I'm learning more, but information is hard to come by. BUt, thanks to new technology, they ARE culling silver coins in Phoenix. At least with the Halves re-rolling machine. Here's what I have so far. (More to follow when I can get it. And I know some will disagree with this post. But, this is what I have been told, and this is what I have seen with my own eyes and asked about with my own mouth)
The new-ish coin counting machine at my local bank rejects a lot of coins. Foriegn coins, slugs, fakes, etc. And some flat batteries and nuts and bolts and screws too. Junk people throw in the machine. It all goes into the reject slot. At the end of a period of time, whenever they feel like enptying it, they take it, and it goes into the trash. I have SEEN them throw it in the trash WITH a silver dime in it that I TOLD them was silver. they said "We are not allowed to keep anything in the reject slot OR give it out. Sorry. We must throw it out." They threw away 12 - 15 coins that day. A few bent pennies, a bent nickel, a fake somthing, a mexican coin, the silver dime, and some other unknown things. And I've seen this more than once when they have emptied that tray while changing a bag for me while I was there. the ONLY thing they will give me is if I peek at it whiel they are changing the bag and see a half in there, I then say "Hey, I think one of my halves is missing. Did it go to the reject tray?" Then they look, give me the half that is there (Since I saw it already!) and if there are other coins there, they LEAVE them there or throw them out. I asked the manager about it when he was changing the bag for me one day. He said "We can't take any of the coins that get rejected. Once they are rejected, they are trash, even if we KNOW they are silver or halves or anything of value. It sucks, but that's our rules, and if we take a silver dime home it is not worth getting fired over." So they take that as part of the job, and throw away good money. I think when banks that take it in without a discriminating machine like my one bank has (When they take customer rolled coin) they send the coin to the central area to be rerolled and counted for the bank's credit, and there they TOO get those same "rejects". they get counted as rejects and taken off of the banks total. What happens then I do not know. I HOPE that they do NOT have to throw them away, like the bank does!!!! But I guarantee with 100% accuracy and first hand knowledge that the bank DOES throw AWAY the silver that gets put in their reject tray, and they KNOW it is silver. What the rolling area does with it now that they have a similar machine I do not know. I bet since the volume is so much more that they get to keep it, but the silver comes OFF the bank's total, and the bank gets a lower count.
Yes, the machine exists in my locak dump banks, and yes I was told the same machines, in a biger versios, were recently sinstalled by "Brinks" (Or whoever it is that does the counting and rolling) at their facility.
Might be worth savaging through their trash once a week to see! LOL.
heading to NC and VA in 36 hours. May have to check out some banks while driving around out there, if I get time before the auction. :-)
The new-ish coin counting machine at my local bank rejects a lot of coins. Foriegn coins, slugs, fakes, etc. And some flat batteries and nuts and bolts and screws too. Junk people throw in the machine. It all goes into the reject slot. At the end of a period of time, whenever they feel like enptying it, they take it, and it goes into the trash. I have SEEN them throw it in the trash WITH a silver dime in it that I TOLD them was silver. they said "We are not allowed to keep anything in the reject slot OR give it out. Sorry. We must throw it out." They threw away 12 - 15 coins that day. A few bent pennies, a bent nickel, a fake somthing, a mexican coin, the silver dime, and some other unknown things. And I've seen this more than once when they have emptied that tray while changing a bag for me while I was there. the ONLY thing they will give me is if I peek at it whiel they are changing the bag and see a half in there, I then say "Hey, I think one of my halves is missing. Did it go to the reject tray?" Then they look, give me the half that is there (Since I saw it already!) and if there are other coins there, they LEAVE them there or throw them out. I asked the manager about it when he was changing the bag for me one day. He said "We can't take any of the coins that get rejected. Once they are rejected, they are trash, even if we KNOW they are silver or halves or anything of value. It sucks, but that's our rules, and if we take a silver dime home it is not worth getting fired over." So they take that as part of the job, and throw away good money. I think when banks that take it in without a discriminating machine like my one bank has (When they take customer rolled coin) they send the coin to the central area to be rerolled and counted for the bank's credit, and there they TOO get those same "rejects". they get counted as rejects and taken off of the banks total. What happens then I do not know. I HOPE that they do NOT have to throw them away, like the bank does!!!! But I guarantee with 100% accuracy and first hand knowledge that the bank DOES throw AWAY the silver that gets put in their reject tray, and they KNOW it is silver. What the rolling area does with it now that they have a similar machine I do not know. I bet since the volume is so much more that they get to keep it, but the silver comes OFF the bank's total, and the bank gets a lower count.
Yes, the machine exists in my locak dump banks, and yes I was told the same machines, in a biger versios, were recently sinstalled by "Brinks" (Or whoever it is that does the counting and rolling) at their facility.
Might be worth savaging through their trash once a week to see! LOL.
heading to NC and VA in 36 hours. May have to check out some banks while driving around out there, if I get time before the auction. :-)
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