@MFeld said:
Regarding the bank’s job being to “distribute coin” - distributing it to those who return it when it’s not worth more than face value, isn’t really distributing (most of) it.
It isn't distributing any of it. The coins that aren't returned because they're worth more than face value are certainly not going into circulation.
@MFeld said:
Regarding the bank’s job being to “distribute coin” - distributing it to those who return it when it’s not worth more than face value, isn’t really distributing (most of) it.
It isn't distributing any of it. The coins that aren't returned because they're worth more than face value are certainly not going into circulation.
Oops, so much for the idea that roll hunters are helping the banks “distribute coin”.😉
Mark Feld* of Heritage Auctions*Unless otherwise noted, my posts here represent my personal opinions.
@MasonG said:
Does anyone else find it ironic that some of the people who are looking to profit by searching rolls for silver are unhappy because banks charge fees?
I graduated in 2009, in the middle of a major recession wrought by the activities of banks, and couldn't find a full-time job for 3 years. Towards the end of that stretch, I was straight out of money after my part-time job shut down in late 2011. I landed a new job in February of 2012, and after I had paid my student loans current after behind behind for 4 months, I thought I had $25 in my bank account, so I went to the grocery store to buy some milk, eggs and bread. Turns out I actually had about $12 in my account. I dipped a few bucks negative. In the two weeks between paychecks my bank charged me over $200 in overdraft/shortage fees that I simply couldn't pay. Not being able to pay them caused my credit to tank. Took me 3 years to recover from that. All over owing them $2 and change.
That's only half the story that really led to me coming within about a month of killing myself thanks to what really boils down to the greed of corporate banks. Screw 'em. I pulled $40k out of those rolls and profited on the back of the banking system and it changed my life. It's the least those... .... .... could do for me after what they did to me over $2.
And that's my rant. I can't understand why anybody feels bad for banks that rake in billions of dollars in fees and interest. And I'd reiterate, I took care of the tellers and managers that I interacted with.
So you made a mistake and your upset that your bank did what they said they would do per the terms they provided to you when you opened your account. Interesting take you have on your responsibilities.
I think the more interesting take will be the look on your face when you try to sell all those NGC slabbed coins.
Just saying for a friend.
Last Nov I sold 6 coins to a dealer at a local show, two PCGS and four NGC, I sold each one for more than I paid. As I recall I had a very satisfied look on my face that day be sure to tell your friend, I hope he won't be too crushed.
Regarding the bank’s job being to “distribute coin” - distributing it to those who return it when it’s not worth more than face value, isn’t really distributing (most of) it.
I did not mean to imply that coin collectors help or hinder the distribution of coins. I meant that "distribution of coin" by definition means to "meet the demand for coins" and that (within reason) CRH is part of this "demand".
Say what you will but collectors are part of the public and perform a valuable oversight function to the FED and the mint. Collectors are often a pain for the mint but we not only provide a market for their products but help them find flaws in the production and distribution of coin.
They might be better off if they listened MORE to collectors. At least they wouldn't be wasting millions of dollars a year on pennies.
@cladking said:
I meant that "distribution of coin" by definition means to "meet the demand for coins" and that (within reason) CRH is part of this "demand".
"Demand for coins" = "Obtaining boxes of coins from the bank, removing some of those coins from circulation and returning the rest to the bank"?
If you say so.
@cladking said:
Collectors are often a pain for the mint but we not only provide a market for their products but help them find flaws in the production and distribution of coin.
"Find flaws"? By removing coins from circulation, that would be more like "disrupt distribution". Why do you think mintmarks were removed from coins in 1965?
This is another case of people wanting to unilaterally determine the terms of use.
Yeah! That's not for the people to do; it's for the corporations to unilaterally determine the terms of use!
(Do I need a /s tag??)
They offer the TOS and you accept it or don't. No one is forced to use their services other than certain governmental monopolies, but that will send us down the political rabbit hole.
They used to pay 4% on accounts and charge 4 1/2% on loans. They used this difference to make money.
Charging over 7% would land them in jail.
Now they have 100 page contracts with small print that promise your first born, pay 0% on accounts and charge 23% for loans. In case of dispute it will be the computer that decides all ties. Nobody understands the programs that operate the world but I'm sure there's something in that TOS that says if your account evaporates there is no recourse.
If you don't like it there are no alternatives.
Nothing like gross exag3geration to try to debate a point.
You have to have a credit rating of 12 to pay 23%. Lol.
You have to have a credit rating of 12 to pay 23%. Lol.
30 year mortgages are in the 3s.
The spread between borrowing costs and loans was only about 10%. Pay 4% charge 4 1/2%.
The spread between .05% and 3% is a great deal more than that. What would you call that? 6000%? When you get money free 3% is a pretty good return. It's good enough to turn whole nations into banks.
I can’t image anyone operating a business would like folks coming in, wasting the staff’s time, buying $1000 worth of merchandise, searching it to see if they can make some money, and returning the stuff to the store so staff can waste more time.
@nags said:
I can’t image anyone operating a business would like folks coming in, wasting the staff’s time, buying $1000 worth of merchandise, searching it to see if they can make some money, and returning the stuff to the store so staff can waste more time.
@nags said:
I can’t image anyone operating a business would like folks coming in, wasting the staff’s time, buying $1000 worth of merchandise, searching it to see if they can make some money, and returning the stuff to the store so staff can waste more time.
Of course, back isn't a retail sales business. But some aspects of your point are cogent...
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@nags said:
I can’t image anyone operating a business would like folks coming in, wasting the staff’s time, buying $1000 worth of merchandise, searching it to see if they can make some money, and returning the stuff to the store so staff can waste more time.
The customer isn't always right?
The customer was never always right.
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Most banks require you to have an account to exchange money. If you do then the customer is always right and if you don’t that’s there out to not be bothered with you and your silly whims.
@nags said:
I can’t image anyone operating a business would like folks coming in, wasting the staff’s time, buying $1000 worth of merchandise, searching it to see if they can make some money, and returning the stuff to the store so staff can waste more time.
A great percentage of those old classic coins we collect today were pulled out of circulation.
Do you suppose every collector was just searching his pocket change?
@MasonG said:
Tell the bank what you want to do and see what they say. How hard is it to be honest about your intentions?
I am honest in telling them what I want and even why and still the first question is always, Do you have an account with us?
@nags you never take them back to the same bank. As previously mentioned you need a drop bank and actually my drop bank is coin star.
Roll searching is very time consuming the last thing I wanna do is re-roll all of those cents. Half dollars and quarters is another story because 12% starts to add up quick.
@MasonG of course not and that’s why I decided to open accounts at several different banks. Once your in the only challenge is the coin shortage. And then trying to find coins worth searching.
The monotony can get old quick so I’ll switch from bank rolls to buying original rolls and mint packs to making pawn shop and antique store runs. Rinse and repeat.
Typically the end result after hours of searching, buying, grading, and now waiting is a coin I could have purchased for 75.00 but you know, the thrill of the hunt and what could be.
Comments
It isn't distributing any of it. The coins that aren't returned because they're worth more than face value are certainly not going into circulation.
Oops, so much for the idea that roll hunters are helping the banks “distribute coin”.😉
Mark Feld* of Heritage Auctions*Unless otherwise noted, my posts here represent my personal opinions.
Last Nov I sold 6 coins to a dealer at a local show, two PCGS and four NGC, I sold each one for more than I paid. As I recall I had a very satisfied look on my face that day be sure to tell your friend, I hope he won't be too crushed.
My Collection of Old Holders
Never a slave to one plastic brand will I ever be.
Fair enough.
Eventually he was convinced.
Buddy Ebsen had quite a collection. 😉
I did not mean to imply that coin collectors help or hinder the distribution of coins. I meant that "distribution of coin" by definition means to "meet the demand for coins" and that (within reason) CRH is part of this "demand".
Say what you will but collectors are part of the public and perform a valuable oversight function to the FED and the mint. Collectors are often a pain for the mint but we not only provide a market for their products but help them find flaws in the production and distribution of coin.
They might be better off if they listened MORE to collectors. At least they wouldn't be wasting millions of dollars a year on pennies.
"Demand for coins" = "Obtaining boxes of coins from the bank, removing some of those coins from circulation and returning the rest to the bank"?
If you say so.
"Find flaws"? By removing coins from circulation, that would be more like "disrupt distribution". Why do you think mintmarks were removed from coins in 1965?
You have to have a credit rating of 12 to pay 23%. Lol.
30 year mortgages are in the 3s.
The customer is supposed to always be right even if you are a bank.
If you say so.
The spread between borrowing costs and loans was only about 10%. Pay 4% charge 4 1/2%.
The spread between .05% and 3% is a great deal more than that. What would you call that? 6000%? When you get money free 3% is a pretty good return. It's good enough to turn whole nations into banks.
Full Episode - Season 3 - Episode 29
The Beverly Hillbillies - The Big Bank Battle
BST references available on request
I can’t image anyone operating a business would like folks coming in, wasting the staff’s time, buying $1000 worth of merchandise, searching it to see if they can make some money, and returning the stuff to the store so staff can waste more time.
The customer isn't always right?
Of course, back isn't a retail sales business. But some aspects of your point are cogent...
The customer was never always right.
Most banks require you to have an account to exchange money. If you do then the customer is always right and if you don’t that’s there out to not be bothered with you and your silly whims.
Tell the bank what you want to do and see what they say. How hard is it to be honest about your intentions?
A great percentage of those old classic coins we collect today were pulled out of circulation.
Do you suppose every collector was just searching his pocket change?
I am honest in telling them what I want and even why and still the first question is always, Do you have an account with us?
@nags you never take them back to the same bank. As previously mentioned you need a drop bank and actually my drop bank is coin star.
Roll searching is very time consuming the last thing I wanna do is re-roll all of those cents. Half dollars and quarters is another story because 12% starts to add up quick.
Sounds fair.
Would you expect an insurance company you don't have a policy with to do something for you?
@MasonG of course not and that’s why I decided to open accounts at several different banks. Once your in the only challenge is the coin shortage. And then trying to find coins worth searching.
The monotony can get old quick so I’ll switch from bank rolls to buying original rolls and mint packs to making pawn shop and antique store runs. Rinse and repeat.
Typically the end result after hours of searching, buying, grading, and now waiting is a coin I could have purchased for 75.00 but you know, the thrill of the hunt and what could be.
Here are just a few captured treasures from my recent bank trips.
This guys, is what it's all about!
S Mint. NIFC
not intended for circulation
Exquisite Conditioned Statehood Quarter
why don't you guys join us?
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