Went to the bank today...

Comments

• mach19 Posts: 4,002 ✭✭

  February 22, 2008 7:43AM

  Keep looking my friend. Silver is going up!!

  TIN SOLDIERS & NIXON COMING

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• JoeLewis Posts: 1,912 ✭✭✭✭

  February 22, 2008 7:44AM

  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?

  US and British coin collector, and creator of The Ultimate Chuck E. Cheese's and Showbiz Pizza Place Token & Ticket Guide

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• Phoenix21 Posts: 327

  February 22, 2008 7:53AM

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

  "In theory, there is no difference between theory and practice. But in practice, there is."

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• 19Lyds Posts: 26,492 ✭✭✭✭

  February 22, 2008 8:05AM

  
  
  << <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.
  

  I decided to change calling the bathroom the John and renamed it the Jim. I feel so much better saying I went to the Jim this morning.
  
  
  
  The name is LEE!

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• nickel Posts: 662

  February 22, 2008 8:12AM

  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

  Home of quality widgets

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• BECOKA Posts: 16,961 ✭✭✭

  February 22, 2008 8:15AM

  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.

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