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 Replies: 11 / Views: 6,906 |
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Pillar of the Community
United States
549 Posts |
I understand how it happens sometimes...estates that people don't realize have value, accidental deposit, etc.. Heck, just last July a huge portion of my coins were stolen by teens for drugs. I know my 10-pound bag of "junk" silver, 25+ silver proof sets, and various other loose coins (buffalo nickels, Wheaties, etc.) were deposited into a Coinstar.
But these "exceptions" aside, it just seems like there are far too many NIFC coins in circulation. It's hard to understand how every box of halves and small dollars that I open seems to have 2014 and 2015 NIFC (in addition to all of the older ones). What are people doing? Are they paying a premium for bags of 100, pulling out a few to grade, then dumping the rest back into circulation? It seems crazy to do that. Once you've paid a premium for these coins, why would you possibly throw them into circulation within just months of your purchase?
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Pillar of the Community
United States
4963 Posts |
Quote:
Heck, just last July a huge portion of my coins were stolen by teens for drugs. I know my 10-pound bag of "junk" silver, 25+ silver proof sets, and various other loose coins (buffalo nickels, Wheaties, etc.) were deposited into a Coinstar. That's awful- I'm sorry to hear it. Quote:
Are they paying a premium for bags of 100, pulling out a few to grade, then dumping the rest back into circulation? I think people do that with the dollars sometimes- If I remember correctly there isn't that much of a premium on them from the mint. I don't know about the halves. |
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Moderator
 United States
54282 Posts |
If you can only get them in rolls, and you only need a few for your collection, what are you going to do with them if you don't want them? (especially if you aren't a seller)
Show your financial support of the Coin Community Family (click here)See my topic on Mexican Numismatic Medals (click here)Edited by nss-52
03/31/2016 11:15 pm
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Pillar of the Community
United States
5208 Posts |
Quote:
Heck, just last July a huge portion of my coins were stolen by teens for drugs. I know my 10-pound bag of "junk" silver, 25+ silver proof sets, and various other loose coins (buffalo nickels, Wheaties, etc.) were deposited into a Coinstar. Sorry for you loss  Coinstar machines kick out silver. Bank lobby coin counting machines kick out silver. If you didn't prosecute the known offenders well then  |
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Pillar of the Community
 United States
549 Posts |
The offenders were my stepson and his friends. They took $25k in coins, firearms, and anything else they could get their hands on. We did prosecute, but it doesn't bring back all of my coins.  Needless to say, I now keep all of the good stuff in a safe deposit box instead of our home safes. |
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Rest in Peace
United States
18456 Posts |
Wow I can't even comprehend that. really sorry that happened to you. It's messed up what people will do for drug money.  |
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Pillar of the Community
United States
840 Posts |
mahgobbi, I'm sorry to hear about your loss...Terrible!
I also don't understand how NIFC halves end up fairly evenly distributed in boxes across the US. I look through boxes of halves when I travel and the number of NIFC in boxes has been pretty consistent.
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New Member
United States
42 Posts |
Ouch, I'm sorry to hear of your loss, mahgobbi.
To answer your question, I've always been under the impression that NIFC halves and dollar coins end up in circulation because of 2 things:
1) People stealing collections and depositing them at the bank/running them through a Coinstar machine.
2) People and/or dealers buying bags or rolls from the U.S. Mint and cherry picking the best ones to submit for grading and dumping the ones that wouldn't be worth their time or money.
That's just my 2 cents though.
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Bedrock of the Community
United Kingdom
17940 Posts |
I haven't had that many British NIFC coins in circulation, but I've had a 1998 pound coin, and, prior to the reduction in size of the 5p and 10p in the early 1990s, I had two 1983 5p's, one 1982 10p and no fewer than four 1983 10p's. I think the reason that 1983-dated NIFC coins got into circulation is that several food and drink companies offered Uncirculated 1983 year sets to their customers on receipt of sufficient proofs of purchase (labels from cans, bottle tops etc). This was all part of a promotion to publicise the introduction of the new one pound coin. Obviously some of the recipients just regarded the coin sets as money and spent them. There are probably quite a few 1983 2p coins out there (the other denomination that was NIFC that year) but I've never had one. The only NIFC coin I've personally found in circulation in the USA was a 1969S proof Kennedy half dollar, which was in a customer-wrapped roll I got from a bank in Richmond, Virginia about ten years ago. |
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Pillar of the Community
United States
2602 Posts |
There is another way NIFCs get into circulation- you give them as gifts to kids and they spend them for candy, soda and chips.
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Moderator
United States
188560 Posts |
Quote:
Heck, just last July a huge portion of my coins were stolen by teens for drugs. I know my 10-pound bag of "junk" silver, 25+ silver proof sets, and various other loose coins (buffalo nickels, Wheaties, etc.) were deposited into a Coinstar.
    Quote:
Are they paying a premium for bags of 100, pulling out a few to grade, then dumping the rest back into circulation? It seems crazy to do that. Yes. It only takes a few gems to make it profitable. Quote:
Once you've paid a premium for these coins, why would you possibly throw them into circulation within just months of your purchase? Dealers will sell them, usually to those who are filling holes (I get them at coins shows for a very small premium). However, for most it is just easier to cash them in to help pay for the next batch from the mint. |
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Valued Member
United States
70 Posts |
Mahgobbi, I tend to find 3-10 NIFC halves every box and we are proximal to each other. I was throwing them back, but am now selling them at face to an in-law.
I think we see more NIFC than expected is relatives inherit halves they only know to keep <1971 (if they know anything).
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Replies: 11 / Views: 6,906 |
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Posted 03/31/2016 11:12 pm
