Does the Fed check rolls?

[gforce1972]

So I am new to CRH. Went through my first two boxes of halves last night and found one 40%. Took the loose coins to my CU because they have a free dump machine. Was talking to the teller since the bags needed changing and he mentioned that it was his understanding that the fed checks for silver and pulls all of it before rolling. Is he full of it or is there some truth there?

G

 

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[sagittarius98]

Most tellers know nothing about the system. The Fed doesn't check for silver, since the coins don't touch their hands, the go through a coin courier. Those couriers don't cull silver.

 

[PhattyB]

Of course they check the rolls, but like everything the government does, they're really bad at it.

 

[50cent]

As my homeslice PhattyB says, its basically a straightforward yes. But if you've ever seen pictures of Fed warehouse's, there's simply too much for them to go through. It would cost more at this point to pay the employees to go through them. (most fed workers make $40+ an hour + benefits)

 

[fixxxer9]

The teller at my bank always tells me that there is no silver left because the feds take it out. He doesn't know what he is talking about though. He didn't even know that dimes used to be silver. He thought it was only halves and quarters.

 

[CoinFetcher]

FACT - the President of the united States said "Clad coinage will circulate with silver coins..." - - So, until they make a new law that says otherwise, it would be highly illegal for them to cull silver. DONE DEAL

Canadian has implemented it's Alloy Recovery Program, It is the closest thing to "feds culling silver" as their is. And that's in Canada.

 

[TimZim]

No and no

 

[Sleepy Holow]

I talked to a Brinks guy a few months ago as he was dropping off at one of my banks. He said they used to take the silver out, but there's not enough left in circulation for it to be worth going through now. That's just one guy. Sounded like he knew what he was talking about though.

 

[FormerTeller]

So I am new to CRH. Went through my first two boxes of halves last night and found one 40%. Took the loose coins to my CU because they have a free dump machine. Was talking to the teller since the bags needed changing and he mentioned that it was his understanding that the fed checks for silver and pulls all of it before rolling. Is he full of it or is there some truth there?

G

So you found silver in a box of halves, and wonder if the Fed takes the silver out of boxes of halves?

 

[BoredBankTeller]

FACT - the President of the united States said "Clad coinage will circulate with silver coins..." - - So, until they make a new law that says otherwise, it would be highly illegal for them to cull silver. DONE DEAL

Canadian has implemented it's Alloy Recovery Program, It is the closest thing to "feds culling silver" as their is. And that's in Canada.

It always cracks me up when people refer to things as "highly" illegal. Things are either legal or they are illegal. Murder is not more illegal than jaywalking, one crime just carries more severe penalties.

That being said, the Feds isn't taking the silver out of circulation, WE are!

 

[fistfulladirt]

Why would the Feds even bother? Like throwing a hotdog down a hallway.

 

[OtlFrutiger]

no.

 

[Wilmingtonsilver]

YES!!! always believe what a bank teller tells you! They know everything about money and everything about what happens to it! Don't ever doubt them! This is a crappy hobby! That will be the only silver you ever find while CRHing!

 

[drcaulfield]

It seems they do in fed district 7(joke). There are almost zero silver halves in this area. I can't tell if there are not enough people looking at them to get new ones or if there are too many and they are culling them all. I have looked at and marked some. Dumped on a Tuesday and picked up 50 of the marked ones on Thursday from a different bank.

 

[50cent]

It seems they do in fed district 7(joke). There are almost zero silver halves in this area. I can't tell if there are not enough people looking at them to get new ones or if there are too many and they are culling them all. I have looked at and marked some. Dumped on a Tuesday and picked up 50 of the marked ones on Thursday from a different bank.

The good doctor might be onto something.

 

[gforce1972]

So you found silver in a box of halves, and wonder if the Fed takes the silver out of boxes of halves?

Yes. I found one. The govt doesn't do anything well so if they did sort out the silver, I'm sure they'd miss some.

 

[fistfulladirt]

Yes. I found one. The govt doesn't do anything well so if they did sort out the silver, I'm sure they'd miss some.

The govt has nothing to do with the Federal Reserve.