Silver at the bank

[fasteddy]

Just got back from my favorite bank. What a score. The proverbial little old lady changing in her little box of coin from her night stand. There were Ike's, Morgans, Peace dollars, walking lib halfs, Frank halfs, JFK halfs, standing lib quarters, Washington silver quarters, Merc's and Rosies and a bit of old nickel and pennies. $39 and change worth. Now this is my favorite bank and always has been. The tellers are all fine, great atitudes and extra friendly....and they ARE ALL SILVER HOUNDS....I didn't get any of the silver....they shared amongst themselves the treasure. They wouldn't even sell me the pennies.

[SilverChaser111]

Interesting... I have been under the impression that if you are inside a bank and you ask to buy coins from the teller, that it is illegal for them to refuse you in order to keep the coins for themselves. However, if silver comes in and no customers are there to ask to buy it, then it is completely allowed for them to set it aside and buy it themselves at the end of their shift. So, that seems a lil sketch that they wouldn't "share"... anyone else able to shed some light on this?

Maybe I've been misinformed, but I would think all you would have to do is ask to speak with the manager, and they would be forced to sell you whatever coins you wanted at face value, regardless of silver content

[BamaJoe]

Interesting... I have been under the impression that if you are inside a bank and you ask to buy coins from the teller, that it is illegal for them to refuse you in order to keep the coins for themselves. However, if silver comes in and no customers are there to ask to buy it, then it is completely allowed for them to set it aside and buy it themselves at the end of their shift. So, that seems a lil sketch that they wouldn't "share"... anyone else able to shed some light on this?

Maybe I've been misinformed, but I would think all you would have to do is ask to speak with the manager, and they would be forced to sell you whatever coins you wanted at face value, regardless of silver content

Sorry, the teller is under no obligation to sell you any specific quarter, half, etc. You ask for quarter and they can give you what they want. Most banks now have at least one teller smart enough to gather the silver. I have arrangements with tellers (along with a couple managers) in a dozen or so banks where they save it up, give me a call and then I go buy it from them. It a good deal for both - they make some money and I get it at a good price. Additionally the little island girl (aka my wife) is a head teller at a bank - she has all the other tellers trained to bring her all the good stuff and it ends up in my stack.

[SilverChaser111]

If a teller refuses to sell you a quarter, dime whatever that is in plain view and is property of the bank (not the employee) they would have to be able to give you a very good excuse why they won't sell you the coin. And if a manager gets involved, what is the teller going to say to him/her??? "No, I want to keep this quarter!"?? Do you really think a manager would allow his/her employees to do that in front of a customer? I don't think so.

I have arrangements with friendly tellers in my area as well, and I've spoken to branch managers about this also. They have never told me that it is up to the teller to decide which specific coin I'm allowed to buy. That's like going in to a grocery store, and having the produce guy say "You can't have that apple, I'm going to buy that one after my shift is over... have this one instead"... not gonna fly. As far as the bank is concerned, those coins are only worth face value regardless of silver content, and even tho a teller might be privy to precious metal knowledge and want to keep it for themself, they have to "give it up" to a legit customer if they have the money to purchase it and ask to buy the specific coin.


If you're wife and the other teller's at her bank are collecting coins for you, kudos to them, and to you. Sounds like a great hook up. I have a local woman I met through craigslist that works in the vault room at a major bank and sets aside the silver halves to sell to me for a profit... which again is totally legit. But if you're wife and her other tellers are actually saying "no" to other customers when they blatantly see the silver coins being dropped off and want to buy them, I highly doubt her manager would approve. It might not be illegal, but it sure is a bad image of the bank to portray and terrible customer service as well. I hope for her sake, she never comes across a guy like me walking in there and just so happening to catch silver being brought in... if she said "no" to me I would raise hell to the manager and can guarantee you I would end up walking out with the silver... but only after filing an official complaint on the employee with her manager and possibly with the corporate office. Tellers have so many other opportunities to snag silver coins when no customers are around to "notice" that it should be no problem letting go of the one or two that get "snagged" by a customer in their line that "knows what's up". That's just greedy

[Thogey]

Just got back from my favorite bank. What a score. The proverbial little old lady changing in her little box of coin from her night stand. There were Ike's, Morgans, Peace dollars, walking lib halfs, Frank halfs, JFK halfs, standing lib quarters, Washington silver quarters, Merc's and Rosies and a bit of old nickel and pennies. $39 and change worth. Now this is my favorite bank and always has been. The tellers are all fine, great atitudes and extra friendly....and they ARE ALL SILVER HOUNDS....I didn't get any of the silver....they shared amongst themselves the treasure. They wouldn't even sell me the pennies.

Correction: It was an "all knowing Elderly old widow" who just finished pile driving her(idiot coin collecting)r husband into the grave

[natsb88]

Interesting... I have been under the impression that if you are inside a bank and you ask to buy coins from the teller, that it is illegal for them to refuse you in order to keep the coins for themselves.

It is most certainly not illegal for a teller to refuse to give you a specific coin out of their till. A particular bank might have an internal policy about it, but they are a private business and free to set their own rules.

If a teller refuses to sell you a quarter, dime whatever that is in plain view and is property of the bank (not the employee) they would have to be able to give you a very good excuse why they won't sell you the coin.

You are not entitled to anything the bank owns simply because you can see it. Are they obligated to sell you their desk, safe, or teller stand simply because it's there? Of course not. It's a private business, not a public service.

That kind of entitlement attitude really gets under my skin. I get emails from time to time where people tell me I "have to" sell them silver for $28 because that's what the stock market says the price of silver is. The heck I do. A teller doesn't "have to" sell you any particular coin out of their drawer.

[Treetop]

the banks here wont give me ANY coins unless its the part of a dollar, bills cant cover. they told me outright they reserve it for businesses.

[PolishPunisher]

I would be concerned as a teller that the axe could fall on me if a customer was upset I wouldn't let him buy a particular coin or bill. Tellers are at the bottom of the bank totem pole. Do that to a big customer or friend of a higher up and you'll get fired for sure. I've heard stories of tellers getting fired for much less.

As for non-banks, I agree with Nate. I don't plan on selling my .999 nickel for $7 anytime soon.

[NHsorter]

Sure the teller are pee ons and if you want to cause a stink you MIGHT be able to get the silver coins that you see in their tray. More likey, you will be flagged as an a-hole and guarantee that they will never save anything for you or do you any other favors in the future. The tellers are the gatekeepers of your hobby, be nice to them and you will be rewarded. Don't assume that any PM's that are in your field of view belong to you. If you were a bank teller, would you sell silver coins to customers at FV?

[JerrySpringer]

The proverbial little old lady changing in her little box of coin from her night stand. There were Ike's, Morgans, Peace dollars, walking lib halfs, Frank halfs, JFK halfs, standing lib quarters, Washington silver quarters, Merc's and Rosies and a bit of old nickel and pennies. $39 and change worth.

At first reading I silently wept with others here on your bank visit results. However, the obvious thing is every day in America, little old ladies are turning in the coin collections and not every bank teller staff is silver savvy. Give it time. I swear, folks who probably were collecting up to 1980's looking for silver prices to uptick probably are having their collections being turned in to banks these days because they have passed. I mean, not everybody's heirs and next of kin even care about silver's value. I still remember a friend of mine who sold his father's gold and silver coins around 2006 because he just saw no need to hang onto them. Sold them at his garage sale to a neighbor. He was glad to have the cash instead of the coins. So that is how it works with people. Now, for someone to turn stuff into the bank at face value and the tellers probably not even letting the widow know the value, well there is some avarice there perhaps.

[NHsorter]

Now, for someone to turn stuff into the bank at face value and the tellers probably not even letting the widow know the value, well there is some avarice there perhaps.

In that respect, I could see validity in a bank policy not allowing tellers to buy coins. This way, it would discourage them from "ripping off" or knowingly paying FV to customers for collectible items. This policy would certainly discourage at least some of this activity since it would take away the profit potential for the "savy" tellers and therefore increase the likelihood that a knowledgeable teller would just warn the customer to keep the silver or sell it at a coin shop instead of giving it up at face.

I'm a free market guy though. If a bank wants to allow their tellers to rip off customers, that is fine. They will be judged by the market.

[fasteddy]

Oh fellas, I apologize...I wasn't rag'in on the tellers. I went in to pay my mortgage and they were all excited to show me their treasures. I have given up on this branch years ago for silver or copper pickups. It is fun with the tellers to share our treasure stories.

There wasn't any avarice on their part, the teller told the lady what to do with her silver coin she just didn't want to look for a place to sell it and I wasn't there yet.

@ silverChaser...you will get more out of life with sugar than with vinegar.

I posted this to show that there are still those boxes in the nightstands....so keep on asking everytime you go in to the bank. Don't forget to smile at the tellers.

[Rodebaugh]

I can picture Eddy demanding the silver coins at once. "by darn, I'm THE customer, I'm always right, now give me that silver or am I going to call the police...the newspaper...hell the governor if I have to. Were friends you know? Thats right the governor and I. And trust me you don't want to upset him. So you best hand over my silver coins before I get him and your manager involved"

[NHsorter]

Oh fellas, I apologize...I wasn't rag'in on the tellers. I went in to pay my mortgage and they were all excited to show me their treasures. I have given up on this branch years ago for silver or copper pickups. It is fun with the tellers to share our treasure stories.

There wasn't any avarice on their part, the teller told the lady what to do with her silver coin she just didn't want to look for a place to sell it and I wasn't there yet.

@ silverChaser...you will get more out of life with sugar than with vinegar.

I posted this to show that there are still those boxes in the nightstands....so keep on asking everytime you go in to the bank. Don't forget to smile at the tellers.

I agree with everything you said. It is fun to share stories. I have also had tellers that said the same thing. They told the person cashing the stuff in that it was worth more and they still did not care. That is just crazy to me. In now way was I trying to implicate all tellers. But there definitely has to be some out there that are knowingly taking stuff in and not telling the customer. At least around where I am, I see a lot more of the good ones than bad ones! Smiles do get you more coins

[scyther]

I can understand someone not caring about PMs and deciding to just sell the stuff they inherit rather than keep it, but putting it in the bank when you know it's worth 20X face... I just can't understand that. If you're too lazy to find a coin shop or make an Ebay account when the difference is that big, why even take it to the bank? Just throw it in the garbage. Going to the bank is too much work.

[Treetop]

I can understand someone not caring about PMs and deciding to just sell the stuff they inherit rather than keep it, but putting it in the bank when you know it's worth 20X face... I just can't understand that. If you're too lazy to find a coin shop or make an Ebay account when the difference is that big, why even take it to the bank? Just throw it in the garbage. Going to the bank is too much work.

You know, youd think most who turn this stuff in at face simply dont know what they have. Its not always true! a friend of mine saw an old lady one time asking the bank if a 5 dollar gold piece was redeemable. they said, yes it is, but proceeded to tell her its value was much more then 5 bucks. She said, oh i know its gold, but those pawn shops (only place she thought she could sell it I guess? ) rip you off! he tried to get it, but the teller just smiled at him and said she collected coins as well.

[SilverChaser111]

You are not entitled to anything the bank owns simply because you can see it. Are they obligated to sell you their desk, safe, or teller stand simply because it's there? Of course not. It's a private business, not a public service.

You didn't really just say that did you. You and I both know that comparing legal tender in a bank's til (which IS for sale to the public) to a desk or other furniture (most obviously not for sale, unless this bank is located inside a furniture store ) is simply ridiculous. I don't think ANYONE that read my above post thought I was implying that they should feel entitled to random objects inside a bank

But that was good for a laugh... I needed that. Thanks

[natsb88]

You are not entitled to anything the bank owns simply because you can see it. Are they obligated to sell you their desk, safe, or teller stand simply because it's there? Of course not. It's a private business, not a public service.

You didn't really just say that did you. You and I both know that comparing legal tender in a bank's til (which IS for sale to the public) to a desk or other furniture (most obviously not for sale, unless this bank is located inside a furniture store ) is simply ridiculous. I don't think ANYONE that read my above post thought I was implying that they should feel entitled to random objects inside a bank

But that was good for a laugh... I needed that. Thanks

That's just it. You are not ENTITLED to buy anything if the business doesn't want to sell it to you. A coin dealer doesn't have to sell you something just because it's in his display case. McDonald's doesn't have to serve you just because you walk in and say you want a hamburger. Any private business can refuse to transact with any individual or any company for any reason. That includes a bank teller refusing to sell you a specific coin out of their drawer. It's ABSURD to think you have the "right" to any coin in their building, just because it's a coin and they are a bank. It IS their right to refuse to do business with you. It is NOT your right to purchase their goods.

Heck, if a bank wanted to, they could set up a little display case and sell their silver finds for melt or whatever. They are a business just like any other business. They aren't there as a public service to you.

Obviously "not doing business" isn't a good business plan, so companies typically don't refuse business unless they have a good reason. But the idea that you have the RIGHT to buy their coins at face value is 100% dead wrong.

[SilverChaser111]

You are not entitled to anything the bank owns simply because you can see it. Are they obligated to sell you their desk, safe, or teller stand simply because it's there? Of course not. It's a private business, not a public service.

You didn't really just say that did you. You and I both know that comparing legal tender in a bank's til (which IS for sale to the public) to a desk or other furniture (most obviously not for sale, unless this bank is located inside a furniture store ) is simply ridiculous. I don't think ANYONE that read my above post thought I was implying that they should feel entitled to random objects inside a bank

But that was good for a laugh... I needed that. Thanks

That's just it. You are not ENTITLED to buy anything if the business doesn't want to sell it to you. A coin dealer doesn't have to sell you something just because it's in his display case. McDonald's doesn't have to serve you just because you walk in and say you want a hamburger. Any private business can refuse to transact with any individual or any company for any reason. That includes a bank teller refusing to sell you a specific coin out of their drawer. It's ABSURD to think you have the "right" to any coin in their building, just because it's a coin and they are a bank. It IS their right to refuse to do business with you. It is NOT your right to purchase their goods.

Heck, if a bank wanted to, they could set up a little display case and sell their silver finds for melt or whatever. They are a business just like any other business. They aren't there as a public service to you.

Obviously "not doing business" isn't a good business plan, so companies typically don't refuse business unless they have a good reason. But the idea that you have the RIGHT to buy their coins at face value is 100% dead wrong.

You seem a lil bitter Not sure who has been demanding uncalled for entitlement from you to cause the level of disgust you're portraying, but you should realize you're directing your anger in the wrong direction. Look, it was a hysterical comparison with no logical sense behind it, and you know it.

Speaking to the tellers and a cpl managers at the banks in my area is where I got this "absurd" information and that's why I posted what I did. They are always more than happy to sell my their silver coins at face value and have said they would feel terrible trying to sell it to me at anything above face or for refusing to sell it at all. I'm sorry if the banks in your area are not as accomodating (try flirting a lil bit, female tellers love me ), or maybe you're just trying to stick up for the average Joe the stacker that can't find a normal, friendly bank to buy from. But from my experience, what I said is true... not DEAD WRONG


But hey, you ARE entitled to your opinions, so don't take my word for it. Believe what you want

[scyther]

I agree with natsb88 here. They have no obligation to sell any specific coins. Once it's deposited, it's theirs, and they can do what they want with it.

Look, it was a hysterical comparison with no logical sense behind it, and you know it.

Seemed logical enough to me.

[natsb88]

Look, it was a hysterical comparison with no logical sense behind it, and you know it.

I disagree. You are telling a business what product they have to sell you, and at what price. That's not how business works. You can negotiate all you want. You can't actually force them to sell you anything.

Speaking to the tellers and a cpl managers at the banks in my area is where I got this "absurd" information and that's why I posted what I did. They are always more than happy to sell my their silver coins at face value and have said they would feel terrible trying to sell it to me at anything above face or for refusing to sell it at all.

Then that is a particular bank's policy. It is not a "law" or a "right" as you keep implying.

I'm sorry if the banks in your area are not as accomodating (try flirting a lil bit, female tellers love me ), or maybe you're just trying to stick up for the average Joe the stacker that can't find a normal, friendly bank to buy from.

I get along just fine with my bank and everyone who works there, thank you very much.

But from my experience, what I said is true... not DEAD WRONG

Your experience is with one bank's policy. From that, you are drawing broad assumptions that there is some underlying national standard that requires banks to sell anybody any coin in their possession at face value, and that is 100% dead wrong.

Many banks charge a fee to purchase rolled or boxed coin. Is that illegal because they charge more than face value? Many banks will only sell coins to business customers. Is that illegal because they refuse to sell coins to some customers?

Let's take your premise that "coins are a product for sale so they have to sell any and all of them at face value" a little further. The US Mint is in the business of selling coins. Call them and demand that they sell you silver eagles for $1 and gold eagles for $50. Obviously that's absurd. But if those coins by chance land in a teller's tray, you're saying they are required to sell them to you at face value, and you throw a fit with the manager if they don't? They are under absolutely no obligation to sell you ANYTHING, let alone silver coins at face value, unless you and the bank both signed some kind of contract that says you get first dibs on anything in their till.

But hey, you ARE entitled to your opinions, so don't take my word for it. Believe what you want

I'm not stating an opinion, I am describing facts. You can't seem to distinguish between a private business policy and a law or a right. If your bank's policy is to sell silver coins to you at face value, that's awesome! But for you to claim that it's your "right" to buy silver coins at face value, or that it's "illegal" for them to refuse to sell you coins out of their till, is factually incorrect.

[jacer333]

You seem a lil bitter Not sure who has been demanding uncalled for entitlement from you to cause the level of disgust you're portraying, but you should realize you're directing your anger in the wrong direction. Look, it was a hysterical comparison with no logical sense behind it, and you know it.

Speaking to the tellers and a cpl managers at the banks in my area is where I got this "absurd" information and that's why I posted what I did. They are always more than happy to sell my their silver coins at face value and have said they would feel terrible trying to sell it to me at anything above face or for refusing to sell it at all. I'm sorry if the banks in your area are not as accomodating (try flirting a lil bit, female tellers love me ), or maybe you're just trying to stick up for the average Joe the stacker that can't find a normal, friendly bank to buy from. But from my experience, what I said is true... not DEAD WRONG


But hey, you ARE entitled to your opinions, so don't take my word for it. Believe what you want

A tad early into your realcent career to be rocking the boat like this, especially with one of the highest respected members of our community, wouldn't you say?

[OtusLotus]

So, the bottom line (in my personal experience) is that the teller is NOT allowed to keep the change for themselves or for other tellers. BUT, they can tell you that they are saving the coin for another customer. And if that is the case, since it is going to another customer, chances are that you aren't going to see a thing!

[BamaJoe]

Well folks, we should all be thrilled to have such an expert on nationalwide banking practicies. Bless your little heart SilverChaser

[SilverChaser111]

This is an absurd, ridiculous conversation. The amount of misinformation in your post is staggering. You have put words in my mouth, made assumptions based on what I wrote, ignored corrections I made to my first post in followups. In the end, I just don't have the interest to sit here and quote each individual sentence with appropriate responses and keep this absurdity going.

Bottom line, you believe it's not hysterical to compare the change in the bank's til to a random desk inside the building. And you even somehow have other members agreeing with you. We all know that you're talking semantics. In the context of physical property of the bank, you are absolutely correct. However, you know that's not the context of the discussion. People go to banks to process money, dollars, change, checks, wire transfers, and many other things/transactions.... not for furniture. You are not gonna walk into a bank and say "Hey, could I buy some quarters?" and have them reply "No. However may I interest you in a desk?" Could it happen, yes of course. Will it happen... of course not. But hey it was good for a laugh, and if you can't laugh about it, then I feel for you. I have no problem laughing at myself.

natsb88, I can tell you want to argue, and if it wasn't for caring about my reputation at BullionStacker, my "home" forum, of which you are a member, than I would consider going round and round with you because of the way you are twisting my words. In the end, talking semantics, and picking apart every single word in my posts just shows once again you have a lot of hostility being directed at me when it should be directed at all the people who caused you to have this disgust for "entitlement"....as you already made mention to earlier in your first post.

Read my posts again... I never once said "It is illegal"... not even close. It doesn't matter anyway. If you really want to prove that you're right, you can do so with a lot more tact. Attacking ppl's posts is just unnecessary. Feedback doesn't command respect. It's a great indicator of how trustworthy someone is for completing transactions with. But respect is earned in how you treat ppl, how you present your ideas, the words and phrasing you use, etc. I wanna respect you but you're coming acroos as hostile, arrogant, and presumptuous. I'll chalk it up to you having a bad day, and my post triggerring some (undealt with) hatred for rude ppl making uncalled for demands from you. But seriously, it's not that big of a deal...