Thanks, I forgot that distinction when I said above that they’re still legal tender.
Canadian law provides that all former notes issued by the Government of Canada, or any of the predecessor colonies, can always be redeemed at face value.
Collector value is normally higher, but Canada never cancels govt/issued notes. It’s one factor that contributes to the reputation of the Canadian dollar.
It does depend upon state law.
If you think that the executor can just walk into the bank and open the safe deposit box, though, you would be wrong. In many states, safe deposit boxes are “sealed” when the original renter dies. Only a special court order or a lengthy legal process can unseal the box. In other states, providing a few documents to the financial institution is enough to gain access to the decedent’s safe deposit box.
I see in some States, nothing much other than Death cert and proof you are entitled, in some-State law requires that the executor provides written notice to the Pennsylvania Department of Revenue at least seven days before entering the safe deposit box. A copy of the notice must also be provided to the financial institution where the box is located. Before accessing the safe deposit box, the executor must give a sworn statement to the financial institution that the notice was given to the PA Department of Revenue.
I seems a tax official is no longer needed in most cases. But it can be complex and take time and red tape.
I hang out on a number of collectible money forums. One thing that collectors do is just buy rolls of quarters and halves and go through them to look for pre-1964 US coins (They are 90% silver and worth over 20 times the face value). They just redeposit the ordinary coins afterwards,
And the real prizes are called CWQ or CWH (customer wrapped quarters or halves). They are easy to spot as the rolls are different than the bank issued, machine wrapped coins. In fact they ask the tellers if they have any customer wraps to begin with. It is interesting to see that some of the people who deposited the coins even mark the rolls by years.
I don’t recall anything in my employer’s rule book specifically laying out a policy, but all tills have a dedicated video camera and swapping out your money for something in that till is going to look very, very shady.
We did have an employee who wanted to swap paper bills for dollar coins which the managers at the time allowed through the cash office provided they were notified of the swap and it was in view of the cameras but he left years ago. Once or twice someone has asked about doing it for an unusual coin but I’ve never heard of anyone hitting a jackpot. It’s a case-by-case situation and it had better be aboveboard, that is management is aware it is occurring. I’m not at all confident the current management line up would allow it.
If a bill higher than $100 came in the door we’d probably refuse it, which we are allowed to do.
Quis custodiet ipsos custodes? 
How is this not simple larceny? We can debate whether the excess value of the coins belonged to the customer or the store, but they certainly didn’t belong to you.
An interesting conundrum. The coins actually have two distinct values: Face value that everyone recognizes, and some higher numismatic value that only a few people and specialist businesses recognize.
Here’s a sorta comparable situation. We’ve all heard of, if not watched, those TV shows about finding high-value antiques amongst the general detritus of estate sales, storage units, pawn shops, etc. While IMO most of the stories are planted BS, there’s an element of truth in the underlying meme that might be something like “They didn’t know what it was worth when they sold it.”
Does an informed buyer have an obligation to tell the uninformed seller the real value of whatever is about to change hands? When the proverbial kid brings Dad’s coin collection to the candy store to buy [whatever], does the shopkeeper have an obligation to stop the kid if they recognize at least in general that this is not ordinary pocket change the kid is proffering?
There’s an element here of caveat emptor in reverse; Caveat vendor perhaps? IOW “seller beware (of buyers who know more than you do.)”
When dealing with a child, you have a whole different level of responsibility. So that to me is a whole different kettle of fish. You can no more ethically sell a kid a piece of candy for a silver dollar, than you can sell them a toy car for $15,000 because they don’t recognize the difference between a Big Wheels and a real Jeep Wrangler.
When dealing with adults, unless you have reason to believe the other person is non compos mentis, the default assumption is that each party looks out for themselves. My brother has made a fortune reselling yard sale, jumble sale and thrift store finds for hundreds, sometimes thousands.
But in the case of the cashier or teller (or security guard) intercepting a transaction between the customer and their employer, it seems very clear. The employee is not a party to the transaction. They are not explicitly or implicitly authorized to exchange anything between the till and their pockets.
Good analysis; I was mostly trying to stimulate discussion. Not disingenuously, mind. Just thinking my first draft out loud.
To continue the hijack about valuable bills and coins in the till drawer or bank teller desk, my Citibank branch has teller assist units for the use of the bank tellers. If I ask for a withdrawal, the teller presses buttons and the machine spits out the amount and mix of bills I requested. And I think any cash I deposit goes into the machine. So really, the bank teller can’t really look at the bills or coins for anything interesting.
And I would not be surprised if the machine is tracking the serial numbers of the bills that go through it.
My wife used to exchange money in the till when she was counting it - with the explicit consent of the restaurant owner. Mostly it was American coins, which were accepted at Canadian face value. He never went to the USA very much, we did. Back in the day, we’d have a big bagful, but they became less over the years. Sadly, the quarters we used to use for NJ tolls are less and less useful. Still good for feeding into those highway robbery hotel drink machines.
A while ago she’d found two Canadian dimes (1947 and 1965) in her change but those too have bcome very rare finds. I wonder how much my 60-year-old $100 bill is worth?
There was a famous robbery in Marseilles where thieves tunneled into a bank vault from a sewer and spent the long weekend prying open safety deposit boxes. The full extent of the haul was never known because France has a wealth tax - tally up your net worth every year, and pay a percentage to the government. As a result, a lot of better off French will keep undeclared assets in bank safe deposit boxes.
Almost certainly $100. It would have to be an oddity in some way and in pristine condition.
Perhaps CAD$100 from that era have more collector value than US$100?
The clerk didnt want them, and they were used to purchase products at their face value. I exchanged my $1 bills for the $1 coins, what’s the issue? It is pretty standard to retail employees to pick out collectable coins and exchange them.
That isnt what happened. The customer bought stuff with $1 coins. The clerk didnt have a place to put them in his register, so I exchanged $1 bills for $1 coins. No transaction was “intercepted”.
Not to mention the night clerk was a owners partner and brother.
Yes, this is common and standard.
It’s not the clerk’s money and it’s not yours. Unless you’re authorized to do so, “exchanging” something valuable that belongs to some else for something less valuable is theft. You can rationalize it all day long.
But then I also think not reporting cash tips is tax evasion.
It was indeed- the clerks money- he was a part owner. And again, exchanging coins is very standard in retail, if you read the thread here. A clerk sees a Buffalo nickel and asks the manager who says sure, grab it- and certainly technically it belongs to neither. But it is wont enrich the grocery company when rolled and sent to ther bank, it wont enerich the bank either.
If you have explicit permission from the owner it’s a different story
Is this a standard veteran benefit? I’d never heard of this before. Then again, I’ve never really investigated vet benefits.
It seems if was just a special offer from this bank to veterans.
Yeah. Lotta businesses offer various freebies to vets. Definitely not a matter of national statute.
Something that amounts to a “hook 'em for life” come-on to what’s inherently a mobile customer base seems like a natural choice for a spiff.