Message:

<p>[QUOTE=&quot;bhp3rd, post: 581574, member: 16510&quot;]<b>This is from the Treasury Fact sheet</b></p><p><br /></p><p><br /></p><p>&nbsp;</p><p><i>Federal Reserve banks arrange in advance to received new coin shipments for the coming year. They do this in amounts and on a time schedule to maintain their inventories at the required levels. Under this arrangement, the </i><a href="http://www.treas.gov/education/duties/bureaus/usmint.shtml" target="_blank" class="externalLink ProxyLink" data-proxy-href="http://www.treas.gov/education/duties/bureaus/usmint.shtml" rel="nofollow"><span style="color: #0066cc"><i>United States Mint</i></span></a><i> can schedule its production schedule efficiently. Even with advance planning, there are occasions when coin shortages arise. The Federal Reserve banks must follow the advance shipping schedules. Except in an emergency, there are no provisions for obtaining additional coins.</i></p><p><i>Federal Reserve banks receive coins at face value because they are obligations of the United States Government. The Banks store the coins until they need to fill orders from the commercial banks in their district. The Federal Reserve banks fill these orders from their vault stocks of both new and circulated coins. Also, they fill the orders without regard to date or mint mark. Coin shipments leave the Federal Reserve banks by armored car, registered mail, or express.</i></p><p><i>If a commercial bank has excess coins on hand, they may return the coins to the Federal Reserve bank. It then sorts the coins for fitness. They return badly worn or bent coins to the </i><a href="http://www.treas.gov/education/duties/bureaus/usmint.shtml" target="_blank" class="externalLink ProxyLink" data-proxy-href="http://www.treas.gov/education/duties/bureaus/usmint.shtml" rel="nofollow"><span style="color: #0066cc"><i>United States Mint</i></span></a><i>, which melts them down and makes them into new coins. Also, the banks remove foreign and counterfeit coins from circulation. According to Federal Reserve sources, over 20 billion coins valued at well over $2 billion pass through their coin processing units each year.</i></p><p>&nbsp;</p><p><b>The fine points that I&#039;m not certain about is:</b></p><p><b>I think the Fed sends coin to Brinks. Loomas, Well Fargo in the monster bags but not to local banks - it has been years since I saw a bank roll or box with a local hometown banks logo on it and I don&#039;t think the fed breaks them down but they may to some degree.</b></p><p><b>If someone knows these finer points please let us know.</b>[/QUOTE]</p><p><br /></p>

Your name or email address:

Do you already have an account?

• No, create an account now.
• Yes, my password is:
• Forgot your password?

Stay logged in