Post By Iamrussell
Jun 03, 2013, 11:30 AM
Buying coins from the bank in a bag or sack
I recently viewed a video on YouTube that showed a coin roll hunter with some bulk coins that he just recently bought from a bank, only they were all loose in a large bag or sack (not rolled up in wrappers and then boxed up and sealed). I didn't realize you can get coins this way. This leads me to wonder if it is an uncommon way to buy coins from the bank. Have many of you gotten coins this way before and if so how do they differ from the more conventional way of getting coins from rolls in boxes?
Jun 03, 2013 11:30 AM
Jun 03, 2013, 11:41 AM
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Certain carriers give banks the option to order coins as a BAG. Typically the same averages (Lets say 20,000 half dollars are taken out randomly of a bin in the Brink's storehouse bin TWICE, 20,000 may go to their bags, and the other 20,000 may go to the rolls.) Same odds more than likely lest they have old bags layin round.
Punchy, the reason why most people opt for bags is to make Cent sorting easier. Bags will only require more time and effort for all other denominations
Jun 03, 2013, 11:58 AM
My local loomis will only buy half dollar bags of $1000 full, from the bank and will only sell in multiples of $1000. This is a major cost savings for them because they never have to sort half dollar bags. Everything the buy, ship, and sell is a $1k multiple. They simply weigh every bag they buy to confirm the amount. The interesting thing is you can get just about anything inside these bags, depending on how bad the coin machine was at the bank that bagged it. I've had every denomination of coin including gold dollars. I've also found pendants, guitar picks, flat cell batteries, etc...
The worst part about this for a CRHer is that if you dump at a bank that uses Loomis and buy from a different bank that uses Loomis, you will get your old coin back some times. I even picked up a bag once that was ENTIRELY full of my dumps. I filled it from zero to $1k. It was a situation where I had filled a coin counter bag with memorable coins and got that same bag back. It happened within 2 weeks of the dump. Needless to say, I dump in to Loomis and buy from Brinks banks now.
On the good side, a smaller bank that uses Loomis may get tired of holding a half bag of half dollars and decide to give it to you, even if it's not their policy. I haven't been so lucky but other have in my area.
FTR, There are exceptions with the 1k rule/Loomis. I know Chase requires Loomis to break a bag down to $500 if a costumer requests it. I guess they have the muscle to make Loomis bend their policy.
Last edited by Owassokie; Jun 03, 2013 at 12:05 PM.
Jun 03, 2013, 01:16 PM
I just went thru 3 loose bags of $1000 halves each,first bag skunk,second 2- 1964 3 -40 percenters 3rd bag car wash token and a new gold dollar?? not sure if i am going to keep it going?
Jun 03, 2013, 03:36 PM
I get bags. They come straight out of coin counters. Fed doesn't go through them but simply "verifies" before sending them to another bank. You've got a better chance with bags of getting an entire collection dump
Jun 03, 2013, 03:48 PM
Fed doesn't go through any of the coins that are picked up, the courier picks em up takes to their facility and then rerolls them and ships em back out- but you are correct that you can get an entire collection dump in a bag- but you can also get and entire CRH dump as well-
Originally Posted by mAGma
Jun 03, 2013, 04:25 PM
I literally just bought six bags of coin direct from a bank's coin counter. I'm going to start doing this every Monday at this bank if I see some results. I have only bought two other coin counter bags in the past, both quarters, and those two bags netted one silver Washington (my first in the wild) and one clad proof bicentennial. I wasn't able to get a gauge on success, because that bank stopped allowing me to buy bags. Here's hoping for better results this time around!
Jun 03, 2013, 04:56 PM
I'm gonna try a branch I belong to and see if they'll sell me bags- those of you who are buying bags are you talking to the vault manager/teller? Or The actual branch/bank manager?
Jun 03, 2013, 04:59 PM
I heard there is a subcommittee on the hill that goes through all the coin before it goes out, I bet they are cherry picking!
Jun 03, 2013, 05:11 PM
I just bought a bag of coins from a branch bank and I think it was a crh dump bag. I believe the bank was returning it to be rolled again.
Jun 03, 2013, 05:22 PM
That's all that I buy, bags. Not off the counters tho, when my banks accumulate enough cwr to ship out, they hold the bags for me to buy.
Jun 03, 2013, 06:24 PM
Everything goes to the coin counters at every bank I've been to, whether it's a CRH dump, a collection dump, CWR, etc. I think only the smallest coin transactions make it to the teller tray.
First $500 bag of dimes - 2 silver roosies, 1 merc - about what I average in two boxes of MWR.
Jun 03, 2013, 10:52 PM
I get mine with the help of the vault manager
Jun 03, 2013, 11:21 PM
Best bet is to try it and see what you find, now if your bank has a central vault that they order from and a CRHer also dumps bags at one of the branches in the district, you may just get his bagged dumps. One of my branches that I order from asked me if I wanted bags or boxes, I asked her about the bags and if she thought there might be good stuff in them, she said that they would probably be bags from people like me that turned bags in and hunted also because they sent all their bags to their central vault, we also do not have coin coin machines in my area so not going to score any bags off of machines where I live, but this may be totally diferent for you where you live. I say order 1 and see what you find. Good luck, Maverick.
Is it just me, or is "Douche-Bag" the new norm in society?
Jun 04, 2013, 03:54 PM
Well I got turned down at my branch to buy bagged coins from their machines- not ones I use to dump- because they aren't sure the machines are correct and the foreign money- they just want to make sure their customers aren't getting shorted- little do they know the boxes we get are shorted and have foreign money all the time- oh well-
Jun 04, 2013, 04:28 PM
Today I bought a coinLok bag from my credit union. They don't have a coin counter and accept deposits of rolls and loose change. They then separate all of the change into the various bags. I bought a bag of just dimes today for $124.20
In it I got:
2 Canadians (current)
1971 Polish Groszy (100% aluminum)
Last edited by DaytonaRacer; Jun 04, 2013 at 09:26 PM.
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