Brandon Lee
Banks typically carry small dollar coins, and it is rare for them to have large dollar coins. Some banks may have Eisenhower dollars, Susan B. Anthonys, Sacagaweas, and Native American Dollars, but these are not commonly found in circulation. If you're looking for specific types of dollar coins, your best bet is to try smaller, full-service banks that don't deal with many merchant accounts. These banks are more likely to order and provide new coins, but they may pass the fees on to you and require you to have an account with them. Alternatively, larger banks with a steady merchant business often have circulated coinage and sell them to non-account holders. However, most banks are reluctant to sell rolled coins to retail customers, and ordering new coins from the Federal Reserve System can be challenging due to additional fees and the possibility of not receiving the desired coins.
| Characteristics | Values |
|---|---|
| Types of dollar coin rolls banks carry | Small dollar coins |
| Large dollar coins (rare) | |
| Eisenhower dollars (Ikes) | |
| Susan B. Anthonys (SBAs) | |
| Sacagaweas | |
| Native American Dollars | |
| Presidential Dollars | |
| Banks' reluctance to sell rolled coins | Rolled coins are rarely ordered by banks |
| Banks may charge fees for special orders | |
| Special orders may not be fulfilled | |
| Rolled coins are not guaranteed to be mint-state | |
| Banks may be stuck with odd denominations | |
| Banks in smaller markets may not order directly from the Federal Reserve Bank | |
| Banks may not sell rolled coins to non-account holders | |
| Tellers may be uncooperative |
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What You'll Learn
Banks usually only carry small dollar coins
If you are looking for mint-state coins, your best option is to visit a smaller, full-service bank that doesn't typically deal with many merchant accounts. These banks are usually positioned as higher-end "enterprise banks" and are more likely to order and provide "new" coins. However, they may pass the fees associated with special orders on to you, and you will likely need to have an account at the bank. On the other hand, if you are looking for circulated coins, larger, broad-appeal banks that cater to small businesses are a better option. These banks typically have a steady supply of circulated coinage and often sell it to non-account holders.
It is important to note that banks may be hesitant to sell rolled coins to customers, especially if they believe the coins are for business use. Some banks will only provide change orders to businesses with accounts at their bank. Additionally, tellers may be difficult to work with when it comes to ordering coins, so it is essential to be courteous and empathetic while explaining your request.
Overall, while banks usually carry small dollar coins, finding specific types of coins or mint-state coins may be more challenging and may require visiting specific types of banks or building relationships with branch managers.
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Some banks may have Eisenhower dollars
Banks typically carry small dollar coins, and it is rare for them to have large dollar coins, such as the Eisenhower dollar. However, some banks may have Eisenhower dollars under certain circumstances.
Firstly, banks with a true federal reserve account can order Eisenhower dollars. In this case, the process involves ordering $2000 in dollar coins and then requesting the armoured carrier to deliver two bags of Eisenhower dollars instead of rolled coins, for which there is an additional charge. However, only a few banks are willing to go through this process.
Secondly, some banks may have Eisenhower dollars if they are brought in by customers. For example, one person on Reddit mentioned that their credit union had over 100 Eisenhower dollars. Developing a good relationship with bank tellers and branch managers can increase the chances of acquiring these coins when they become available.
Thirdly, some banks may have Eisenhower dollars if they are ordered through the bank from the Federal Reserve or if the bank orders them for themselves. However, this is less likely, as banks typically receive small dollars when ordering from the Federal Reserve. Additionally, banks may be reluctant to order rolled coins due to the fees involved and the challenge of acquiring specific coins.
Finally, some banks may have Eisenhower dollars if they are part of a special order. The Federal Reserve Banks may partially fill orders to maintain coin inventories, and Eisenhower dollars are subject to availability. However, there is no guarantee that a special order will be fulfilled, and banks may avoid placing special orders to prevent being stuck with coins that customers do not want.
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It's hard to get new coins from the US Mint
It is difficult to get new coins from the US Mint due to several factors. Firstly, most banks are reluctant to sell rolled coins to their retail customers, and acquiring rolls of coins directly from the US Mint is almost impossible. This is partly due to how the Federal Reserve System distributes coinage to banks. Banks have to pay a fee to place special orders for coins unless they qualify as \"Commemorative Issues\" with a designated Special Ordering Period. Even if a bank places a special order for mint-state coins, there is no guarantee that the Federal Reserve will fulfil the request, as they are not required to honour such requests.
Additionally, if a bank orders an odd denomination that customers rarely ask for, they may be stuck with those coins for a long time. As a result, banks often avoid placing special orders for coins. Furthermore, banks in smaller markets may not order directly from the Federal Reserve but instead go through a large regional bank, which adds to the cost of handling the rolled coins.
The distribution system for coins also contributes to the difficulty of obtaining new coins from the US Mint. The Federal Reserve Banks have the discretion to partially fill or refuse orders to maintain coin inventories. This uncertainty makes it challenging for banks to obtain specific types of coins directly from the US Mint.
Another factor is the distinction between "large" and "small" dollar coins. "Large" dollar coins, such as Eisenhower dollars, are less common, and banks may not have them in stock. "Small" dollar coins, on the other hand, are more common, but they are often mixed and randomised within bank-supplied rolls.
Obtaining new coins from the US Mint can be challenging due to the distribution system, bank policies, and the availability of certain denominations and types of coins. It often requires persistence, special requests, and understanding tellers to navigate these obstacles.
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Coin roll hunting is a popular hobby
Coin roll hunting, often abbreviated as CRH, is a popular hobby involving the search for valuable coins within rolled, bagged, or boxed coins obtained from banks and credit unions. The thrill of the hunt and the potential to uncover rare and lucrative pieces fuel this pastime. While some hunters seek older, discontinued designs, others focus on coins with errors, such as double stamps or missing design elements, or target specific sets, like commemorative coins.
In the United States, coin roll hunters typically seek cents, nickels, dimes, quarters, halves, and occasionally small and large dollar coins. They target silver coins minted before 1965 and 40% silver half-dollars from 1965 to 1970. Nickels are also sought for their silver content during the war years of 1942 to 1945. Hunters in Canada focus on nickels, dimes, and quarters, with an emphasis on pre-1968 coins due to their higher silver content. Australian coin roll hunting often involves newer coins from 1966 onwards, following the country's decimalisation, but rare pre-1966 coins may still surface.
Coin roll hunting offers a unique blend of history, geography, and the excitement of discovery. It can be a lucrative endeavour, with some hunters earning thousands of dollars annually. Building relationships with bank employees and staying informed about coin values and trends are crucial aspects of this hobby. Online communities, forums, and publications, such as The Official Red Book, provide valuable resources for enthusiasts.
While banks are typically reluctant to sell rolled coins to retail customers, certain banks, particularly smaller, full-service "enterprise banks," are more accommodating to coin roll hunters. These banks are more likely to order and provide "new" coins, although fees may be involved. Large, broad-appeal banks are a better option for those seeking circulated coins in large quantities. Establishing a positive relationship with bank staff and understanding the challenges they face in obtaining specific coins can enhance a hunter's chances of success.
Coin roll hunting is a hobby that combines the thrill of discovery with the allure of valuable finds. It spans generations, connecting enthusiasts through online communities and forums. With patience and persistence, hunters can uncover rare treasures hidden within rolls of coins obtained from banks.
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Banks may charge fees for special orders
Banks may be reluctant to provide rolled coins to their customers. This is partly due to how the Federal Reserve System distributes coinage to banks. When banks place special orders for coins and currency, the Fed charges them a fee unless the coin qualifies as a "Commemorative Issue" with a designated Special Ordering Period. For example, Statehood Quarters and the Presidential Dollars qualified for this designation when they were first released.
Even if a bank agrees to place a special order, there is no guarantee that the Federal Reserve will send mint-state coins. The Fed is not required to honor these requests, although they do so when inventory levels allow. Additionally, if the order is for an unusual denomination, the bank may be stuck with coins that few customers want. As a result, banks typically avoid placing special orders for coins.
If you are looking for mint-state rolls, your best option is a smaller, full-service bank that doesn't deal with many merchant accounts. These banks are more likely to order and receive new coins, but they will probably pass the fees along to you, and you will likely need to have an account with the bank. On the other hand, if you want circulated coins, you should try a big-name, broad-appeal bank where small businesses do their banking. These banks tend to have plenty of circulated coinage and often sell it to non-account holders.
It's important to note that even if a bank places a special order, there is no guarantee they will receive the coins they requested. This can lead to frustration for both the bank and the customer. Therefore, it's recommended that you be courteous and empathetic when dealing with bank tellers and that you clearly communicate your request. If necessary, you can ask to speak to a supervisor or contact another branch of the bank to see if they can fulfill your request.
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Frequently asked questions
Yes, banks have rolls of dollar coins, but they may be reluctant to sell them to retail customers.
Banks typically carry small dollar coins, such as Sacagaweas, Susan B. Anthonys, and Native American Dollars. Large dollar coins, such as Eisenhower dollars, are rarer but can sometimes be found or specially requested.
Developing a good relationship with the branch manager and tellers can help, as they may be more willing to accommodate special requests. Additionally, consider visiting smaller, full-service banks that don't deal with many merchant accounts, as they are more likely to order and provide new coins.
The Federal Reserve System distributes coinage to banks, and they incur fees for placing special orders unless the coins qualify as "Commemorative Issues". Banks also want to avoid having excess coins that are not commonly requested by customers, such as half dollars or large dollar coins.
It is important to remain courteous but firm. Explain your request politely and suggest that they can order the coins directly from the Federal Reserve (Fed) on your behalf. If necessary, ask to speak with the head teller or supervisor.
