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Geocaches are created on Geocaching.com at the approximate rate of one cache every minute. The waypoint geocode is a sequential number and is allocated in sequence as caches are created.
Although internally, it's just a number, its more obvious external representation is through a 7-character code comprising the letters GC followed by a 5-character base-31 representation of the number (with an offset to cover earlier caches).
It is not possible to reserve a particular GC code, but knowing it is due to be assigned can be of benefit if one wanted to attempt to bag a nice number. The 5-characters are assigned from the digits 0 to 9, and the letters A to Z, excluding the five letters L, O, U, I, S. The allocation of shorter codes (eg. GCFFFF) ran out in 2006. GC Calculator
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