Federal Reserve Bank & Carriers Weigh Coins-Not Count.

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Author	Replies: 4 / Views: 4,813
Domain555 Pillar of the Community United States 1804 Posts	Posted 08/05/2014 05:55 am Copy and paste from Federal Reserve Bank on coins. Quote: Depository institution coin deposits are weighed by electronic scales that are located at Federal Reserve Offices and also at armored carrier facilities throughout the United States. Many cash offices throughout the Federal Reserve System have entered into legal agreements with local armored carrier companies to serve as off-site coin terminal facilities to process deposits and maintain inventories of verified coin. I guess that means BAGS are just weighed. As a mater of fact, When I am lucky enough to get a bag of Ikes, I do not count. Just weigh. And even then just for the fun of it. Report this Post to the Staff

shadz Pillar of the Community 1325 Posts	Posted 08/05/2014 08:51 am That is how the local Wells Fargo does it too. One type of coin per bag and you can put whatever the bag holds and they would weigh it and ship it off to be rolled. Doesn't surprise me that is how the Fed does it too. Now if only I could get any bags to search. Report this Post to the Staff
ghostrider Pillar of the Community United States 1116 Posts	Posted 08/05/2014 09:26 am The FED has been doing this for years with currency. As a matter of fact, back in the '80's over a long holiday weekend one of their workers took $1 million dollars exactly, and because of the amount the FED lost days in solving this crime because they had to double check all of their paperwork to ensure that their pre-holiday count was accurate and that they were indeed missing exactly $1,000,000. It took them time to do this, but eventually they did resolve their "bookkeeping" problems and did recover their loss. This is what brought out that they weighed currency and coin. Report this Post to the Staff
duncanbishop24 Pillar of the Community United States 898 Posts	Posted 08/05/2014 4:14 pm I worked at a credit union last summer and when we sent bags off we were credited based on how much the bag weighed. Not how many coins. I always wonder what the weighting system for cents is! Report this Post to the Staff
Domain555 Pillar of the Community United States 1804 Posts	Posted 08/05/2014 4:44 pm DunkinBishop24 Quote: I worked at a credit union last summer and when we sent bags off we were credited based on how much the bag weighed. Not how many coins. I always wonder what the weighting system for cents is! While you were at the credit union, did you ever have the good luck to send 1,000 Eisenhower dollars back to the FEDERAL RESERVE BANK? Report this Post to the Staff
	Replies: 4 / Views: 4,813

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