While I LOVE IKES, they have no metal value (unlike....say....Morgans). Even if every IKE in the FED were destroyed, the only place they are going to be worth a premium is with collectors and what collector is going to want to put a beat up coin in their Dansco? I hope I'm not making a mistake letting the cruddy ones go, but my current position tells me it makes as much sense saving a beat up IKE bicentennial as it does to save a Washington quarter bicentennial..... Am I wrong on this? I'm thinking no CCFer is wrong or right on Particular issues. It all comes down to choice(s), money management etc.  |
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Moderator
United States
188766 Posts |
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At the risk of having jbuck never speaking to me again, I must confess I did exactly that. Say what?  Hockey fans have to stick together, so I will get over it... eventually.  Quote:
...and what collector is going to want to put a beat up coin in their Dansco? Lowball collector?  In the end I am a realist. I do not expect every collector to keep every Eisenhower dollar. There will be losses. That is expected. |
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Pillar of the Community
United States
2815 Posts |
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About 40% of Ikes have been destroyed in fire and flood Look what I found on the bay: 1974-S Silver Clad Eisenhower dollar! Damaged Katrina Souvenier! http://www.ebay.com/itm/11156333935...RK:MEBIDX:ITYou were saying, cladking? The label states that it is a 1971-S. Well, this certainly is a different approach to selling an environmentally damaged coin. And just how can they verify that this coin was salvaged from the devastation from Katrina? I kinda like it. The toning looks weird and abstract. Edited by Darth Morgan
01/07/2015 01:22 am
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Pillar of the Community
United States
1804 Posts |
Darth Quote:
The label states that it is a 1971-S. Well, this certainly is a different approach to selling an environmentally damaged coin. And just how can they verify that this coin was salvaged from the devastation from Katrina? I kinda like it. The toning looks weird and abstract Ridiculous to sublime? Twilight zone? Who is the "Guaranteed Authentic" slabbers? Katrina my bottom. Guessing a huckster out for a buck.  |
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Moderator
United States
188766 Posts |
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And just how can they verify that this coin was salvaged from the devastation from Katrina? Never underestimate the power of the human imagination. Quote:
I kinda like it. The toning looks weird and abstract. Yeah, like it! But, you know, bias. Quote:
Who is the "Guaranteed Authentic" slabbers? Located in a moldy basement near you! Wait, how do we know it was not the moldy basement that caused the damage? |
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Pillar of the Community
United States
2271 Posts |
Ouch!
I hope those weren't type I Ikes or you lost thousands on them.
Time don't fly, it bounds and leaps.
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Pillar of the Community
United States
1804 Posts |
cladking Quote:
Ouch!
I hope those weren't type I Ikes or you lost thousands on them.  BIG TIMEParticularly if they were type one and 1976 (P)However, if they were all 1976 (D), you might have gotten a pile of "Off at the Knees" AKA OAK" Edited by Domain555
01/08/2015 08:31 am
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Pillar of the Community
United States
523 Posts |
Well here is my take, after trying multiple times last year to get me a $1000 bag, I gave up. I tried Chase and a Local Credit union....I know they are out there but hard as heck to get. Now food for thought......all coins are from the treasury right? Notes are notes of the federal reserve. IF the Fed was to have an issue with worthless paper, the coins could still be counted as constitutional dollars right? yes I know they are not silver via the constitution, but it is a treasury vs Fed argument. I read it somewhere and took note of the thought. If they are hoarding them, it could be that the paper is doomed at some point. At least what we have now..  Edited by eSinger
01/08/2015 9:37 pm
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Pillar of the Community
United States
1804 Posts |
atsinger Quote:
Well here is my take, after trying multiple times last year to get me a $1000 bag, I gave up. I tried Chase and a Local Credit union....I know they are out there but hard as heck to get. Never Never give up  Quote:
Now food for thought......all coins are from the treasury right? Notes are notes of the federal reserve. IF the Fed was to have an issue with worthless paper, the coins could still be counted as constitutional dollars right? yes I know they are not silver via the constitution, but it is a treasury vs Fed argument. I read it somewhere and took note of the thought. If they are hoarding them, it could be that the paper is doomed at some point. At least what we have now.. Any one please help me. The coins are from the MINT. Correct? |
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Moderator
United States
188766 Posts |
Coins are made at the Mint under authorization of the Treasury.
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Replies: 103 / Views: 19,285 |
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Posted 01/06/2015 09:22 am
