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 Replies: 36 / Views: 4,850 |
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Bedrock of the Community
United States
17884 Posts |
Quote:
Why would the Fed hold so many in storage? Wouldn't it be more practical to melt down this obsolete currency and use the material to mint other coins? The problem is, say you have a million Ike dollars. Those are carried on the books as an asset worth one million dollars. You melt them down you have a buch of copper nickel metal worth maybe $10,000 Plus there is a cost to melting them down, do it isn't free. So you now have a $990+K loss showing on the books. So you say "so coin the metal back up again!". You can do that and it will help, but there will be material losses and there is a cost to making coins as well. SO when you get done you now have maybe $980K worth of coins and maybe $40K worth of expenses. Net result is you have turned a one million dollar asset into a $940K asset. |
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Pillar of the Community
United States
6130 Posts |
Actually if we were to convert all Ikes into SBA dollars, we would get nearly 3 SBAs from every Ike (8.1g versus 22.6g). I could see that working out in the Mint's favor. |
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Moderator
 United States
188770 Posts |
Sure, but do you really want to destroy a beautiful Ike to get three not-as-beautiful SBA dollars?  |
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Pillar of the Community
United States
634 Posts |
Im only responsible for holding 2
a 71 s unc and a 78 d
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Moderator
United States
188770 Posts |
Two is better than none at all!  |
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Bedrock of the Community
United States
11951 Posts |
Should a post be started for CCF members to give their numbers.
Or at least a close count.
I know I have over 600. Good chance over 700, but I don't think over
800. A lot of mine are in storage right now, so would be hard to get
a complete count.
Seems like there were a couple members buying $1,000 bags.
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Pillar of the Community
United States
634 Posts |
Hey Jbuck, did you know that Frank Gasparro called the SBA his top achievement? I wouldn't take him seriously though.... I would be a grumpy old man too if 1 of my coins went out of general circulation right after my redesign, 2 never circulated in the 1st place, and 1 got slowly more worthless as I aged. Maybe he was cursed?  So please don't kick me off the site for pointing out that the SBA was more respected by the coin's maker.  |
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Bedrock of the Community
United States
11951 Posts |
Go ahead Jbuck ..... Kick the hater out ...  Well ... At least give him a time out |
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Moderator
United States
188770 Posts |
I never said the SBA was ugly, just not as pretty as her bigger brother.  |
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Pillar of the Community
United States
4883 Posts |
Quote:
I'm just wondering where all of these coins are currently residing. I know some are in collections, but where else? I can't imagine that too many of them are in circulation. Well, I can tell you that of yesterday, a coin dealer I patronize suddenly had a whole bunch, certainly several dozen and mostly circulated "beaters", for which he said he had paid $1.05 apiece. I violated my rule on these that I only get mine from the bank at face value, and ponied up #1.10 each for ten of varying dates I cherrypicked that were clearly uncirculated (their bright copper edges stood out like the proverbial sore thumb), and were actually really high grade examples at that (almost zero bagmarks).  Colligo ergo sum
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Pillar of the Community
United States
2815 Posts |
Whoa. You got a 1973 for $1.10? Score! Did he have any more 73s or 1976 Type 1? I got these in the mail today, but I paid $5 each. They were the cheapest '73 set on ebay, and they were still in the original mint cellos at least.   |
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Bedrock of the Community
United States
17884 Posts |
Quote:Actually if we were to convert all Ikes into SBA dollars, we would get nearly 3 SBAs from every Ike (8.1g versus 22.6g). I could see that working out in the Mint's favor. True but the cost of production will also be higher. You will have to add a lot of nickel to the melted Ike to bring the melt up to 25% nickel Then there will be a lot of copper needed for the center clad layer. Then after the strip is blanked you have the losses from the scrap material so you MIGHT be able to get two SBA's for the Ikes. But we don't make SBA's anymore, and if you go with dimes quarters or halves your losses are even greater. Best return probably comes from melting, adding nickel and making five cent pieces out of them. Al lease for that you can reuse the scrap without any further addition of metal and get a closer one to one face value exchange. |
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Bedrock of the Community
United States
17884 Posts |
That looks like a very nice 73 P! Usually they are all bagmarked up even though they were mint set only.
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Valued Member
Italy
78 Posts |
I have 3 of them: a 1971 and 2 bicentennial, P&D. The 1976-D clearly has circulated for a while. Bought in a lot of US coins wich was $9 FV circa for €10. |
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Moderator
United States
188770 Posts |
Well done, Lucky Cuss and nice as always, Darth Morgan! Quote: I have 3 of them: a 1971 and 2 bicentennial, P&D. The 1976-D clearly has circulated for a while. Bought in a lot of US coins wich was $9 FV circa for €10. Nice to see some Ikes overseas! |
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Replies: 36 / Views: 4,850 |
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Posted 07/08/2016 10:32 am
