These Banks are Breaking the Law!

[madwest]

Don't ask me why, but I started skimming the Code of Federal Regulations related to FDIC insured banking institutions.

As you might imagine, there are a lot of regulations for banks that are insured (almost all banks are).

One whole set of regulations relate to accounting of assets. In that subsection, there are paragraphs related to vault cash. Vault cash is US currency and coin and must be accounted for according to the various rules. The code specifically states that coin whose numismatic or bullion value substantially exceeds its face value cannot be counted as vault cash.

(4) Silver and gold coin and other currency and coin whose numismatic or bullion value is substantially in excess of face value is not vault cash for purposes of this part.

I think 20x-30x face value is "substantially in excess of face value." So, banks that have silver mixed with clad and counted as clad is breaking the law.

We are doing a service for our supply banks.

 

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[$ilver$urfer]

Amazing research my friend!!! I agree, we are all performing an important service to these criminal banks!

HH,

$ilver$urfer

 

[captainfwiffo]

That's meant to exclude numismatic or bullion items that are being held in the vault for security purposes instead of cash reserves. For example, if they had some gold or silver eagles in there. Some banks sell bullion items; this provision is just meant to exclude those from counting as vault cash. There could be rare varieties of common coins (e.g. a 1992 close AM cent worth a few grand at least) in their regular coins and they would have no way of knowing, likewise they wouldn't be expected to know that some of their bricks of dimes contain a a few silver.

 

[fistfulladirt]

Several of my banks managers have told me that they cannot knowingly accept coin from customers, when said coins have bullion or numismatic value.