What happens to coins that get sent to the Federal Reserve?

Forum for discussing any topic related to investing in, collecting and saving US, Canadian, UK, and other Copper Bullion Pennies for their metal content.

What happens to coins that get sent to the Federal Reserve?

Postby involuntary tentacle » Sat Mar 26, 2011 6:01 pm

Found out my dump bank sends their coins to the Federal Reserve. Why are people happy when they discover this?
What happens to these coins? Is it because it takes a while for these coins to wind up in circulation again?
Or because the coins leave that particular searchers area and end up in another searchers box? :(

So far I have been dumping pennies on them. The largest dump I have brought them has been around $50.
I am scared to bring them $500 of halves at one time. But these halves would get sent to the Fed.
I have a half dump that takes the full $500 HAPPILY WITH NO QUESTIONS ASKED.
But I am 100% CERTAIN these are recirculated in the local area.
I want all the coins to GTFO of here so I can have brand new coins to search :(
User avatar
involuntary tentacle
Penny Pincher Member
 
Posts: 109
Joined: Sun Dec 26, 2010 12:41 am

Re: What happens to coins that get sent to the Federal Reser

Postby VWBEAMER » Sat Mar 26, 2011 6:58 pm

http://www.federalreserve.gov/paymentsystems/coin_about.htm


Coin
The Federal Reserve's role in coin operations is more limited than its role in currency operations. As the issuing authority for coins, the United States Mint determines annual coin production. The Reserve Banks, however, influence the process by providing the Mint with monthly coin orders and a 12-month rolling coin-order forecast. The Mint transports the coin from its production facilities for circulating coin in Philadelphia and Denver to all of the Reserve Banks and the Reserve Banks' coin terminal locations.

The Reserve Banks distribute new and circulated coin to depository institutions to meet the public's demand. While the Reserve Banks store some coin in their vaults, they also contract with coin terminals to store, process, and distribute coin on behalf of the Federal Reserve. Armored carrier companies generally operate the coin terminals; the coin terminals have improved the efficiency of the coin-distribution system.
"The trouble with quotes over the Internet is that you never know if they are genuine."
" --Theodore Roosevelt
VWBEAMER
Penny Collector Member
 
Posts: 496
Joined: Sat Feb 05, 2011 7:42 pm

Re: What happens to coins that get sent to the Federal Reser

Postby Country » Sat Mar 26, 2011 7:37 pm

I have dumped many $thousands of halves. I am certain that they ALL (except for current bank requests) went back to the FED in Richmond, VA. I have no idea what the Richmond Fed did with them.

How do I know? I dumped halves for months and months on my Dunbar dump bank branches, usually $4K a week, while I got halves from my Brink's source bank. When Brinks' halves became terrible, I went back to my Dunbar dump bank and ordered halves there. I expected to see some of my old dumps. However, the Dunbar bank ran out of halves after a couple of months and they told me that they did not know when they would get more halves anytime soon. So, the $100K+ of halves I dumped on Dunbar, from Brink's, were never seen again. I dumped $30K of 1994-P BU halves onto Dunbar. I never saw them again too.

I'm back at Brink's since I got a tip that the halves were better again. My dumps are once again going back to Dunbar. I am confident that Dunbar is going to take the excess halves back to the Richmond Fed.
Humankind has not woven the web of life. We are but one thread within it. Whatever we do to the web, we do to ourselves. All things are bound together. All things connect. ~Chief Seattle, 1855
User avatar
Country
Realcent Moderator
 
Posts: 7692
Joined: Mon Mar 23, 2009 3:00 pm
Location: Virginia, USA

Re: What happens to coins that get sent to the Federal Reser

Postby hejira11 » Sun Mar 27, 2011 5:33 pm



Your signature quote is priceless! :lol:
hejira11
Penny Collector Member
 
Posts: 472
Joined: Mon Feb 07, 2011 11:35 am
Location: Melbourne, Florida

Re: What happens to coins that get sent to the Federal Reser

Postby VWBEAMER » Sun Mar 27, 2011 6:47 pm

:D

hejira11 wrote:


Your signature quote is priceless! :lol:
"The trouble with quotes over the Internet is that you never know if they are genuine."
" --Theodore Roosevelt
VWBEAMER
Penny Collector Member
 
Posts: 496
Joined: Sat Feb 05, 2011 7:42 pm


Return to Copper Penny Bullion Investing

Who is online

Users browsing this forum: No registered users and 8 guests

cron