miss nomenclature of Bank Rolled Coins
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You also agree to follow these guidelines. You must agree to these rules to be a member of this forum. NO SPAM! Spam is deleted within minutes, no spam will ever be left in our community.
1. Post a front and back image of your coin with a specific question about what you’re seeing or asking about and one coin per topic.
2. Please remove coin from the holder unless it’s US or an official mint case or unless it is graded by a grading service.
3. Images should be taken by a camera or cell phone camera, we ask that members don’t use images through a microscope screen.
4. Always start your own topic, please don’t ask about your coin or post your coin in someone else’s coin topic.
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7. Always be respectful even if something makes you upset or you don’t agree with a member. You can always get a second opinion elsewhere. If you have an issue then politely ask an admin in an PM. PM’s are for issues, technical and personal, but not for coin questions (refer to number 5 on this list). Our community is not a soap box for complaining or drama, so please refrain from doing so here.[/size]
- DSCoins
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miss nomenclature of Bank Rolled Coins
What is a bank rolled coins? All of the following methods for coins are the same for currency. First off bank rolled coins is a miss nomenclature. The banks ( the term banks including banks, Credit Unions, and all other similar institutes) do not roll these coins. It is a Third Party which rolls the coins you purchase from your bank. The bank orders their coin from one of a couple of ways. Your bank may order them from one of the twelve Federal Reserve banks if large enough. It may also have to order them from a larger bank in which they maintain an account with, to place their order for coins though. In some cases your bank order them from an armored car service. Even though your band may have ordered these coins from the Federal Reserve, larger banks, they are still delivered via an armored car service which they must also pay by weight. You can ask your bank to order uncirculated coins for you, but the Federal Reserve does not have to honor that request and send circulated coins instead. Through out the years the Federal Reserve decides just how much it needs from the mint in new (uncirculated) coins, to combine with circulated coins (basically they are guessing). I should mention here that when I say coins it is for all denominations. After they place their order for (bank rolled coins) the number of boxes they need to order, they also need to pay basically what would be a surcharge. Some of the smaller banks will charge extra to cover this surcharge. While some of the larger banks will not charge it. This an basic easy explanation of how you get your coins when ordered through you financial institute.
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Re: miss nomenclature of Bank Rolled Coins
Very true and well stated DS I learnt this from my bank. If and when i want roles thats the first thing they ask me. Like you stated they had to order me a few boxes of what coin i wanted. Very well stated.
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