This is quite the trick! Some traders claim that banks actually “buy” coin wrappers and sell them to other traders. This doesn’t happen and the banks do not accept coin wrappers as collateral to deposit their coins for withdrawal. If there are enough coin wrappers then the trader does not need to use coin wraps.
There is a small but highly suspicious market called “purchase by seller to sell” where the buyers and sellers of coin wrappers are both customers of the same banks. This is quite suspicious as it appears that some customers of some banks (or banks with large customers) have been buying and selling coin wrappers.
There has also been a case where coins were bought and sold directly on the market as if they were being bought from the banks. It does not appear to be a matter of depositing or withdrawing coins in order to do this. This is a “selling of your personal belongings.”
So if you buy coin wrappers, you are doing a bit of an experiment when you do it. By doing this you are effectively taking risk that the banks will deposit your coins for you. If they don’t, then that is a good thing. If they do then you are risking that someone else will take the risk and you may be disappointed in the amount of coins you receive. If the bank deposits you then that is an even bigger reward.
If you decide to buy coin wrappers without the banks then you may actually end up with coins that are worth more than in other situations. That is because not only are their prices higher in this situation, but they appear to be in a better position for withdrawal. The only option is to buy coins on the market. This is not always possible. Sometimes there are no local exchanges or there is very little liquidity and this is a bit of a gamble on the market to go on and buy more coins.
As mentioned, it looks like the buyers and sellers of coin wrappers are both customers of the same bank. If the coin is actually worth more then the depositor of the bank would be the only person who would get their change back. So the only option is to go straight to the market, buy enough coin wrappers to take the risk, and put enough “reserves” to get back to normal.
As you can see this is a very good way to get out of a bad situation.
Are you being asked to deposit coins that don’t belong to you?
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