Would a bank give you $50 for a 1 oz gold eagle.

[kfs]

I recently picked up a silver eagle at a bank for a dollar. If I were a total nut case and brought a 1 oz gold eagle in for deposit would the bank deposit it, to my bank account. Would they accept it and give me $50 or tell me they could not accept the coin for deposit.

Since the coin is denominated as $50 and is minted by the US mint they could not give you more and am guessing but I am wondering if they would even accept it for deposit.

Anyone ever here of it happening?

 

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[boristhespider88]

I recently picked up a silver eagle at a bank for a dollar. If I were a total nut case and brought a 1 oz gold eagle in for deposit would the bank deposit it, to my bank account. Would they accept it and give me $50 or tell me they could not accept the coin for deposit.

Since the coin is denominated as $50 and is minted by the US mint they could not give you more and am guessing but I am wondering if they would even accept it for deposit.

Anyone ever here of it happening?

They should. Technically, it is legal tender.

 

[TheMastermind]

Something tells me they would give you the $50 from the bank for the coin, then give the bank $50 from their pocket, and then slip the coin into their pocket and profit.

 

[bigscores]

It's happened before.

FWIW, any bullion coin produced by the US mint carries a face value and is legal tender, so it can be spent as money... including gold.

 

[Generic_Lad]

I'd imagine that they'd be -glad- to take it for $50, and then buy it right back from the bank for $50.

 

[fistfulladirt]

A couple of my banks would re-direct them to a local coin shop, per policy.

 

[waseeker]

Last time it happened at my bank, the teller called me. I went speeding there and bought it from the customer for $880.00 which was what the lcs was paying that day. we were all happy and I still have it

 

[jeff of pa]

Yes they are Legal Tender But there was a Write up in Coinflation earlier this year.

When it comes to Coins like that, Banks & Stores can still refuse to accept them if they choose

 

[sagthegreat]

So u r telling me, if i get paid in silver eagles as my salary, i can technically be paid 5000$ face value a year but in silver value $15,000

That means i get taxed on the 5000, because its face value
(if this isnt true, its like taxing someone on the metal value of clad)

 

[Dark]

So u r telling me, if i get paid in silver eagles as my salary, i can technically be paid 5000$ face value a year but in silver value $15,000

That means i get taxed on the 5000, because its face value
(if this isnt true, its like taxing someone on the metal value of clad)

Where can I find $5000 face value of silver for $15,000?!?! I will take it all!!!
This story might interest you One very strange use for silver coins

 

[BOB@NORTHEASTMETALDETECT]

in Vermont recently a couple idiots went into a bank & wanted $20 paper money for $20 gold coins they stole from a shop. the teller alerted police & they got away. they left a trail in pond shops from vermont to atlantic city. the coins were worth over $1500 each. bob@northeast metal detectors

 

[SilverForBrains]

oh heck yes they will give you a fifty bucks for it! you will make one happy teller, or one happy teller tray hunter. someone found an AGE in a teller tray awhile back!

 

[SilverForBrains]

in Vermont recently a couple idiots went into a bank & wanted $20 paper money for $20 gold coins they stole from a shop. the teller alerted police & they got away. they left a trail in pond shops from vermont to atlantic city. the coins were worth over $1500 each. bob@northeast metal detectors

world's dumbest criminals!

 

[kfs]

So u r telling me, if i get paid in silver eagles as my salary, i can technically be paid 5000$ face value a year but in silver value $15,000

That means i get taxed on the 5000, because its face value
(if this isnt true, its like taxing someone on the metal value of clad)

I am guessing you could make the case that you were paid $5,000 if your employer gave you 5,000 Silver Eagles but I think you would be hard press to find an employer that would incur around $175,000 expense to obtain your $5,000 dollars in salary. The IRS mights questions it also unless you took those 5,000 Silver Eagle and deposited at the bank for $5,000 but I am not sure how that would work out in the end.

The problem is the company's expense and payroll figures would not match very well.

 

[jerseyben]

snopes.com: Debt Payment in Pennies