banks desperate for coins
chumley
Posts: 2,305 ✭✭✭✭
my local bank is now accepting unrolled change....they count it ,roll it and give you full value....i turned in about $200 in change,including 8700 loose cents
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Same here ... Banks want coinage.
Good time to dump all those cents youv'e been wanting to get rid of for years.
Saves on the coinstar premiums....
but that means less in the reject slot for coin hunters... 
Cheers, RickO
Troublemaker😭
Strange, I would think the opposite. Every one is using digital currency. ( C.Cards)
100% Positive BST transactions
I'm waiting for them to offer more than face, they have done it before
Everyone turning in those rolls of State Quarters they have been saving would help.
Are those state quarters really not worth more than face? How about the presidential dollar coins?
BST: Tennessebanker, Downtown1974, LarkinCollector, nendee
None of the banks or CU's have been willing to give up any change.
I went to get some money out and thought it wouldn't hurt to ask.
I lucked out!
A solid box of 2020 Salt River! WooooHoooo!
Face value, for the most part.
A bank actually gave you that much change? Where is the shortage problem?
BST: Tennessebanker, Downtown1974, LarkinCollector, nendee
My problem is, I was too lazy to go cash in all the coins. Now, I'm too lazy, and scared, to go cash in the coins. Guess my pile of coins will continue to grow.
Hey please post if you find any W quarters. Rumors are the Mint never released them last month and everyone I know that has gotten a box still hasn't found one
Getting worse over here, banks will only give out change now to business accounts. Unsure what if nay limits there are for those accounts. On the other hand they've yet to offer to roll my coins yet, so I will be keeping my change for the time being.
Was going to take my change in today for a few hundred swap....made it to the local hangout and got some home grown tomatoes and an adult beverage and then hit the local chocolaterie for some treats for the wife (and me) instead. The bank run can wait....I stand by my choices today.
Congratulations! Looks like they shipped direct from the mint to your bank.
The whole concept of a shortage seems odd to me. Maybe it’s more of a disruption to normal supply lines. Here where I live in rural ag country there’s plenty of food, plenty of demand, and really, really messed up supply lines. Farmers have been dumping potatoes and milk due to no ready markets. Demand switched from institutional packaging (restaurants & schools) to residential packaging and there are no easy ways to make a wholesale switch in the way brokers & suppliers move the commodities around. I guess it’s probably the same for coins.
If people heed the call to turn stuff in, it might salt the system with a certain quantity of silver. Easy to dispose of searched coins too.
If your bank won't take your bags of change, you need to go find a full service bank. My local bank in Overland, MO prefers bags of coins rather than rolls. When a customer turns in rolled coin they just have to take them out of the rolls to run them through the counting machine. They don't charge fees for counting your change. Its part of their banking service that you get when you have an account.
Overland Trail Collection Showcase
Dahlonega Type Set-2008 PCGS Best Exhibited Set
One of the branch managers in my area laughed when I asked her about a coin shortage. She said, "What coin shortage?"
I actually bought a complete collection of them on ebay a year or so ago... for UNDER face value! I think the guy had about 250 or so presidential dollars he was selling, and I got it for like $225 shipped or something. Yikes! Added them to my change jar
Come on dude! Did you find any W quarters?
For what reason would they roll them unless it would be to give out to customers? You expect them to do it for you for free?
If you deposit them to an account why wouldn't you expect face value?
No Salt River W's yet received by PCGS
The government is incapable of ever managing the economy. That is why communism collapsed. It is now socialism’s turn - Martin Armstrong
Will you be putting potatoes or milk on the BST?
I have only been through 15 rolls so far and no W's.
I don't expect there will be any but gotta look.
I hope to have the box finished some time today.
We know that. I am asking him specifically because he just got a box of new Salt Rivers. Hoping he got some
Good luck! Please let us know either way. I hope you find some and can submit to PCGS for the prize money. I am beginning to think that the Mint is waiting to release them with the next quarter in August.
I have a couple thousand dollar coins. Do the banks want those?
Do you mean to tell me there are actually some banks with lobbies open? Not in my neck of the woods. Did you have to make an appointment?
it's crackers to slip a rozzer the dropsy in snide
No W.s in the box my friend.
Which banks are paying the highest premium for coins?
The local Coinstar got $400+ in coins from me yesterday and I ended up with a Lowe's gift card. I was going to that store anyway.
FYI
The US Mint ships quarters to Federal Reserve Banks and sub treasuries in bulk bags of 200,000 coins each. The Mint does not "rol"l circulating coins, that job is handled by a private contractor designated by the Federal Reserve Bank.
I thought it had been discussed already, there is no shortage...they laid off a bunch of the Fed transportation people, and likely some of the Brink's, etc. people. Think of all the closed businesses that didn't need any armored courier services. Just caused a disruption in supply.
Thanks, I know about the Fed supplying contractors but I did not know how many quarters per bag were delivered. I should have commented "Looks like your banks contractor took great care of your quarters." From my experience, maybe a third of those quarters are MS grade due to bagging and rolling damage.
Sorry about that. Are you going to save or sell any of them?
I have seen a price jump in several State quarters. The 1999 set, 2000 MA, VA, 2001 NY, and other misc errors rarities.
I give away money. I collect money.
I don’t love money . I do love the Lord God.
Modwriter,
First off welcome to the forum!
Another member posted the "No W's" comment. I am still going through the box I got and have found no W's as several of the members & myself suspected. I have 15 rolls to go and will post the final results. I am taking the time to roll them back up so I can try to use them as a trade with a bank to get a new batch. I don't normally do that but it has been hard to get anything.
Thanks for the welcome! I'm a quarter hunter myself. I also roll up my rejects and bring them to the main bank branch, cash out, and then go to a in-store branch for rolls. Main branch is only selling rolls to merchants right now. I just found out Goldeaglecoin.com sells rolls of quarters, along with APMEX, so I am guessing they have the pre-65 market cornered. Can only hope to find W mints now if at all.
Might not be the only reason, but I can tell you that since Chase has required coins to be pre-rolled I have not taken in any change whatsoever.
Collector, occasional seller
@PCGSFreddie & @Modwriter
Finished the box. No W's
I am so sorry. I was rooting for you! Thanks for taking the time to post.
Last year I witnessed a young boy with his mother bring his piggy bank( a coffee can) to the teller counter and she turned him away. Poor lad was so proud of what he had saved and walked out with his tail between his legs.
This was a Chase Bank and I have to say I was appalled. Tellers don’t want to be bothered and banks are upset about taking so many coins in and don’t want to be charged for hauling money back and forth with Loomis.
Most people are just accumulating coins in cans or going to a Coinstar.
I once had a bank manager threaten to charge me a commercial fee for wanting to dump a small coffee can of coins in coin machine. She called me a coin recycler......a coin collector. I should have said I was more like a silver hunter.... which I am. I complained to the President of the bank.
With the attitudes of some banks they have brought the coin shortage on. Some are good, some are bad.
I was rooting for you too! I have found only one 2019 W myself. Kinda beat up, maybe high AUC. I'm going send it in someday to get graded.
Yes, no new boxes to buy; trade only. Best to un-crimp one end of roll, push coins out from other end, search, drop back in tube and re-crimp by hand.
The government is incapable of ever managing the economy. That is why communism collapsed. It is now socialism’s turn - Martin Armstrong
These rolls have been gone through over and over against if you do trade some coins in you will get coins that have been looked at already. I have not even bothered to try to find any since they stopped shipping coins s it is just a waste of time and is damn hard work for nothing especially if you are re-rolling them to try for more.
Totally wrong. I have been getting up to 4 boxes a week of old coin rolls (not customer rolled) from my local bank since March and consistently find a W or silver quarter.
I trade only for sealed boxes. Banks are still getting new boxes, they have been limited in what they get. Once branch trades me two sealed boxes a week.
The government is incapable of ever managing the economy. That is why communism collapsed. It is now socialism’s turn - Martin Armstrong