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

Sun Jan 6 15:20:21 UTC 2013

I think TD bank doesn't charge anything, I don't think you even need an account, to put change in and the give you the money either in cash or a bank check and you can deposit it into your own bank.

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> From: vandervoorts at sbcglobal.net
> To: vendtalk at nfbnet.org
> Date: Sun, 6 Jan 2013 09:14:43 -0600
> Subject: Re: [vendtalk] U.S. Mint Tests Cheaper Coinage,	Seeks Minimal Effect On Vending
> 
> 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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> et
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> 
> 
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