A reddit post about Loomis rolls boxes in Oregon are stamped "No silver... pre sorted"
Kurisu
Posts: 1,746 ✭✭✭✭✭
Just a heads up.
I have no idea what it means.
If someone is simply scanning the bins by eye as the coins are fed or if they've added something to the machines to identify and reject silver.
If you know something feel free to add info!
https://www.reddit.com/r/CRH/comments/kspyur/for_those_who_wondered_this_is_the_stamp_on/
I'm in Denver and haven't heard anything about this yet.
I rarely search bank rolls but would like to know more.
Coins are Neato!
"If it's a penny for your thoughts and you put in your two cents worth, then someone...somewhere...is making a penny." - Steven Wright
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Comments
wow, weird! thanks for posting
They should have been doing this for a long time. One would think the money they make from “free silver” would more than make up for the additional equipment and operational complexity, even if it is not their core function.
A menagerie of U.S. Mint medals
Does that also mean no Canadian?
They are simply trying to curb customer demand for boxes of quarters. They are mistakenly thinking the demand is for hope of finding silver when in reality roll searchers are looking for the W quarters that bring a high premium on ebay. As the W program winds down with the last W now released, box demand will decrease.
The boxed quarters in the OP (and probably 99.9% of all boxed quarters) are from Coinstar type machines that do not accept (reject) silver coins. I have searched hundreds of boxes over the last two years and have seen only 1 silver quarter that slipped through the machine.
It will happen suddenly
@derryb I don’t think we’ve seen the last of the W quarter program just yet.
And if not that then something else is coming.
I don't think 99.9% of the bank quarter boxes are from Coinstar type machines. Might be true in your area but not mine.
Also, please cite your source for your claim that Loomis is doing this to discourage CRH. You expect others to do this when making a claim so why didn't you?
I have seen you state in other threads over the past 2 years that you drive around to your local banks every day buying up quarter bank boxes in search of W quarters to flip and have bragged about how much money you made doing this.
In those threads you also stated how you only looked through new coin rolls and didn't bother opening old coin rolls so not sure how you even found one silver quarter but ok.
I on the other hand have looked through every quarter box old or new because I only get 1 box at a time, look through them, roll them and swap out for the next box.
Last year I got more new coin boxes than old but this year 90% of my boxes have been Loomis old coin boxes and they have yielded many silver quarters. To clarify, I have found at least 40 of them and usually find 1 in every few boxes. Seems to come in waves. My local coin dealer is amazed at how many I find and I use them in trades with him and members here on the forum.
To me it is certainly not worth it to get boxes and look for silver but since I am hunting for W anyway the silver is icing on the cake and I hope what the OP is reporting will not happen in my area😎
Jeez, another troll. I'm running out of troll food.
Your opinions and your experiences are obviously different than mine. Get over it. . . or don't. The 'bragging' was a response to those who called the W searching not worth the effort.
It will happen suddenly
Mint's W quarter program was created to coincide with the 2019 Great American Coin hunt. It was extended into 2019 and ended with the last National Park quarter of 2020.
Sure, the mint will always come up with another gimmick to stir collector interest just as my troll will surely come up with another post to attack me.
It will happen suddenly
Truth hurts I guess! I state the facts and he resorts to calling me names. Karma is a wonderful thing 🤣😂
right on que, guess you just can't get over it. lol
It will happen suddenly
I got an idea, you and fast eddie could have a quarter shooting war. Kinda like nerf guns but ones that shoot quarters
Nah.....I wouldn't waste my quarters on him!😂🤣
And put out his other eye? No thanks. He needs it to spot the W's and to type insults.
It will happen suddenly
I understand this is happening in AZ for quite some time, àlthought not officially announced or stamped.
I don't know but you have pretty big target up top and a whizzing quarter could penetrate that brain matter.
Wait a minute, look! Fast Eddie is loading up with W's there like silver bullets, take cover!
Coin roll hunters must be getting to be a real annoyance. I'm not surprised. Back during the big coin collecting boom of the early 1960's some banks started giving collectors bags of coins they knew had already been searched in order to discourage them. I can think of one local bank that did this to me circa 1963.
derryb I think you need this reminder:
Posts must not contain inappropriate language in the form of cuss words, name-calling,
Do I need to report you to Heather?🤫🤣😂
Well, for the record I didn't curse and I didn't call you a name. Your first post to the thread was a personal attack. Following that I did point out that I have someone who appears to be trolling me. If the shoe looks like it fits, feel free to try it on.
Otherwise try to be civil not only in this thread but in others and I'll do the same.
You and I are both guilty of turning a meaningful post into something else. I wrongly followed your lead. For that I apologize to my fellow members who deserved a discussion instead of what they got.
It will happen suddenly
It happened to me recently, the teller said sure I have plenty of boxes of customer wrapped pennies how many you want?
Then proceeded to tell me that her collector customers usually ask for those big dollar coins.
Thank you. I accept your apology. Judging from the LOL's at least one of our members found it entertaining as did I.
Try to enjoy the rest of your day.😎
My guess on why this is important is that so coins will go to businesses that need them instead of coin collectors that look for silver.
Good point! That is why I swap a box for a box with my bank instead of hoarding them in my garage. They appreciate getting them back within 24 hours so they can use them for customers.😉
At least it doesn't say "NO W COINS"
I know right? That would just kill me if that happens!😂🤣
Read the last sentence. It was an apology to everyone else. LOL
But, if you feel you need an apology, by all means you can have one too.
Back to the topic:
OOPs. Just noticed the reddit post in the OP is about half dollar boxes. I believe the only reason one would request a box of halves is to search for silver. "No silver" stamp is likely being added by the local bank(s) to deter demand. Boxes are heavy and tellers likely don't like the trip to their vault or the interruption in an otherwise normal day.
It will happen suddenly
derryb
You may be on something. I can't fanthom a courier service company retrieving & swapping out coins on their busy daily routine.
Maybe it's the bank managers stamping out the boxes themselves.
couriers make more money moving more boxes, tellers don't.
It will happen suddenly
I did the easy thing... I called Loomis in Portland, OR
They seem to know nothing about this...but I actually have a coin manager also calling me back, yes that's a real position
I agree and think maybe there are some bank managers just trying to tone down the non-retailers buying boxes?!
Coins are Neato!
"If it's a penny for your thoughts and you put in your two cents worth, then someone...somewhere...is making a penny." - Steven Wright
Now that is awesome! Great idea. Looking forward to reading your update.👍
Confirmed! Loomis is not putting that stamp on boxes.
The coin manager was not at all surprised and explained it's very likely because for example, a person who's not a retailer orders 10 boxes and brings them back to the bank hand rolled or loose and then then the bank sends those back to loomis to be rolled and re-wrapped. And because there isn't an influx of coins for loomis...those re-wrapped rolls go right back to that bank and someone at the bank (manager maybe) likely assumes those are the same coins that have been searched coming back.
The incredibly nice gentleman at Loomis I spoke to said that really nothing has changed in their process other than a lot of those customer searched coins are indeed going right back to the bank but there are just less coins from other sources getting mixed in, again, due to the very real coin shortage in areas.
So there you go...
It's a trick! lol!
Also I only posted this on a couple forums but not on reddit. It's a special update for the dedicated forum peeps :-)
Coins are Neato!
"If it's a penny for your thoughts and you put in your two cents worth, then someone...somewhere...is making a penny." - Steven Wright
Kuriso, well done and thank you! It's nice when someone takes the time to do the research and not offer their opinion as fact😉.
I didn't think the armored car services were filtering out the silver and you have now confirmed it.
Enjoy your evening!
It's called a coin sorter and they have been using them for years. It's the same reason why you find silver sitting in the reject tray at your local coinstar/bank. Here in The Commonwealth N.F String and Son has sold tens of thousands of rolls of silver just from the "rejects" they accumulate sorting coins for their customers.
The whole worlds off its rocker, buy Gold™.
I'm not sure that Loomis is using equipment that actually weighs coins accurately, they are dealing with high speed bulk...those coins are moving fast!!! It's not like a Coin star system in that sense. And they are a huge company. It's likely that an absolutely miniscule tiny percentage of all their income comes from dealing with bullion type things pulled from their systems.
But maybe I could ask
Coins are Neato!
"If it's a penny for your thoughts and you put in your two cents worth, then someone...somewhere...is making a penny." - Steven Wright
You won't be finding any silver in loomis wrapped rolls, that's a fact.
The whole worlds off its rocker, buy Gold™.
Well ummmm, did someone tell you that?
One quick thing you can do is go to YouTube and search "silver in loomis"
Or no wait...I mean, you're right, avoid all Loomis rolls please!
Coins are Neato!
"If it's a penny for your thoughts and you put in your two cents worth, then someone...somewhere...is making a penny." - Steven Wright
Wrong! I found about 40 silver quarters in 2020 while looking for W quarters. That's a fact.
Yeah....sorry....did I say Loomis rolls?😂🤣
I can confirm. A friend of mine use to own the Fed coin distribution in Portland. He sold it to Loomis probably 10+ years ago. However prior to selling it he installed equipment in the sorters to take the silver out.
I'm guessing a few things...I could always call another Loomis office and ask questions lol.
But I'm not a big time bank roll searcher like some of the others here. My searches are almost all Mint rolls and vintage rolls.
I assume if most Loomis locations have sorting in place to remove silver it doesn't do a perfect job, but I'd also assume operationally it's effectively worth zero dollars to the Loomis corporation to put effort into culling and selling silver.
Loomis is a public company, so if someone wants to do the research that info is likely available whether you're a stock holder or not :-) Maybe even in their annual report?
I would have to assume that since Loomis has been around so long that their various locations have a huge variety of machines appropriate to the volume for the locations...by the way, surprisingly, there actually are not a whole lot of Loomis coin service locations across the country, they tend to be near larger cities and bank branches unsurprisingly. And that tells me that it's likely most locations use the highest speed/volume coin counters/rollers which either won't or don't fully remove silver.
It's also likely that they have literally thousands of smaller counting machines (you can buy a nice heavy duty one on Amazon for only about $600) and a bunch of those do have better silver removal due to slower sorting speeds. Considering the volume going to my Chase branches here in Denver I have a hard time imagining they have a bunch of people manually rolling rolls at their coin service locations.
Either way...it's quite obvious that Loomis is not successfully removing all silver from anywhere in the country. If it were profitable for Loomis to do so I would imagine they would put much more effort into removing it from both half dollar rolls and quarters, but they clearly do not. All you have to do is watch some very recent YouTube videos and coin roll hunting live streamers.
It would certainly be interesting to know how well the newer high speed industrial coin counting/rolling machines can actually remove silver because that I do not know. I do know that occasionally the coin roll hunters even find off-center coins that don't quite fit the rolls correctly so surely stuff is slipping through while billions of coins a day are counted!
My experience with coin delivery comes from a dozen or so years in big-box retail management. My locations would often have a quarter million dollars of currency and coins in the safe, and more like a million during shopping holidays. Nothing like the high volume bank branches are dealing with, but again, I know a few things
Coins are Neato!
"If it's a penny for your thoughts and you put in your two cents worth, then someone...somewhere...is making a penny." - Steven Wright
I was specifically talking about Portland because I know the prior owner of Oregon Armored, and he had the coinstar sorting franchise and was also the Fed coin distributor for Oregon and SW Washington. Outside of this I have no idea about Loomis.
ions.
He did not put in a half dollar one because the volume was so low it did not pencil out.