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Where Do The Bulk Mixed Coins Come From?

 
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Author Previous TopicReplies: 3 / Views: 260Next Topic  
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Australia
322 Posts
 Posted 09/27/2020  7:53 pm Show Profile   Bookmark this topic Add David Graham to your friends list Get a Link to this Message
Having noodled my way through another 10kg bag of foreign coins I am again pondering where these come from. The bags I get have mostly modern (up to 2019) coins and older (some pre 1900 pennies etc) coins. Interestingly, no Euros, no high value modern US, AUS, Canadian or NZ coins. Lots of low value asian coins (especially India, Malaysia, Thailand, Phillipines, South Africa etc). At one point I enquired with my bank regarding rejected foreign coins and was told they donate it to Unicef. Sure enough, Unicef has a coin donation program BUT I suspect many of the coins come from Unicef. Why? Firstly, it takes time (= money) to sort all the coins into country of origin. Secondly, once sorted, those coins have to be shipped to each country (= money) in order for them to be used as intended. I believe the low value of many of the coins would mean that the above mentioned costs would exceed the monetary value of these coins. So, my thinking is that Unicef do a quick sort of these donations with an eye for high value coins, especially Europe, USA, Aus etc. These are the coins they will get a profit from after shipping costs. The rest of the coins get sold in bulk to coin dealers who add their own unwanted coin, mix them all up, then repackage into units for sale to the public. Does anyone have any info on this conundrum? Am I correct or close?
Edited by David Graham
09/27/2020 7:55 pm
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United States
28962 Posts
 Posted 09/27/2020  8:29 pm  Show Profile   Check nss-52's eBay Listings Bookmark this reply Add nss-52 to your friends list Get a Link to this Reply
I know that toll road authorities used to sell off the "foreign" coins they got.
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Australia
2549 Posts
 Posted 09/27/2020  8:55 pm  Show Profile   Bookmark this reply Add triggersmob to your friends list Get a Link to this Reply
I think a lot of these coins come from cruise ships. Over the last few years my wife and I have taken a few cruises and I noticed on some ships they have a donation barrel, where you can drop your coins in. Also when we come back to port , there is usually a large container where you can drop coins and/or banknotes.

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Valued Member
Australia
322 Posts
 Posted 09/27/2020  10:49 pm  Show Profile   Bookmark this reply Add David Graham to your friends list Get a Link to this Reply
@nss-52 - That would make sense back in the day but I think in Oz there are no longer any booths at toll roads. Is it the same now in the states?

@tiggersmob - That's a possibility as a lot of the coinage I see is from pacific island nations. I wonder how much the buyers pay per kilo? I have heard of dealers with 10 tonne of foreign coins so that's a load of coins from cruise ships alone.
Edited by David Graham
09/27/2020 10:49 pm
  Previous TopicReplies: 3 / Views: 260Next Topic  
 
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