Ordering coins

[Sheikh_yer_Bu'Tay]

Often we discuss how the banks are so put out by our coin sorting hobbies. Some of us have even been kicked out of financial institutions!

So I just had a thought... How do banks get their coins in the first place?

Why can't we do that???? Why can't we go around the banks and get our own coins?

If anyone knows how to order coins from the mint/ federal reserve/ Brinks/ etc. Please share with us on how to do it.

[Kurr]

The federal reserve no longer deals with private citizens, Financial Institutions only.

Brinks will laugh/hang up on you.

[rainsonme]

Well, one of the first "hang-ups" you'd have to get over is paying for the service. Banks pay armored service companies for evey roll and every bag they receive. I don't know what the rate is, but it isn't just face value. Then, as mentioned in the first response, you'd have to be talking about huge amounts on a regular basis, not a box or two a week. And I suspect you'd have to have a secured business location that an armored service company would be wiling to send their people to. And I think dealing formally with such large amounts of cash, you would need to file some RICO paper work. If you have a personal friend who is in a business (grocery store, pharmacy, or some such) you might be able to piggy back off their order, or buy from that store. But it would be easier, I think, to use a bank.

[SilverFossil64]

Going around the banks would cost more than finding a different bank who would do it for you free or cheap. Even banks who may be unfriendly about it would likely be cheaper way to obtain coins. Often by storing a large balance in their accounts or having investment accounts with them, they become more willing to "help" and this would be cheaper when compared to the alternatives of basically making a business out of ordering coin. The key difference between a bank and someone who just wants coin is that all the overhead associated with coins is diluted among all their other operations, which is something you do not have if you just do coin.

[999Ni]

If you have a personal friend who is in a business (grocery store, pharmacy, or some such) you might be able to piggy back off their order, or buy from that store.

Right there, you nailed it! I work at a grocery store and always get the customer service girl to order me boxes. Don't hafta deal with the banks!