Yes, I know they're actually worth slightly more at the moment, but bear with me.
September 20, 2011 2:37 PM Subscribe
What technologies, procedures, or incentives exist to ensure proper rolling of coins?
posted by Nothlit to Work & Money (3 answers total) 6 users marked this as a favorite
The laundry in my apartment building requires quarters, but provides no change machine, so every few months I visit my local credit union branch and request $50 in rolled quarters. Within the past year, I've started noticing more and more Canadian quarters slipping through and ending up in these rolls. (I'm in the U.S.) Today I got my latest batch of quarters (5 rolls / 200 coins) and there were 13 Canadian quarters mixed in! That a 6.5% error rate, which seems pretty bad to me.
The rolls are printed with the name "N.F. String & Son, Inc. - Harrisburg, PA". It's not clear to me whether this company rolls the coins or merely prints the wrappers and sells sorting machines to individual banks which do the actual sorting and wrapping.
The first time this happened, it was only a couple of coins, so I was just going to let it slide. But with this latest batch I intend to return the Canadian coins to the credit union in exchange for U.S. quarters. I assume that if enough people did this, the credit union would change suppliers, but I'm not sure that people have sufficient incentive to do so. In most cases, you could probably get away with spending these coins in a retail environment without the cashier noticing, but I don't generally pay with cash or coins, and the laundry machines reject the Canadian quarters.
Can anyone in the banking, minting, or coin rolling industry shed any light on such errors and how prevalent they are, how they are caught, and what incentives these companies have to ensure the coins are rolled properly? I mean, if my crappy laundry machine can detect and reject them, how come their fancy sorting and rolling machines can't?