Free coin counters: Where do the coins go?

[swt303]

Ok I am a newbie to this site. I primarily hunt dimes, and occasionally do some halves. My banks all have free coin machines in the lobby, the type that drops into a big bin with wheels. The head teller told me it can hold an average of $6k. I am the least of their worries as they have people that own carwashes dumping several thousand at a time. Here is the question: Do you think whatever service picks up this loose change just rerolls it and brings it back to the same banks? Basically need to know if I really do need a dump and a pick up bank. What do you think?

 

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[koala33]

They bag them up and send them far away to the reserves or mint or some company that will distribute around the country. That is what I am being told...

 

[swt303]

If they really do go back to some central bank, I guess I really don't need separate drop and dump banks. I live in a major city so I can get to 6 branches of my bank within a 10 mile circle. I try to dump and pick up from different branches so as to not annoy the tellers too much. Makes it easier to do 10+ boxes a week too.

 

[BuffaloBoy]

To me, doesn't matter, as long as the coin counter is free and accurate, I have no worries where my coins go, I get paid for them and that's it..

HH

 

[enamel7]

The company that drops off there coin also usually picks up the coin. They don't go back to the reserve or mint.
HH
enamel7

 

[swt303]

I don't care where they go either, I am just curious as to whether or not they come back to me. Do they roll them back up locally in denver and bring them back to the branch they were picked up from?

 

[db23]

I don't care where they go either, I am just curious as to whether or not they come back to me. Do they roll them back up locally in denver and bring them back to the branch they were picked up from?

Very possibly. This is why people don't dump where they pickup...

I know someone here had mentioned putting stickers on the halves to see how long it took to get them back. I think they started showing up in a few weeks.

 

[conpewter]

It's always best to have a dump bank and pickup bank.

The reason these should be different companies and not just different branches is two fold.

1. Tellers talk to each other, they'll find out you are picking up and dumping on them, double the fees for them, could annoy them
2. Different companies will use different coin carriers. It is best (if possible) to dump at one (for instance brinks) and pick up from another (for instance garda). This way you won't see the coins again for quite a while. It is even better to dump outside your fed district, but many are not close to the lines so would cost too much extra in gas.

 

[Hortstu]

They bag them up and send them far away to the reserves or mint or some company that will distribute around the country. That is what I am being told...

I don't know for certain but this doesn't make sense to me. I would imagine they would keep the transport to a minimum to keep the expenses down and make the business as profitable as possible.

Use 2 banks.

 

[kb4iqm]

With very few exceptions, coins from the coin counters tend to go right back to the coin service that they buy their rolled coins from. Even if you buy from one branch and dump at another of the same bank, your dumps will soon come back to haunt you. Please remember though, any wild silver dumped into the counters will also be dispersed into that same coin pool.

Banks that roll coins from their own counters recycle dumps much faster, but local wild silver can also get mixed in if you are not the only source of the coins going into the counters.

If you want to put the most distance between you and your dumps, buy from a bank that uses a different coin service, than the bank that you dump at uses. You can mix up when you do different denominations.

I buy halves from the bank that uses Garda, I dump halves at a few branches of the bank that uses Loomis. I buy counter bags and boxes of pennies from the bank that uses Loomis, and dump pennies at the bank that uses Brinks. I buy boxes of dimes from the banks that use Brinks and Loomis, and dump dimes at the bank that uses Garda.

Bob

 

[Hortstu]

Has anyone contacted the coin services? Will they deal with non banks? I might consider paying fees if they pick up and drop off every week our month!