how come all the banks by me dont order coins they just use what people give them, one bank used to but they stopped. now its gonna be really hard to get those dang nickels
I think alot of it has to do with the fact that the mints only ship their coins out in super huge tubs containing thousands and thousands of coins instead of the 50 dollar bags and the like they used to.
Banks don't order coins from the Mint. They order them from the Federal Reserve. It costs a bank money to bring coins in from the Federal Reserve. Because most banks are just branch offices of a major bank corporation, the corporation is the actual purchaser of the coins from the Fed. That corporation has to pay for security and storage of those coins, so they less they can order, the less they have to pay. If a bank's branch can supply the local demand for coins by what comes in for deposit, then it will be encouraged, if not ordered, by corporate HQ to do so. We also have to remember that the first purpose of coins is not to be collected, but to be items of commerce. Legally, in the eyes of the Federal government (and most banks), a 1792 Disme is the same as a 2005D Roosevelt. Ten cents. You and I, and most individuals with a modicum of common sense, would treat them differently, but if offered as payment for the penny candy, they're the same.
Yes those are some good points. I wish the government wouldn't act so arrogant about their general attitude towards old coins and currency.
Put yourself in the banks shoes...you have tons on nickels--so many you don't are not going to need any for a long time and people still are bringing mroe in every day--would you order more? It just doesn't make "cents"! Speedy
Part of the reason for the new quarters and nickels was to encourage collecting. Yet much of the burden falls on banks for distribution and they don't necessarily benefit from it financially.
