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US bank rejects silver quarter as ‘bad money’…

photo by Kevin Dooley, flickr

Just a quick note today… a funny story to end the week.

Like you probably do, my friend Larry keeps a large change bucket. Every night, he drops in a few coins that he might have picked up throughout the day… and gradually, it accumulates.

Every now and again, Larry takes his change bucket to the bank to use its automated coin machine. You put in the coins, and the machine spits out bills (or deposit slips).

Now, Larry is a worldly guy, and he travels frequently. So occasionally a coin from Canada or Europe will have made its way in to the coin bucket. But these machines have a very sensitive tolerance, and any ‘bad’ coin is rejected.

Larry emailed me the other day telling me about his most recent bout with the change machine:

“As expected, it kicked out a Canadian penny, a coin from the Netherlands, even one of those souvenir fake pennies that people pay to get inscriptions on. Then, a US quarter as well. And I laughed, because it was from the early 1960s back when quarters were made from real silver.”

The machine rejected Larry’s silver quarter as “no good”… a very perverse example of how far our society has devolved from the concept of real money.

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About the author: Simon Black is an international investor, entrepreneur, permanent traveler, free man, and founder of Sovereign Man. His free daily e-letter and crash course is about using the experiences from his life and travels to help you achieve more freedom.

Comments on this entry are closed.

  • Patrick Dugan

    From one point of view the machine was functioning well in not valuing a coin worth at least $8.50 as being worth $.25.

    Not to undermine the punchline!

    • Greg

      Patrick, I have a huge amount of junk silver I’d like to sell you: As of 1 pm eastern, melt value of that quarter is $5.47. (Silver is down $0.53, at $30.27/ounce.)

      • Robert.Burke

        Ok, Ill give you 5.47 for it.

      • Greg

        At Patrick’s pricing–under which the offer was made–that will get you a pair of (35% silver) war nickels.

  • http://www.bzemic.com/impossibleInstinct/ steve ward

    well now you know a easy way to find silver coins

  • Tim Bennett

    Please ask your friend why he chooses to do business with US Bank in the first place. It sounds like he could use some education on how not to enable his own enslavement (and ours as well).

  • Sean Murphy

    Huh, I figured those machines pulled the silver coins and stored them seperately so the counting house could sell them as junk silver. Then they get the 10% for cashing in the coins, plus the silver sale. It’s what I would do.

  • zimmy

    I don’t think I’ll be testing this theory.

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