Where do Ikes go?

Blackhawk

It seems that most banks still have some Ike dollars on hand if you ask for them. Do you think that any find their way back to Federal Reserve banks, and if so are they taken out of circulation and melted?

silverdollarfitz

maybe I'll have to try and get some at my bank, next visit... we'll see

19Lyds

If they get sent back to the Feds, I can only assume that they are thrown into the "to be destroyed" bucket! Of course, there would be accounting issues involved here but I don;t see why they would even entertain putting them back into storage?

tightbudget

Really? Every time I go to local banks and ask for Ikes, they have none. I imagine they might be sitting in the Federal Reserve banks. Probably not melted though as they do contain significantly less than $1 worth of metal.

MadMarty

<< <i>Where do Ikes go? >>



Have you ever seen James Sego's basement!! I have never seen so many bags of Ikes!!! He even has his own Oompa Lompas to search them!!!

Bear

Ikes go to the elephants graveyard to die.

mumu

<< <i>

<< <i>Where do Ikes go? >>



Have you ever seen James Sego's basement!! I have never seen so many bags of Ikes!!! He even has his own Oompa Lompas to search them!!! >>



Hey I just bought a coin from that guy.

Bochiman

About 4-5 years ago, I could still get Ikes ordered (in bulk) through my local branch. Then, they said that their main office was sending them all back to the federal reserve.
Not sure if they store them or destroy them though.

This was in Seattle area and was Wells Fargo and Bank of America.

Gandyjai

Ikes go into the "Favorite" stash places...the ones up high, or WAY in the back......

You know, those "special" hiding places reserved for the Great Tooth Fairy!

For those millions of teeth that fall out every year...sons, daughters, nephews, nieces, great-grand kids...ect....
The children's eyes LIGHT UP when they see what HUGE dollar coins are were left under their pillow.

Many more go into teacher's "prize drawers", where they are given away as prizes for vocabulary bingo cards....
or given away as prizes for high-scores on tests, projects, ect.
Again,...for the same reason....kid's eyes "LIGHT UP" when they "win" these BIG dollars!!

Then, these lucky winners and tooth fairy recipients, will put their new-found prized possession and stick it in
one of those "special" hiding places,....to maybe one day be found again under a pillow or given away as a prize
in a learning game at school.

I'm tellin' ya....for a coin that was "too big" for circulation....It sure brings out BIG SMILES!

Happy Hunting!
Brian

I Love Variety & Error Ikes!

cladking

It's old information but the last I saw the FED had no Ikes in storage. This
was several years ago when even circulated Ikes had a little premium so
this could have changed.

I believe the mint would list these as being melted if any were. They did
list melted (uncurrent) clad as recently as about 2000 and it didn't include
Ikes.

AUandAG

My banker saves them all for me....oh my. So, I just politely buy them and spend them.
She's had several hundred more than once and I just feel I can't tell her that I don't
collect THOSE coins. But, she save halves and silver for me too (but I do seem to get
more Ikes).
bob

shottaker

I have tons of ike's. Sadly thats an almost literal statement. Amazing how many unc's we still purchase from other dealers in lots of 500-1000. Lots of type 2 72,s and peg legs since most dealers dont look for them. Even if you pay 1.08 and get one type 2 out of a batch of 1000 the rest is free. Then pull unc's & peg legs, then sell the circs at shows for 1.10 to 1.15. Figure 1080.00 investment usually turns into 1400 or more with a few hours of work. We work 24/7, but it pays off and through the good and bad have always found a way to make do. Of course Ike's arent much of our business, but they pay for team lunches and cable tv.
it may take a while to process things when we get them sometimes, but our "digestive system" for coins is about as efficient as it can be without warehousing the world.