Reader Stephanie G. writes to ask, "I would like to know how a collector can get the upcoming new pennies before anyone else."
Well, that sounds good to me. Don't we all want to be the first to have something really cool? But the U.S. Mint is extremely vigilant about making sure that the coins it sells are distributed fairly and evenly to everyone at a specific on-sale starting time. Is there any way to get around this and get the new pennies early?
Yes, there is a way to get the new pennies before they're released to the general public! Although the U.S. Mint sells many coins on its Web site, circulating coins are distributed by banks. In order for the coins to be at your local bank in time to meet the large customer demand that always accompanies a new coin release, the U.S. Mint releases the new coins to the Federal Reserve System four to six weeks before the actual public release date. In the case of the new pennies, for example, the pennies will travel from the Mint to a federal contractor who wraps them into rolls and then boxes the rolls up into cartons of $25 each (50 rolls of pennies per box.) This contractor then passes the new pennies over to regional Federal Reserve Bank branches.
Banks Pre-Order the New Pennies
Your local bank can begin ordering these new coins from the Fed two weeks before the official public release date. This ordering system has been used for the State Quarters and Presidential Dollars, so there is no reason to expect that the new pennies won't be handled the same way. Your bank could have the new coins as early as ten to twelve days before they're supposed to start handing them out, if they carry them at all. One of the most common complaints about banks from coin collectors is that many banks don't carry the Presidential Dollars or the Sacagawea Dollars, either. However, this new penny is going to be in very high demand, and I would expect that most, if not all banks will order them.
Getting the New Pennies Into Your Own Hands
Now that you know your local bank will almost certainly have the new pennies ahead of time, it's up to you to figure out how to get them! If you're a regular customer of the bank, you could ask nicely and they might let you have them a few days early. If you have a merchant account, you might even get some rolls of the new pennies by accident in your regular coinage transactions. If your regular bank won't give them out, another way to get the new pennies early might be to simply visit other local banks a few days ahead of time, and ask if they have any. If you are really determined to get the new pennies early, and you just can't find a bank that will release them, call around to local coin dealers. Oftentimes they have new coins early, but they probably won't sell them at face value!
Buying Pre-Release Coins Online
(Note: This section was contributed by reader Anthony Reece.) When buying coins on eBay from the "before any one else has them" approach, be certain to buy wisely and follow a few precautions:
- Is the seller credible - check their feedback to see if they have any complaints similar to what you are purchasing. How many complaints do they have and how long have they been a member? (Watch out for fly-by-night hoodlums looking for a quick buck!)
- Does the seller actually have the item - the eBay Coins category has several sellers who will post "pre-sale" items based on the fact that they have ordered them. If the item's description doesn't state the ownership status clearly enough, ask the seller directly. If they don't reply before the auction closes, don't buy.
- What will it cost me - if the seller actually does have the item in hand, the chances are good you will have to pay extra for faster delivery in order for you to get it "before anyone else" . So then the question becomes, is it really worth it? And after spending all that money, will it even arrive before everyone can get it at face value in circulation?
Learn more - Insider's Tips to Getting Rolls of Coins From Banks
