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Save your time and money by making banking work best for you and your specific needs. For tips on how to maximize your banking success, just ask Alex, our expert banker. Learn more about the production of coins in the United States, including which coin is the rarest. Explore what it means to have PINs for credit cards. Find out what happens when a check gets returned.

Question: What is the rarest U.S. coin?  Asked by: Rosa from Sweetwater, Florida.

Answer: The United States Mint has been circulating coins since March 1, 1793.  Since then, there have been over 6,000 different types of coins produced.  The rarest is the 1933 Saint-Gaudens Double Eagle $20 gold coin.  What makes this coin special is that even though 445,500 coins were minted in 1933, none of them were distributed to the public because Congress passed the Gold Reserve Act in 1934.  The Act made it illegal for United States gold coins to be circulated and used as legal tender.  The plan was to have all the coins melted down except for two which were sent to the U.S. National Numismatic Collection and are currently displayed at the National Museum of American History.  Unfortunately, staff at the mint smuggled approximately twenty coins.   Over the years the Secret Service was able to recover nineteen coins.  Nine were destroyed and ten are currently in Fort Knox.  There is only one coin that is legally privately owned.  It was sold at a Sotheby’s auction in 2021 for $18.9 million.

Question: Do credit cards have PINs?   Asked by: Marshall from Henderson, Nevada.

Answer: A personal identification number (PIN) is a numeric passcode, typically four to six digits long, used to process financial transactions electronically.  They are commonly associated with ATM and debit cards, but there are several credit cards that can also be utilized with a PIN.  Not only does a PIN offer an additional layer of protection but is required to withdraw cash at an ATM.  To see if your credit card has PIN capability, please contact the credit card issuer.

Question: What happens to a check when it gets returned?  Asked by: Dillion from Fayetteville, Arkansas.

Answer:  When a check is deposited into a checking or savings account, the payee’s financial institution will attempt to collect the funds from the check writer’s financial institution.  A returned check occurs when the receiving financial institution declines to honor it.  There are several reasons why a check is returned.  The most common being the check writer doesn’t have enough funds in their account to cover the check, and it is returned as non-sufficient funds.  Once that happens, the check is sent back to the financial institution that accepted the deposit.  Depending on the financial institution, they may attempt to collect the funds a second time by resending the check for payment or give the check back to the payee.

Check out our YouTube video on the rarest U.S. coin at:  CLICK HERE.

Written by: Alex Sanchez, Branch Manager

Important: For your specific questions about banking, contact your banking expert, Alex, at: alexexpertbanker@gmail.com

Alex is starting his 18th year in the banking industry.  He has worked for such notable banks as Bank of America, US Bank, and Chase.  Alex has his bachelor’s degree in Business Economic from the University of California Riverside.