The "Box": Where does it coem from and where does it go?

[sheepdog_tx]

Another member just contacted me to fidn out if we're close together for fear we may dump on each other. Luckily beign Texans we're a few east coast state distances from each other.

That got me thinking where do the boxes come from? Do they come from the mint, the Fed treasury, the locla treasury, the bank's vaults, a Brinks/coinstar type sorter, etc? And when they go back in where do they go and how to they recirculate back thru the system?

Surely one of you fien gentlemen know or at least have some of the picture.

 

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[MrSchulz]

Brinks, comes from one of there coin facility things. Garda the same. The fed reserve idk.

 

[talon146]

You said it already. The coins are circulated from banks, stores and businesses to the Fed and private companies like Brinks, Loomis and Garda. They take loose and bagged coins from many different businesses which then go through a machine, re-wrap and box and in turn send them back out to banks and businesses nice neat and counted. We are still seeing silver in circulation as people unknowingly pass up, dump an old collection into a coinstar machine or use their old silver rolled coins to pay for things or get money in this tough economy.

 

[BillyOceansEleven]

Typically they will come from one of the armored truck services (Brinks, Dunbar, Garda are the biggest). They will collect any excess coin from the branches, process and roll it, and hold onto it until another bank branch requests it. If the service doesn't have enough to meet its customers needs it can go back to the Federal Reserve bank for more. The Fed gets their coin from the US Mint. Usually coin circulates between just the bank branches and the armored truck service, except when each year's new coins are minted and released.

How the coins are treated once processed is a bit of a mystery. One school of thought says that each bank has its own vault that coins get pulled from to fulfill its orders, the other says the coins are kept in a single vault and each bank's account is debited/credited based on the coins going in and out from its branches. In the second scenario if you buy at Bank A and dump at Bank B you could get your own dumps back again if both banks use the same service. I tend to think this is the case, but no one really knows.

 

[TheMastermind]

The Mint is part of the Department of Treasury.

The Mint sends newly-struck coins to the Federal Reserve.

The Federal Reserve either stores or distributes the newly-struck coins to banks and credit unions.

Private companies like Brinks, etc. pick up circulated coins from banks/credit unions and private businesses, processes them, and redistributes them to banks/credit unions and private businesses.

 

[BuffaloBoy]

sorry, i have to say this smart answer,
the boxes go to us and travel to us, there's no way to tell where we get our coins from or where they go, or even when they were dumped.
hh
buff

 

[sheepdog_tx]

Thanks for the input guys. Its enlighening to hear others. I do know the chnage is gathered from stores and rolled (I actually worked for Brinks IT, we went to the branches where they used mini bulldozers with hard rubber bumpers to scoop coins into hoppers) btu didnt know the critical pieces is does the old go back and "fresh" rolls of old coins come into the circulation of boxes. I figured with boxes this might be the case as $500 in halves for example are not commonly held by banks so they would add it to the months local Fed order and that dumps would just go into some central local branch vault and split up to branches on standard orders. At least thats what I thought.

 

[projJakarta]

I don't think many of us know the exact answe to this question. Why don't we all mark our state on the coins. Then we will have better idea where coins in your boxes come from.

 

[sheepdog_tx]

I don't think many of us know the exact answe to this question. Why don't we all mark our state on the coins. Then we will have better idea where coins in your boxes come from.

I think mass defacing of coins might be a bad sign and time consuming. I would like to see someone mark Ike dollars as clads, too easy to get caught wrong there without a scale.

 

[Diver_Down]

I want to clear up some misinformation on this topic. First and foremost, I recommend to all that are interested to take a tour of their local Federal Reserve Branch. It is free, but they do need to be scheduled as they will conduct background checks prior to your arrival.

The Federal Reserve never interacts directly with the member institutions when it comes to the distribution of coin and currency. That task is left to the couriers. The Mint produces coin that the Federal Reserve stores and distributes to coin couriers. The only time coin makes it's way to the Federal Reserve after it has been in circulation is to be processed/destroyed when they are no longer suitable for circulation or to re-distribute coin to other Federal Reserve Branches. For example: If TimZim took his weekly dumps to South Dakota and continued this practice for a year, then there would be a surplus of coin on hand in the 9th District. In Tim's district there would be a deficiency. The various neighboring districts would redistribute the coin so supplies were adequate.

 

[baddbluff]

It works like this:

Dumps/silver collections to banks.
Banks to Brinks.
Brinks to North Pole.
Santa's elves sort out silver.
Silver goes to good boys/girls.
Dumps go to bad boys/girls.

This said, Gilmore Happy has been a bad boy, lol.

 

[Mrs.CRH]

Thanks Diver Down for the easy to understand breakdown

 

[quietprofessional]

It works like this:

Dumps/silver collections to banks.
Banks to Brinks.
Brinks to North Pole.
Santa's elves sort out silver.
Silver goes to good boys/girls.
Dumps go to bad boys/girls.

This said, Gilmore Happy has been a bad boy, lol.

Agreed!