[vendtalk] U.S. Mint Tests Cheaper Coinage, Seeks Minimal Effect On Vending

Sun Jan 6 15:14:43 UTC 2013

Shop around.  I pay nothing to the bank to take my money.  I have heard of
others who did this, but I advised them to shop around for a bank that does
not charge.  One BET manager in town takes theirs to the main bank to a
special area where large commercial deposits are made, including the
offloading of armored cars, and uses their trolley to off load a lot of coin
bags.  Weight is not an issue, just that the bag is tied.  Then that goes
through a special trolley entrance and is counted.  You can wait or they
will mail a receipt.  Bills have to be faced and wrapped in 100 dollar
amounts (for ones).  Since I do not have such large coin quantities, I
deposit at a motor bank through a drawer and wait for my receipt.  The most
in any one deposit was probably 80 pounds or thereabouts.  Having a company
pick up your cash is expensive for more most managers and is used more as an
anti-theft & insurance requirement measure for most businesses.

Bottom line.  Shop around for a friendlier bank, if they exist in your area.

Mike

-----Original Message-----
From: vendtalk [mailto:vendtalk-bounces at nfbnet.org] On Behalf Of Dennis Horn
Sent: Sunday, January 06, 2013 8:15 AM
To: 'Vendor Talk Mailing List'
Subject: Re: [vendtalk] U.S. Mint Tests Cheaper Coinage, Seeks Minimal
Effect On Vending

Speaking of depositing coins, what is the most economical means of getting
them into an account?    I bag them and am charges $5.00/bag up to 50# which
amounts to approximately $750/bag.  I think I am getting a good deal(less
than .7%).  
I used to roll my coins, which cost nothing to deposit,  but that became
cost prohibitive as the numbers grew.  I have never checked on the cost of
an armored courier, but I would think it would be too costly unless you are
dealing in the multiple of thousands/week.  Any information appreciated,

Dennis Horn

-----Original Message-----
From: vendtalk [mailto:vendtalk-bounces at nfbnet.org] On Behalf Of Bill Reif
Sent: Sunday, January 06, 2013 6:57 AM
To: Vendor Talk Mailing List
Subject: Re: [vendtalk] U.S. Mint Tests Cheaper Coinage, Seeks Minimal
Effect On Vending

This is interesting. I think the mint's arguments miss the mark. The face
value vs production value argument ignores the fact that coins circulate
hundreds of times in their useful lives. Since bad money drives good money
of the same denomination out of circulation, the introduction of cheap
coinage will decrease the usefulness of what's already circulating.

Those of us who handle large amounts of coinage, either in the vending or
the retail end, know of the hassle of fetching, counting out to customers &
coin mechs, and hauling back to the bank for rerolling. Our customers feel
no better about having to deal with coins, carrying as few as possible until
some machine we don't own, perhaps a newspaper machine, parking meter or
laundromat, prompts them to ask us or our cashiers to be their human bill
changer. Many have the same contempt for dollar coins we all have for
pennies.

In my opinion, the mint would save itself and us a lot of transition money
if they just hung in their until the transition from coinage and from money
itself, already largely under way, is completed. Many of us already have
card readers waiting and would be glad to decrease those trips to the bank
or payments to armored couriers.

Cordially,
Bill

On 1/5/2013 4:01 PM, Vandervoort's wrote:
> Opinion - I hope they do not have to import the materials to make the 
> new coinage!
>
>   
>
>
> Vending Times
>
> Issue Date: Vol. 53, No. 1, January 2013, Posted On: 1/3/2013
>
>
> U.S. Mint Tests Cheaper Coinage, Seeks Minimal Effect On Vending
>
>
>
> Emily Jed
>   <mailto:Emily at vendingtimes.net> Emily at vendingtimes.net
>
>
> 	
> 	
>
> WASHINGTON -- It costs 2¢ to make and distribute a Lincoln penny, and 
> more than 11¢ for a nickel, according to a new two-year study released 
> by the U.S. Mint. But the agency is on a mission to find a way to 
> bring the metal and production costs of U.S. coins closer to their 
> actual face value, and with the least possible impact to the vending
industry.
>
>   
>
> The Mint has been working with a research and development consultant 
> to
test
> scores of metals and dozens of different alloys to identify potential 
> cost-cutting changes to the composition and methods of manufacturing 
> circulating coinage.
>
>   
>
> In a progress report, the Mint explained that additional R&D is 
> necessary before it can recommend any changes to the current coin 
> composition. Going forward, the agency said it will continue to 
> develop and test potential alternative materials; conduct 
> production-scale runs to validate supply chains, "manufacturability" 
> and costs; and further verify the estimated costs to stakeholders that
depend on coins.
>
>   
>
> The Mint said in its report that vending operators are an important 
> group among those stakeholders. The vending industry, which has worked 
> closely with the agency, estimates a one-time upgrade of its machines 
> to accept coins of the same size and weight as the current ones, but 
> with a
different
> electromagnetic signature, would cost between $700 million and $3.5
billion.
>
>
>   
>
> Except for pennies, all current U.S. circulating coins have the 
> electromagnetic properties of copper, the report says.
>
>   
>
> Another challenge for the Mint is the rising cost of copper, used in 
> all U.S. coins, and nickel, used in all except pennies. Only four of 
> the 80 metals on the periodic table -- aluminum, iron, zinc and lead 
> -- presently cost less than copper and nickel, according to the report.
>
>   
>
> The U.S. Mint is now beginning the second part of its testing to 
> determine if it can produce coins that are not only cost efficient, 
> but also have
the
> same weight, durability and look as current coins.
>
>   
>
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