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 Replies: 13 / Views: 1,680 |
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Valued Member
United States
325 Posts |
I'm a metal detectorist and have accumulated a pile of lincoln cents that are deteriorated and been abused to the maximum. I'd like to turn them into the mint for full value but my bank won't touch em and coinstar machines will spit them out faster than anything.
Does anyone know if the mint or any place will take them directly and give me full spendable value for them.
I picture them as being akin to a dollar bill with over 90% visible.
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Pillar of the Community
United States
2651 Posts |
Well I coin roll hunt as well as MD. I throw them in with my searched cents back into rolls then turn them in to the bank.
Walla...
Edited by Jayman931
01/04/2012 7:08 pm
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Pillar of the Community
United States
1151 Posts |
If your bank will accept rolled coins, roll them uo and take 'em in!
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Valued Member
United States
466 Posts |
I agree. Take them in. They can write the coins off as damaged just as they can write tore up money off as damaged.
If you feel weird about taking in rolls and talking about it then use them to replace stuff you pull from rolls. That is if you roll search and reroll the stuff you return.
I would call a bank though and let them know what you have. Legal tender that they will give trade out for you. If they won't give you cash for it, then deposit them.
thats what I would do.
Edited by googoo
01/04/2012 7:25 pm
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Bedrock of the Community
Australia
21786 Posts |
Like banknotes they are a liability against the U.S. Treasury. Legally, the banks have an obligation to take them. Put them in a concrete mixer with sand to clean them, so they can be rolled.
In this case, the harshest method of cleaning is best.
Remember, they cannot be defaced!
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Bedrock of the Community
United States
17884 Posts |
Quote:
Legally, the banks have an obligation to take them. No they don't. They are an obligation against the Treasury though and they will redeem them. Redemption information can be found in the Treasury Regulation Subpart C Sec 100.11 Basically damaged coins need to be separated by denomination and submitted in at least one pound lots.Redemption will be made by weight with cents being redeemed at the rate of $1.45 per pound. Redemption is done only at the US Mint P O Box 400 Philadelphia PA 19105 Coins are to be shipped at the senders risk and expense. Per Coin World Almanac |
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Pillar of the Community
United States
666 Posts |
Have you put them in a rock tumbler yet?
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Pillar of the Community
United States
2589 Posts |
Conder, is there a link to those treasury regulations? I'd like to see what their redemption rates are for other denominations of coin.
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Bedrock of the Community
United States
19944 Posts |
Just roll them until you have a full box, then take the box to the bank and tell them you're making a deposit. If you're worried, put a some better coins at the ends of the rolls and maybe a few good rolls toward the top. If you just walk in with a sack of nasty coins nobody is going to want to take them. It would take far too long to deal with them. If they appear neat and tidy, I doubt any questions will be asked.
Lincoln Cent Lover!VERDI-CARE™ INVENTOR https://verdi.care/
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Bedrock of the Community
Australia
21786 Posts |
Only one thing wrong wrong with these pennies. They are not 'neat 'n tidy', they are
'Tight 'n Needy'!
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Bedrock of the Community
United States
12437 Posts |
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Valued Member
 United States
325 Posts |
Thanks for the info concerning the Phila Mint.
I would feel badly about giving these to my bank, drop or not. At first I thought about using the coinstar machine at wallyworld but believe they'd all be rejected.
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Bedrock of the Community
United States
17884 Posts |
No link to the regulations, the article link BioKemist posted lists the same prices that my source has. The U.S. Mint redeems mutilated coins at the rate of $3.21 per kilogram, or $1.46 per pound for cents; $9.99 per kilogram, or $4.54 per pound, for 5-cent coins; $44.09 per kilogram or $20 per pound, for copper-nickel clad coins (dimes, quarter dollars and half dollars); and $123.46 per kilogram, or $56 per pound, for dollar coins. It doesn't mention it in the above but Ike dollars are also redeemed at the same rate as the other clad coins, $20 per pound. One other thing is that the cents are redeemed at $1.46 per pound whether they are copper or zincolns. But there are something like 182 zincolns to the pound So you will lose something like 40 cents for every pound of zincolns you send in compared to the face value. Edited by Conder101
01/05/2012 09:55 am
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Moderator
 United States
188213 Posts |
Quote:
One other thing is that the cents are redeemed at $1.46 per pound whether they are copper or zincolns. But there are something like 182 zincolns to the pound So you will lose something like 40 cents for every pound of zincolns you send in compared to the face value. I would like to add that someone redeeming money found while metal detecting has no legitimate reason to complain about this.  |
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Replies: 13 / Views: 1,680 |
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Posted 01/04/2012 7:14 pm
