Buying coins directly from the Feds

[xxmrrightxx]

My new pick up bank says they can't order halves or any coins because of the fee, I told them what I would be doing and they said "oh yeah, we can". I only was able to order 8 boxes total, It's so frustrating! Anyways, is it at all possible to order directly from the Feds and pick up the coins or something? Maybe some of you experts might know of a way, anyway. I want to order some boxes of halves each week, nothing huge. Start off with 2 boxes and upgrade to 4 boxes. Thanks for reading!

 

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[Liu21]

Yeah, if you own a bank or run a credit union.

 

[enamel7]

If it could be done we would be doing it. Best thing for you to do is check with other banks. Open new accounts if they will order for you. Some people actually get banks to order for them without actually having an account.

 

[enamel7]

I also suggest you slow down a little. Most of us would love a bank that would order 8 boxes for us. Most spread their pick ups over several different banks. I can see why they are shying away from ordering if you aren't happy with that many boxes. They are doing you a favor.

 

[GlenDronach]

I am both laughing and frightened that the first time you set up an order you asked for 8 boxes and are upset that they won't order more.

You're going to get shut down like a dysfunctional government.

Seriously, I start out with a couple and after a month or two of a relationship, ask what amount would be best and what day and time would be best to pick up. Work with them, they only work with you up to a point.

 

[retire05]

I agree with Accordselux. I started out with 2 boxes of halves, then added 1 box of dimes and nickels after a few months. Now I am doing a straight 4 boxes of halves a week. After I get back home (currently working out of town) I will go to another branch of the same bank and ask them to do 2 boxes of halves. 6 boxes are plenty given my time and financial resources. That's just me though...Brad

 

[CardsNCoins]

My new pick up bank says they can't order halves or any coins because of the fee......

......I told them what I would be doing and they said "oh yeah, we can".............

Are you saying that when you told them you search for silver they suddenly became disinterested in charging you a fee?

 

[xxmrrightxx]

I am both laughing and frightened that the first time you set up an order you asked for 8 boxes and are upset that they won't order more.

You're going to get shut down like a dysfunctional government.

Seriously, I start out with a couple and after a month or two of a relationship, ask what amount would be best and what day and time would be best to pick up. Work with them, they only work with you up to a point.

No, I didn't order 8 boxes the first time, I only ordered 1 box. I did 8 boxes in the last month with their bank. I asked about 2 boxes a week. I wish I had enough to buy 8 boxes at once [emoji23]

 

[xxmrrightxx]

If it could be done we would be doing it. Best thing for you to do is check with other banks. Open new accounts if they will order for you. Some people actually get banks to order for them without actually having an account.

I only ordered 1 box to start, the totaled 8 boxes for the last month from their bank. I have 1 main pick up so I wanted to start up a second pick up bank but I'm not having much luck.

 

[xxmrrightxx]

Are you saying that when you told them you search for silver they suddenly became disinterested in charging you a fee?

When I first went in I told them exactly what I'd be looking for, silver, proofs, errors, etc. They didn't seem to care and ordered them. This fee was random, I came in to pick up 2 boxes today and she hit me with the fee bs. What really sucks is that their bank was producing some decent silver, a lot better than my main pick up.

 

[foofighters]

This hobby will drive you nuts. Just keep working at it.

 

[galenrog]

A few comments on how banks and other financial institutions obtain the majority of their coin for doing day to day business. They do NOT buy from the feds, or from the Federal Reserve. This is in direct contradiction to what many vault tellers tell us. The banks obtain their coin from the various cash management services. The most visible part of these businesses are the armored services that deliver packaged cash and pick up excess cash and loose bagged coin.

The cash management services properly credit and debit accounts for the various businesses they serve. Frequently, these same cash management services will also have accounts with the Treasury Department and the Federal Reserve. Those accounts are also debited and credited as needed.

None of the services provided are done at no cost. People expect to be compensated and other expenses must also be paid. When we ask for boxes of coin, there is a cost to that. Some bank branches are willing to absorb those costs. Some are not.

Half Dollars, because they are no longer minted for general circulation, are sometimes harder to obtain. Due to this, pallets of Halves are frequently moved from one armored warehouse to another to meet demand, thus increasing unit cost. Additionally, the size and weight of the coin causes more wear on counting and rolling machines than other denominations, again increasing costs.

As far as obtaining coin directly from the cash management services, yes, you can do that. You will have to contact those services that have warehouses near you. If you can meet their contract requirements they will deliver to you. Due to security concerns, it is unlikely they will let you pick up from them.

There are a few threads here and at other coin sites that have already explored this issue. Because some of these sites may be seen by our moderators as competing sites, I will leave it to you to find them.

Time for coffee.

 

[LooseChange]

A few comments on how banks and other financial institutions obtain the majority of their coin for doing day to day business. They do NOT buy from the feds, or from the Federal Reserve. This is in direct contradiction to what many vault tellers tell us. . . .

Many banks and most credit unions ARE doing business with the Federal Reserve Bank when they buy or sell coin through Brinks/Loomis/Garda. What a lot of ppl do not realize is that Brinks/Loomis/Garda are contracted branches of the Federal Reserve Bank called Coin Terminals.

In any event, there is an interesting paragraph in the Federal Reserve Banks' Cash Services Manual of Procedures (CSMOP Effective January 4, 2016)

5.7 Large Coin Orders
Large Coin orders consist of full tractor trailer loads (typically 16 skids). For large
Coin orders that may not be readily available at Your servicing Reserve Bank,
the FRB can arrange for the Coin to be shipped to You or to a third party from an
alternate location. This type of shipment is generally sent at no cost to You.

However, You are responsible for notifying and coordinating the shipment with
Your designated third party, if applicable.
For questions regarding this type of order, call Your servicing FRB. If You or Your
designated third party will receive a large shipment of Coin, Department of the
Treasury rules and regulations covering direct shipments of Coin to an Institution
apply.

So, if you find the right bank with the right type of FRB Master Account, you can have a semi-load of halves off-loaded onto your dock.