miss nomenclature of Bank Rolled Coins

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DSCoins
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miss nomenclature of Bank Rolled Coins

#1 Unread post by DSCoins »

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

#2 Unread post by JTCC »

Great info! Thank you!
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Re: miss nomenclature of Bank Rolled Coins

#3 Unread post by stevesherrill »

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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