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Wells Fargo tells me no new coins from now on...
Geoman
Posts: 2,491 ✭✭✭
I work a block away from several banks (Wells Fargo, US Banks, Republic Bank, etc) and have routinely walked to them over the past several years when I was taking a break and asked about new rolls. I was looking for Statehood quarters, Presidential Dollar coins, new circulating coins each year, and most recently the 2009 new Lincolns. The only bank that received them new rolls in was Wells Fargo, where I bank at. So I was on good terms with several of the tellers there.
They told me last Friday that all tellers received an email from higher up stating that they will no longer be getting any new rolls of coins in, and that would include the new quarters, 2009 Lincoln's, etc from now on. So my only source has dried up.
Is anyone else seeing this repeated? I am wondering if there is such a glut of coins sitting at the Federal Reserve and other places that the banks do not need to place new coin orders.
They told me last Friday that all tellers received an email from higher up stating that they will no longer be getting any new rolls of coins in, and that would include the new quarters, 2009 Lincoln's, etc from now on. So my only source has dried up.
Is anyone else seeing this repeated? I am wondering if there is such a glut of coins sitting at the Federal Reserve and other places that the banks do not need to place new coin orders.
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<< <i>I am wondering if there is such a glut of coins sitting at the Federal Reserve and other places that the banks do not need to place new coin orders. >>
This is a definite possibility. The upside to this is that as the Feds quit ordering, the US Mint quits producing (such as stopping the production of the 2009 dimes and nickels). This in turn creates a market for some of these coins especially those that have super low mintages.
It happened in 33, no reason why it won;t happen today.
On the downside, obtaining Presidential Dollar rolls and the remainder of the Territory Quarter rolls are going to be a bit challenging as the mint is required by law to produce these.
On the upside, just like the Kennedy's of the past, perhaps the US Mint will sell them online through the website.
Who knows, maybe the online store will be the ONLY source for 2010 coins? They could make a LOT of money if they offered 2009 roll sets of nickels and dimes.
(You GUYS Listening?)
The name is LEE!
<< <i>Maybe the banks are keeping the rolls of new coins for themselves to sell at a profit on ebay. They have to make money somehow in these troubled times. >>
Cynical as all get out, but it wouldn't surprise me if something like this will occasionally happen.
Based on my past experiences you are much more likely to find new coins and banknotes at banks and branches located in the larger metropolitan cities, especially those cities that host a large share of the banking industry. Branches that deal primarily with the "white collar/ direct deposit" crowd are much more likely to have newer money while the branches that handle a lot of merchant services and accounts tend to receive heavily circulated money. Banks such as Wells Fargo and Bank of America are very popular with merchant accounts.
Authorized dealer for PCGS, PCGS Currency, NGC, NCS, PMG, CAC. Member of the PNG, ANA. Member dealer of CoinPlex and CCE/FACTS as "CH5"
<< <i>You might wan't to try Wal Mart- I bet they handle more coin rolls than any banks. >>
Wrong.. They have a flow of EBT cards for the poor and now the unemployed...
Does that include the Presidential dollars?
My wife is a manager (you know) and she too can't get the quarters and cents.
I'm sure she said she can still get the dollars though.
LMK
Steve
<< <i>I have over two dozen reliable sources who work at various banks both large and small and most of them give me similar answers when I have asked them about receiving new coins and banknotes. The consensus is that when each bank orders coins and notes from the federal reserve they can make a request for newly made money. Whether their requests are honored is another matter, and that is dependent on many factors. They say about half the time their requests are granted.
Based on my past experiences you are much more likely to find new coins and banknotes at banks and branches located in the larger metropolitan cities, especially those cities that host a large share of the banking industry. Branches that deal primarily with the "white collar/ direct deposit" crowd are much more likely to have newer money while the branches that handle a lot of merchant services and accounts tend to receive heavily circulated money. Banks such as Wells Fargo and Bank of America are very popular with merchant accounts. >>
Thanks for the info, this was very helpful to me.
Rob
"Those guys weren't Fathers they were...Mothers."
I haven't been cut off, but I have been effectively cut off by the push back.
my guess is either they are tired of me or the vaults are filling at the bank and at the armored car co's... or both.
my new idea is to try to cut a deal with them and take 1 box of mixed off their hands for every box of new.
I haven't had to use that, but it is looking like I must try it.
This was when I asked for any 2009 coins.
red or blue
Business strikes or Proof ?
How do you want your cents ?
``https://ebay.us/m/KxolR5
<< <i>
Who knows, maybe the online store will be the ONLY source for 2010 coins? They could make a LOT of money if they offered 2009 roll sets of nickels and dimes.
(You GUYS Listening?) >>
That would make the most sense. I bet that the rest of the territory quarters will be so low that they will be almost impossible to acquire bank rolls, unless of course you live in one of those territories. It seems that most of the coins produced are reserved to the respective territory. It just seems to be the case since Im able to get Puerto Rico quarters rather easily from my dad who lives in Puerto Rico. I mean hell I could probably get a box of Puerto Rico quarters but the weight would be too much to send them to me so I have to order in batches of 10-15 from him.
Online dealers are selling DC rolls online for $20 each, I bet that will be a good deal a few years down the line due to the drastic drop in the coming months for the territories. Philadelphia PR quarters had a mintage of 53 M, I bet that will easily drop to the 40's maybe 30's for the upcoming quarters
Off topic but has anyone been able to get any of the 2009 nickels or dimes????
<< <i>No '09 Nickels or Dimes here, and I'm still trying to complete my '08's!!
Ill call my dad and see if his bank can get 09 nickels and dimes. Hey Ive been lucky so far with the PR quarters and the Log Cabin pennies. Ill keep you updated
<< <i>
<< <i>No '09 Nickels or Dimes here, and I'm still trying to complete my '08's!!
Ill call my dad and see if his bank can get 09 nickels and dimes. Hey Ive been lucky so far with the PR quarters and the Log Cabin pennies. Ill keep you updated >>
"his bank"
is it a one brancher and his? or the one he works for?
(don't laugh too hard. I grew up in a town with a 1 branch bank until.... magically.... after decades, they expanded to 2 branches total!)
can you get him to better describe the ordering process for us, so we know what to tell our branches?
many thanks if you can!
<< <i>
<< <i>
<< <i>No '09 Nickels or Dimes here, and I'm still trying to complete my '08's!!
Ill call my dad and see if his bank can get 09 nickels and dimes. Hey Ive been lucky so far with the PR quarters and the Log Cabin pennies. Ill keep you updated >>
"his bank"
is it a one brancher and his? or the one he works for?
(don't laugh too hard. I grew up in a town with a 1 branch bank until.... magically.... after decades, they expanded to 2 branches total!)
can you get him to better describe the ordering process for us, so we know what to tell our branches?
many thanks if you can! >>
Its just the one he does business with, he knows the manager of the bank (main branch of Banco Popular in Puerto Rico) and he is able to get the newer stuff and get it rather quickly. He's been able to get PR rolls rather easily and managed to get the new Lincolns as well. I guess the ordering process is knowing the manager.