how many big banks have rare coins or currency in their vaults?

sinin1

do many large banks have rare coins that they have in their inventory?>

I have to imagine that as the big buy out the small, some nice stuff can be found in the lots




does anyone know? Bank of America, Wells Fargo,Chase???

fcloud

I know there was some bank buyout about three years ago in Wisconsin, and the banks that purchased the smaller banks raided the vaults and sent all the $500 and $1000 bills to auction houses. That's a way to raise their asset value.

robertpr

<< <i>I know there was some bank buyout about three years ago in Wisconsin, and the banks that purchased the smaller banks raided the vaults and sent all the $500 and $1000 bills to auction houses. That's a way to raise their asset value. >>



I would think that would be illegal. Aren't banks required to send any $500 or higher bill to the treasury for shredding? That was my understanding anyway...

sinin1

I think CHASE got a 10K note signed by sec of treasury Chase that now is in their headquarters

cladking

<< <i>

I would think that would be illegal. Aren't banks required to send any $500 or higher bill to the treasury for shredding? That was my understanding anyway... >>




I seriously doubt it. The banks had nothing to do with them when they were first discontinued since
there was no market for them so they just returned them to the FED and they were destroyed. They
aren't supposed to reissue them but it seems unlikely they can be compelled to turn over a valuable
bill to the FED for face value.

DaveG

I would think that the more sophisticated banks cleared the old stuff out of their vaults a long time ago.

Cash in the vault is a "dead" (non-earning) asset for a bank. It's expensive for them to have a lot of cash just lying around, so they make an effort to get rid of it (send it to the Fed).

Conder101

The only ones I know of for sure are the remains of the keg of fugios in the Bank of New York, some 800 pieces, MS but many with some problems. Most of the really old material turned up and was disbursed during the bank holiday in 1933. (Some banks were found to still be holding bags of bust halves in their vaults, and on their books at face value.