Interesting view into a FED reserve bank

[SFBayArea]

http://www.npr.org/2011/06/28/137394348/-1-billion-that-nobody-wants

I always wondered what the storage units looked like inside the FED.. interesting article... have to admit.. I don't use dollar coins either.

At the same time, I wonder if inventories of half dollars at the FED have gone down due to CRHers? or probably stays the same with banks asking for and returning dumps that overflow their vaults.

I care more about what the inventories of halves in the FED look like.. lol

It's been tough enough for me using pennies and halves.. I definitely don't like using the small dollar coins.. I would use IKES however.

Maybe they should mint a few silver ones and add them to the mix in a way to get people to order them. Or better yet, just make more of those Godless errors.

 

[AGCoinHunter]

Good read SF. Thanks for sharing.

 

[captainfwiffo]

They should stop printing dollar bills. It would save half a billion dollars a year to switch completely over to dollar coins because they last so much longer. Heck, they should get rid of the penny, nickel and the $2 and $5 bills and put TJ and Abe on new $2 and $5 coins.

 

[Dok Holliday]

They should stop printing dollar bills. It would save half a billion dollars a year to switch completely over to dollar coins because they last so much longer. Heck, they should get rid of the penny, nickel and the $2 and $5 bills and put TJ and Abe on new $2 and $5 coins.

I like your thought process...dunno about dumping the nickel...but why have a $2 coin? I hardly use $2 bills as it is....I know Canada has one...the Eurozone has one too don't they?
Also...a $5 coin? Sounds a bit of a pain...

Keep the Nickle, dump the penny, put Abe on the $1 Coin.

 

[brendan1414]

I care more about what the inventories of halves in the FED look like.. lol

I thought halves dont come from the fed, SFBay?...

 

[captainfwiffo]

Back when people actually used halves they had the buying power that five dollars has today. And you can tell they used them because so many of those old walkers are all worn out. We only really use quarters nowadays because the other coins have so little buying power and we've gotten used to paper money for larger denominations. But it's inferior in a lot of ways.

The reason you'd need a $2 coin is because getting too many ones in change would be a pain. Imagine if you didn't have quarters and could only use halves and dimes. That's why they have twonies in Canada and 2 Euro coins.

If I were designing them, the $2 coin would be bimetallic like the twonie and 2 Euro, and the $5 would be bimetallic but the inside would be a 5 pointed star instead of a circle. It'd look sharp. I'd also redo the portraits on the dime and quarter. Give GW an action shot crossing the Delaware or something, and FDR should be based on that famous shot of him driving and smoking.

Actually, take the politicians off the coins and put notable scientists on there. Or go back to depictions of Liberty.

 

[Dok Holliday]

FDR should be based on that famous shot of him driving and smoking.

Yes!

 

[byrne3]

What you posted is the consequence of this:

http://creditcardforum.com/general-...-credit-card-rewards-buying-dollar-coins.html

 

[SFBayArea]

I care more about what the inventories of halves in the FED look like.. lol

I thought halves dont come from the fed, SFBay?...

Never said halves don't ever come from the FED.. YOU JUST CANNOT ORDER THEM DIRECTLY FROM THE FED YOURSELF. You have to go through a local bank. The FED is the basis of where coins come from.. however the boxes of coins you get from your bank do not come directly from the FED. Only when levels of coins are low in a Bank's main storage vault, do they order from the FED. Also when there is an overflow of coins in a Bank's main storage vault, they may send some of them back to the FED to make space.

Again as I have stated on the other thread post, the guy selling those FED rolls claimed he got them from the FED directly which is not true. The only way to get them is through your local bank. You cannot go to the FED and through a window there pick up a box of halves. I know this because I've called them before. Plus new coinage from the FED may also get mixed with circulation coins turned in by local banks. I just had a problem with the way that guy used symmantics to make his rolls seem more special than what they really are... taking advantage of new collectors in order to make money. Classic Pump and Dump.

 

[SFBayArea]

What you posted is the consequence of this:

http://creditcardforum.com/general-...-credit-card-rewards-buying-dollar-coins.html

I know about that too.. I always see brand new rolls of dollar coins turned at one of my banks. They were never opened and in large quantities.

 

[captainfwiffo]

Dammit, I use that system honestly to get dollar coins to spend. Scammers ruin everything!

 

[SFBayArea]

Dammit, I use that system honestly to get dollar coins to spend. Scammers ruin everything!

I have enough problems spending halves and pennies.. LOL to do that. I had bank tellers who got bags of those things think that I was bringing in dollar coins too when I was dumping.

I remember years ago I read an article on how many halves the FED had on hand. This is when silver prices were like at $5/oz. around 2003. The article mentioned how some FED districts still had bags of 1994 halves sitting around. I don't think it's like that now but the dollar article made me wonder.

 

[Diggin-N-Dumps]

They should stop printing dollar bills. It would save half a billion dollars a year to switch completely over to dollar coins because they last so much longer. Heck, they should get rid of the penny, nickel and the $2 and $5 bills and put TJ and Abe on new $2 and $5 coins.

Sounds good to me...The best part about the dollar coins are when i dig them out of the groud ...I've found at least 6 this year alone