us mint sorting coins

[vabuckhunter]

my mother in law is the manager at a local bank and was talking to a lady from the mint about the ordering me some halves, the lady at the mint said they were getting ready to start sorting silver from clad with machines so enjoy while it lasts but like everything thats fun the government stops it

 

[SFBayArea]

If the U.S. economy is able to rebound.. and things go back to business as usual.

They will not worry about a couple of silver coins that they get a day from rolls people turn in. That would be the least profitable of all things if the economy returns back to normal. The amount that they get in at the facilities can barely pay a worker's salary a day. It's just peanuts.

 

[SFBayArea]

Anyone ever notice that it is always a new poster who claims the silver is being culled? I wonder why that is?


Jim

It always comes from a new poster who got skunked a bunch of times. With that being said, skunks can frustrate the most veteran of collectors. It's certainly lead me to consider it at times.

 

[Diggin-N-Dumps]

all that i was doing was stating what i was told but it seems like theres a whole pile of people on this site who are big men when typing on a little computer. i have posted on this 2 or 3 times and each time i get nothing but smartass remarks from spineless people who got picked on in high school and are taking out there aggression online

Haha ReallY!..I was never picked on in highschool. But after further review of all your comments (9) I saw that you had issues with some other members comments. It seems you are taking it a bit to personally.

I was simply making a joke, because its funny to me that a "Lady that works at the Mint " told your mother in law that"... Just sounds a little odd to me...Who is this "Lady" from the Mint? and How did she gain this Knowledge before anyone else

 

[jim4silver]

Anyone ever notice that it is always a new poster who claims the silver is being culled? I wonder why that is?


Jim

It always comes from a new poster who got skunked a bunch of times. With that being said, skunks can frustrate the most veteran of collectors. It's certainly lead me to consider it at times.

Questioning or wondering if culling is going on is different than saying "someone told me....". Not saying the OP meant this, but my view is that 99% of those who post culling stories are either trying to get everyone riled up for some reason or are hoping to get current CRHers to quit so they can find more themselves.

Just my opinion though.

Jim

 

[FingerGrime]

Like one of the previous posters said: the bankers aren't always a very good source of information. A couple years ago I was picking up a few boxes of cents and of course they asked me what I was doing with them. So I explained that I was looking for wheats and whatnot. The lady proceeded to tell me that they cull all the wheats before they get to the bank. I chuckled inside and politely told her that I would see what I could find anyways.

 

[jlr1076]

Like I said - if you think its being culled, quit. Find another hobby. Just stop whining about it on this site.

 

[Diver_Down]

The federal reserve is a quasi-private organization, NOT government..

I fixed your post. It is indeed a "private" organization that must operate under a strict government charter. People think that because the Fed is private that they have the ability to generate a profit (cull silver) without oversight. The Fed is allowed to turn a profit which is heavily scrutinized by the government. Bank draft, electronic transfers, and check processing are their main bread and butter.

DD,

Don't know if this is true or not, but I have read that the few private banking/companies/organizations that own the stock of the fed reserve get a certain percentage dividend on that stock. I don't know where I read that but it sticks out in my memory.

Jim

Member organizations (banks) are required to "invest" money in the Fed for operating capital. The larger the organization - the larger the "investment". This investment is reflected in shares of stock. However, the investor cannot dispose (sell/trade) of the stock so they really don't "own" the stock.

"Shareholders" do not vote/elect on Board of Directors or the Chairman of the Fed. These positions are appointed by the Government. A standard 6% dividend is returned to shareholders. Any surplus beyond this distribution is returned to the Treasury.

Consequently, the Fed has no incentive to invest and expend more capital as they already exceed their standard 6% of their gross profits. They can't make more than they already make. The Mint ( a division of the Treasury) already makes a heady profit (seigniorage) by selling the coin to the Fed.

 

[Cherryman68]

all that i was doing was stating what i was told but it seems like theres a whole pile of people on this site who are big men when typing on a little computer. i have posted on this 2 or 3 times and each time i get nothing but smartass remarks from spineless people who got picked on in high school and are taking out there aggression online

HEY! I resemble that remark!

 

[maine_Jim]

I think the fed would be hitting the cents if they were gonna do it. Maybe cull out the copper before announcing the end of the melt ban. Then they'll dump the cent altogether. After that get rid of the dollar bill and force the dollar coin on us. Right now the only people pulling silver are the CRH's, tellers and maybe the distributor drivers if they don't care about their jobs. And yes this thread appears every couple months with each wave of newbies. Us grisly veterans sometimes get a little humored by it. Don't take it personally.

Maine_Jim

 

[SFBayArea]

Anyone ever notice that it is always a new poster who claims the silver is being culled? I wonder why that is?


Jim

It always comes from a new poster who got skunked a bunch of times. With that being said, skunks can frustrate the most veteran of collectors. It's certainly lead me to consider it at times.

Questioning or wondering if culling is going on is different than saying "someone told me....". Not saying the OP meant this, but my view is that 99% of those who post culling stories are either trying to get everyone riled up for some reason or are hoping to get current CRHers to quit so they can find more themselves.

Just my opinion though.

Jim

If I was to discourage and get current CRHers to quit, a better strategy would be to have everyone here post skunks and no scores whatsoever .

 

[dpy52081]

The silver is being culled by the illuminatti, not bigfoot....... you silly gooses!

I think we should all just pack it in, and while we're at it, I will gladly buy everyone's silver for $6/oz because the bubble is going to burst and it will fall to $3/oz. I just want to help out guys, ya know...... do my part.

 

[SFBayArea]

The silver is being culled by the illuminatti, not bigfoot....... you silly gooses!

I think we should all just pack it in, and while we're at it, I will gladly buy everyone's silver for $6/oz because the bubble is going to burst and it will fall to $3/oz. I just want to help out guys, ya know...... do my part.

That's what some annunity fund guy told my mom. I told her when silver bottomed on late January that she should buy some. She had 10k and went to the coin shop to look at their eagles. Unfortunately, she listened to some stupid annunity fund guy that told her silver could go down to $4/oz. so she didn't buy. Silver was at $28.50/oz on that date. Can't believe she listened to some stupid annunity fund guy instead of me.

 

[ivan salis]

BECAUSE CANADA DOES CULL ITS GOOD METAL COINS-- copper, nickle, silver -- ( replacing them with coated steel junk coins and zinc trash coins) AND HAS SINCE 2000 *--- basically THE CANADAIN GOVT is making money by replacing "good" quality metal money with worthless "junk metal" coinage and selling the good metal on the open market -- NATURALLY AMERICAN FOLKS ARE WORRIED THE US GOVT WILL FOLLOW SUIT * -- frankly I'm surprized that "the powers that be"- (the AMERICAN money controllers) have not done so already --so like me , I hope my fellow CRHers are smart enough to enjoy the silver finds till " the powers that be" do start sorting (most likely just a matter of time)-- my point of veiw is this we can cull the silver and make money off it now , or we can wait till "the powers that be" takes it all out by machine sorting and get nothing in the deal (game over at that point)

 

[SFBayArea]

BECAUSE CANADA DOES CULL ITS GOOD METAL COINS-- copper, nickle, silver -- ( replacing them with coated steel junk coins and zinc trash coins) AND HAS SINCE 2000 *--- basically THE CANADAIN GOVT is making money by replacing "good" quality metal money with worthless "junk metal" coinage and selling the good metal on the open market -- NATURALLY AMERICAN FOLKS ARE WORRIED THE US GOVT WILL FOLLOW SUIT * -- frankly I'm surprized that "the powers that be"- (the AMERICAN money controllers) have not done so already --so like me , I hope my fellow CRHers are smart enough to enjoy the silver finds till " the powers that be" do start sorting (most likely just a matter of time)-- my point of veiw is this we can cull the silver and make money off it now , or we can wait till "the powers that be" takes it all out by machine sorting and get nothing in the deal (game over at that point)

When that does happen.. I'm sure that we'll receive fair warning. The gov. will announce it not some slight-of-hand-under-the-table coin facility thing that vabuckhunter suggests. We'll have to do all the CRHing we can before that date. They also would have to announce a change in composition which they are studying at this point. If it does happen, I don't see anything for 5 years. It also takes a lot for companies who use vending machines and machine based coin sorting like Coinstar to convert their machines to accommodate the transition.

 

[jim4silver]

BECAUSE CANADA DOES CULL ITS GOOD METAL COINS-- copper, nickle, silver -- ( replacing them with coated steel junk coins and zinc trash coins) AND HAS SINCE 2000 *--- basically THE CANADAIN GOVT is making money by replacing "good" quality metal money with worthless "junk metal" coinage and selling the good metal on the open market -- NATURALLY AMERICAN FOLKS ARE WORRIED THE US GOVT WILL FOLLOW SUIT * -- frankly I'm surprized that "the powers that be"- (the AMERICAN money controllers) have not done so already --so like me , I hope my fellow CRHers are smart enough to enjoy the silver finds till " the powers that be" do start sorting (most likely just a matter of time)-- my point of veiw is this we can cull the silver and make money off it now , or we can wait till "the powers that be" takes it all out by machine sorting and get nothing in the deal (game over at that point)

Ivan,

It is because the value of the silver coins out there in circulation is peanuts to the gov. I have read that the gov is currently "borrowing" $4 billion per day. I wonder how many silver halves/ounces of silver $4 Billion would buy?--and that is just for one day.

This is akin to my argument against another confiscation of gold/silver taking place while the dollar still exists. When you can "borrow" as much cash as you want and the world (govs, businesses and people) still readily accept it and give you stuff for it, there is no need for PMs to be held by the gov.
In fact, it could get in the way of all that "borrowing" if you had to back it with something like PMs.

All just my 2 cents.

Jim

 

[SFBayArea]

I think the gov. should collect all their copper cents.. and make the money copper backed... lol

They should print copper certificates redeemable for copper because they know that no one actually would want to pick up $100 worth of copper and store that much of it.

We need to go to a copper standard... lol