Where do coins go after you dump them at the bank?

[yf30]

Does anyone have a clear understanding how coins circulate?

The bank ships them out using armored carriers. Where do they go?

Does Brinks etc bring them to their vaults and hold them until the next bank order?

Or do the armored carriers ship them to the Federal Reserve Bank? Who does the wrapping of the coins into new rolls?

it seems there's only 12 of these Federal Reserve banks in the US:

FRB: Federal Reserve Districts and Banks

So Brinks ships your 1 or 2 boxes 500 miles to the closest Fed Reserve branch? It seems more likely they (Brinks) store it at their own locations.

Would be great if someone could answer these questions.

 

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[nube250]

Brinks/Loomis/Guarda have regional distribution centers. This is where coins get brought from banks and rerolled to go out again. With the exception of sacag... dollars they cant get rid of. I doubt the fed stores many coins at all.

This is why wrappers are usually different from each carrier. I learned this when brinks wraping machine broke one time so they brought me bags. The next week I got nice tight rolls. I was told it was in Collinsvillve, IL. I lived in Carbondale, IL at the time..

I would guess unless you are doing big volume or traveling most coin came from within 100 mile radius of your house. Imagine how much time we waste going through each others dumps.. to bad greed prevents us from organizing.

I also believe some carriers will supply each other when needed.

I could be wrong just my 2 cents

 

[Owassokie]

Does anyone have a clear understanding how coins circulate?

The bank ships them out using armored carriers. Where do they go?

Does Brinks etc bring them to their vaults and hold them until the next bank order?

Or do the armored carriers ship them to the Federal Reserve Bank? Who does the wrapping of the coins into new rolls?

it seems there's only 12 of these Federal Reserve banks in the US:

FRB: Federal Reserve Districts and Banks

So Brinks ships your 1 or 2 boxes 500 miles to the closest Fed Reserve branch? It seems more likely they (Brinks) store it at their own locations.

Would be great if someone could answer these questions.

My findings and experience reflect those of Nube250. State lines may come in to play with the regional facilities. I live in the NE part of Oklahoma. I've received bags off machines from every corner of the state but never out of state (to my knowledge). That said, our regional hub seems to be centrally located in OKC so it may just be natural that all my bags come from Oklahoma. The only thing I disagree about is the value of organization. I no longer believe that CRHer's organizing would increase our odds of finding collectible coins. At best, an organized effort may force a region to reach out to a different region or courier for coin. Then you'd just be searching the other region/couriers coins. We are all just passing coins back and forth waiting for collectibles to be deposited in the mix. CRHers are everywhere. Those posting on CRHing forums represent a very small portion of the hobby participants.

 

[gravityrules]

From How Currency Gets into Circulation - Fedpoints - Federal Reserve Bank of New York

Putting Coins into Circulation
The procedures for putting coins into circulation are similar to those for currency. The U.S. Mint produces coins in Philadelphia, Denver, and San Francisco, and ships them to the Federal Reserve Banks and to authorized armored carriers, which supply banks that need coins to meet the public's demand.
The distribution of coins differs from that of currency in some respects. First, when the Fed receives currency from the Treasury, it pays only for the cost of printing the notes. However, coins are a direct obligation of the Treasury, so the Reserve Banks pay the Treasury the face value of the coins. Second, large banks in some Federal Reserve Districts participate in a Direct Mint Shipment Program, and receive coins directly from the Mint. In the New York area, there also is an arrangement under which banks that need coins buy them from banks that have a surplus. To promote the arrangement, the New York Fed stands ready to match banks that have excess coins with those that need coins.

From Operations Resources - Coin


Depository institution coin deposits are weighed by electronic scales that are located at Federal Reserve Offices and also at armored carrier facilities throughout the United States. Many cash offices throughout the Federal Reserve System have entered into legal agreements with local armored carrier transportation companies to serve as off-site coin terminal facilities to process institution's deposits and maintain inventories of verified coin.

Unlike currency, there is no need to sort the coins for fitness since coins are damaged very rarely. The average life of a coin is estimated to be 30 years. Generally, all coin accepted by the Federal Reserve System is weighed (at a Reserve Bank Office or by armored carriers) and redistributed to depository institutions when they place orders. The processing of entries for coin deposits and orders is identical to the process for currency - an institution's Federal Reserve account is credited for the amount of the coin deposit and/or debited for the amount of the coin order.
Since most Americans tend to accumulate coin for collection purposes, the Mint continues to produce between 3 and 30 billion coins per year to meet public demand . The U.S. Mint operates four minting facilities; however, only two - Denver, Colorado and Philadelphia, Pennsylvania - create the coins that are distributed by the Federal Reserve System. The two remaining minting facilities include the San Francisco Mint in California and the West Point Mint in New York. Both facilities manufacture various gold, silver and platinum numismatic proof, uncirculated and bullion coins and annual proof clad and proof silver coin sets of the circulating coins.

 

[drewbaccas]

I did a quick search on Google of jobs with loomis and this map of loomis locations was on the page.



I believe these are hubs that send or recieve coin to or from banks, businesses and the regional federal reserve bank.

 

[unclehuckelberry]

Here's how to get to the root of the silver.

Coin Handler - Processor Jobs in Ontario, California - Loomis

 

[Iamrussell]

Here's how to get to the root of the silver.

Coin Handler - Processor Jobs in Ontario, California - Loomis

Dang I wish I lived there I would apply

-------------------------------------
just keep stacking, just keep stacking, stacking stacking stacking

 

[Omega]

Its different everywhere, and doesn't matter, don't think about it.

 

[twiasp]

Here's how to get to the root of the silver.

Coin Handler - Processor Jobs in Ontario, California - Loomis

I have talked to a manager at Brinks and Loomis they both say that it is illegal for them to stop their machine and pick silver out just because they see it.... and they do see it sometimes in huge batches. I know for a fact Loomis and Brinks share coins to fill orders when one is short to fill, as I have received Loomis bags from Brinks and Brinks boxes from Loomis, even other brands from both before.

Not sure if it is accurate, but I have had a few armored truck guys tell me that Brinks and other companies work for Loomis, and Loomis is the only true one that can deal directly with the Fed. Again not sure if truth in that, but would not be uncharacteristic of the government to have 1 contract with the lowest bidder and that is all they deal with.

 

[50cent]

don't think about it.

+1

Inspector 6251, thought about it pretty well and tried to get rid of all the silver.

 

[Eminem]

Its different everywhere, and doesn't matter, don't think about it.

you know that I know that you know that I know this ain't true homie

 

[Kantuckkeean]

Q: Where do coins go after you dump them at the bank?
A: I promptly show up, buy them and search your tailings. Thanks for nuthin'.

Kindest regards,
Kantuck

 

[50cent]

Q: Where do coins go after you dump them at the bank?
A: I promptly show up, buy them and search your tailings. Thanks for nuthin'.

Kindest regards,
Kantuck

He was asking you, he meant to send an email out to the mint, and used "You" in a general context.

otherwise it would have been like this:

Q: Where do coins go after Kantuckkeean dumps them at the bank?"

 

[Kantuckkeean]

He was asking you, he meant to send an email out to the mint, and used "You" in a general context.

otherwise it would have been like this:

Q: Where do coins go after Kantuckkeean dumps them at the bank?"

I know. I was just makin' a dumb joke.

 

[CoinHuntingDrew]

My banks out hear don't have coin counters. I'm 99.9% sure my boxes get bought by companies that go into the bank.