geographics

[goldinmypan]

Here is a question for you. It seems that we are from all different parts of the country. We are all dealing with different branches of the FED. And I expect different ways that that the banks do business with the Fed. Someone posted that the armered car companies deal with the coin. One of the branches of my local bank told me that they send their coin to Union bank via a armered car co. I don't know what Union Bank does with it. They may pass it on to the FED or reroll it and send it back to the banks. I don't know where the FED is here in Cal, Does the coins go to Denver or San Fransisco or what. I guess that in the long run, I don't care since I'm going to keep buying rolls untill the silver runs dry.

It would just help to know in order to maybe keep from spinning my wheels chasing a bank that has no chance of producing results.

If I'd been doing this back in the early 80's maybe I'd had the same problem with big Dollars. As far as I know it is impossible to get rolls of big dollars at this time. One bank that I talked to said that they still can get them for a special festival that they have yearly. But another tried to order and what they were sent were the Susan B's. I'm going to go back and talk to them again. I would love to be able to buy a box of big dollars even if they all turned out to be IKEs.

 

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[craig101]

when i was at the Minneapolis FED's website, it said that you could not order IKE's from them anymore as they were not made anymore. I think we still get SBA's cause they are almost the same size as the gold dollars....

my local CU says they have 1-2 people who search the gold dollars and whenever they order some boxes of them in, they never know if they will get the gold dollars of SBAs.

Craig

 

[Pennyworth]

The bank that I order my halves from can NOT get the IKE dollars, they can order the gold Sac dollars. A Brinks truck brings all the coins and I believe paper currency that the bank orders. When I arrived at the bank today to pick up the boxes the Brinks truck was there. I waited until the Brinks guard came out of the bank and he opened the door to the truck to peek inside. I did see paper currency in large plastic bags on the floor of the truck.

 

[Immy]

From my understanding each of the FED banks (in Boston, NYC, Philly, Cleveland, Richmond, Atlanta, Chicago, St. Louis, Minneapolis, Kansas City, Dallas and San Fran) distribute coins to banks within their jurisdiction. Whether halves make it back to Fed banks is debatable. My guess is they either simply sit in vaults in some of the bigger banks or are transfered from bank to bank. An earlier poster mentioned armored car companies acting as holding areas for large quantities of coin. If that's true that's an enormous amount of risk for a non-banking institution.

At the B of A I go to every week for my job the merchant guy was telling me about $500 in Sacs sitting in their vault that he was trying to get rid of to another branch, which he eventually did. Sounds like the fruitcake being passed around that nobody wants!

I always think that the silver comes from when someone brings in a load of halves off the street. They're either already rolled or put into big bags and either sold to the next roll hunter who comes in or sent to another branch after sitting unused in the vault.

I honestly think we are all responsible for halves circulating at all these days.

 

[HobBob]

You know Immy, I think you might be right. I picked up some more halves (skunked again ), nickels, and pennies this week. The teller told me someone had brought in a bunch of silver dollars to deposit at face value , but someone else had beaten me to them. By the way, the teller told me she was going to take them home if no one else had asked for them. I think I have them all interested in coin collecting now. That may be a good thing, or it may not...
HH,
Bob

 

[foundinrolls]

Hi All,
When a bank gets enough halves, they do indeed ship them back to the federal reserve banks. It costs the banks to ship them so they generally do not ship from bank to bank. Since halves don't really circulate, they just sit in vaults until there is enough to get rid of. A few banks order them in if there is a demand for them such as the areas where there are casinos but most will not unless they are doing a favor for a customer.

A bank will usually order halves from a counting house like brinks as the federal reserve banks only deal with unrolled coins. I get emails every day from folks who think they won't find anything in "Brinks" boxes yet they are finding incredible amounts of 40% , and 90% silver halves. franklins and walkers are turning up all over the place. Even the occasional barber half turns up in a "Brinks" roll.

The only way I get Ikes any more is if someone brings in a roll or two. The same principal applies though, some banks will hold onto Ikes until they have enough to ship out. I once found $400.00 worth of them sitting in a vault at a local bank. There were a few silver ones in them and a few nice doubled dies. A few other surprises included some nice Morgans and a few Peace dollars. It doesnt happen often, but it does happen.

Have Fun,
Bill

 

[1235CE]

"A few nice Morgans and a few nice Peace"......it is now 2:29 am, East coast........is breaking and entering at night less of a crime than a daytime robbery??......because I just want to leave my wife a note.....

HH all
Greg

 

[craig101]

the Banks by me have to have at least $1,000 in face (coins) before they can send them back to the "counting house".

The FED has to touch the coins at least once and thats when the new coins come from the Mint. I imagine with the new stock, whenever banks place their orders, the FED must release the new coins as ordered and then they don't see the coins again. This is just what my credit union manager told me, that the FED (at least the minneapolis one) doesn't handle the day-to-day coin transactions that the Armored car companies hold the coins in their vaults as it got too cumbersome for the FED to deal with the day to day operations of moving coins.

Craig