It took me a long time to find the right person. But YES, on the west coast at least, which includes Phoenix where I am, there IS a company that takes the silver out when rolling coin for banks. It's been an argument yes or no for years on this site. And I know people back east always do better than us out west. Now, I have this.
When asked if employees filter (cull) coins, he said
"The workers don’t filter it, the machines do it BASED ON METALLIC CONTENT. The sorters are pretty sophisticated. The sort by size, weight and metal content and as you know silver weighs a bit different than newer coins. It pulls dimes, quarters, and Pennies the same way. All of that’s off sorted and shipped out."
Seemed like a LOT of GREAT coins for a two week period. So he was asked - How many do you sort?
"Can you say what kind of volume you do in half dollars over a day or week? I’m curious how many you process to pull this amount?"
"I have monthly data…. We run through about 150k a month give or take"
And where do these coins GO? At face value
After numerous non-committal answers, finally ...
"APMEX. They are an official authorized purchaser. They may very well be the next recipient of these coins after they are shipped off to the clearing-house"
So guys. Now we know why out west here we see so few silver coins compared to back east. Not just because of newer cities, but this company is based out here. FYI.
Let the rebukes and reproofs begin.
"I work for a company that rolls coin, we pull these out. This picture is about two weeks worth of coins. We ship these out as “mutilated” and are paid face value."
When asked if employees filter (cull) coins, he said
"The workers don’t filter it, the machines do it BASED ON METALLIC CONTENT. The sorters are pretty sophisticated. The sort by size, weight and metal content and as you know silver weighs a bit different than newer coins. It pulls dimes, quarters, and Pennies the same way. All of that’s off sorted and shipped out."
Seemed like a LOT of GREAT coins for a two week period. So he was asked - How many do you sort?
"Can you say what kind of volume you do in half dollars over a day or week? I’m curious how many you process to pull this amount?"
"I have monthly data…. We run through about 150k a month give or take"
And where do these coins GO? At face value
After numerous non-committal answers, finally ..."APMEX. They are an official authorized purchaser. They may very well be the next recipient of these coins after they are shipped off to the clearing-house"
So guys. Now we know why out west here we see so few silver coins compared to back east. Not just because of newer cities, but this company is based out here. FYI.
Let the rebukes and reproofs begin.
Upvote
3
