how to turn in damaged change?

Geoman

I was at the bank today, and had them count a bag of change for me. They came back and handed me several quarters and a half dollar, stating these were slightly bent and won't go through the machine. So I said just change them here and they wouldn't. Saying they won't take "damaged" coins. I know I can go spend them somewhere; but who would you turn to if you wanted to turn them in? Obviously, if I spent it at a gas station, and the gas station included it in their deposit, it would probably be taken. Can banks refuse this?

KlectorKid

Spend it! or Unbend it!

dakra

I was just tossing back and forth with a collector who said from time to time he has mint bags loaded into rolls by the bank and they always give him the "damaged" coins back. The damaged coins turned out to be a few "error" coins. (Struck off center etc) I'm assuming they really are bent and there are no magic beans in there???

-Dave

mbbiker

I always thought a bank HAD to take damaged coins. I know if paper money is torn they have to take it and send it away to get shreadded i don't see why coins would be any different.

sinin1

Spend it (like the Canadian coins I get from McDonalds) - or sell it as major errors on eBay.

clackamas

>>>Spend it (like the Canadian coins I get from McDonalds) - or sell it as major errors on eBay.

Speaking of Canadian coins the guy at the post office gave me back a Canadian penny. Of all places trying to cheat me, thats not worth even a penny

cladking

There has been some talk at the fed about this problem. The coins are redeemable at
only one location. (I believe the Philly mint). They are redeemed only by weight at par
value. Due to the high costs of shipping there are relatively few entities which actually
use this service. Hence mangled, worn, and straightened coins tend to accumulate in
circulation. Banks which don't return damaged coins to customers are likely not paying
for them either. Machinery to separate these coins would likely remove some newer coin
also due to varying tolerances and production methods over the years. As much as 20%
of quarters and 25% of dimes could be removed.

The fed does currently remove damaged coins when they are counted but many coins are
not counted at the fed.

truthteller

Cladking is correct. I once worked for a firm which purchased a huge quantity of 'defective' coins from the city of Los Angeles Bureau of parking. Apparently, there was a huge accumulation of 'coins' which people inserted in parking meters to steal time. Among the voluminus coinage from other countries as well as Chuck E. Cheese, cut pennies were purchased. The total was well over 3 tons of pennies. We had to rent a semi trailer to haul it to the railroad yard, which in turn trained the semi-trailer to Phily. After four months, the Treasury issued a check for $40,000. I think the deal cost the company $10,000, not to mention the profit on the foreign which came to $15,000. Although it did take one month of sorting with 5 sorters.

TRUTH