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 Replies: 14 / Views: 5,375 |
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Valued Member
United States
99 Posts |
Why do people buy bags or boxes from the mint?
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Moderator
 United States
14463 Posts |
Probably to look for errors and other defective coins that might be worth lots of money.
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Pillar of the Community
United States
1234 Posts |
My bank buys their coins from the mint, sometimes it's brand new, sometimes it's got silver. They have told me it all comes straight from the mint and I will probably not find any silver, almost ever time they say that I usually find silver.
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Moderator
United States
56855 Posts |
When you buy from a bank coins do not come from the mint. They come from places like Brinks,Loomis,Guardia etc.They get them from the mint in Ballistic Bags that hold something like $50,000 in cents for an example.You also can't buy canvas bags of coins from the bank anymore they come in boxes of $25 in cents as an example. John1  |
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Bedrock of the Community
United States
20753 Posts |
Quote:
You also can't buy canvas bags of coins from the bank anymore they come in boxes of $25 in cents as an example.
I've heard this before. Actually it depends on the bank. By me many BOA banks will hardly give you one roll, let alone a box or bag. Yet at some other places bags of pennies are still available for $50. I've just got one a Month ago so I know they are still available. AND why? Something to do on cold Winter nights. Edited by just carl
01/29/2014 11:33 am
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Valued Member
United States
253 Posts |
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Pillar of the Community
United States
1234 Posts |
I stand completely and utterly corrected. I asked at the bank today and they said they get their boxes from the 'Fed'... as in Federal Reserve Bank. The tell I asked didn't know any further info, but confirmed that they do not get any boxes from the mint directly. Obviously the fed could get theirs from the mint. But also change from other banks in the area. Either a teller gave me bad info a while back when I had asked or I heard Fed and translated that to Federal Government i.e. "The Mint". I also ordered my first whole box of halves... late next week it should be here  I'm praying for Ben to make an appearance  |
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Pillar of the Community
United States
8137 Posts |
I have yet to find my first Ben. My brother adores them and would never let me hear the end of it if I or he found one.
Anyway best of luck to you!
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Pillar of the Community
United States
784 Posts |
I'm trying to imagine what a Ballistic Bag with $50,000 in cents would look like... anyone got any pics of something like this? Any denomination? |
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Bedrock of the Community
13014 Posts |
Quote:I'm trying to imagine what a Ballistic Bag with $50,000 in cents would look like... anyone got any pics of something like this? Ive seen the armored cars moving bags in and out before at the bank. I dont have any pics but some looked like the size of pillows for what they were moving that day. Needless to say they were being wheeled around and not just throwing them over their shoulder to carry to them |
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Pillar of the Community
 United States
4591 Posts |
Quote:
I stand completely and utterly corrected. I asked at the bank today and they said they get their boxes from the 'Fed'... as in Federal Reserve Bank. The tell I asked didn't know any further info, but confirmed that they do not get any boxes from the mint directly. Obviously the fed could get theirs from the mint. But also change from other banks in the area. Not even completely true anymore. The Fed has outsourced the cash management function to several private sector companies. Check page 4 of this: http://www.gao.gov/new.items/d11281.pdf it shows the conceptual flow, which is what they told you. But the recent Fed working paper, here: http://www.federalreserve.gov/payme...20131211.pdf has the interesting info (footnote #4 on page 5) about the "offsite facilities" that handle most of the volumes... -----Burton 50+ year / Life / Emeritus ANA member (joined 12/1/1973) Life member: Numismatics International, CONECA Member: TNA, FtWCC, NETCC, EveryCountry (online) coin club Owned by three cats and a wife of 40+ years (joined 1983) Author: 3rd Edition of the Sample Slabs book, https://www.sampleslabs.info/ |
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Moderator
United States
56855 Posts |
Google U.S.Mint Ballistic Bag under images to get an idea.The ones I saw on a T.V. program they had to use a fork lift. John1 |
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Bedrock of the Community
United States
17884 Posts |
A Ballistic Bag of quarters ($80,000 worth)  A Ballistic Bag filling machine.  You can buy Ballistic Bags of coins from the mint, but you have to pick them up at the mint, provide your own transport, and bring your own forklift for moving them. A Ballistic Bag of quarters weighs about 4,000 pounds. Due to the weight the bags come with their own little tray to make them easier to pick up. (The yellow steel frame around the bag.) And they are stackable too!  Edited by Conder101
01/30/2014 11:33 am
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Pillar of the Community
United States
1300 Posts |
Used to fill those types of bags with beans at the bean plant!! We called em totes and they all weighed a ton a piece! Has to be some kinda bean counter joke in here somewhere!! Hahaha
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Pillar of the Community
United States
8516 Posts |
Hmmm I bet that's on a scale as it fills and stops at a certain weight.
Oregon coin geek.....*** GO BEAVS ! ! ! ***
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Replies: 14 / Views: 5,375 |
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Posted 01/29/2014 01:18 am
