Long term viability of coin roll hunting...

[GlenDronach]

Era of online and mobile banking - Jan. 25, 2013

Reading this article does raise a lot of questions.

As banks shift more to online service, branches close, and people rely less and less on cash, when will they streamline our hobby out of existence? I know it won't totally disappear, but I think it will become harder and harder for us in the next few years...

 

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[SilverForBrains]

in one way it will make it easier for us in the short term. A teller near me loves when I bring coins in to dump, because she says I'm keeping her in business so, as more and more banks start to close, the tellers will want anyone to come in, even if you're dumping huge bags of halves. of course, after they all close we're screwed.

Cellphones are ruining everything I consider holy in life, including my peace and quiet

 

[AdDicted2Ag]

IMO as people rely less and less on cash, they will be quicker to unleash collectibles into circulation which is good for us.. Also, there are many other purposes for tangible currency than just purchasing gas or common household items.. (example) Your average craigslist sale will not be using debit cards.. I highly doubt we will see a total electronic economic system in our lifetime..

 

[MentalUnrest]

There are many other things people go to banks for and because the majority of people pay bills online, that does not affect these things.

In my area, it is a rarity to go and not have a number of people waiting ahead of me.

MU

 

[GlenDronach]

I'm just thinking the impact of fewer branches. They'll cut costs, track flow more, and it will reduce your pickup/dump banks. There may be 1 branch instead of 3 branches in a 10 mile radius, for example.

 

[Gold Maven]

just read where 10 million bank online in the US, so I think it will be a while, and probably never totally replace the brick and mortar bank.

 

[kfs]

I'm just thinking the impact of fewer branches. They'll cut costs, track flow more, and it will reduce your pickup/dump banks. There may be 1 branch instead of 3 branches in a 10 mile radius, for example.

I am more worried about gas stations disappearing, than I am bank branches, at least for the foreseeable future. There use to be gas stations on every corner. Now there is a Chase, Capital One, B of A or some other bank branch in its place. I honestly do not know how they can stay open. There is a corner with two Chase branches on the same intersection.

 

[fistfulladirt]

Banks in my area are closing left and right. BOA seems to have the most branch closures, and I believe County National is replacing BOA here soon.

 

[Dodeskaden]

I know your question is really talking about the prognosis for the banks that CRHers currently use, but I think that's just one of the big factors that affect the viability of the hobby (and its continued future appeal to people like you and myself).

I think there will always be coin roll hunters, in some form, but they may start to increasingly find other sources of getting coins than ordering large amounts from local banks. The CRHers of the future may also become more interested in errors or oddities that continue to circulate as wild silver continues to naturally decline, as it has steadily since 1965.

CRHing for copper is a wildcard. I think many of the people who collect copper now will give up the waiting game and cash in their hoards before melting down cents and/or nickels is legalized.

I think we'll see fewer banks carrying large volumes of coins in the future. As long as businesses need coins, there will be banks to serve them, but I believe that need will be diminishing. When the business need for coin drops below a certain point (I have no idea what that point is, but I think we'll see it in the next 20 years), banks will carry much less coin and start charging more and higher fees to customize orders to a shrinking number of business and individual customers. As this continues to strengthen (it's already happening -- there are banks that will impose a fee for ordering your box of halves), I think you'll see CRHers start to pare off. I can't see many of these hobbyists paying $2-$5 a box that's likely a skunk.

In 2025 or 2030, if this board still exists, I think we'll still some diehard hobbyists who don't mind paying a fee to CRH (they're not doing it for practical financial gain, but more for love of coins and the thrill of the score) and a much higher percentage of people looking for errors and oddities. But I hope to be wrong.

 

[ArkieBassMan]

Era of online and mobile banking - Jan. 25, 2013

Reading this article does raise a lot of questions.

As banks shift more to online service, branches close, and people rely less and less on cash, when will they streamline our hobby out of existence? I know it won't totally disappear, but I think it will become harder and harder for us in the next few years...

Unless we eventually turn into a 100% cashless society, this won't effect CRH enough to notice if at all. I would venture to guess that out of all the silver coins in circulation today, WAY less than 1% have always been there. The majority of the "keepers" that we CRHers find are from peoples' collections and spare change jars that get cashed in for whatever reason (theft, ignorance, accident, "emergency" money, etc).

In fact, going 100% cashless would cause a HUGE boom in the amount of silver in circulation for a short time. As soon as the gov't announced we were going cashless, nearly every spare coin across the country would get cashed in as it would no longer make any sense whatsoever to hold onto them, and we all know that the "average" person doesn't search for silver. Dumping huge amounts likely wouldn't be a problem at nearly every bank as everyone in the country is going to be dumping coin en masse. I hope I never see this, but I fully expect this to happen at some point and time. Not in my lifetime nor anytime soon, but it very well might happen someday. But, if it does happen in my lifetime, I can guarantee you I'll be searching volume that would make TimZim jealous from the time the announcement is made until I can no longer find bank(s) willing to order me coin.

 

[sagittarius98]

The closest country to be cashless would be Sweden. You can still CRH, but most view you as someone who is mentally ill.