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New Member
United States
2 Posts |
Really Need To Know! About New Freshly Minted Coins From The Local Banks!
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Hi, guys! I have been collecting rare coins and rare banknotes from all over the world! All of my life! I do admit, not as much as I wanted too! I've been thinking to try to find some treasures from some new freshly minted coins! You know from the impurities and the imperfections of freshly minted coins! think, I know much about collecting old coins. Not so, when it comes to freshly minted coins!
Not much you can find about this, anywhere! Almost, none! I hope I can find my answers here!
I know plenty about new banknotes! About rare old banknotes too!
Like, how many banknotes in a stack, a bundle, a brick, a cash - pack and a skid and all that! Not so, about freshly minted coins! I know about bank rolls! BUT, bank rolls are for used coins, right? So? I have also heard, that local banks don't carry freshly minted coins! Only, coins in circulations! Circulation! I heard that freshly minted coins are kept by The Feds! Coins in current circulation are collected by local banks from civilians and send back to The Feds and The Feds will circulate them back to the local banks! What about the freshly minted coins? I heard that they kept them! For what? They only circulate used coins!?!?
Somebody has to explain everything about all of these! Quite puzzling, I tells ya! I also heard that the local banks won't even place an order of freshly minted coins for you! I heard that it doesn't work that way, blah blah blah blah....
They will place your order of brand new banknotes! Gladly! BUT, not freshly minted coins! How do freshly minted coins packagings work? The terminologies, I mean! Like, I have mentioned earlier, for banknotes, you know, like a strap, a brick and so on! Except, I really need to know all of these about the coins! Especially, the new freshly minted coins!
Any answer will be appreciated!
Thank you for your time and have a nice day ;-)
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Pillar of the Community
United States
2270 Posts |
For several years now coins have been shuipped by the mint in huge bags that are equivalent to the numbers of coins that used to be on a pallet. These bags are ordered by the FED from the mint to make up the shortfall in the numbers of coins going out of circulation with the increase in demand for coin. These coins are all handled by contractors now days like Purolator or Brinks. These companies operate "counting houses" where returned coin, coin from other FED branches, and new coin are mixed together and (usually) rolled for shipment to banks. The hoppper is smaller than the (balistic) bags new coins are shipped in so most rolls coming from a bag will be all that date and mint mark. These rolls can be difficult to obtain and this as been true since 1965 when people quit saving new coin. Now that a much smaller fraction of the coins are new, it is even harder. If you're looking for "mistakes" then you're probably going to be out of luck since the counting houses are required by contract to return them to the mint. If you're looking for varieties (die variations) then your objective is to find the area where they are being released. Most of any given die's output will end up in a small geographical region because of the way they are distributed and mixed at the mint. You might be better off looking for issues that aren't being set aside so will become scarce in the future. You might also consider seeking Gem (well made) coins which can be tracked down like varieties. The best bet is to sample the coins in circulation. When you see new coins (like 2 brand new coins in the same roll) then go to the bank and ask if they have any new coin. It can be tough developing a relationship with a bank and tellers to do this but it can still be done. There are large numbers of modern US and world coins that are very scarce or rare because they were never saved and some of these coins are exploding in price despite the relative weakness in demand. You need to be persistent to get these coins. It's possible that there are no longer any US moderns being overlooked and it can take years before a date develops a premium. Many current US coins can be ordered directly from the mint but there is a premium and mintages are not extremely low. One of the more interesting that can be ordered now are the BU "S"-mint quarters. Good luck. I did this for many years and still dabble a little. It's great fun and can be very profitable. Time don't fly, it bounds and leaps.
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Posted 05/31/2013 01:12 am
