You can trade the coin for other US currency of equal face value at any federal reserve bank. AKA any bank. They are all federal reserve banks.
Yes and no.
It is correct that you can trade the coin at any US bank.
It is not correct that all banks are Federal Reserve Banks. This is a misconception. There are twelve Federal Reserve Banks, and they do not have tellers. You cannot walk into one to conduct financial transactions. They essentially provide charters that all US bankd and credit unions use - all US banks and credit unions are chartered under the Federal Reserve system.
So ultimately, it doesn’t make much of a difference. They do say you can exchange at a “Federal Reserve bank” and what they mean is “a bank with a charter” which is any bank. So they are phrasing it poorly.
Yes and no.
It is correct that you can trade the coin at any US bank.
It is not correct that all banks are Federal Reserve Banks. This is a misconception. There are twelve Federal Reserve Banks, and they do not have tellers. You cannot walk into one to conduct financial transactions. They essentially provide charters that all US bankd and credit unions use - all US banks and credit unions are chartered under the Federal Reserve system.
So ultimately, it doesn’t make much of a difference. They do say you can exchange at a “Federal Reserve bank” and what they mean is “a bank with a charter” which is any bank. So they are phrasing it poorly.