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Dump Bank – One Half of the Coin Roll Hunting Equation

Rolled Coin, the type one would drop off at a dump bank
Rolled and loose coins are often deposited at a dump bank after being searched. Image: Adobe Stock.

(n.)

A dump bank is a bank used to dispose of unwanted rolled coins. The success of roll hunting greatly depends on having access to fresh material, and so collectors do not like to return coin rolls that have been searched through at the bank where they get their unsearched rolls from as this would lead to searching through picked-over rolls.

A good way to avoid looking at the same rolls multiple times is by marking the paper with your own code so that you can tell if you have handled the coins before.

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CoinWeek Notes
CoinWeek Notes
CoinWeek Notes presents expert analysis and insights from Charles Morgan and Hubert Walker, the award-winning editors of CoinWeek.com.

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3 COMMENTS

  1. Marking the paper with your own code is a clever idea, but probably won’t work as most banks now break open every roll turned in for deposit in order to run it through a coin counter to insure the exact number of coins in a roll, to avoid an over- or under-deposit. So the paper roll that you coded gets immediately destroyed when the coins are dumped out (or broken out) for counting. Banks then either re-roll coins by machine using their own fresh paper rolls, or just collate them into big plastic sacks. I worked for a bank; I’ve seen this happen. The only way to not see the same coins again is to deposit them at a different bank, preferably a different company and not just another branch of the same bank because branches sometimes share coins back and forth.

  2. I should add that rolling coins for deposit is a waste of time and money. You have to pay for the paper rolls (my bank stopped giving them away for free), and the bank just breaks the coins out anyway for counting. The last time I took rolls in for deposit, the teller walked the rolls to a back room and came back a few minutes later saying I was one nickel off. She had broken them out of the rolls and run them through a counter. She said, “Next time just bring them in loose and unsorted.” Your bank’s practices may differ.

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