Question on OBW's
Matt04
Posts: 264 ✭✭✭
I'm actually curious, I'm not completely familiar with how Rolls from the bank work but from my understanding from coin roll hunting in the past you go in and get whatever denomination of coins. These can range from newly placed in circulation coins to older coins already circulating. Original Bank Rolls people have saved are all from a particular year or mint, why is that? Why haven't I seen Bank Rolls that had already circulating quarters or dimes? (Ex. Pre65 OBW's)
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Comments
first, obw is an original bank wrapped and should contain 100%** new coins. a bank wrapped roll could have anything
the most important thing to remember are the counterfeit obw rolls. take an 1881 MS white morgan on one end, and a CC white MS morgan on the other end. get some old looking yet still stiff paper and print a bank name on it. use a rolling machine and you have a counterfeit roll that people will bid thousands for despite being filled with common $70 morgans
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lots of true original rolls have been busted open. there are some still out there. i have some fed res rolls of silver roosies
(some nice looking end roll toners but no high grade coins found in a few opened)
they are often worth more unopened for obvious reasons above (hope)
lastly, there are opened rolls being sold as unopened. efforts are made to re-crimp one end but the end result is not nearly as clean as the unopened end.
the change handling financial people know silver, if they had any obw silver, it would take a silver newbie not to keep it for themselves
these days boxes are made, and i suppose if there is not a lot of turnover, some from a year or two ago just maybe pop up. maybe. lots of commercial customers get the new obw boxes. there is a fee to order coin from those who turn shipments into boxes and deliver them. they are generally armored car services.
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**these days, at least, large containers of coins are dumped and wrapped. it has been reported on here where a 100% obw box had some circulated coins mixed in. this is uncommon
In the distant past, some individual banks had wrapping machines and would receive bagged coin from the regional Fed banks, then count and roll the coin into "OBW" rolls. These rolls would be marked as to what bank wrapped them. The regional Fed banks (eg Federal Reserve Bank of San Francisco) and their branch banks (eg Los Angeles Branch Federal Reserve Bank of San Francisco) would also roll coin themselves and distribute the rolls in bags. You can find bags of loose coins from the Fed banks, as well as bags of OBW rolls from both the Fed banks and larger individual banks. It all depended on what the banks ordered to support local commerce, and if they had the rolling facilities. I've even found some bags from the 50's that contained OBW rolls wrapped by an individual bank.
That changed a bit in the 60's, when the companies that actually delivered the coin did the wrapping. I'd guess the Fed had/has a surcharge for rolling, and the distribution companies (eg Brinks) figured out they could roll the coins cheaper than the surcharge, and then pass the surcharge to the banks they delivered to. The result is you'll see a lot of 60's and later rolls marked with the distribution company names rather than banks.
In all these cases, the coin came from the mint in large bags, and were generally from a single mintage. In fact I have searched thousands of OBW rolls and have never found one that had anything but a single mintage. The ones with mixed mintages are faked. I don't know about boxes but I'd guess the same thing for them.
http://macrocoins.com