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 Replies: 17 / Views: 1,997 |
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Pillar of the Community
United States
1450 Posts |
I received a 2009 in change this morning so I stopped at my bank on the way home from work to see if they had rolls. They told me that they didn't and when I asked if they had any idea when they would be getting them the response was"we are not going to get them or any of the special coins being minted this year". I asked if there was a reason and they said that they were told no banks in Ohio were getting any. With mint cancellations and vague reasons for order cancellation these comments really made me curious about what is going on.
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Valued Member
United States
326 Posts |
Banks pay couriers to bring them coin. Their shipments vary depending on the turnover of money in the bank. Money comes in and also goes out. Most banks have a threshold of cash they keep on hand. Any excess gets shipped out and any shortage needs to be brought in. That cash is delivered by the big armoured trucks you see driving around.
What I believe is occuring is that in 2009 courier fees increased specifically for "special" mintage (i.e. new coins). As a result couriers are trying to offset this cost onto banks and in turn the banks have decided to forego getting in new coins.
As a result you are seeing less "new coins" in banks.
Something will have to give or else someone is going to have a heck of a lot of inventory!!
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Moderator
 United States
187702 Posts |
These issues with 2009 coins (and the problems that I have had finding 2008 coins) might mark the beginning of the end of my collecting modern coins from circulation.  |
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Pillar of the Community
United States
6326 Posts |
 Quote:might mark the beginning of the end of my collecting modern coins from circulation. I, actually, for the first time, am thinking of "stopping" my "collection idea" of attaining each new Commem. that comes out each year. I only started getting the newest ones a few years ago. I've acquired "older" ones now and again as well of course. But, after this Braille proof, which I'll buy in the fall.......I think I may "cease and desist" with this endeavor and just be happy with what I have. Trying to make a "Commemorative Album" is way too expensive for me right now and in the foreseeable future.....so really my preference needs to be more on the more Classic circulated coinages that I enjoy so much too. I love ALL coins....but this needs narrowed down a bit nowadays. The Lincolns, Mercs., Buffalo's, Morgans, Peace, Large Cents, all Barbers, etc. etc......will MORE THAN KEEP ME BUSY FOR A LIFETIME !.... I believe I will just get the occasional Commem. that impresses me from now on after this year of 2009. And also, as Jbuck said......the Ultra Modern coins from circulation will possibly be more and more difficult to acquire too, and that may end some "areas of focus" there for me as well. Although I don't plan to end my attempts to collect the "yearly Sets", Ultra Modern circulated Sets may be at an end for me too . ACK !......though my nephew wants to begin the " Native American dollar" Set !......HOW ON EARTH AM I GOING TO GET THOSE FROM CIRCULATION ! |
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Moderator
United States
187702 Posts |
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Pillar of the Community
United States
6326 Posts |
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Pillar of the Community
United States
1007 Posts |
hockingzig, I've heard almost the exact same excuse you posted, except you can change the word, "Ohio" to "North Dakota". I'm beginning to suspect the banks are turning non-committal. If they commit themselves by informing the coins will be arriving, then they will have to indeed get them in, and we coin collectors will be stopping in too often for their comfort requesting them.
At a local bank, I was informed by all their branches that "US Bank will not be getting the 2009 Lincoln Cents in at all". I stopped at a US Bank in another city, and they had rolls and rolls of them.
When I worked at a big-box store several years ago, we were told by home office to inform people who were looking for a new hard-to-get item that we probably won''t be getting any of what they're seeking in stock. That way the requesters will leave the business alone, and when they actually do arrive, it's a "surprise" and everyone's delighted.
Is it my cynical beliefs or is it a cop-out.
Ken
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Bedrock of the Community
United States
17884 Posts |
And as I have said before tellers (as a rule) don't know squat about coins and paper money, how they are made, or distributed. The Fed set up a special deal for the distribution of the State Quarters and the President dollars where the banks had a two week "window" before and after the issue date where they could order the specific coins. Normally banks CAN NOT order specific coins. All they can do is order by denomination and they get whatever is on had, circulated first, and then uncirculated coin. And if the fed has Unc coin on hand it is shipped FIFO. As far as I know they DID NOT set up a similar special order deal for the new cents. That means that if a bank sends in a special request for the new cents, they are told THAT THEY CAN NOT ORDER THEM. And they in turn pass that same message on to the customers. "I'm sorry but we aren't going to be getting the new cents." Edited by Conder101
04/07/2009 5:20 pm
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Moderator
United States
187702 Posts |
I learned this lesson after I went to the bank with my mother. I asked the teller for one brand new 1981 coin in each denomination (cent, nickel, dime, quarter, half dollar, dollar) from each mint! The teller looked at me like I was a silly little boy (which I readily admit to being at the time).  |
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Valued Member
United States
270 Posts |
I personally am a teller at a bank and I actually do the ordering of the cash for our branch and I order the Special coins for our branch and 2 other branches. I always make sure to order the coins so that I can get some for my self. Here in Colorado we are not able to even place an order for the pennies. I can order anything but the pennies. The Denver mint which we get our coins from only released a very small amount of the pennies and so very few banks can actually receive any of the pennies. We are not one of the few banks to be able to receive any of the pennies and we have been told that we will not ever be able to get them in.
So it is not always the case that the tellers do not know what's going on and all of that. It is true that banks can receive the coins, but the mint has released a very small amount of the coins, and because of that not many banks will be able to get them in.
Edited by imanangel0686
04/07/2009 9:38 pm
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Pillar of the Community
United States
5603 Posts |
I am told from sources that the 2009 cent rolls are coming up in places, with the same expectations of throwing darts at a board of America, and where the darts land, It would seem the coins are there. I know this is a little out there, however why are there the "limits" on this coin, have we all been very lucky till now, entering a bank and asking for a roll of unc quarters, and being told, "how many would you like",having the 200th anniversary of the 16th President's Birth be celebrated by the special coins being put to the public, only to find out that we, the "people" can not find them, however some people on ebay have 40+ boxes from the P AND D Mints. something smells and I for one do not appreciate being taken for this ride, we should all take a stand and have our voice heard.........  |
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Valued Member
United States
270 Posts |
I was told when I tried to order them that not many were being minted because the fed didn't have the room for them. They said at the current moment there are too many cents sitting in the feds vault.
Personally I felt I was being given an excuse but I don't know.
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Valued Member
United States
270 Posts |
If it is true that there isn't the room in the vault for them then why did the bother to make all these new cents? I just don't understand why they would go threw the trouble of making them in the first place, they had to know before they did anything with the cents how many they currently had sitting in the vault and if they would have room for them or not.
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Pillar of the Community
United States
6326 Posts |
Maybe it's time they drastically lowered the Mintage numbers on some coins !.....  |
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Moderator
United States
187702 Posts |
I have said this before: they could stop minting the cents altogether and it would be a long, long time before the general public ever realized it. In my opinion the 2010+ cents should be NIFC.
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Pillar of the Community
United States
4085 Posts |
morgans dad p.s. I supposed based on all of this we will be scrambling around trying to get the 2010 cents next year as well! Edited by KenKat
04/08/2009 2:33 pm
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Replies: 17 / Views: 1,997 |
Posted 04/07/2009 10:29 am
