What do banks do with the large dollars?

[barrytrot]

When a bank gets a few large dollars in, what do they do? Are they always collected by someone like one of us?

If not, they go back to the processor. Does that company keep them? Or what do they do?


My followup question would be: Assuming that some dollars aren't collected and they go back to the processor, that means they have some. Can a bank order them for you? If so, that would be awesome!

[Corsair]

It depends on the bank. I've heard that some banks can, but my buy bank cannot. All the banks around my area are forced to keep Ikes until someone buys them. I usually do the honors

[bankmining]

I think they probably need a large quantity to turn them in, so I agree - they probably keep them until someone else wants them. I know they're always trying to get me to buy Ikes when I ask for halves.

[flbandit]

I buy them when I find them, but it's not very often.

[AgCollector]

When a bank gets a few large dollars in, what do they do? Are they always collected by someone like one of us?

If not, they go back to the processor. Does that company keep them? Or what do they do?


My followup question would be: Assuming that some dollars aren't collected and they go back to the processor, that means they have some. Can a bank order them for you? If so, that would be awesome!

I think they do go back to the processor- there's a bank a few towns away from me that was able to order me $1k bags of large dollars- did this twice- and then the vault teller quit and the new one, although always telling me on the phone that she was trying to order for me, never did. Oh well; it was fun a couple times. FYI- only found one silver (a 40% ike) between both bags.

[AgCollector]

Also, back when I was more proactive about these things, I called up coin service companies (Brinks, Loomis, etc) and had a local one tell me that yes, they do have bags of large dollars, but they don't sell to the general public, get your bank to do it. Of course, every bank I tried at told me they couldn't do it... and they tend to be suspicious of someone asking about their cash ordering procedures.

[Lemon Thrower]

in looking for halves, i found a bank that had $1800 in SBA's. they had been stuck with them for a long time. they needed $2000 to deposit with the Fed.

if by large dollars you mean Peace or Morgan, then its almost impossible for them to get enough to send to the Fed. they'll give them to customers first.

It is theoretically possilbe to order a bag but I have some pull with my bank and all they ever receive are the fake gold dollars even if they specify the right ones.

[highroller4321]

Ike dollars are treated like all other $1 coins. They get mixed into the dollars bags and than sent to get deposited into the fed. Yes, your bank has the ability to order Ike's from the fed. However, most tellers don't know that they can do this and not all fed depots have ikes.

[BamaJoe]

At the bank where my wife is they can ship them off if they have enough for a bag, but usually someone will come buy them. The last she mentioned she had about 130 of the Ikes sitting in in the vault.

[cwgii]

i generally buy them when i can, this morning a bill was due..... so i turned in 60$ of ikes. some days you are the windshield, others , you are the bug.

[misteroman]

^^ go back next week and buy them back lol.

[Beau]

.
any bank can get them, but they have a form they fill out that list all the coins, and the Ikes are not on it.
when the bank orders them they have to write it in on the order form.

if you are thinking about selling them on this site, the best I have ever seen is $1.10 each.

no one wants them.


.

[PolishPunisher]

Someone must want them because they sell on ebay for about $1.25.

[Coppercrazy]

I have a vintage /antique shop and I put a bowl of Ikes in the case price 2.00 each,10 for 15.00.Lots of people(younger) have never seen this coin...Ive sold 16 so far at these prices!(one customer bought 10 for 15) These people arent coin collectors,just buying as a novelty or souvenier...Any way,I never tried to order them,but the tellers know me as the coin guy,so they always pull them out for me...