I think this needs its own thread. I think a lot of people are confused about where the coins/notes really come from.
Quote Originally Posted by D1MES_101
The banks in my area all tell me that they send the coins bags from the machine to the fed. I have watched them fill out the shipping form on the bags for the couriers to pick up and it says To: FED. I have asked multiple bank managers and the assistant vice president of a local chain of banks in my area and they have all said that the coins go to the fed and the coins come from the fed. All of my boxes that I receive have FED written on them. I have been told by all of the bank managers that these couriers are.. well couriers. Meaning they deliver these boxes from one point to another and they are paid for that. I am not sure if these couriers get bags of coins from the fed and roll and box the coins for them, but they must go to and come from the fed. When the banks in my area order coins they do not order them from the courier websites, they order them from the fed website. Now, it is possible that every single bank manager in my area is misinformed, but I highly doubt that.
Where exactly did you get this information that they "come from the courier". Where does the courier get these coins? At some point they had to come from the fed no? Or does the courier sell and buy coins from all of the banks? When new coins are released every year do these couriers make them? No, they must come from the fed. According to the feds website: Federal (FED) "Reserve Banks distribute new and circulated coin to depository institutions to meet the public's demand, and take as deposits coin that exceeds the public's needs."
The same thing happens with notes. "The 12 regional Federal Reserve Banks, through their network of Districts and branches throughout the country, distribute Federal Reserve notes to the public through depository institutions. Reserve Banks process notes on high-speed sorting machines that check to ensure that they are genuine and fit for recirculation. If the notes are not genuine, Reserve Banks forward them to the local U.S. Secret Service office. If they are genuine and still in good condition, the notes are sent to depository institutions to fill new orders for currency. An individual note continues moving through this cycle until it is deemed unfit, or too worn, to be kept in circulation. Unfit notes are destroyed on-site at Reserve Banks in order to maintain the quality of currency in circulation."
Now it is a common theme here that these coins come from specific couriers and you should not dump and pick up from the same courier, but it sounds like no matter what you are dumping and getting coins from the same regional federal reserve bank unless you dump in a different region. Is this not what Timzim was trying to accomplish when he dumped in AC?
Some more Q&As that support these statements that the coins go to and come from the "fed"
Q: Where can I get new uncirculated coins?
A: Neither the Federal Reserve Banks nor the U.S. Mint provide coins directly to the public for circulation purposes. Instead, coins are placed into circulation through depository institutions (e.g. banks, savings & loans, credit unions, thrifts). The Reserve Banks issue circulated coins before new coins. You may need to contact several banks about supplies of new coins. The U.S. Mint sells certain commemorative and collectible coins and coin sets to the public through their website at The United States Mint (Off-site Link)
Q: Where can I get $2 bills?
A: Local banks should have $2 bills. If your bank does not have any current inventory, it can order $2 bills from the Federal Reserve Bank.
This Q&A proves that the banks are able to order directly from the FED. If they are able to order $2 bills, why not half dollars?
If you are going to keep saying on here that they "go to and come from the "couriers", please provide some evidence instead of just stating your opinion as though it is fact. Also, if this is the case, please do not use the term "couriers" because a courier is : A messenger who transports goods or documents, in particular.
Quote Originally Posted by D1MES_101
The banks in my area all tell me that they send the coins bags from the machine to the fed. I have watched them fill out the shipping form on the bags for the couriers to pick up and it says To: FED. I have asked multiple bank managers and the assistant vice president of a local chain of banks in my area and they have all said that the coins go to the fed and the coins come from the fed. All of my boxes that I receive have FED written on them. I have been told by all of the bank managers that these couriers are.. well couriers. Meaning they deliver these boxes from one point to another and they are paid for that. I am not sure if these couriers get bags of coins from the fed and roll and box the coins for them, but they must go to and come from the fed. When the banks in my area order coins they do not order them from the courier websites, they order them from the fed website. Now, it is possible that every single bank manager in my area is misinformed, but I highly doubt that.
Where exactly did you get this information that they "come from the courier". Where does the courier get these coins? At some point they had to come from the fed no? Or does the courier sell and buy coins from all of the banks? When new coins are released every year do these couriers make them? No, they must come from the fed. According to the feds website: Federal (FED) "Reserve Banks distribute new and circulated coin to depository institutions to meet the public's demand, and take as deposits coin that exceeds the public's needs."
The same thing happens with notes. "The 12 regional Federal Reserve Banks, through their network of Districts and branches throughout the country, distribute Federal Reserve notes to the public through depository institutions. Reserve Banks process notes on high-speed sorting machines that check to ensure that they are genuine and fit for recirculation. If the notes are not genuine, Reserve Banks forward them to the local U.S. Secret Service office. If they are genuine and still in good condition, the notes are sent to depository institutions to fill new orders for currency. An individual note continues moving through this cycle until it is deemed unfit, or too worn, to be kept in circulation. Unfit notes are destroyed on-site at Reserve Banks in order to maintain the quality of currency in circulation."
Now it is a common theme here that these coins come from specific couriers and you should not dump and pick up from the same courier, but it sounds like no matter what you are dumping and getting coins from the same regional federal reserve bank unless you dump in a different region. Is this not what Timzim was trying to accomplish when he dumped in AC?
Some more Q&As that support these statements that the coins go to and come from the "fed"
Q: Where can I get new uncirculated coins?
A: Neither the Federal Reserve Banks nor the U.S. Mint provide coins directly to the public for circulation purposes. Instead, coins are placed into circulation through depository institutions (e.g. banks, savings & loans, credit unions, thrifts). The Reserve Banks issue circulated coins before new coins. You may need to contact several banks about supplies of new coins. The U.S. Mint sells certain commemorative and collectible coins and coin sets to the public through their website at The United States Mint (Off-site Link)
Q: Where can I get $2 bills?
A: Local banks should have $2 bills. If your bank does not have any current inventory, it can order $2 bills from the Federal Reserve Bank.
This Q&A proves that the banks are able to order directly from the FED. If they are able to order $2 bills, why not half dollars?
If you are going to keep saying on here that they "go to and come from the "couriers", please provide some evidence instead of just stating your opinion as though it is fact. Also, if this is the case, please do not use the term "couriers" because a courier is : A messenger who transports goods or documents, in particular.
Amazon Forum Fav đź‘Ť
Upvote
0
