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Redeeming dirty coins...

A

Anonymous

Guest
Most of you have probably already encountered this little problem, but I thought I'd share some info I learned through a conversation with our local Federal Reserve Bank. It seems that coins that are brown or stained are considered to be "mutilated" and local banks won't take them because whatever they take in, they give back out. The local Fed won't take them because whatever they take in, they redistribute to the local banks. I was told if I wanted to cash them in, I have to send them to the mint in Philly and they will be exchanged at a percentage of value, <STRONG>based on weight</STRONG>. The cost of postage (and common sense) eliminates that idea.
Even though, to me, a "brown" statehood quarter still represents $.25, evidently the govt doesn't think so.
I suppose I could go and buy a $25 tumbler and get to work, but, for the $70 or so in change I need to cash in it is just easier to "coinstar" at Kroger (after picking out the somewhat clean ones that will easily pass to the MacDonalds drive thru).
Oh well, time to go dig up more free cash (and the occassional silver for the collection)!
 
A good bath in soap and hot water and can easily be used in vending machines etc., but have found Coinstar the place to cash in for a fee...Many use their free offtime in off season to tumble clean etc and surprising how they can add up to buy the new coil, pinpointer digger etc..
 
CoinStar is definately a way to go - although at $0.08.95/per dollar of counted coinage, the charge here, they are getting more than I charge in real estate fees!! If you dont mind that, that is the way to go.
Also, you can just USE the coins! If they are brown, what does a vending machine care? I have washed them with the dishes by shaking them around in a little mesh bag to get the crud off - and I've rarely had a store do anything more than look oddly at them. Convenience stores are a great "outlet" for them. I find "brownies", which are obviously dug, all the time in MY change, so I aint the only one.
As to banks, well we have a deal, I don't go ask and they don't have to answer.
Personally , I stockpile and then tumble once, these days. Then I buy other coins, detecting stuff or something for the wife.
But in the end keep it simple - just spend the stuff wherever it'll spend.
David
 
I sometimes take mine to my credit union but I let them know what kind of shape they are in. They said it is ok as they sell them back to the federal reserve anyway so I let them do the "Dirty" work <img src="/metal/html/biggrin.gif" border=0 width=15 height=15 alt=":D">
HH
Steve
 
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