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 Replies: 17 / Views: 2,619 |
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Pillar of the Community
United States
784 Posts |
I'm not sure why I never knew the answer to this and I hope it isn't too newbie if question but, what happens to all the coins that are minted? I know that paper money is slowly recaptured and shredded by the Fed but what about all the BILLIONS of coins that have been minted over the last hundred years? Surely they aren't just rolling around in circulation or hoarded or stuck in rain grates, etc... right?
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Valued Member
United States
213 Posts |
Well they get used and when someone collects or hoards or is just like 99% of America and doesn't use pennies they just hold on to it.
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Bedrock of the Community
13014 Posts |
Some get collected, some stay in circulation since the coins last a much longer time, the silver gets hoarded, but if a coin were to stay in circulation long enough eventually it would get pulled and I assume melted by the feds once its condition got real bad
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Pillar of the Community
United States
5854 Posts |
Many probably get melted and possibly to get recoined, poured into ingots, or used for other purposes.
Edited by D0ubl3Eagle
03/13/2013 9:26 pm
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Pillar of the Community
United States
1812 Posts |
The Mint claims (or used to claim) that the life of a coin in circulation is 35 years and currency at only 13 months, thus the argument for replacing the dollar bill with its dollar coin counterpart.
I still receive numerous coins dated post 1965 Dimes & Quarters, post 1960 Cents and Nickels, and many are over their 35 year life span.
The Government does have a redemption center for turning in both damaged coins and currency, and lists the amount of what was damaged, and I believe the Banks set aside both coins and currency no longer fit for circulation. I'm not sure where the bank sends them for redemption, and one can always ask a Bank Manager.
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Pillar of the Community
 United States
784 Posts |
I think I will do that today and post back what they tell me.
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Pillar of the Community
United States
784 Posts |
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Pillar of the Community
United States
950 Posts |
I HAVE THEM ALL!
I may have slightly exaggerated that last statement.
Edited by baysinger626
03/14/2013 2:21 pm
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Pillar of the Community
United States
784 Posts |
Mind if I come over with a few 55 gallon drums and a shovel? :)
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Pillar of the Community
Australia
1006 Posts |
I dont know much about how America works but in Australia when coins and notes are spent the shop keepers and banks take out the extremely worn ones which are sent back to the Reserve bank of Australia and then they are sent back to the mint to be melted down?(i think that's how it works) Should be similar to America tho?
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Pillar of the Community
United States
2311 Posts |
Not really how the USA works, we pretty much one of the worst countries. I know banks I hear take out the very worn paper money. If they were taking out the old coins why would banks still have old coins? So that shows they only care about paper money.
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Bedrock of the Community
13014 Posts |
Quote:
If they were taking out the old coins why would banks still have old coins? So that shows they only care about paper money.
Age doesn't matter its condition. Unlike the bills its very easy for a coin to survive 30 40 years and still be usable especially if it sat in a collection at some point |
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Valued Member
United States
250 Posts |
I think landfills and the ground would hold alot of them, how many times do you see people just drop change and keep walking, or it's lost and it eventually it ends up in the ground or worse. And I bet a few here and there end up in the garbage for whatever reason.
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Pillar of the Community
United States
1745 Posts |
Hmmm, interesting. I will have to ask my daughter what they do at her bank. I think for the most part, they stop circulating and end up in jars, collections, ground, garbage, etc.
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Pillar of the Community
United States
4085 Posts |
It has been said that old circulated coins don't die, they just fade away...
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Bedrock of the Community
United States
10034 Posts |
C'mon guys... Area 51 give any hints?  |
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Replies: 17 / Views: 2,619 |
Posted 03/13/2013 8:35 pm
