Went to the bank today...

sacaman

I have such a great group of tellers. They let me lean over the counter, and eye their coins. They let me cherrypick their Ike dollars, sac dollars, quarters, and halfs. One time the teller remembered I like Ikes, and pulled out a nice envelope of 35 with many in mint condition. So today as I am withdrawing a couple of dollars I lean over and see 4 gleaming 40% Kennedy halves sitting in the tray, 2 mint state and 2 in au condition. Traded my two dollars for them and happily thanked the teller. Great Bank.

mach19

Keep looking my friend. Silver is going up!!

JoeLewis

I just don't understand why bank tellers give this stuff up. Surely the know that the melt value of these things is more than their face value. Why don't they just buy them from the bank themselves? Better yet, why doesn't the bank have a policy of putting silver coins aside and selling them for melt value for profit to the bank?

Phoenix21

Man, congrats! Very cool finds! Silver is going up, so they are worth holding onto imho. Nice job, and nice bank!

Phoenix

19Lyds

<< <i>Why don't they just buy them from the bank themselves? >>


I would think that the typical teller simply does not make enough to purchase and hoard these let alone try and sell them. It may be worth a couple of bucks to those that have a lot but to a typical Joe, its just a 50 cent piece.


<< <i>why doesn't the bank have a policy of putting silver coins aside and selling them for melt value for profit to the bank? >>


It's like the story of the cat house over the hardware store. The hardware store had to close its doors because there was just too much friggin overhead!

I suspect the same is true with banks and rolling companies. Its one thing for you and me to sit down for a couple of hours, going through rolls and picking out 5 or 6 here and there but something totally different if you're paying someone $15 to $20 and hour to do it. Its just too expensive. Not only that but with the few that they do spot, where do they put them until its time to head for the coin store? Lots and lots of auditing, accounting and logistics to address.

nickel

While some tellers may be aware of the premium , most do not .
And if those few get a handfull , they probably dont know where to
sell them for intrinsic value .
As for the bank selling for a profit , it may not be allowed by the FDIC
for banks , or the NCUA for credit unions .
Those examiners are a mean , nitpicking bunch .
Wife says they look for anything not in compliance ,
then possibly lower the institutions rating , then return
to see if you have fixed your errors .
Kind of like getting bad marks from OSHA , or failing health
codes in a restaurant on a surprise visit by city inspectors

BECOKA

Even if they are aware they don't know what to do with them once they have them. It's not like the know how to turn around and sell them for instant profit.