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 Replies: 33 / Views: 3,440 |
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Moderator
 United States
188560 Posts |
Quote: I guess the 13% coinstar fee doesn't sound so bad now.   |
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Pillar of the Community
  United States
6505 Posts |
Quote:
Their vaults are getting full I suppose. That is not what the ABA recommendation letter to the Fed said. What that letter described is that when a Fed terminal runs out of cents, they close it for outgoing cent requests (understandable, they can't order more from the Mint). But that Fed terminal ALSO closes itself from accepting incoming cent bags from banks. Meaning that Fed terminal is effectively shut down for 1¢ coins going forward, in BOTH incoming and outgoing bags. What are banks going to do with excess cents if their designated Fed terminals will no longer accept 1¢ coins? |
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Moderator
United States
188560 Posts |
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What are banks going to do with excess cents if their designated Fed terminals will no longer accept 1¢ coins? They are going to give them out until they are all gone. People will still use them to avoid rounding. They will end up disappearing as always, which is why they have minted billions every year. Let us be honest. This does not affect anyone but roll hunters. Cents typically take a one way trip: Mint > Fed > banks > retail businesses > consumers > trash cans, coin jars, couches, gutters, etc. |
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Pillar of the Community
United States
8751 Posts |
Quote:
This does not affect anyone but roll hunters. You are enjoying this on multiple threads.  -makecents-
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Pillar of the Community
United States
1748 Posts |
Commercial banks will take them.
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Moderator
United States
188560 Posts |
Quote:You are enjoying this on multiple threads. Guilty.  |
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Moderator
United States
188560 Posts |
Quote:
Commercial banks will take them. Bigger vaults.  |
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Pillar of the Community
United States
3207 Posts |
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Pillar of the Community
United States
2271 Posts |
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All jokes aside, I did find it pretty surprising that the Fed banks are not accepting bagged cents from regional banks and credit unions. I've got to believe this is a temporary situation. Government would look pretty bad not accepting coin of the realm and admitting the penny has negative value. How long until the dollar holds negative value on this trajectory? Time don't fly, it bounds and leaps.
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Pillar of the Community
United States
1748 Posts |
I recently was on a tour of the FRB Chicago Detroit branch. We asked them about the cent and other coins. By law, they cannot destroy cents or any other coins. They can with paper currency.
So.that means all cents that land at the Fed will get stored. Unless law dictates otherwise.
My bank says they will take them in until their storage is full, then they may refuse them.
Edited by DoubleEagle20
10/25/2025 7:41 pm
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Pillar of the Community
United States
2271 Posts |
Quote:
I recently was on a tour of the FRB Chicago Detroit branch. We asked them about the cent and other coins. By law, they cannot destroy cents or any other coins. *** Edited by Staff to add Quote tags. [quote][/quote] Please use them in the future.  ***They can demonetize and destroy any coin, just not pennies and nickels. Once they begin accumulating them they don't even need an act of Congress to change it because the law was written by a bureaucrat in a bureau. Time don't fly, it bounds and leaps.
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Pillar of the Community
United States
6505 Posts |
You would think that if some banks are empty of cents, and others are full, that some intermediary like Brinks or String Bros would orchestrate purchases and movement of coins between local banks.
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Pillar of the Community
United States
4592 Posts |
CladKing - its in the CFR which derives it's authority from:31 U.S.C. 5111(d). https://www.ecfr.gov/current/title-...er-I/part-82Quote:
§ 82.1 Prohibitions.
Except as specifically authorized by the Secretary of the Treasury (or designee) or as otherwise provided in this part, no person shall export, melt, or treat:
(a) Any 5-cent coin of the United States; or
(b) Any one-cent coin of the United States.
§ 82.2 Exceptions.
(a) The prohibition contained in § 82.1 against the exportation of 5-cent coins and one-cent coins of the United States shall not apply to:
(1) The exportation in any one shipment of 5-cent coins and one-cent coins having an aggregate face value of not more than $100 that are to be legitimately used as money or for numismatic purposes. Nothing in this paragraph shall be construed to authorize export for the purpose of sale or resale of coins for melting or treatment by any person.
(2) The exportation of 5-cent coins and one-cent coins carried on an individual, or in the personal effects of an individual, departing from a place subject to the jurisdiction of the United States, when the aggregate face value is not more than $5, or when the aggregate face value is not more than $25 and it is clear that the purpose for exporting such coins is for legitimate personal numismatic, amusement, or recreational use.
(b) The prohibition contained in § 82.1 against the treatment of 5-cent coins and one-cent coins shall not apply to the treatment of these coins for educational, amusement, novelty, jewelry, and similar purposes as long as the volumes treated and the nature of the treatment makes it clear that such treatment is not intended as a means by which to profit solely from the value of the metal content of the coins.
(c) The prohibition contained in § 82.1 against the exportation, melting, or treatment of 5-cent and one-cent coins of the United States shall not apply to coins exported, melted, or treated incidental to the recycling of other materials so long as—
(1) Such 5-cent and one-cent coins were not added to the other materials for their metallurgical value;
(2) The volumes of the 5-cent coins and one-cent coins, relative to the volumes of the other materials recycled, makes it clear that the presence of such coins is merely incidental; and
(3) The separation of the 5-cent and one-cent coins from the other materials would be impracticable or cost prohibitive.
(d) The prohibition contained in § 82.1 against the exportation, melting, or treatment of 5-cent coins shall not apply to 5-cent coins inscribed with the years 1942, 1943, 1944, or 1945 that are composed of an alloy comprising copper, silver and manganese.
(e) The prohibition contained in § 82.1 against the exportation of 5-cent coins and one-cent coins shall not apply to 5-cent coins and one-cent coins exported by a Federal Reserve Bank or a domestic depository institution, or to a foreign central bank, when the exportation of such 5-cent coins and one-cent coins is for use as circulating money.
(f)
(1) The prohibition contained in § 82.1 against exportation, melting, or treatment of 5-cent coins and one-cent coins of the United States shall not apply to coins exported, melted, or treated under a written license issued by the Secretary of the Treasury (or designee).
(2) Applications for licenses should be transmitted to the Director, United States Mint, 801 9th Street, NW., Washington, DC 20220. -----Burton 50+ year / Life / Emeritus ANA member (joined 12/1/1973) Life member: Numismatics International, CONECA Member: TNA, FtWCC, NETCC, EveryCountry (online) coin club Owned by three cats and a wife of 40+ years (joined 1983) Author: 3rd Edition of the Sample Slabs book, https://www.sampleslabs.info/ |
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Valued Member
United States
173 Posts |
And can we please finally start melting cents and nickels? The reclamation efforts of damaged coins tried previously proved to be too expensive and restricting them to the point some local banks will not accept them while others are in need for them since there has been no clear direction on whether to use them or not behooves the federal government to allow limited melts of cents and nickels. It would be a boon for all.
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Pillar of the Community
United States
732 Posts |
Good Bye US Penny In 2026
The United States Mint plans to end the production of pennies in 2026. Recently, we received unexpected news from the Federal Reserve that, as of this week, the distribution location we utilize has ceased accepting orders for pennies. This cancellation is effective immediately and without prior notice. While we still have a limited supply of pennies available, we cannot guarantee how long the inventory will last.
In response, we are taking the following steps to manage our remaining supply and minimize disruption to you:
For check cashing transactions, we will advise you to deposit the penny portion of any cash back into your account.
For business change orders, our offices will manage penny distribution based on local availability.
We recommend that businesses begin planning for the rounding of cash transactions within their systems to reduce reliance on pennies going forward.
Requests from coin collectors for large quantities of pennies can no longer be accommodated.
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Replies: 33 / Views: 3,440 |
First Page
Posted 10/22/2025 3:34 pm
