Old money and bonds

[ShadowBall]

I don't know a whole lot about old coins or savings bonds or anything, and I'm having a hard time finding out about the latter online.

Anyway, I have two questions: Are half-dollar coins still considered spendable currency? I have about $120 in these things and I'm wondering if I can put them in my bank account. I wonder if some might be worth more than 50 cents since I think some are the 90% silver coins, but there are no coin stores or antique stores around here to sell to, so I guess I'd just deposit them.

Also, my grandmother left me quite a big pile of bonds that I guess were able to be cashed at least nine years after she got them. Thing is she didn't sign the damn things, so I think they're worthless. Or am I mistaken?

[teh_blumchenkinder]

Half-dollars: yes
if you suspect silver coins, then go the extra mile(s) (hurr hurr) and get them checked. It's highly likely that that's the only thing beyond its' face value. (U.S. coins have to be untouched (sometimes literally) from the mint in order to be worth anything... *le sigh* so if they've been in circulation in any way, it's a very rare coin indeed that's worth beyond-face)
don't know about the bonds, get them checked.
Re:stores: check in pawn or jewelry shops, or maybe even those "we buy gold and silver" places.

[Shpepper]

Take the bonds to your bank and ask them. They should be able to tell you their value.

[draggar]

For the silver 1/2 dollars look at the edge. If it's silver and brownish then it's not silver. If it is 100% silver in color then chances are it's a "silver" half dollar. With few exceptions, they stopped the 99% silver ones in the very late 1950's or early 1960's. Some were made after but mostly for uncirculated and proof sets and some special ones (1976 bicentennial etc.).

If they are silver you can always put them up on eBay or travel a little extra to cash them in. DO NOT DEPOSIT THEM. It may be worth the extra drive to sell them at a coin store, especially if they are old (pre JFK ones). Even circulated (used) ones may be worth more (when I was a kid a local coin store would pay 10X face value for silver coins - I doubt it's the same now but you'll never know).

[fma_fanatic]

If the half dollars are either the Walking Liberty or Franklin, you're more likely to get more money than you might with the Kennedy half dollars. That's what I was told by the gentleman at the coin company who bought the husband's half dollars for much needed money.

[Sapphire Silk]

Take the coins to a coin shop and have them looked over by an expert.

If they are largely silver, they are worth more than face value just in the silver.

If they are collectible, they may be worth more which is why draggar says don't deposit them in the bank; the bank will only give you face value and you can't go back and get the original coins back later.

The bonds, maybe. Usually US Savings Bonds have the name of the owner on them, and they are not transferable. However, they would be part of your grandmother's estate, which means whomever was her heir would get them. You didn't mention which grandmother, but I assume you mean your mother's mother. Did your grandmother leave them to you in a will? Or were they just lying around after she died, your mother had no interest, and you decided to keep them? If the former, and they are worth something, they are legally yours. If not, then they belong to the estate. Depending on how much they are worth, you might need to talk to a probate attorney. You can probably get a quick answer in a free consult.


The bank can tell you if the bonds are still good, and how much interest they have earned, and if they are still earning interest (ie, have not "matured"). Paper US Savings Bonds, once they mature, are worth twice the face value.

If they are US Treasuries, then it's a bit different. Those are transferable and are bought and sold all the time. However, it's not common for every day citizens to own them. While they can be bought by any one, regular joes usually buy US Savings Bonds. Again, the bank can tell you if they are any good, and how much they are worth.

There are lots of other types of bonds, of course. Most bonds from old corporations and the like are worthless other than curiosity value. Some collectors may buy them, though they will not pay much. I have a couple old Railroad bonds from the late 19th century. They are cool, but not particularly valuable. A bank may be able to tell you about other bonds if they are not US Savings Bonds or US Treasuries . . . if not, an appraiser can.

I hope you've got a real find. It might help you cut loose from your mother and make a fresh start.

[ShadowBall]

I think all the coins are Kennedy coins...some of them I guess are anniversary coins - the ones that say 1776-1976, some are mostly silver and there are a lot that are silver and brown. I only know of one antique shop in town, but I can see if there's anyone in the area that appraises or buys coins. I've never seen one anywhere in this area.

The bonds were given to me when my grandmother was still alive (they were buried in a dresser in my room) and I guess they were meant to be cashed after nine years. I was also in her will - I was to get her house along with my aunt, but not sure if that makes a difference. In any case, I'll take them to the bank and see what they have to say.

And sadly, any money I could get from this will go toward college. I don't think it'd be enough to do anything with, but it'd be a start if I could actually save it rather than sacrifice it for tuition. It's just gonna be hard trying to ninja this stuff to the bank because if my mother knows I have money, she'll be asking to borrow it all the time since she's up to her neck in debt and/or demanding I give it to my school.

[Racket_Man]

For the silver 1/2 dollars look at the edge. If it's silver and brownish then it's not silver. If it is 100% silver in color then chances are it's a "silver" half dollar. With few exceptions, they stopped the 99% silver ones in the very late 1950's or early 1960's. Some were made after but mostly for uncirculated and proof sets and some special ones (1976 bicentennial etc.).

If they are silver you can always put them up on eBay or travel a little extra to cash them in. DO NOT DEPOSIT THEM. It may be worth the extra drive to sell them at a coin store, especially if they are old (pre JFK ones). Even circulated (used) ones may be worth more (when I was a kid a local coin store would pay 10X face value for silver coins - I doubt it's the same now but you'll never know).

the US mint stopped striking 99%$ silver coins in 1964. the dollar, half dollars, and dimes after that were sandwich composite. heck with the price of silver these days the metal value outweights numesmatic UNLESS the coins are in REALLY REALLY good condition such as an MS61 or better.

like dagger said DO NOT deposite or spend those coins. the same holds true for older paper money in decent condition esp ones with a red or blue seal or ones that are from before the 1930's when they slightly changed the paper money design (yes the change is VERY evident).

TRY like heck to find somewhere to get thos coins looked at. and again remember they will only give the the FACE value (numesmatic or precious metal value is higher)

I am assuming the bonds are US savings bonds. one thing you might try is getting an OFFICIAL death certificate for your Grandmother. you might be able to turn them if you can prove you inherited them ie. will or probate court proceedings.

[Victory Sabre]

Half dollars 1964 and before are 90% silver (1794-1836 89.24% silver). Halves dated 1965-1970 are 40% silver. Based on the price of silver ($40.495 oz 7:22AM CDT 9-13-11), the 90% silver dollars have around $14.50 worth of silver in them, and the 40% have around $6 worth of silver in them. They are worth far more than face value. 1971 on are face value, unless they are an error coin or are uncirculated.

I hope this helps. If you have any more questions, feel free to PM me on the subject.

[taxguykarl]

Kennedy half-dollars would probably not be pre-1964. FWIW, they are legal tender. I find it hard to believe that you'll get more than face value, except possibly the bicentennial.
As for the bonds are they corporate or a government agency? If federal (US treasury), just take them to your bank. FWIW, interest from corporations and the federal government is taxable, while state and local government agencies might not be--depends on the issue. If and when you cash them in, consider putting the funds in a six-month CD; it will mature during tax season so that if you owe, you'll have the funds right there. You're welcome to PM with more detailed tax questions.

[Victory Sabre]

You are correct about the Kennedy Halves, Taxguycarl. They were first minted in 1964 through the present day. Since 2002 they haven't been produced for circulation, but only for mint and proof sets. Here's a link to the mintage of the coins.

http://www.bestcoin.com/kennedy-half-dollar-mintage.htm

[Sapphire Silk]

Bicentennial coins are not worth much more than face value IIRC because they are so common. They also don't have much silver. But get an expert to look just to be sure.

Kennedy half dollars from 1964 have a high silver content, IIRC, but ones much later don't. Again, get an expert to check.

If your grandmother gave you the bonds, then they're yours. But US Savings Bonds are technically not transferable. You'll need her death certificate to cash them in. The bank can tell you what they're worth. Just because they're matured doesn't mean they lose value. They just don't earn interest after the maturity date.

Whatever you do, make sure your mother doesn't find out. She'll find a way to take that money from you if you do. Keep her out of the loop.

Whatever happened to the house?

[Seshat]

My suggestion is to make use of this money for yourself.

Talk to people here. Find a city which has work - any work that you can do - and a decent poverty-assistance program.

Use the money to get a bus ticket to that city. The chances are fairly good that we have at least one person in that city ('cause hey, how else would they know?)

Stay in a youth hostel the first night, and talk to the staff there. They probably know of a bar that's hiring cleaners or barbacks or some such, and that job will pay for you to stay in the hostel while you're looking for better work.

Talk to the poverty assistance people. They will help you make your existing debt a manageable one, and can sometimes help you with programs that will get you housing and work.

Take only mementos that matter to you, your ID paperwork, your folio, your financial paperwork.

Send the 'withdrawing from the course' paperwork to your college once you're in your new city. If having a Masters ever matters to you later on, you can start again, or can see if you can get credit.


Honestly - once you're willing to abandon the things that don't matter to you; you can make a future that does.

[ShadowBall]

Unfortunately I cannot take my cats on a bus, and I will not leave them behind or re-home them. Sadly, just about everywhere for rent locally is "no pets" because heaven forbid these assbags have a strand of fur on their precious floors. Also, Mom's got all my legal papers in a strong box and only she has the key, and I'd need to go through her to get a death certificate for my grandma. I might just wait until after I get out of college to try and get money for all these things so I don't have to sacrifice them for school. I know I won't be able to get out of here in two years anyway, so worrying about getting out now now now like the house is on fire will just make more problems than it solves.

My grandma's house is still owned by my aunt, but I have no idea how much of a hand I might have in its ownership.

But anyway, thanks all very much for the info on the coins and the bonds. Most of the coins are from 1971 and beyond, but there's a handful or two from 1964-1970 that I can tell are mostly silver, so I guess I'd just take those to anyone around here who could appraise them if the rest are just worth face value.

I gotta look at the bonds again to see what kind they are because I can't remember off the top of my head. Hooray for good memory.

[Mikkel]

Also, Mom's got all my legal papers in a strong box and only she has the key, and I'd need to go through her to get a death certificate for my grandma.

http://www.free-lock-picking-guide.com/

Your legal papers are yours.



And lock picking is a good skill having anyway. Try it out on loose padlocks in the beginning, it's surprisingly easy.