Please explain the lifecycle of a coin from dumpstation to box..

[koala33]

I am trying to figure this out.. I have somewhat of an idea..

So there are 2 banks I have been buying from - Bank 'A' which I get nice finds.. Then Bank 'B' where I might find 1 coin out of 5 boxes (and I find LOTS of markings on the coins from this bank).

BOTH banks use the same distributor for their deliveries and pickups.

Bank 'A' has black wrappers, and 'B' has yellow wrappers.

I am being told that some banks will actually sort through their silver when it is sent in from being dumped? How does this fall in line with the whole lifecycle process? Even if Bank 'B' DID sort their coins somewhere down the line, why did I find a PESO in my halves?

 

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[65gt350]

I am trying to figure this out.. I have somewhat of an idea..

So there are 2 banks I have been buying from - Bank 'A' which I get nice finds.. Then Bank 'B' where I might find 1 coin out of 5 boxes (and I find LOTS of markings on the coins from this bank).

BOTH banks use the same distributor for their deliveries and pickups.

Bank 'A' has black wrappers, and 'B' has yellow wrappers.

I am being told that some banks will actually sort through their silver when it is sent in from being dumped? How does this fall in line with the whole lifecycle process? Even if Bank 'B' DID sort their coins somewhere down the line, why did I find a PESO in my halves?

One possible explanation is that the Banks maybe served by the same carrier but they could be served by different offices of the carrier. For example in the Bay Area we have two Loomis offices located about 35 miles apart. It is possible that Bank A is served by office 1 and Bank B is served by office 2. This may explain the different color wrappers and different yields.

HH,
65GT350.

 

[Bigheed]

I talked to a couple operations managers at different armored car companies cause I was trying to bypass the banks directly and this is what I learned.

- They are coin processors only, they dont buy the coins from the bank and resell them to the bank, they just charge a fee for what they do
- Each bank has its own "vault space" at the processing centers. What this means is that banks coins do not get comingled with other banks. So if you dump at the same bank or a different branch of the same bank you will get your own circulation. You need to supply at Bank A and dump at Bank B.
- The armored companies have multiple processing centers in major cities, those tank mobiles they drive suck up alot of fuel. The ones i talked to in Los Angeles had 3-4 processing centers in the metro area
- The coin processors are not allowed to cull silver by law since they do not own the coins they can only count and process them for the bank. If the bank is culling silver it must be an in house processing center or some special arrangement. I dont think the bank is going to spend extra money to do this though. They're in the business of making loans, not owning homes or other physical things in this case silver.

HH
Bigheed

 

[Dok Holliday]

I talked to a couple operations managers at different armored car companies cause I was trying to bypass the banks directly and this is what I learned.

- They are coin processors only, they dont buy the coins from the bank and resell them to the bank, they just charge a fee for what they do
- Each bank has its own "vault space" at the processing centers. What this means is that banks coins do not get comingled with other banks. So if you dump at the same bank or a different branch of the same bank you will get your own circulation. You need to supply at Bank A and dump at Bank B.
- The armored companies have multiple processing centers in major cities, those tank mobiles they drive suck up alot of fuel. The ones i talked to in Los Angeles had 3-4 processing centers in the metro area
- The coin processors are not allowed to cull silver by law since they do not own the coins they can only count and process them for the bank. If the bank is culling silver it must be an in house processing center or some special arrangement. I dont think the bank is going to spend extra money to do this though. They're in the business of making loans, not owning homes or other physical things in this case silver.

HH
Bigheed

This is great information! Thanks for this post, and to the OP for asking the question!

 

[Hortstu]

Yeah this is interesting stuff. I assume, although you didn't get this specific, that all of the various branches of one banks coins get dumped together? I mean all the TDs only have one vault and all the Wells Fargos also share a vault?

Thanks

 

[legend76]

I talked to a couple operations managers at different armored car companies cause I was trying to bypass the banks directly and this is what I learned.

- They are coin processors only, they dont buy the coins from the bank and resell them to the bank, they just charge a fee for what they do
- Each bank has its own "vault space" at the processing centers. What this means is that banks coins do not get comingled with other banks. So if you dump at the same bank or a different branch of the same bank you will get your own circulation. You need to supply at Bank A and dump at Bank B.
- The armored companies have multiple processing centers in major cities, those tank mobiles they drive suck up alot of fuel. The ones i talked to in Los Angeles had 3-4 processing centers in the metro area
- The coin processors are not allowed to cull silver by law since they do not own the coins they can only count and process them for the bank. If the bank is culling silver it must be an in house processing center or some special arrangement. I dont think the bank is going to spend extra money to do this though. They're in the business of making loans, not owning homes or other physical things in this case silver.

HH
Bigheed

I wonder what about the case of new coins? Brinks/Loomis, etc. would have to be able to supply new coins also (well, except halves).

 

[koala33]

This all makes a lot of sense... Thanks for the info!!!

Soooo the small town banks are the way to go I think..

 

[Bigheed]

yes that was my understanding from the ops manager that for example all Wells Fargo that used Brinks in District "A" would go into the cash vault for Wells Fargo in that district and circulated back out to those branches, etc.

They have a maximum amount of coinage they vault and if they have excess / shortage then it either goes to the district fed reserve bank or comes from the fed res bank. i.e. when u get a box of 2011 solid rolls etc.

I'm sure theres always exceptions to the rules but in general it makes sense.

 

[65gt350]

Here is a diagram of how I understand the system to work based on a large metro area.




HH,
65GT350

 

[Syrys]

I talked to a couple operations managers at different armored car companies cause I was trying to bypass the banks directly and this is what I learned.

- They are coin processors only, they dont buy the coins from the bank and resell them to the bank, they just charge a fee for what they do
- Each bank has its own "vault space" at the processing centers. What this means is that banks coins do not get comingled with other banks. So if you dump at the same bank or a different branch of the same bank you will get your own circulation. You need to supply at Bank A and dump at Bank B.
- The armored companies have multiple processing centers in major cities, those tank mobiles they drive suck up alot of fuel. The ones i talked to in Los Angeles had 3-4 processing centers in the metro area
- The coin processors are not allowed to cull silver by law since they do not own the coins they can only count and process them for the bank. If the bank is culling silver it must be an in house processing center or some special arrangement. I dont think the bank is going to spend extra money to do this though. They're in the business of making loans, not owning homes or other physical things in this case silver.

HH
Bigheed

Well this answers a lot of questions. Great information!!!

 

[db23]

I still do no believe that the separate vault space is true, at least not for all banks. I could be wrong, and I have nothing to back this up, but I believe it's more like the bank, where you deposit money but aren't guaranteed to get that same exact money back. You may deposit $100 worth of quarters, but that doesn't meant when you go to make a withdrawal that you will receive $100 in quarters.

TD Bank is the biggest thing that makes me question this. Their coin machines are known to reject silver, I've personally found 13 rejected silver coins so far this month alone. With this being the case, one would think that their dime boxes wouldn't be very good at producing silver however if I'm not mistaken (which I don't think I am) the member here that seems to produce the most silver dimes also seems to get some pretty good boxes from TD. If TD had their own vault space, one would think that their boxes containing silver would be depleted very very quickly because their machines are constantly preventing it from being replenished.

I have heard a theory that the largest national banks like BofA, Chase and Wells Fargo may have their own space. I could possibly see this case while the smaller and regional banks share vault space and withdraw from the same piles.

 

[smittyw]

Good info anyway. Noticed that when I repeately get boxes from several of the branches of BofA that I usually buy or trade from, the number of silver dimes dropped off considerably. I have moved out to branches I do not usually go to and have had more success. Picked up two good ones today by using places that I don't normally frequent. Makes me want to join a few additional banks to have access to their pool of coins. Prob will do so tomorrow.

I use the one stated above and two other community banks. Also have a credit union and found that they would not support me in the quantity of dimes that I wanted to buy (only a box or two at a time) and were rather miffed that I asked. Fooey on them.

 

[Hortstu]

TD Bank is the biggest thing that makes me question this. Their coin machines are known to reject silver, I've personally found 13 rejected silver coins so far this month alone. With this being the case, one would think that their dime boxes wouldn't be very good at producing silver however if I'm not mistaken (which I don't think I am) the member here that seems to produce the most silver dimes also seems to get some pretty good boxes from TD. If TD had their own vault space, one would think that their boxes containing silver would be depleted very very quickly because their machines are constantly preventing it from being replenished.

I keep hearing this but find it hard to believe. If this is true why even bother looking through the rolls. Just unwrap them and bring them to a coinstar or a td machine and let it do the work for you? Maybe it's true but I find a lot of stuff in the tubes and never silver... yet. When I'm dropping 10000 dimes into the machine at td and it counts them in less than 5 minutes how does that thing have time to weigh every freaking one? It's impossible. They're for the most part sorted by size and maybe there's a magnet or something too.

Smitty,
I noticed you've found 11 quarters this year. How many boxes did you have to do to find those?

 

[smittyw]

Those were found by metal detecting and getting them from a bank that has a coin sorter that rejects silver. Love that bank. The tellers look out for me and seem to always have a good stock of candy bars from some appreciative coin hunter. Looking for them in a roll is pretty much a waste of time. Only found one in the cash drawer of the hobby shop I work at in the last year.

 

[quiksilver]

bring them to a coinstar or a td machine and let it do the work for you? Maybe it's true but I find a lot of stuff in the tubes and never silver... yet.


Someone once mentioned [like with pennies] that the machines can be set to reject or accept the different weight coins.