If so I have a few questions about coin operations. Don't worry I'm not going to ask anything that would require a security protocol breach.
if there is nobody that directly works for them, i may be able to help. one of my good friends work for dunbar. i know a little bit, but could easily ask him whatever. one thing is, they have crazy privacy rules. some things he aint supposed to talk about are dumb and have nothing to do with compromising security or anything.
well here goes, hope you can follow my rambling. My questions pertain mostly to roll searching. 1) Do Armored Carriers actually process coins or do they just transport them from place to place? That being said who holds legal title to coins/currency in the truck? Does it belong to the bank the whole time, the carrier until the bank signs for it? I know someone that works at the Atlanta FRB and he said that title vests in the carrier when it leaves the fed dock and vests in the Fed when it touches the fed dock. 2) I know that some banks maintain coin warehouses. Do they search coins/weigh for sliver or do they just roll them up? Same question for armored carriers? If banks send out surplus coin are the carriers busting open home rolls and rerolling them by machine? If so they need to check their machines because I've had many that were over/short. 3) Do carriers actually maintain inventories of coin/currency to distrubute and if so do they "own" the coin/currency or are they just transporters? Are they independent of the Fed system or concurrent? 4) If carriers/bank warehouses are searching for silver or other valuable coins what happens to them? Do they have contracts to sell 90% and 40% bags to places like Monex and APMEX? I've noticed that dealers seem to have an endless supply of these coins, where are they coming from?
Those are some good questions. I am interesting in finding out what the answers are. (waiting in suspense)
I too hope to hear some answers to those questions. With regards to who rolls the coins, my dump bank only takes them rolled. However, Loomis (who is their carrier) insists that they be loose so the employees have to break the rolls before they send them out. The other banks I deal with seem to be about 50/50 with who takes them rolled versus who allows loose coins. Can't wait to hear answers but if what people have posted in other threads is true, it sounds like the employees at some carriers are allowed to search the coins.
Ok, a quick addup from the 2011 redbook for the silver roosevelts gives me 6,486,968,673. that's 6 and a half trillion dimes and that doesn't include the mercs or any other denomination. PS, coulda misadded but it's close enough. Anyone wanna double check it? lol
uhhh... i don't:kewl:. i will ask my friend them questions. and i am almost positive, he has said before, that they are responsible for the money until they reach there destination. i know they don't look for silver, at least at the dunbar here. they do open rolls, and re-roll them. they have to make sure, they are giving out the right amount of money. i think he said they even have to re roll dunbar rolls that come back! they do have machines i am sure of that. question #3 i will have to ask him for sure, i have no clue. question #4 i can't answer, because they don't search for silver there. i even asked him if some came in, if he could buy it? and he can't. i am thinking the government has more involvement then i think. he got the job because his mother is a big boss there and i remember something sad as a kid. she came back with a bag of shredded money. she said the government had them take some specific $100 notes out of circulation and the shredded $100 in the sealed bag would have been worth like $2,500 to a collector! even though she was the boss, she couldn't buy the money, not even just to collect. i will ask him those questions tonight, i will also see if his mother remembers what note that was....
They do wrap and roll the circulating change but the stuff that comes from the FED is already rolled and boxed. No they do not search them for silver. They don't have time. They just count and wrap them back up for delivery. The guys in the trucks aren't allowed to buy anything off the truck. My friend had to watch a bag of $250 in silver quarters be delivered to a bank recently because it was already paid for by the bank. I tried to get to the bank after he called me about it but it was either already spoken for or sold by the time I got there. Exchanging out money is a big no no. I think the FED sells them the change at face and then they charge a small delivery and handling fee, but I could be wrong about that one. I'll ask my buddy next time I see him. I think they take the stuff the banks deposit with them and re wrap, count, and re roll it. Not from the armored carriers or bank warehouses. They process so much change that there is no time for anyone to do it. It comes from coin dealers and B & M coin shops. I personally probably buy a $1k-$2k a week in 90%.
