is the treasury removing any remaining pre-65 silver coins from circulation?

when the treasury gets bags of coins returned to them from banks, do they go through it to remove any silver that might still be around?

 

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Do banks return bags of coins to the treasury?

 

yes. my aunt is a bank manager, and she told me on sunday that banks sell the coins they get back to the treasury. she said they dont even roll there own anymore at her bank. it comes in rolled, and leaves in bags.

 

at least her bank does.

 

I know banks do sell them back to the FED some also use companies like Brinks or other companies like them instead.

But I do not know if they have a system in place to remove the silver coinage.

However I do know that if there is a system to remove it, that system is not very good because you can find silver in FED rolled coins all the time. Same with Brinks, and all the others.

 

im going to the bank to get $500 in halves today to search.

 

Well I can tell you this from experience. A lot is simple luck, and a lot is also where you live.

There are some areas where people get a $500 box and get a few silver every single box or more.

But if you live where I am ive gotten 14 boxes and gotten only 1 piece of silver out of everything :/.


So GL and happy hunting my friend.

 

Well I can tell you this from experience. A lot is simple luck, and a lot is also where you live.

There are some areas where people get a $500 box and get a few silver every single box or more.

But if you live where I am ive gotten 14 boxes and gotten only 1 piece of silver out of everything :/.


So GL and happy hunting my friend.

 

I doubt the fed even bothers pulling silver out of circulation.

 

I'm sure they might have back in the day, but these days? Not a profitable venture unless you're finding quite a bit of silver... think about the cost of machinery, labor, storage, transportation, etc...

OP, you should join us in the roll searching forum.

 

that i will. and i will bring pics of some of my finds so far.

 

Back in the late 60's they did have a couple high speed sorting machines that separated out the clad from the silver. They shut them down in the early 70's when the amount of recovered silver no longer justified their use.

Check out this link from the US mint Historian's section of the mint website

http://www.usmint.gov/historianscorner/docs/pr404.pdf

 

Says nothing about halves, interesting.

Wonder how many rare dimes/quarters were melted down...

 

I'm sure that I read that Canada does remove silver and, now, nickel coins out of circulation. They make all plated steel coins now. Not sure how their distribution system works though. I will have to try to find where I read that.

 

Article probably doesn't say anything about halves because it was from 1968 and the half dollars, although clad, were still made of silver. While there was a significant intrinsic value difference between the clad and silver dimes and quarters, the difference between the silver and lesser silver halves may not have justified the trouble. That probably changed after 1971.

 

Excellent point. I'd love to see the numbers on halves.

 

Actually the 40% halves weren't worth more than face value until 1974 based on yearly average silver price. And they weren't worth more than $1 until 1979 when the Hunt brothers tried to corner the market.

Here's a graph from 1960 to 1985 (note the log scale):

Source of the data: http://minerals.usgs.gov/minerals/pubs/commodity/silver/880798.pdf (PDF)

 

No, it is Coinstar's responsibility to take silver coins out of circulation.

http://www.cointalk.com/t205174/

 

That would have been drastically different if they had continued to funnel massive amounts of silver into common coinage/

Ruben

 

i find silver and for some odd reason wheat pennies in the reject trays of coinstar machines on a fairly regular basis..it seems coinstar sees no value in dated currency..ive ive f dimes quarters half dollars and several SusanB. dollars in those trays..