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NYC Sells Coins From Parking Meters
Scioto
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Jul 30, 7:31 AM EDT
NYC Sells Coins From Parking Meters
NEW YORK (AP) -- The city is selling 500 pounds of foreign coins that found their way into its parking meters this year.
"We have pretty much every denomination from every continent," said Anthony Alfano, the city's deputy chief of meter collections. The most common coins are Greek drachmas, he said.
The Department of Transportation, which makes about $90 million from parking meters annually, has collected bids for the foreign coins and plans to announce the best offer Monday.
About a decade ago, the agency decided to sell foreign coins it collected because it was impractical to exchange them for U.S. currency. In previous years, selling the coins has netted the department between $2 to $4 a pound.
Last year's highest bidder for the coins was Jim Corliss, 60, of Braintree, Mass., a longtime collector. He also bid this year.
"Every once in a while I find something of value," he said, pointing out that he once came across an 1835 British shilling worth $5.
NYC Sells Coins From Parking Meters
NEW YORK (AP) -- The city is selling 500 pounds of foreign coins that found their way into its parking meters this year.
"We have pretty much every denomination from every continent," said Anthony Alfano, the city's deputy chief of meter collections. The most common coins are Greek drachmas, he said.
The Department of Transportation, which makes about $90 million from parking meters annually, has collected bids for the foreign coins and plans to announce the best offer Monday.
About a decade ago, the agency decided to sell foreign coins it collected because it was impractical to exchange them for U.S. currency. In previous years, selling the coins has netted the department between $2 to $4 a pound.
Last year's highest bidder for the coins was Jim Corliss, 60, of Braintree, Mass., a longtime collector. He also bid this year.
"Every once in a while I find something of value," he said, pointing out that he once came across an 1835 British shilling worth $5.
GO AHEAD! I DOUBLE-DOG DARE YOU TO RATE ME A 1!
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Comments
DPOTD-3
'Emancipate yourselves from mental slavery'
CU #3245 B.N.A. #428
Don
Doggedly collecting coins of the Central American Republic.
Visit the Society of US Pattern Collectors at USPatterns.com.
Warning: GRD Greece Drachmae is obsolete and is no longer legal tender.
1.00 GRD = 0.00401904 USD
The one drachma is way too small in size, my guess would be that the coin in question is a cu ni 5 or 10 drs. Still an excellent bargain, Roy's exchange rates are correct. If the drachma was still redeemable today, one USD would be worth ~230-240 drs (calculated via the locked rate at which it was replaced by the euro, 340 drs per euro). Which is about 40-45% lower than the dollar's 2000 highs at 400-420 drs per USD. Coins from the US were very expensive in 2000 if you were making a living in drs.
myEbay
DPOTD 3
<< <i>If I'm not mistaken, the Greek drachma is the same size, weight, and dimentions as the US quarter. My brother designed the automated toll system for the Peace Bridge between Canada and Buffalo and he said there was no way to design a system that could tell the difference between a US 25c and the Greek drachma.
The one drachma is way too small in size, my guess would be that the coin in question is a cu ni 5 or 10 drs. Still an excellent bargain, Roy's exchange rates are correct. If the drachma was still redeemable today, one USD would be worth ~230-240 drs (calculated via the locked rate at which it was replaced by the euro, 340 drs per euro). Which is about 40-45% lower than the dollar's 2000 highs at 400-420 drs per USD. Coins from the US were very expensive in 2000 if you were making a living in drs.
Why go all the length to exchange when you can get the same in NY for $2 a pound?
<< <i>I'm sure this would be a great deal for someone that frequently drives to NYC. >>