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 Replies: 17 / Views: 2,874 |
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Pillar of the Community
527 Posts |
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Valued Member
United States
486 Posts |
No premium at all and not nice enough to put into an adult collection unless the adult collector has none at all.
The best use that I see with bills this bad is to give then to some young kids, you have the opportunity to make 7 kids happy and it just may start them on becoming currency collectors, that's what I do with the ones I find like that.
Bill Collector
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Rest in Peace
United States
9104 Posts |
With luck, you might get a buck premium on any of them.
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Pillar of the Community
 527 Posts |
Quote:
No premium at all and not nice enough to put into an adult collection unless the adult collector has none at all.
The best use that I see with bills this bad is to give then to some young kids, you have the opportunity to make 7 kids happy and it just may start them on becoming currency collectors, that's what I do with the ones I find like that. But for the five and ones, is it safe to go ahead and erase the pen/pencil marks? I know you said there's really no premium, but if any of the bills did have a premium, would it be safe? Either way, at least I paid only face value for all of them. Also I do not agree with the idea of giving the bills to a little kid, for two reasons: 1. I am not employed at the moment, so I am keep whatever money I can get. 2. It's very unlikely that a little kid is going to show interest in keeping one of those old bills for quite a while. Some kid would save it for a few weeks, but once the ice cream man drives by their street, they will spend it, guaranteed. Edited by TheDanMan
05/06/2012 3:03 pm
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Valued Member
United States
486 Posts |
DanMan,
Try the eraser thing, you have nothing to lose, you only have face value in them, even if you screw then up you can still spend them for what you have in them.
They are basically worth nothing to a adult collector, and I don't think young kids would buy them, like biggfredd said, you would be lucky to get a $ 1.00 over face, if a dollar is that important to you and your that bad off maybe you should not be collecting anything at this time, instead sell anything you may have that has actual value and buy the necessities of life, like food, till you get back on your feet.
I guess the kids in your part of the world are different than the kids in my part of the world. I've given out a lot of currency over the years, most that I've given it to tell me that they still have it and have been trying to add to it, maybe it's a BS story but so what, it made them happy and I'm glad I was part of that.
So many seem to forget that currency collecting is not always about the "premium" over face value that you may be able to get from some old wrinkled marked up bills that you get from a bank.
Of course you do have to use some intelligence in selecting the kids you may give some currency to. And of course I'm not talking about five or six year old kids that think the most important thing in life is ice cream.
And you sure don't want to help support any bad habits some of the "older" kids may have, you have to use your head when doing things like this.
Bill Collector
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Pillar of the Community
527 Posts |
Bill Collector, do you know if the Federal Reserve is actively trying to destroy all paper money dated 1995 and earlier? I can't remember who I heard it from, but the person told me that any time the Fed gets their hands on any obsolete designs, they are destroyed and replaced with the current designs?
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Valued Member
United States
486 Posts |
DanMan,
I think you may be on to something, I've been dealing with a few banks now and have become friendly with some of he tellers, most that I ask about "small heads" don't say much of anything, but one said that when they get any in that if they are the least bit "torn", and that can happen at any time, they are turned in to be destroyed and replaced with the current designs. I guess not many want to talk about it so take it with a grain of salt. Of course not many can keep every small head they find, most of us would be broke in no time.
Bill Collector
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Rest in Peace
United States
9104 Posts |
If you wanna erase, don't use a hard eraser, which can remove the printer ink. Get one of those kneadable bags that release soft eraser crumbs and work them into the note.
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Pillar of the Community
United States
2295 Posts |
I know banks are required to turn in any torn or really worn notes to the FR to be destroyed. Eventually all of the old designs will be removed from circulation in due time. There will always be a straggler out there, since some people put away some cash to save for a rainy day and then eventually they are spent.
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Rest in Peace
United States
9104 Posts |
The only notes I know that banks are supposed to turn in are counterfoots and $500 and up denominations.
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Pillar of the Community
United States
2295 Posts |
I know banks will return worn out notes to the FR. I just couldn't find it listed anywhere to see if it really has to be enforced or not. I guess it depends upon the bank and how much of a bother they want to do it. I imagine any note that doesn't work in their counting machines, will get returned.
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New Member
United States
19 Posts |
Eh...the only cash that I'm forced to mutilate are worn/torn bills. If somebody came to me and deposited a 500 dollar bill, it'd be taken out of my draw two minutes later, and into my pocket, replaced from money out of my account haha
My bank really doesn't enforce anything...the federal reserve doesn't strictly enforce their mutilation regulations...it's all bank teller discrepancy.
Working with thousands of bills a day, I DO see quite a few small heads. I've found my fair share of treasures here, too. Most of the small heads (from age and circulation) are worn and thrown into the mutilation pile...to be sent off to our main cash vault, and then off to the reserve. It's a sad process watching them go, but they're not worth throwing back in circulation or saving
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Pillar of the Community
United States
2295 Posts |
It is nice to hear it from someone that works at a bank on how the process works. Thanks for sharing.
It would be great if you can post some new separate posts about notes that you have found. It is great to hear stories about them. And pictures are even nicer.
Edited by wquinn
05/10/2012 11:02 am
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New Member
United States
19 Posts |
That's a good idea...i'll start that tonight or tomorrow when I go home...i literally have a binder full of bills I've gained while working here :D
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Pillar of the Community
United States
2295 Posts |
Awesome! I can't wait to see them.
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Pillar of the Community
527 Posts |
I am still hoping to find any gold certificate for face value at a bank. Some of my finds are usually the occasional red seal 2's and 5's, a bunch of 5 dollar silver certificates, and some older style Federal Reserve Notes.
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Replies: 17 / Views: 2,874 |
Posted 05/06/2012 11:34 am
