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Nickelless
1000+ Penny Miser Member
USA
1356 Posts |
 Posted - 06/24/2008 : 03:41:44
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I got to wondering just now as I was plucking Canadian pennies out of my copper pile, what do U.S. bank branches do when they find Canadian coins in their deposits? Apparently Brinks doesn't have much of a system for ferreting out Canadian cents, but then again we don't have a hermetically sealed country (yet). Any insights?
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Why hyperinflation is inevitable...and very soon:
http://www.shadowstats.com/article/292
http://www.ChrisMartenson.com |
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fb101
Penny Hoarding Member
USA
902 Posts |
Posted - 06/24/2008 : 06:38:21
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They treat them like any other cent. I got a Canadian penny in change from a bank about
two weeks ago. |
A materialistic society cannot afford credit, it will inevitably implode.
Life and success are a "do it yourself" thing |
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NotABigDeal
1000+ Penny Miser Member
USA
1862 Posts |
Posted - 06/24/2008 : 06:42:58
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When they find them, which usually they don't I'm sure, my primary bank will give them to me for free. They told me they are a nuisance to them. I have offered to pay for them but they refuse. Sounds good to me! I have received Canadian coins of most denominations, a few South American coins, Euro coins of numerous denominations, even a couple of African coins.
Deal |
I'm so sick over pennies....I frequently trade a dime or two for the whole "take-a-penny" container if sufficient coppers exist. That will get you some odd looks. |
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kavajava
Penny Collector Member
USA
489 Posts |
Posted - 06/24/2008 : 08:16:25
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| Man--you have a great bank! Do you think it is just that particular branch, or that bank in general? (BTW--which bank is it?) |
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aboxaweek
Penny Collector Member
USA
322 Posts |
Posted - 06/24/2008 : 14:13:50
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| my bank will treat them like any other cent, unless... you bring in some us coins with one canada cent mixed in, they will give it back to you every day |
*HUCKABEE*
___08'____
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NotABigDeal
1000+ Penny Miser Member
USA
1862 Posts |
Posted - 06/24/2008 : 19:41:10
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Just one branch. It is my bank that I have the best relationship with. If I don't come in every week, they call me and ask if everything is okay. Great place.
Deal |
I'm so sick over pennies....I frequently trade a dime or two for the whole "take-a-penny" container if sufficient coppers exist. That will get you some odd looks. |
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Bluegill
Penny Collector Member
USA
445 Posts |
Posted - 06/24/2008 : 19:56:25
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The banks in my area always hand it back if they find it in loose coins. If they find it in rolls they debit the account # on the rolls from the depositor and give it back. If they get stuck with it and can't find the owner they just put it aside.
But, the manager at one of my banks who I know pretty good finally let me buy their Canadian. He even let me sort through it at one of the closed teller stations.
There wasn't much, about a 2/3 full 12oz styrofoam cup. I pulled 41 Cu's including a king, 10 .999 nickels, and a '50 dime. He threw in for free a '73 Barbados penny and a CuNi 5 pence.
He told me they normally throw away foreign coins and are not allowed to sell it. Every other bank I approached so far about buying their foreign coins told me the same. To me that just makes absolutely no sense at all.
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“I’m fully diversified. I’ve got some under the mattress, some under the floor boards, some in the backyard.”
"Give me control over a nation's money supply, and I care not who makes its laws." – Anselm Rothschild
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Nickelless
1000+ Penny Miser Member
USA
1356 Posts |
Posted - 06/24/2008 : 20:03:09
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I've actually been putting all of my Canadian cents in a jar and thinking about who I could give rolls of them to as payment for something as a gag. I'm about nine hours away from the Canadian border. |
Why hyperinflation is inevitable...and very soon:
http://www.shadowstats.com/article/292
http://www.ChrisMartenson.com |
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legacypac
Administrator
Canada
1653 Posts |
Posted - 06/26/2008 : 01:19:32
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| Well here in Canada if we threw away all the US coin we would quicky lose about 5-10% of the coins in circulation! I've received entire rolls of US pennies and nickels since starting into coin sorting. And nickelless if you want to swap those Canadian coins - copper or whatever - save them up and include them in a flat rate shipment to me someday with something else. Just remind me, I'll give you or anyone on the board fair exchange for Canadian if they can ride along for free with a larger trade. |
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Bluegill
Penny Collector Member
USA
445 Posts |
Posted - 06/26/2008 : 07:07:09
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I went on a non penny buying mission yesterday. I continued to ask each branch about their Canadian coin policy.
I was able to convince another bank (5/3 bank) that it was in their best interest to sell their Canadian to somebody who will trade for U.S. instead of throwing it out.
They sold me 6 quarters and 2 nickels. 1 quarter was Ag and both nickels were .999 Ni.
I'm starting to wonder if the typical American sheeple knows that Canadian coins used to also contain Ag..?
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“I’m fully diversified. I’ve got some under the mattress, some under the floor boards, some in the backyard.”
"Give me control over a nation's money supply, and I care not who makes its laws." – Anselm Rothschild
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legacypac
Administrator
Canada
1653 Posts |
Posted - 06/26/2008 : 11:36:26
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| When I went to school in the US I could not get the bank to trade me US Bills for Canadian Bills. They wanted to send them for for clearing, like a check. Not surprised to hear the banks are throwing away good money when the typical American sees anything without a dead president on it as worth less then Monopoly money. |
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simplicitycounts
Penny Pincher Member
USA
200 Posts |
Posted - 06/26/2008 : 12:12:31
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| Personally I think the United States should stop minting pennies and just buy them from Canada at 1 cent each. Why pay 2 cents to make something when you can buy it for 1? Now that is outsourcing. Plus they could charge me less taxes because of the millions of dollars they'd save every year. My bank treats canadian coin as US coin as long as it is mixed in. Their coin counting machine has a magnet on it that can catch canadian steel coins. Right now they just pull them off the magnet and let them fall into the counter. When the exchange rate was down they used to pull them when they'd see them and give them back or offer exchange rate. |
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legacypac
Administrator
Canada
1653 Posts |
Posted - 06/27/2008 : 00:09:32
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US and Canadian coin unoffically circulates beside each other (more so in some areas then others, and I think US coin is more readily accepted in Canada then vice versa). If the US made the acceptance of Cdn change officially legal, no need to even buy the pennies, just let them naturally bleed into the US in larger quantities. That is never going to happen though because the Americans think too highly of the US dollar to accept a stronger currency to circulate even in pennies.
I read somewhere that the US mint is talking with the Royal Canadian Mint about thier exclusive plating technology. Only a matter of time before you are all sorting plated steel too. |
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wolvesdad
Penny Collector Member
399 Posts |
Posted - 06/28/2008 : 12:39:56
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At all Chase banks they say AUDITING practices prohibit them from holding any Canadian change for me. And they "can't keep it or allow it back into circulation".
SO THEY THROW IT IN THE TRASH!!!!!!!!!! NO KIDDING!!!!!!!!!!
At my primary bank, a Credit Union, they save the 'foreign coin' for 'my son' in an oatmeal canister I brought with his name and my number on it. But I've tried to set these up at all the local branches and only my main branch has let me! I got a looney canadian dollar the last time I was in. But that was the best coin I've gotten, other than 999 nickels. |
"May your percentages ever increase!" |
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NotABigDeal
1000+ Penny Miser Member
USA
1862 Posts |
Posted - 06/28/2008 : 13:42:04
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quote:
Originally posted by wolvesdad
At all Chase banks they say AUDITING practices prohibit them from holding any Canadian change for me. And they "can't keep it or allow it back into circulation".
SO THEY THROW IT IN THE TRASH!!!!!!!!!! NO KIDDING!!!!!!!!!!
At my primary bank, a Credit Union, they save the 'foreign coin' for 'my son' in an oatmeal canister I brought with his name and my number on it. But I've tried to set these up at all the local branches and only my main branch has let me! I got a looney canadian dollar the last time I was in. But that was the best coin I've gotten, other than 999 nickels.
Yep, seems to be common practice at a lot of places. I've been told that before as well. Just keep looking....
Deal |
I'm so sick over pennies....I frequently trade a dime or two for the whole "take-a-penny" container if sufficient coppers exist. That will get you some odd looks. |
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Know Common Cents
Penny Pincher Member
173 Posts |
Posted - 06/28/2008 : 22:10:16
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| Never had a problem having my Chase branch take any reject Canadian cents along with the zinc load. The counter they use is so fast that a $50 approx bag of zincs can be counted in just acouple of minutes. Of course, even the fastest counter comes to a complete halt when it's time for Goober to change the plastic bag. Now I call ahead to them when I'm bringing in a large load of zincs. They usually have several clear plastic bags waiting at the time of my arrival. I was joking with them today that we should work on the timing to establish a record like the tire changes in the pits at the Indy 500. Actually, they thought that might be a fun challenge. Bankers must be desparate for thrills, I'd say. |
Here in Wisconsin, we have some of the highest property and gasoline taxes in the US. We're squeezed so much, I have to make my daughter wear penny boxes for shoes. At least she has an endless supply. |
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simplicitycounts
Penny Pincher Member
USA
200 Posts |
Posted - 06/30/2008 : 01:39:16
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| I live in northern MN, and all of my banks buy canadian 50 cent, $1, & $2 coins and all bills at the daily par rate. Pennies, Nickels, Dimes, and Quarters they jsut mix in with normal coins. I can't imagine anyone throwing them away, they're worth the same as ours at exchange rate :P |
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NotABigDeal
1000+ Penny Miser Member
USA
1862 Posts |
Posted - 06/30/2008 : 19:32:29
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quote:
Originally posted by simplicitycounts
I live in northern MN, and all of my banks buy canadian 50 cent, $1, & $2 coins and all bills at the daily par rate. Pennies, Nickels, Dimes, and Quarters they jsut mix in with normal coins. I can't imagine anyone throwing them away, they're worth the same as ours at exchange rate :P
I know. It just doesn't make "cents"....
Deal |
I'm so sick over pennies....I frequently trade a dime or two for the whole "take-a-penny" container if sufficient coppers exist. That will get you some odd looks. |
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Topic |
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What do U.S. bank branches do with Canadian coins?
