The fed is running out of coins?

[weighit]

My two different banks last week were not able to supply me with my normal boxes. Got the same reason from them, the Fed failed to deliver the coins. Both said they don't understand why they didn't get their delivery. Guarda is one delivery service and Brinks the other.

 

[Fredness]

This topic hasn't come up in a while, and it varies with your location, but in the PNW, there is no "Fed". The coin handling companies (Brinks, Guardia, Loomis...) have their own "stash" and will, from time to time, trade/sell to other companies to keep their stock up. Our banks tell you that they get their coins from "the Fed", but they are just repeating what corporate back East is telling them. The coin handling services also have nothing to do with the Fed/Mint except when they order new coin (in HUGE batches).

 

[Diver_Down]

This topic hasn't come up in a while, and it varies with your location, but in the PNW, there is no "Fed". The coin handling companies (Brinks, Guardia, Loomis...) have their own "stash" and will, from time to time, trade/sell to other companies to keep their stock up. Our banks tell you that they get their coins from "the Fed", but they are just repeating what corporate back East is telling them. The coin handling services also have nothing to do with the Fed/Mint except when they order new coin (in HUGE batches).

Sorry, Fred. You are wrong and right (sort of). The Pacific Northwest belongs to the 12th district headquartered out of San Francisco. There are 4 branches within the San Fran district. They are Portland, Los Angeles, Salt Lake City, Seattle. Now in each branch, there will be designated Reserve Vaults. They will be represented by the coin handling companies. Typically, the large companies (Brinks, Loomis) will serve that role. The Reserve Vault is a separate vault from the actual Fed branch. They will be required to keep a min (and a max.) of each denomination on hand to service the banks and other coin handling companies to draw from. This prevents small coin companies from having to draw from the actual Fed branch.

Example (small figures for demonstration purposes): Brinks is a Reserve Vault. They are required to have 10K on hand (min) 50k (max). Customer orders coin from a bank serviced by Garda. Garda has 1k on hand. Customer wants 3k. Garda will draw 2k from Brinks. Garda will never see the actual Federal Reserve Branch location for security purposes.

Most tellers and banks are unaware of the actual distribution system. They just throw the term out "The Fed" for their needs.

 

[Hi Ho Silver!]

Diver, how is the set up in the North East US broken down

 

[Diver_Down]

Diver, how is the set up in the North East US broken down

3 separate districts. Boston, New York, and Philadelphia are the districts. Boston handles New England. New York handles New York and North Jersey. Philly handles South Jersey and most of PA. Pittsburgh (imagine a line running north and south dissecting PA near Pitt) is in District 4 which is handled by Cleveland. District 1,2, and 3 does not have branches within their districts.

 

[Fredness]

Sorry, Fred. You are wrong and right (sort of). The Pacific Northwest belongs to the 12th district headquartered out of San Francisco. There are 4 branches within the San Fran district. They are Portland, Los Angeles, Salt Lake City, Seattle. Now in each branch, there will be designated Reserve Vaults.

The Seattle Federal Reserve building closed its doors in February 2008 - it is a historic building with tours available, but they don't have anyone live to answer questions on the phone. There is a "Branch" in Renton, but there is no "Seattle Vault". Still waiting on calls back from the Renton branch, but they are not very forthcoming regarding coin handling/storage questions. We're a little different up here...

 

[Diver_Down]

Sorry, Fred. You are wrong and right (sort of). The Pacific Northwest belongs to the 12th district headquartered out of San Francisco. There are 4 branches within the San Fran district. They are Portland, Los Angeles, Salt Lake City, Seattle. Now in each branch, there will be designated Reserve Vaults.

The Seattle Federal Reserve building closed its doors in February 2008 - it is a historic building with tours available, but they don't have anyone live to answer questions on the phone. There is a "Branch" in Renton, but there is no "Seattle Vault". Still waiting on calls back from the Renton branch, but they are not very forthcoming regarding coin handling/storage questions. We're a little different up here...

I wasn't clear in my earlier response. The "Reserve Vaults" will be operated by Brinks, Loomis, etc. Most Federal Reserve buildings are a mere shell of the former capacity. Doesn't mean that work still isn't being done behind the scenes. Most Reserve Branches did most of their business in processing checks. With electronic banking, the large staff and buildings to process checks just isn't needed. Here in Jacksonville, there is a massive branch (from the outside). Turns out that half the building is empty and they have been trying to sub-lease the space.

 

[weighit]

Well if the two banks get their delivery this week I should end up with 3 boxes and I will post what I come up with. Good or bad.

 

[FiresEye]

One bank I visited mentioned that they get coins from the "fed" and that they don't count coins that rollers bring in.
I was like, oh, I just said "count it if you want to" to say that I wasn't shorting rolls.
I also knew that if I were to drop off a large ammount of coins, on a regular basis, they WOULD count it.