Bad news: Rumor Loomis is putting culling units in place

[sheepdog_tx]

From talking with a friendly coin delivery guy he knew exactly why i wanted half boxes and said so does Loomis. Word is branhces are already being installed for comparitors to start culling silver from the coinage. Says they're doing it staggered at branches but its already started in some parts of the country, 3 to 6 months before it gets national. Wasn't sure if halves will be searched too but knows dimes and quarters for sure.

Might be looking at the last year of MWR searching.

 

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[jerseyben]

Anyone treating CRH as more than just a hobby has officially jumped the shark!

Im talking to every single person participating in this thread...

 

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[Eminem]

Anyone treating CRH as more than just a hobby has officially jumped the shark!

Im talking to every single person participating in this thread...

0_0 I think ive jumped a long time ago lol

 

[FormerTeller]

So if Loomis spent all that money on culling machines and manpower, what do they do with the machines when the silver is effectively exhausted?

Actually, it makes a lot of sense, if you look at it from the company that's selling the comparators. They market a comparator that fits onto the existing machines, works the same as an existing comparator, but with the added capability of culling silver as well. They charge big bucks for it, but claim it will pay for itself within a few weeks. Some of the armored car companies try it in selected areas. After they find out it really does work, they place them on all their machines across the country. Once the silver if effectively exhausted, they've got comparators that still work for their intended purpose.

I'm not saying that's what's happening, but it wouldn't take much imagination to envision this scenario. Whether it's legal or not is another story, but I'd wager it would be real hard to prove that a company is breaking the law.

Time will tell.

 

[sheepdog_tx]

So if Loomis spent all that money on culling machines and manpower, what do they do with the machines when the silver is effectively exhausted?

Again your missing the point that it is worth it because Brinks has been doing it awhile of not Garda too. that point is no longer even valid. As far as cost people have been CRHing for awhile and not exhausted it. Sure these guys could but it would pay for itself before it runs dry just like a mine.

 

[namster]

Removal of US currency for any purpose would be theft, and again, not something a milti million dollar company is going to risk unless they actually own the coin.

 

[CoinFetcher]

Is the silver market crashes, again, then all these efforts would be for not.

also, concentrating silver wealth in a little bucket at a sorting facility sounds like a bad idea.

 

[sheepdog_tx]

Is the silver market crashes, again, then all these efforts would be for not..

ROFL. Are you serious? Is the ink even dry on your fiat FRNs? But ok, stick your head in the sand. I'm just going to enjoy what silver I can get while it lasts.

 

[Bowen89]

Ive watched and read now heres my 2 cents.

Phoenix does seem to be having a bad time from what i read, but it could just be the area. Outside of phoenix there isnt much but where im from currency moves so much that pockets could be released. In phoenix you could be searching the same million over and over

I would imagine that taking of the silver coin out would be theft. What if i deposited $50 into the bank and they took 5 out because i had 5 silver dollars there. Its the banks money. They do the banks b*tch work and sort it count it and give it back when needed. They cannot cherry pick their money.

Stop argueing and just find

 

[kfs]

Ive watched and read now heres my 2 cents.

Phoenix does seem to be having a bad time from what i read, but it could just be the area. Outside of phoenix there isnt much but where im from currency moves so much that pockets could be released. In phoenix you could be searching the same million over and over

I have to agree with this statement to a certain point. There is a limited amount of silver coins in any given area. Eventually the supply is going to start to run dry. Take Phoenix the population really started booming when, 1980 or sometime shortly after that, 10 years after the last silver halve were put into circulation . So unless the US mint wanted to stockpile silver coins in the southwest why would anyone expect to find large stores of silver coins today. A similar thing could be said for areas like Dallas or Austin Texas. When silver coins were being issued there was a lower demand for those coins compared to areas like the northeast, Chicago or possibly Los Angeles . These areas had very high population number comparatively in the 60s and before. They therefore would have had a greater need for coinage and a much greater remaining supply of coins potentially.

Then you have decreasing population in many former high population area, the reverse is true in others like Phoenix or Dallas where halves which are hardly used are now split up among literally millions more people and you wonder why there are fewer and fewer coins in boxes. I live near Dallas I wish this were not the case but it makes a lot of sense to me unfortunately.

Common sense says if you are looking for old coins go to were most of those old coins would have been originally used. Especially if those coins are currently not used by the general public and have not been for the past, what 30 years minimum.

 

[kfs]

I do not know what the cost of a program like this would be to Loomis but there is no mention of any silver initiatives in their Annual Report or their Quarterly Reports in the past year.
They in fact never mention the word silver in any of these publications. The value of the project to the over all organization could possibly be so inconsequential that it does not warrant any mentioning that is a possibility. If that is the case however do not expect to see a rapid roll out of the "new" technology. I guess Phoenix and Dallas are just really unlucky. Playing devils advocate it could be a situation were they are using a market like Dallas or Phoenix to see if the idea is viable at all. If it works and is profitable as a marketing idea or what ever the rational is it would certainly work in the older population centers.

I could not find any marketing material mentioning silver but I will keep looking for curiosity sake

 

[CoinFetcher]

ROFL. Are you serious? Is the ink even dry on your fiat FRNs? But ok, stick your head in the sand. I'm just going to enjoy what silver I can get while it lasts.

obviously the FRNs are garbage.

My Point it, do you think the guy at Loomis/gaurdia whomeever know this?

 

[namster]

Although counter intuitive, silver finds its way into newer areas, and is constantly replenished by ignorant bank patrons, thieves, etc. As long as that principal is in place, silver should, in theory, circulate everywhere. Some areas more than others no doubt.

 

[canaboy123]

obviously the FRNs are garbage.

No.

 

[CoinFetcher]

No.

If you hadn't quoted me, your post wouldn't have passed muster. Three words are needed to be considered a post.

I postulated the FRN are garbage. Untrue - they make great fire starter, or snot rags.

For the time being, I can exchange them for goods and services. I am not confident these notes will hold much value as I grow older.

 

[sheepdog_tx]

I would imagine that taking of the silver coin out would be theft. What if i deposited $50 into the bank and they took 5 out because i had 5 silver dollars there. Its the banks money. They do the banks b*tch work and sort it count it and give it back when needed. They cannot cherry pick their money.

Stop argueing and just find

See this is why trying to be the armchair Fed/lawyer just shows how clueless some people.

First its not thier money, its the governments. If you doubt that go melt some penny ingots on youtube and wait for the no-knock.

Secondly the bank gets paid thier amount electonically and little to no coins ever return and when they do its rarely theres. In fact many stores such as 7-11s work with Brinks on something called Accu-vault IIRC where they're paid interest on the money in the store as if it was already deposited.

Lastly by your own definition taking out silver and replacing it with clad is theft so therefore YOU are a theft (which is both ironic you said as and incorrect). Remember Brinks owned BAX Global, one of the largest transporters of precious metals for years.

While admit the argument that the deliver guy might be a lying sack we can neither prove nor disprove that. It was never the point if it was fact, only that it makes sense they would do so. If so it sucks for us all but acting like its crazy that it can happen with one when we're all but certain it happens with others such as Brinks is both niave and doing no one any good.

 

[FormerTeller]

I would imagine that taking of the silver coin out would be theft. What if i deposited $50 into the bank and they took 5 out because i had 5 silver dollars there. Its the banks money. They do the banks b*tch work and sort it count it and give it back when needed. They cannot cherry pick their money.

I'm going to say this somewhat forcefully, so I hope no offense it taken. Your analogy is utter nonsense. When you deposit $50 into the bank, you are increasing your account by $50 in value. You have no guarantee whatsoever of receiving the exact same coins/bills that you deposited. If this is what you wanted, you would have rented a safe deposit box. In that case, yes, the bank would be guilty of theft if they removed 5 silver dollars from your safe deposit box. However, if you're stupid enough to deposit 5 silver dollars into your checking account, you have virtually no chance of getting them back again.

The same goes with the armored car services. When they pick up coins, they're picking up a certain value of coins, and have an agreement to sort, count, roll, and return the value - possibly in the same denominations, but I strongly suspect the legal wording of their contract does not specify that they must return the same physical coins back to the bank. I cannot prove my claims without seeing the legal agreements, but I know for a fact that Chase in my area recently switched armored car services. I can guarantee you that the old one did not transfer thousands of pounds of physical currency to the other service.

 

[namster]

I'm going to say this somewhat forcefully, so I hope no offense it taken. Your analogy is utter nonsense. When you deposit $50 into the bank, you are increasing your account by $50 in value. You have no guarantee whatsoever of receiving the exact same coins/bills that you deposited. If this is what you wanted, you would have rented a safe deposit box. In that case, yes, the bank would be guilty of theft if they removed 5 silver dollars from your safe deposit box. However, if you're stupid enough to deposit 5 silver dollars into your checking account, you have virtually no chance of getting them back again.

The same goes with the armored car services. When they pick up coins, they're picking up a certain value of coins, and have an agreement to sort, count, roll, and return the value - possibly in the same denominations, but I strongly suspect the legal wording of their contract does not specify that they must return the same physical coins back to the bank. I cannot prove my claims without seeing the legal agreements, but I know for a fact that Chase in my area recently switched armored car services. I can guarantee you that the old one did not transfer thousands of pounds of physical currency to the other service.

Thats a really good point. I suppose I did not consider they would actually CRH, as in replace the silver removed. Very interesting. Still though, I can not see where a small amount of silver could make a significant impact on their profit margin, when they are certainly operating under multi million dollar contracts.

Another thing I had not considered is that perhaps the banks have commissioned the processors to separate silver from circulation, if they suspect that processing CRHer orders is costing them too much. Perhaps they have crunched the numbers on that.

 

[Wilmingtonsilver]

If the coin rolling companies effectively killed the CRH hobby, would they not also be taking a hit on their profit margin since less boxes would be ordered and less bags sold back to the companies? If I understand how their business works, the coin rolling companies make money on both ends of the deal. So not only would them culling silver have to pay for the man hours needed, the equipment upgrades, but also would have to make up the differences going both ways of lost boxes ordered and new bags of coins coming in. Before anyone says that the amount of money charged by the companies is inconsequential, consider that those charges are how they are multi-million ( I dare say billion) dollar companies. Because of that, I am sure that they do extensive surveys to determine if a bank or other outfit is ordering more than a normal amount of coinage in certain denominations. It really wouldn't surprise me if they had a map of their area and could point out where CRHers are.

As an addition, they would also have to determine if the offset in profit from the three factors listed above would be cost effective and provide the needed returns with a dwindling supply of silver in the system. If the companies culled, they would effectively acquire all of the silver inside a year. Which would mean a permanent decrease in the extra boxes ordered for CRHing by that time as well. If the silver were left in the system, realistically, CRHers probably would take a minimum of 10 years (probably longer) to deplete the silver. Would the companies get enough in silver and would the price be high enough in the next year to offset the loss in revenue for the next 10 years or longer?

 

[namster]

Another thing I have often wondered, is why halves have not gone the way of Ikes . I have bagged and tagged Ikes and turned them in to BoA, so they go off into never never land never to be seen by human eyes again. I wonder why the banks collectively still order halves for customers, since they are not actively circulated in commerce. Perhaps we will eventually see this happen, perhaps this is in process now.

 

[Wilmingtonsilver]

Another thing I have often wondered, is why halves have not gone the way of Ikes . I have bagged and tagged Ikes and turned them in to BoA, so they go off into never never land never to be seen by human eyes again. I wonder why the banks collectively still order halves for customers, since they are not actively circulated in commerce. Perhaps we will eventually see this happen, perhaps this is in process now.

The reason is because halves have not been replaced with another coin. The Ikes were replaced with Sacs and now the Presidents.