will the banks take the new pennies that are messed up?

[buffhunter]

After many years of MDing, I (and now along with my daughter) has ammassed a huge quantity of Lincoln cents. We have been separating the 1982 and earlier cents and have a ton of 1983 to date pennies. Probably close to $50.00 worth. The problem is that about a third of them are corroded or missing parts. The salt water and Florida soil like to eat these up. My question is, will the banks take these without any problems? Do i have to notify them that these are probably not reusable? anyone have experience with this yet? We have just accumulated so much my daughter wants to put them in the bank and start earning some interest.

 

[Patrol]

I made a personal friend of my bank manager and she takes them and then she sends back to the Feds. I tumble them first though to make look a little better. The clerk didn't want to take them at first but the bank manager said to put aside to send back to the Fed Reserve.

Taking them from me is better than giving away toasters for my business!

TE

 

[999slvrfx]

My bank won't good luck with your's.
They told me to throw them away.
Check out Jeff's post in Everything else forum.
Sounds like we are going to have more throw away money.

 

[whitestar55]

roll them, they cannot refuse then, they are legal tender.

 

[aa battery]

The Bank of Aint takes um...aa

 

[Copperhead]

roll them, they cannot refuse then, they are legal tender.

I was gonna trash the ones I've been finding...but now you got me thinking..It's not my problem
they can't make the darn things so they don't dissolve...I'm gonna see what my banks got say about it..
thanks..

 

[SaginawIan]

Funny, I get mad every time I dig a disolved penny. I think it's simply an outrage that new United States of America coinage is so shabby. It is a pet peeve of mine.

ian

 

[wyattrr]

Hmmm...never tried it but what about taking them to a coin star? One of the post said to roll them...I agree, my bank opens rolls that customers bring and runs them through a coin counter to verify count. I got my share as well I would be interested on what you do let me know.

 

[Ken from Atlanta]

If you take them to a federal reserve bank they will take them, but it would be easier to just roll them and cash em in

 

[SC_hunter]

Never had any turned down when rolled.

 

[halfdime]

I always use the coin counter at my bank. It takes the uglies, and you don't have to deal with some b**ch who wants to lecture you like a school marm.

 

[Moonshadow]

I used to be a bank teller at a large bank that had a coin counter/sorter. We would gladly take customer rolled coins (if they had an account), but we had to verify the amounts in the sorter. The sorter spits out the corroded, mutilated and foreign coins. The customer did not receive credit for them. They were just tossed in the garbage. It was not worth packaging them up and sending them to the Reserve Bank because of the weight.
Another bank I worked for would take the rolled coins, but you would have to put your account number on all the rolls, and when they were broken open, if their were any mutilated ones, the amount would be debited from your account.
Hope that answers your question.

P.S. Halfdime........not all Bank Tellers are B**ches!

HH,
Moon

 

[seger98]

I have 2 comments

I metal detect as well & I know what you are talking about with the zinc pennies, they are virtually worthless, so what to do with them?
I would think we should be making calls to the federal reserve bank in your area to see if they will take them.

comment 2

But also being a coin roll hunter, I'd be more then ticked off if I went to a bank & bought $25.00 in pennies that were hand rolled & got them home to look for wheaties & indian heads only to find a bunch of rotten pennies, if your account or name was on the rolls, you can bet I'd be back to that bank in a heart beat demanding my money back & showing them what I just got. They might even debit your account then.

So I really think we should be contacting the local federal reserves in our home areas & see if they can take them OR... What the rules are for banks... I feel they have to take them just like they take ripped up paper money, but I don't think we should try to slide them by in a roll, they should be made aware of what you have & take the appropriate measures!!

 

[halfdime]

I used to be a bank teller at a large bank that had a coin counter/sorter. We would gladly take customer rolled coins (if they had an account), but we had to verify the amounts in the sorter. The sorter spits out the corroded, mutilated and foreign coins. The customer did not receive credit for them. They were just tossed in the garbage. It was not worth packaging them up and sending them to the Reserve Bank because of the weight.
Another bank I worked for would take the rolled coins, but you would have to put your account number on all the rolls, and when they were broken open, if their were any mutilated ones, the amount would be debited from your account.
Hope that answers your question.

P.S. Halfdime........not all Bank Tellers are B**ches!

HH,
Moon

Nor did I say that all are. However, in my bank there is one who is, and if it's your turn for service, and it's her turn to serve...

 

[buffhunter]

Some great thoughts guys (and girls). my personal bank will not take them, but i have not checked with a Federal Reserve Bank. I do agree that i should notify them of their condition. I too would be mad if i was handed a roll of pennies only to find them all corroded. Any bank managers out there that can enlighten us