Picked Up $2000 in Ikes from my Bank...

[TonerGuy]

As suspected, in clear bags not canvas - all mixed dates... not sure what I am going to do with them yet... But its pretty cool to have that many Ikes sitting on my floor.

 

Even thru the plastic most of the coins look AU/Unc though...

 

 

If I open and search them other than the 72-P Types what other varieties I should look for ?

 

Or should I just not search them and sell them off as unsearch rolls on EBay ?

[CaptHenway]

Do they have any more? I use them for tip money!

[cladking]

What's the second serial number?

 

I'd be very interested to know if there are any nice non-slider MS-63 or better in there. The high serial number seems to suggest significant turnover but then I've never heard of being able to get such bags before.

 

Probably any true Uncs are '77's and '78's if they look like most Ikes from bank sources.

[DaveG]

I have to say I'm really surprised!

 

I really didn't think it was possible to get Ikes out of the Fed these days.

 

Congratulations (I think)!

[Coindude]

Might look go forty percent'ers.

[TonerGuy]

What's the second serial number?

 

 

I think thats just inventory control numbers from the Fed Bank...

 

I was shocked as well. I was truly expecting to find a bag of SBAs sitting there when I arrived. I was pleasantly surprised to say the least.

 

I suppose I could go through them and see if there are any 40% which I highly doubt. And I could look for Type IIs. What about Peg-Legs - which are the good years ?

 

I was thinking keeping a few rolls of MS coins, selling most of the MS coins in rolls on EBay for BIN and then the lower end coins giving out as tips here and there. And for those not kept, sold or used for tips exchanging them slowly here and there.

 

Or I could throw them in my basement next to my cans of peaches....

 

What are rolls of mixed date Unc Ikes going for $25-$30 ?

[messydesk]

Might look go forty percent'ers.

Are all the silver 77-Ds accouted for?

[cladking]

I think thats just inventory control numbers from the Fed Bank...

 

I was shocked as well. I was truly expecting to find a bag of SBAs sitting there when I arrived. I was pleasantly surprised to say the least.

 

I suppose I could go through them and see if there are any 40% which I highly doubt. And I could look for Type IIs. What about Peg-Legs - which are the good years ?

 

I was thinking keeping a few rolls of MS coins, selling most of the MS coins in rolls on EBay for BIN and then the lower end coins giving out as tips here and there. And for those not kept, sold or used for tips exchanging them slowly here and there.

 

Or I could throw them in my basement next to my cans of peaches....

 

What are rolls of mixed date Unc Ikes going for $25-$30 ?

 

 

I'm guessing both numbers are the same then?

 

Unc Ikes are bringing good money right now but they are normally sold in solid date rolls.

[wygold]

Nice score tonerguy, I see Ike's!!!

To bad for me, I can't even get my bank to order any at all. What's really bad is that I'm a half hour drive from the fed reserve bank and I just can't go in and ask for a bag or two. I would love to be able to score a couple of bags of unsearched Ike's. Yeah you can sell the rolls on eBay for 25-30 if you think you can recoup the costs. I don't think you'd have any problems. I've seen a hundred Ike's going for between 120.00-140.00. I wouldn't mind picking up a roll or two from you as long as they haven't been cherrypicked. L.o.L. I got a couple of peg legs but they are the 71'-S blue Ike's

Here are some useful links that will help you searching for different varieties and errors.

 

For the 72' varieties check out-http://eisenhowerdollarguide.com/1972-eisenhower-dollar-varieties/

For 71' tiger claws, friendly eagle varieties, clash marks such as a talon head or upside down u check out-http://www.ikegroup.info

 

Both websites are helpful but I've have had a problem trying to join the ikegroup's forums. Been waiting for approval from admins since May and when I tried to contact admins in emails they ended up being sent back as mail demon. Maybe I'm doing something wrong but I gave up trying to join the forums and just use the website just for research.

 

 

Another idea would be to pick up a copy of Authoritative Reference on Eisenhower Dollars-http://m.ebay.com/itm/380975009051?nav=SEARCH

 

I hope that helps. (Not sure why the links aren't working- ikegroup.info and eisenhowerdollarguide.com are the websites. The book can be found on eBay under coins/publications)

[A.Phillips]

Wow, that's really cool! I never thought that the federal reserve banks would giving a bag of Ike to a customer/collector!

[RWB]

They are circulated coins returned by commercial banks. Wear gloves when you handle them unless you want gray, sparkling fingers.

[Conder101]

Are all the silver 77-Ds accouted for?

Hard to say since there is no official mintage and no one knows how many were made.

 

Wow, that's really cool! I never thought that the federal reserve banks would giving a bag of Ike to a customer/collector!

As I have said before the problem is just getting the bank that deals directly with the Fed to order them. They had to be there and why would the Fed not ship them if they were ordered? They have nothing to gain by just sitting on them. The problem it to ge by the obstacles set up by the banks. They don't want to order special shipments for customers, they don't know they CAN order Ikes, and even it they did they don't know how to order them because there is no place on their normal forms to order them.

[TonerGuy]

So I was bored last night and decided to open one bag and sort by date...

 

A quick once through (if assorting a 1000 Ikes can be considered quick) shows the following distribution....

 

(these numbers are approximate and if they dont add up to 1000, sorry)

 

71-P........ 15

71-D........ 70

72-P........50

72-D........115

73-P.........0

73-D.........0

74-P..........20

74-D.........85

76-P..........115

76-D.........225

77-P..........35

77-D..........115

78-P..........35

78-D..........125

 

Surprisingly the 76-P & D coins were the absolute worst of the bunch. I would have expected them to have been saved by the general public in droves so I thought they would have had a higher UNC to Circulated ratio. Almost all of the 1976 coins were heavily circulated. Out of 300+ coins there might be 2-3 rolls of UNCs.

 

There are numerous UNC rolls in 71-D, 72-D, 77-D and 78-D coins. The 74-P and 74-D coins are nice as well.

 

Also found 1 UNC 72-D 10% off center error coin that appears to be double struck.

 

And low and behold I found a circulated 1996 ASE ! . I thought I might find a Morgan or a Peace $ but never a larger ASE.

 

No silver-clad Ikes though.

 

And I also found a 72-D and 74-D that were heavily circulated to the point of where they are probably VF 20 coins.

[RWB]

Sounds like you found some interesting things in the first bag... and enough to cover your time in having to dispose of the rest of them.

[Coindude]

TG that's a really cool report! Now... we need more pics!!!

[cladking]

 

71-P........ 15

71-D........ 70

72-P........50

72-D........115

73-P.........0

73-D.........0

74-P..........20

74-D.........85

76-P..........115

76-D.........225

77-P..........35

77-D..........115

78-P..........35

78-D..........125

 

Surprisingly the 76-P & D coins were the absolute worst of the bunch. I would have expected them to have been saved by the general public in droves so I thought they would have had a higher UNC to Circulated ratio. Almost all of the 1976 coins were heavily circulated. Out of 300+ coins there might be 2-3 rolls of UNCs.

 

There are numerous UNC rolls in 71-D, 72-D, 77-D and 78-D coins. The 74-P and 74-D coins are nice as well.

 

Thanks for the data. It sounds like you did pretty well already.

 

Are you sure all those "Uncs" don't have friction on the high points? It's hard to believe these are wholesaling at 2 to 4 dollars each if they can just find them in bags. Maybe this price can't hold up in the long term.

 

I'm surprised as well by the condition of the bicentennial coins.

 

You might want to watch for type II/ type I mules. None are reported but if any are ever found it should be from a source like this. You can check these fairly quickly by stacking the neck crease coins and the no neck crease coins and then looking to be sure all the reverses are the same.

 

You might want to save the '76-P type I if there are any.

[johnny9434]

nice score

[TonerGuy]

 

Are you sure all those "Uncs" don't have friction on the high points? It's hard to believe these are wholesaling at 2 to 4 dollars each if they can just find them in bags. Maybe this price can't hold up in the long term.

 

I'm surprised as well by the condition of the bicentennial coins.

 

You might want to watch for type II/ type I mules. None are reported but if any are ever found it should be from a source like this. You can check these fairly quickly by stacking the neck crease coins and the no neck crease coins and then looking to be sure all the reverses are the same.

 

You might want to save the '76-P type I if there are any.

 

As for getting them in bags - I dont think anyone outside of SF, LA or Phoenix can order them. I didnt see anything on the Fed Reserve website about orders from other areas of the country. I dont think you could even get them outside of those major cities. And I dont think they are going for that much.

 

I see them usually going for $1.25-$2.00 per coin from XF to UNC.

 

Im calling them UNCs because they dont have wear from circulation. Do they have bag marks and bag friction. I dont think they are worthy of being submitted with the hopes of getting an MS66 or 67. Maybe 1-2 coins in this entire bag has a chance at that.

 

As for the mules - type II and type I - I do not know of what you speak... got pics/links ?

 

And I havent look for Type I to Type IIs for the 76-Ps.

 

Now that they are sorted - the next step is to start separating the UNCs from circulated coins by year & mint mark.

 

And yes more photos are coming...

[Nutmeg Coin]

This coin dealer, "Andrew" told me he picked up 2500 IKEs for $2000 from a guy when the bank refused to take them.

 

 

That shows the advantage of advertising in local papers where he got the call.

[messydesk]

Are all the silver 77-Ds accouted for?

Hard to say since there is no official mintage and no one knows how many were made.

My understanding of conventional wisdom, which I realize does not a mint record make, is that there were 6 made.

 

[FadeToBlack]

Not worth selling the rolls on eBay, congrats on getting bags. They're fun.

[e1cnr]

the 71-D RDV-006 FRIENDLY EAGLE are worth looking for

 

 

as well as all errors (broadstruck, clips,double struck....)

[TonerGuy]

There are some really nice coins and a lot of dregs so far... at least 4-5 I think i want to submit and Im only half way thru the 72-Ds.

 

Think I am going to market them a little bit differently then just rolls & small bags.

 

Im not a poker player but for the rich guy that wants to hear the clink of money during his poker game but cant afford $20 culled Morgans as chips... Ikes make a nice substitute over clay/plastic chips.

 

Its going to fun handing the dreck out as tips though.

[coinman_23885]

There are some really nice coins and a lot of dregs so far... at least 4-5 I think i want to submit and Im only half way thru the 72-Ds.

 

Think I am going to market them a little bit differently then just rolls & small bags.

 

Im not a poker player but for the rich guy that wants to hear the clink of money during his poker game but cant afford $20 culled Morgans as chips... Ikes make a nice substitute over clay/plastic chips.

 

Its going to fun handing the dreck out as tips though.

 

I hope I am wrong, but I doubt it is worth the time to market and slab any of these unless you have an unusual variety or select dates in MS66-MS67 condition.

[TonerGuy]

I hope I am wrong, but I doubt it is worth the time to market and slab any of these unless you have an unusual variety or select dates in MS66-MS67 condition.

 

Im not doing it for the money. If I break even I am happy. And Im not trying to slab any - well may be 1-2 from each bag. I will try to slab the off center error coin. I see they sell for $100-$600. I might try any Type II 72-Ps I find. But this is for the fun of digging through a bag of coins that you cant really find anymore. Its no different than people who search through boxes of $500 of JFKs.

 

I make enough money during my day job. This is a hobby - which should be fun. Thats why I dont deal. Dealing then becomes work and when a hobby becomes work it loses its fun.

 

And I cant lose money on this deal. I paid $1 for $1. And so far Ive pulled about 5-6 date/mint mark rolls out of UNC coins for my personal collection.

[TonerGuy]

Sorry not the best images but these are the coins I have separate out from the rest so far. They are all AU-UNC coins. I removed anything under AU or damaged or stained.

 

I figure that Im averaging 40% AU/UNC coins vs. 60%

 

The 74-Ds were by far in the best condition. The worse was the 71-Ps so far.

 

 

[e1cnr]

pics of your UNC 72-D 10% off center error coin that appears to be double struck?

[coinman_23885]

I hope I am wrong, but I doubt it is worth the time to market and slab any of these unless you have an unusual variety or select dates in MS66-MS67 condition.

 

Im not doing it for the money. If I break even I am happy. And Im not trying to slab any - well may be 1-2 from each bag. I will try to slab the off center error coin. I see they sell for $100-$600. I might try any Type II 72-Ps I find. But this is for the fun of digging through a bag of coins that you cant really find anymore. Its no different than people who search through boxes of $500 of JFKs.

 

I make enough money during my day job. This is a hobby - which should be fun. Thats why I dont deal. Dealing then becomes work and when a hobby becomes work it loses its fun.

 

And I cant lose money on this deal. I paid $1 for $1. And so far Ive pulled about 5-6 date/mint mark rolls out of UNC coins for my personal collection.

 

I agree with you. I just wanted to make sure that you research the going prices before expending grading fees and any other sums marketing these. The price guides are often inflated for this series. In any event, I hope you'll post close-ups of the error coin. As you know Ike errors tend to bring nice premiums.

[e1cnr]

I went to a regional show near Chicago about 10 years ago and someone was selling ZipLock bags of IKES for $1.10 apiece. The guy had a couple totes of them and I bought a bag of a couple hundred. As I was walking to my car I realized what a pain it would be lugging a few thousand of these around.

[RWB]

How many Ikes were in each plastic bag? If it was more than one, you got quite a deal!