TD Bank, Still Stealing Customers Foreign Coins

But...but...but...WHILE I am driving...BTW, she sold the meteorite for $64,000

 

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I would doubt the term "stolen property" after all, I'm sure alot of the people trying to sneak foreign coins past the counting machine are trying to see if they can pass them off as US denominations anyhow!

 

Hell with coin collecting, I'm going to take a drive!!

 

Applying what I would sell mixed foreign coins for, about 10 cents each, or $10 per hundred, which on average is about a pound weight, or a bit more, that bag you estimate at $500 would weigh from 50 to 80 pounds.

Would you say the way the bag was being handled (assuming the bank had no trained weightlifters) that it weighed that much? I think you have wildly overestimated the value of assorted small change.

And as I have stated before, very little foreign change is magnetic, although some countries did have iron coins in WWII. The purpose of the magnets is to remove iron washers and discs that get mixed in with the real coins. The reject mechanism uses weight, thickness, diameter and light to detect problem items and sort real ones. Magnetic deflection is a small part of the process.

I suspect your 'bags of coins' were mostlly washers and blank steel discs.

 

As a side note, I was sifting through the 5/$1 bin of coins at my fleamarket dealers and ran into a 500 yen, 3X100 yen and a 50 yen coin. Rate of exchange about $8.50, not bad for $1...now I just have to go to Japan.

 

Yes, the bags I seen looked liked they weighed about 50 lbs. They are not filled with washers but real coins from the magnet, and also from the broken pvc return slot that is almost always in a position where the coins fall into the locked machine and not through the return slot back to the customer. You will see them if the teller needs to open the machine. You will see the tellers reaching in the magnet and putting real coins in a small bag and throwing junk like washers in the trash. Once the small bag gets filled they put it in a larger bag. These large bags contain nothing but coins and are very heavy. TD workers have to lift 30 lb bags of pennies almost daily out of the machines as they fill up. They are not weight lifters but seem to manage to be able to lift these bags onto dollies and into the safe. I have seen them do this numerous times. The bags of foreign coins are filled more than the $50 penny bags. I am not wildly overestimating the value of the change. I am giving an estimate of what I have seen during the past 5 years. I have exchanged hundreds of thousands in coins through these machines over the past 5 years.

 

I have found a lot of Yen in the TD machines in NYC.

 

Coinstar machines do the same thing; remove coins from the count without crediting the customer. I suspect most banks that count coins do about the same thing when the employee sees a foreign coin; toss it out.

Pure nickel coins are also magnetic and other coins are weakly magnetic so can be diverted to a different path than the regular coins. I would guess a 50 lb bag of mixed coins removed from the coinage stream in the US within 200 miles of the Canadian border would be worth about $300 base value and in farther areas about $200. Nearer to Canada the number of coins that stick to a magnet would be far higher.

As reprehensible as I find this I just keep remembering that the machines return silver. It would be easy enough to adjust them to keep it. For the average customer getting a correct count is more important than oddballs in their coins. I do check the counts once in a while and suggest others do as well. I don't trust a banker farther than I can keep an eye on him.

 

Keep in mind the Euro dollar coins and the Canadian $2 Polar Bear coins. The NY branch TD's have plenty of them that wind up in these bags. The majority of the coins are not even Canadian cents.

 

I have no idea what they do with them or how long it takes them to accumulate a huge bag, but I would have a lot of respect for them if they actually do donate it to the Special Olympics.

 

It's just an example of the results of "dumbing down" of the population. Gave a teller a seated liberty coin to look at the other day and she said"we don't take foreign coins" instead of reading it like the others did.Must be easy to pass the "wallpaper" there,eh?

 

I'm originally from Michigan, and Canadian coins circulate more or less freely there (notes, however, do not). Even there, I'd be surprised if more than 2-3% of the coins in circulation are Canadian, and I doubt I've found more than a handful of other foreign coins in circulation.

 

Suppose they don't donate it.
So would banks declare this as income and pay tax on it?

 

Either these machines spend most of their time open being fiddled with or the OP spends days at a time in his local bank. Euros are Euros, not Euro dollars.

I suspect this is simply trolling. The nonsense will continue as long as anyone responds.

 

Since when do banks pay their fair share of taxes?

 

The only thing they pay are lobbyists in Washington. How else could Wall St have gotten away with their criminal activity?

 

In a church I served someone was putting foreign coins in the offering plate. Since I had some knowledge of foreign coins, I was able to identify most of them. I put them in 2x2s, with their proper attribution, and when we had several dozen of them we put them out for sealed bids. What might have started out as a joke by someone turned into a win-win situation.
Steve

 

If you gave a bank a foreign coin worth less in value but received the value of an American coin of the same size but worth more, would you be on the internet advertising the good deal you got from that bank? Or should the bank be on the net calling you a thief?

Better yet, if they had sold them to you, what would be the title of this thread?

 

Coins with a high nickel content are magnetic as well. Some Canadian nickels will stick to magnets.

 

Or large dollar coins. The Coinstar machines specifically mention not accepting the Eisenhower dollar with no mention of the peace dollar or Morgan dollar.