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Does The Canadian Arp Program Remove American Coins As Well?

 
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Canada
2538 Posts
 Posted 12/01/2021  1:38 pm Show Profile   Bookmark this topic Add Wrekkdd to your friends list Get a Link to this Message
I'm curious about what the mint does(if anything) with American coins found in Canadian rolls. I assume they could not melt down the American coins but would they roll them back up with the Canadian modern coins or do they do something else?
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Canada
4886 Posts
 Posted 12/01/2021  2:04 pm  Show Profile   Bookmark this reply Add john100 to your friends list Get a Link to this Reply
The RCM pays the big five banks to ARP at their banking centers through out Canada, one would assume the banks coin centers would weed out the US coins and deposit into their own US accounts since all the big five banks owns US versions, like TD Bank North plus there is a 25% or so exchange premium
Pillar of the Community
Canada
2538 Posts
 Posted 12/01/2021  2:26 pm  Show Profile   Bookmark this reply Add Wrekkdd to your friends list Get a Link to this Reply
Thanks John, I should have specified foreign coinage not just americain. But if it's the big 5 directly and not the mint that sorts out the coins the. I would assume you are correct. When I find a roll with americain coins I am usually excited because I assume they have not been CRHed yet. Almost all my silver dimes and good 5 cent finds had American coins in the rolls as well. I myself probably have upwards to 50$ in random americain coins I have pulled. Maybe more though(not including 1cent coins).
Pillar of the Community
Canada
4886 Posts
 Posted 12/01/2021  4:52 pm  Show Profile   Bookmark this reply Add john100 to your friends list Get a Link to this Reply
Just think if the bank centers were asked to ship all raw coins back to Winnipeg for the RCM to ARP themselves the transport costs will defeat the ARP benefit. For other foreign coins depends on whether the coin like a Euro is worth more than than the metal, the big five banks don"t make 2 billion every 90 days by being nice and dumb, if the foreign coin is almost worthless it probably just get chucked in the ARP bin. Bank centers rarely orders new coins it"s cheaper for them to recycle except for some special designs coins like the special bluenose dime that the RCM wants to enter circulation at some special date.
Pillar of the Community
Canada
2538 Posts
 Posted 12/01/2021  5:56 pm  Show Profile   Bookmark this reply Add Wrekkdd to your friends list Get a Link to this Reply
I would love to work at a bank on the side and get first picks lol. Unfortunately my banker friend is off work caring for his son. His son has a rare disorder that causes him to have seizures a lot. sugar, to much excitement, and many other things can cause him to have a seizure. I cant imagine what it must be like.
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Australia
14023 Posts
 Posted 12/01/2021  7:19 pm  Show Profile   Bookmark this reply Add Sap to your friends list Get a Link to this Reply
"The Mint" doesn't do anything with them, since it never sees them. The RCM will not accept non-Canadian coins for recycling, as they cannot guarantee the composition and quality of foreign coins. It is the bank's job to ensure that worn/damaged/obsolete coins being returned to the Mint are free from foreign contamination.

In most countries in the western world, banks do not accept foreign coinage. The main problem with sending coins "back where they came from" is logistics. Coins are heavy, and thus expensive to ship in bulk. It's simply not worth it to try to collect them up and ship them across international borders. The American-Canadian border situation might be different, given the close ties that banks have and the sheer amount of cross-circulation that happens. But for other countries, a foreign coin that enters the banking system is an anomaly with no easy solution. Since the coins are not legal tender, the bank has no choice: any foreign coinage found in deposits is assigned zero value, and discarded.

What that discardation looks like is up to the individual bank branch. In most countries, banks are regulated as to what they can and can't do, and I'm pretty sure one of the things they can't do is to become a coin dealer and sell foreign (or domestic) coins for corporate profit, but there's nothing against individual bank workers from collecting the trash and selling it for personal gain. Many bank branches will have a connection with a local charity, which receives donations of foreign coins and on-sells them to coin dealers to raise funds. Some banks might have a company-wide arrangement for all their branches with a larger charity; here in Australia for example, two of the bigger banks have an agreement to give all their foreign coins to UNICEF, which runs a "coins for kids" programme encouraging people and businesses to donate unwanted foreign coins. Or a branch might have a private individual coin collector customer that they can rely on to visit regularly, who volunteers to take the rubbish coins off their hands.

For smaller banks, those in remote locations, or those without any such arrangements, any such coins, I suspect, are literally discarded and simply end up in the trash.
Don't say "infinitely" when you mean "very"; otherwise, you'll have no word left when you want to talk about something really infinite. - C. S. Lewis
Pillar of the Community
Canada
2538 Posts
 Posted 12/01/2021  7:47 pm  Show Profile   Bookmark this reply Add Wrekkdd to your friends list Get a Link to this Reply
Interesting to hear that Sap. Before my main branch closed, if I got a foreign coin(other then USA) my bank would let me keep the foreign coins and give me what ever coin was missing from the roll(I'm really sad they closed) all the employees went to other branches and helped me get more cent coins though so there was an upside. Anyways it all makes sense because the only rolls I have never seen a foreign coin(modern or old) is the white shotgun rolls. I don't usually bother with them unless looking into a more modern coin for varieties or errors.
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Canada
3659 Posts
 Posted 12/01/2021  8:15 pm  Show Profile   Check silverwolf's eBay Listings Bookmark this reply Add silverwolf to your friends list Get a Link to this Reply
no coins other than canada coins make it back to the mint..all banks are supposed to weed out everything before, they get back to the mint..
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Canada
3659 Posts
 Posted 12/01/2021  8:17 pm  Show Profile   Check silverwolf's eBay Listings Bookmark this reply Add silverwolf to your friends list Get a Link to this Reply

Quote:
deposit into their own US accounts


usa coins can't be deposited into canada accounts. they are all accepted at face value.. no premium in or out of accounts for coins..
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Canada
4886 Posts
 Posted 12/01/2021  8:33 pm  Show Profile   Bookmark this reply Add john100 to your friends list Get a Link to this Reply
You don"t think when the Canadian bank centers weed out the US coins they just throw them in a recycle bin, when all of the banks own US divisions, and since the US coins has a large premium, they probably gather so much and ship to their US counterpart. Foreign coins at coin shows dealers sell by the pound if they find any buyers excluding the value countries
Pillar of the Community
Canada
5864 Posts
 Posted 12/02/2021  09:25 am  Show Profile   Bookmark this reply Add mcshilling to your friends list Get a Link to this Reply
They may do that but I weed out all US coins and take them to my US bank, right now I have a couple of hundred, waiting to get across the boarder safely.
Pillar of the Community
Canada
2538 Posts
 Posted 12/02/2021  09:36 am  Show Profile   Bookmark this reply Add Wrekkdd to your friends list Get a Link to this Reply
I always save my USA and other foreign coins. I don't have an americain account and have actually never been to the USA even though it's like an hour away. Either way I collect USA coinage as well so other then a few doubled I have I wouldn't deposit them anywhere lol. I guess in "cashable" American coinage I have mayb 3-4$ lol. The bank has been to busy the last few days, disability and welfare checks came out on the 39th I believe so it's huge lines at this time of the month. Because of this I have yet to be able to pick up the box I ordered. I still don't know if it's ARP culled rolls or customer rolls.
Pillar of the Community
Canada
4886 Posts
 Posted 12/02/2021  09:55 am  Show Profile   Bookmark this reply Add john100 to your friends list Get a Link to this Reply
Generally the local branches just get enough coins from local business to satisfy demand, if they are short of say loonies they will order from the central depot which in southern Ontario is Toronto, if the coins are in a plastic shrink wrap, mostly likely original RCM coin. If coin rolls are all different paper types customer deposits contains possible everything, the local branch rarely orders coins due to high shipping fees
Pillar of the Community
Canada
2538 Posts
 Posted 12/02/2021  10:00 am  Show Profile   Bookmark this reply Add Wrekkdd to your friends list Get a Link to this Reply
I just go in Tuesdays to order a box for Thursday or Thursday to order a box for Tuesday. There is 4 types of rolls I know of. Shrink wrapped(will all be the same date and most likely 2021) shotgun white rolls(have all been culled by the ARP) brown customer rolls(can have anything) and hard plastic casing(also can contain anything) I want to avoid the white rolls over any other as I have not found a single foreign or coin older then 23 years in them. I was curious weather or not the white rolls are worth looking through for foreign coins but I think there is only the odd chance of a modern error coin in those rolls.
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United States
8201 Posts
 Posted 12/05/2021  01:36 am  Show Profile   Bookmark this reply Add merclover to your friends list Get a Link to this Reply
I was astonished to learn that my local bank branch "tosses out" (as in throws away) any and all Canadian coins they come across from circulation. When I asked if it was possible I could have them, even purchase them, I was politely told no! So much for US Canadian relations!
ša va bien aller

Pillar of the Community
Canada
2538 Posts
 Posted 12/05/2021  07:09 am  Show Profile   Bookmark this reply Add Wrekkdd to your friends list Get a Link to this Reply
That's weird, who would just throw way money? But I guess it's different over there. In Canada all stores and banks I have been to will accept americain currency because of the exchange rate. I doubt anywhere in the US would accept Canadian currency unless they calculate exchange rates like duty free stores.
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