Posted on 06/26/2013 10:07:33 AM PDT by DManA
There's an ad getting heavy play. Guy says there's a loophole in the law. You can walk into a bank and they will hand you silver. Then they direct you to a web site.
I ain't going there. Anyone know what the scam is?
Well, with your excellent and overwhelming dearth of information I can’t understand your question.
I have a bird on my head..
Go to the bank and buy some rolls of Kennedy 1/2 dollars.
You might get lucky and get a pre ‘71, in which case you’ll be ahead.
there is no loophole. people are told to ask if they have any half dollar rolls and exchange bills for coins, and then expecting to see the bank has left olderhalf dollars that are either 90% or 40% silver in therolls.
success varies and you will morethan likely be unimpressed/disappointed.
I guess you haven’t heard the ad.
It’s likely predicated on old monetary policies. Back in the day, the phrase on your paper money used to say “This bill is legal tender for all debts public and private and may be redeemed at the Treasury for gold or ‘lawful money.’”
You used to be able to turn in cash for gold or other commodities of value. Now our system of tender is just a house of cards.
You can usually order Silver Eagles through a bank. I suppose that it would also be relatively easy to pay an internet middleman along the way if you choose to.
It’s not a scam, exactly.
If you order rolls of Kennedy halves, there is a small chance that some will be dated 1965-1972, which are 40% silver, and a tiny, TINY chance that some will be dated 1964, which are 90% silver.
It’s not a scam, just a way to get cheap silver. here is what they will tell you to do.
1) Take $100 and go into a bank.
2) Ask the teller for $100 in customer rolled dimes, quarters and/or half dollars. Notice, I said customer rolled. These are rolls that customers bring in for paper dollars.
3) Take the rolls home, bust them open and pull out any silver dimes/quarters (pre 1965?) and half dollars (pre 1971?).
Your haul varies, and the end result is you get silver coins at face value. Over the past 4-5 years it’s gotten harder and harder to find silver coins this way; it can be done, though.
I assume its lawyerspeak.
They say “no cost to you”. Well if you exchange bills for silver coins it’s not costing you anything but your not making money except in valuation fluctuations.
I read it on our local paper. I believe you will get a paper promise for silver (or gold or unicorns). There is no physical gold, no physical silver, but you can ride your unicorn when gas prices go above $40.00 a gallon. They will have your money, but somehow you have to feed your unicorn.
Nice tip. You actually are getting silver? About what percent of rolls contain some silver now days?
Thanks for the response. Makes sense now. Though I don’t know how they intend to make money with this ad. Anything to attract eyes to their web site I suppose.
Seems like none of you have heard this ad. I assumed it was national but maybe it’s just being played locally.
The minute you hear the word “loophole” (or “ridiculously easy trick”) the OFF switch should trip in your brain.
You’d have just as much luck raiding the trash at the liquor store of used lotto scratchers. I found a $100 winning scratcher in the trash, once. Some people are drunk when they buy scratchers and don’t even realize their ticket was a winner. LOL
Good luck with that. Bank managers are quite savvy about silver coinage and most of it goes out of circulation the moment it is deposited. I recall an incident 25 years ago at the bank next door to where I worked. An elderly lady deposited several thousand Morgan silver dollars into her savings account. Someone noticed the transaction and word spead like wildfire up and down the street. Everybody (including me) rushed to the bank to exchange our tens and twenties for "dollar coins". We were all told that the bank had no dollar coins, period. When I was in line you could clearly see them sitting on the counter. I later heard from a bank employee that the bank manager substituted funds from his own account to make good the difference and took the coins for himself.
IIRC, pre 1965 quarters were 90% silver, 10% copper and pre 1971 half dollars 60/40. like I said, everyone seems to be doing it these days. If you get a roll that came from the Treasury, via the bank you'll have about a 0% chance of finding any silver. Customer rolled, I've heard people getting $4-$5 face value, recently. Those hauls seem to be getter fewer and farrer between, though.
I’ve heard the same commercials.
I suspect his assertion is that you can walk in to a bank, give a teller $20, get two rolls of quarters, and find silver quarters in them.
I don’t recall seeing silver (pre-’65) coins in general circulation in DECADES.
I still don’t know the 5 magic words either.
#9 hinted at it. I see you’ve heard the ad.
Did you go to their web site?
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