Modwriter Posted July 20, 2020 Share Posted July 20, 2020 The bank manager would not exchange roll for roll. My rolls are going to be shipped out. I am guessing going back to the Fed. The rolls they had in stock were for merchants only due to the coin shortage. I usually get my rolls from an in-store satellite branch no problem, but this was the main branch. At least I know the main branch does not keep my rejects. Will the Fed scan my coins and pull the really damaged ones out of circulation? Link to comment Share on other sites More sharing options...
Moxie15 Posted July 20, 2020 Share Posted July 20, 2020 they do not go to the fed, ever. The mint issues coins to a contractor like Brinks and Lumis. The banks buy the coins from them. The bank has a policy that they will keep X number of rolls on hand, if they have X+ rolls they are returned to their contractor on the weekly exchange. The Fed, Federal Reserve, sets policy, the discount rate, the overnight rate, and the prime. None of these have to do with coin distribution. Ex. I do not know the exact rates and policies any number given is for illustration Policy- The Fed sets what amount of assets banks must keep on hand. You deposit $1000 the bank must keep $1 on hand and loan out the other $999 Discount rate- What the Fed charges the bank. The bank borrows $1000 from the fed The bank receives $990 and must pay the Fed $1000 Overnight rate_ What the banks charge each other for overnight loans to cover short terms cash shortages Prime rate - what the best customers get (but no one gets it they all pay prime plus some percentage it may be an infinitesimal amount) Disclaimer: This is written from memory and I have not dealt with such things since college and that was a very long time ago so I have made errors but it should be close enough to show the Fed does not deal in coins RonnieR131 1 Link to comment Share on other sites More sharing options...
Modwriter Posted July 21, 2020 Author Share Posted July 21, 2020 Good to know. Thanks. Link to comment Share on other sites More sharing options...
Conder101 Posted July 21, 2020 Share Posted July 21, 2020 1 hour ago, Moxie15 said: The mint issues coins to a contractor like Brinks and Lumis. The banks buy the coins from them. The bank has a policy that they will keep X number of rolls on hand, if they have X+ rolls they are returned to their contractor on the weekly exchange. The contractors have similar policies. If they have more coin on hand than they need for their customers they will send them back to the Federal Reserve. I'm sure the contractors aren't sitting on all the small size dollars out there, they got shipped back to the Fed. (of course with the coins of less than half dollar denomination, they almost certainly aren't shipping anything back right now. Modwriter as for your coins they aren't exchanging them roll for roll because they need the ones they have on hand for their business customers, and there is the chance that your rolls could be short and they don't want to risk passing short rolls to their customers. So you coins will either be sent back to the armored car service to be counted and rerolled, or they will do it later themselves in house. (that way they don't risk sending them out to be rerolled and than not being able to get as many rolls back due to the current shortage. (you don't send them 500 rolls for recounting when your orders for 500 rolls are being rationed to 250 rolls. You just keep them and count them yourself.) Link to comment Share on other sites More sharing options...
Modwriter Posted July 21, 2020 Author Share Posted July 21, 2020 20 minutes ago, Conder101 said: Modwriter as for your coins they aren't exchanging them roll for roll because they need the ones they have on hand for their business customers, and there is the chance that your rolls could be short and they don't want to risk passing short rolls to their customers. So you coins will either be sent back to the armored car service to be counted and rerolled, or they will do it later themselves in house. (that way they don't risk sending them out to be rerolled and than not being able to get as many rolls back due to the current shortage. (you don't send them 500 rolls for recounting when your orders for 500 rolls are being rationed to 250 rolls. You just keep them and count them yourself.) Thanks Conder. The teller was just about to exchange the rolls but called the manager over and she did say she had to ship my rolls. I asked "to the Fed?" and did not get an answer. A lot of damaged and worn coins were in those rolls.I guess it is up to the armored car service, or the Fed to pull them out of circulation. Link to comment Share on other sites More sharing options...
Coinbuf Posted July 21, 2020 Share Posted July 21, 2020 (edited) The process goes as follows (as I understand it): The mint coins the coins Coins are sent from the mint to the Federal Reserve Banks (sometimes referred to as the fed) The Federal Reserve Banks hold coins and distribute coins to the armored services and/or banks as they are ordered Banks give and get coins from/thru the armored services and the Federal Bank as needed. The armored services take coins to and from banks, count and reroll and then redistribute to the banks replenishing as needed from the Federal Reserve Bank. Edited July 21, 2020 by Coinbuf Link to comment Share on other sites More sharing options...
VKurtB Posted July 22, 2020 Share Posted July 22, 2020 (edited) Be extremely careful to not mix "Fed" roles. The 12 regional Federal Reserve banks do put coinage into circulation, but that is a different thing from the "Fed", which is HQ'd in D.C. (to abuse initials a little) Only one regional bank, New York, has a permanent seat on the policy-making Federal Reserve Board, which makes monetary policy. Edited July 22, 2020 by VKurtB Link to comment Share on other sites More sharing options...
Modwriter Posted July 22, 2020 Author Share Posted July 22, 2020 I did go to my in-store bank branch yesterday and purchased a roll of quarters for $10 cash. The teller asked me if I am a customer and I showed him my debit card. I was given a customer wrapped roll that was 75c ents short, but the quarters were mint state 2009-P MA keepers. My area (Temecula, CA) seems to be flooded with MA quarters. Link to comment Share on other sites More sharing options...
VKurtB Posted July 23, 2020 Share Posted July 23, 2020 19 hours ago, Modwriter said: I did go to my in-store bank branch yesterday and purchased a roll of quarters for $10 cash. The teller asked me if I am a customer and I showed him my debit card. I was given a customer wrapped roll that was 75c ents short, but the quarters were mint state 2009-P MA keepers. My area (Temecula, CA) seems to be flooded with MA quarters. 2000? Not 2009 surely. Link to comment Share on other sites More sharing options...
Modwriter Posted July 23, 2020 Author Share Posted July 23, 2020 6 hours ago, VKurtB said: 2000? Not 2009 surely. Oops. Yes 2000-P MA State. Good eye! Thanks VKurtB. One of the vending machines in the community center here gave me nickels with my quarters this morning. Hope they re-supply the quarters. Ive been cherry picking quarters from that one machine for months. Still have the other vending machine, but never could find a keeper from it. Link to comment Share on other sites More sharing options...
BearlyHereBear Posted August 8, 2020 Share Posted August 8, 2020 (edited) While I have always avoided coin machines like "Coinstar" because of the percentage they charge, I found out something recently that changed my mind (pardon the pun). You can exchange your change for no fee if you get a gift certificate. There are many vendors to choose from. Since I frequent Amazon, I was able to get several hundred dollars worth of gift certificate with no fee charged. Well worth the trip since I didn't have to roll the coins. Edited August 8, 2020 by BearlyHereBear Modwriter and Alex in PA. 2 Link to comment Share on other sites More sharing options...
Conder101 Posted August 10, 2020 Share Posted August 10, 2020 On 8/8/2020 at 5:14 PM, BearlyHereBear said: I found out something recently that changed my mind (pardon the pun). You can exchange your change for no fee if you get a gift certificate Yep, been that way for what eight or nine years now. Link to comment Share on other sites More sharing options...
Alex in PA. Posted August 10, 2020 Share Posted August 10, 2020 (edited) On 7/22/2020 at 2:06 PM, Modwriter said: I did go to my in-store bank branch yesterday and purchased a roll of quarters for $10 cash. The teller asked me if I am a customer and I showed him my debit card. I was given a customer wrapped roll that was 75c ents short, but the quarters were mint state 2009-P MA keepers. My area (Temecula, CA) seems to be flooded with MA quarters. I am surprised by your getting short changed that much. A quarter I could see but. Every Thursday I pick up 5 rolls of quarters from the bank and to my knowledge have'nt be short change. If you roll quarters and wrap them tight then open up and take three quarters out I say that's noticeable. Could be wrong. Edited August 10, 2020 by Alex in PA. Link to comment Share on other sites More sharing options...
Modwriter Posted August 10, 2020 Author Share Posted August 10, 2020 43 minutes ago, Alex in PA. said: I am surprised by your getting short changed that much. A quarter I could see but. Every Thursday I pick up 5 rolls of quarters from the bank and to my knowledge have'nt be short change. If you roll quarters and wrap them tight then open up and take three quarters out I say that's noticeable. Could be wrong. The roll that I was short on was un-crimped like the one on the bottom that I got today. Link to comment Share on other sites More sharing options...
