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JobIII
Penny Collector Member
USA
464 Posts |
 Posted - 08/25/2009 : 07:17:33
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Hi all,
This is a question for anyone sorting $600 FV or more a week.
I'm working with 3-4 banks at the moment to acquire about $300 pennies a week. I'm getting ready to receive a ryedale and with the intention of maybe doubling my weekly sorting. I have 3 banks that will be able to provide me about $1000 dollars a week. I have a good relationship with each of these banks for the most part, and one in particular will most likely be happy to see me ask for coins rather than return them. So for the most part the supply side is doing great.
I'm really concerned with the Return side of this hobby. Currently I use 2 banks with coin machines to return $50 at one (a limit set by the tellers) and the rest at the other. The down side is the small limit is a cummins the unrestricted is a magnar. I also don't want to ruin my ability to use the unrestricted banks machine, so i'd keep returns to 300 weekly maybe 400, but that's a lot of bag refills and i feel they'd soon get very annoyed with me. I've tried returning bags to BoA's that supply me with coin bags. The BoA's haven't told me a limit yet so it's mainly just time consuming to hand count and fill each bag. and this does take less time than rolling pennies.
Keeping in mind that my funds are limited so i can't just go and purchase a counter or wrapper, i feel like these are the options i'm limited to right now:
- go find other banks with machine?
- bite the bullet and count and bag by hand?
I am open to hear what anyone else has done in this position. Also is it possible to find a reliable counter for 300 or less? Does anyone have an extra one or want to sell one?
Kind Regards,
~ JobIII
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Selling Coppers 1.35 + shipping. *800.00* ~sold~ |
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dakota1955
Penny Hoarding Member
800 Posts |
Posted - 08/25/2009 : 07:25:50
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| I would say look at finding more banks to deal with. |
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natsb88
1000+ Penny Miser Member
USA
1290 Posts |
 Posted - 08/25/2009 : 07:34:06
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If you can afford to float $1000 a week in sorting stock, you can afford to buy a counter  . Seriously though, with that kind of volume, even if you only value your time at minimum wage, a counter will pay for itself quickly. Dumping in bags is probably the quickest and easiest way, so if you have that option take advantage of it.
Counters show up in the Buy/Sell/Trade area here on occasion, and keep an eye on eBay. I believe the CS-10 is a popular model, which can be had new for less than $390. Older used counters can be had for $150 - $200.
http://business.shop.ebay.com/Coin-Change-Sorting-/46707/i.html?_fln=1&_rdc=1 |
Nate
The Copper Cave
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slickeast
1000+ Penny Miser Member
USA
1356 Posts |
Posted - 08/25/2009 : 08:35:42
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| Once you get a coin counter you will be asking yourself...why didn't I get one sooner. They are also great to pre-run the pennies in to get out the bad ones that will jam the ryedale. Keep an eye on e-bay. I scored a $1500 counter for $240 shipped and it is spitting out 2400 cpm..that will fill a $50 bag in just over 2 minutes. |
You don't have to be the BEST you just have to be.......SLICK
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Mikep2020
Penny Pincher Member
USA
205 Posts |
Posted - 08/25/2009 : 08:50:21
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| With that kind of volume, you want to dump in $50 bags to the branches that will take them. Much easier and faster than using in-branch coin machines, hand rolling or hand counting. Plus, if your always dumping $300-$500 a week at the same machine, they might cut you off eventually. You need to spread your dumps around more or just get a coin counter so you can save time by running the counter to fill a bag of zincs while the ryledale is running sorting out the copper at the same time. The amount of time you save will be worth it. |
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JobIII
Penny Collector Member
USA
464 Posts |
Posted - 08/25/2009 : 11:44:17
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What are your thoughts about the following counters:
Ribao CS-2000 coin counter
CS-10
CS-95A
I'm leaning towards which ever of these is cheapest. But they all seem to come with a coin tube filling application. Has anyone been able to reuse the coin tubes that the pennies come from Lumas?
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Selling Coppers 1.35 + shipping. *800.00* ~sold~ |
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JobIII
Penny Collector Member
USA
464 Posts |
Posted - 08/25/2009 : 11:45:44
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BTW Mike,
This bank is a friendly town bank i've been using for ever. THey must think i'm crazy, but they have been very respectful. even when i returned some 3k in halves through that machine. |
Selling Coppers 1.35 + shipping. *800.00* ~sold~ |
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HoardCopperByTheTon
Administrator
USA
5232 Posts |
Posted - 08/31/2009 : 10:52:15
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Zinc Disposal is the trickiest part of the equation. Supply is much easier than disposal. It gets even more challenging as you kick up your volumes. Try dumping a couple of $Thousand a week and see how friendly those banks are.. lol.
Reusing the rolls the pennies come in with one of the tubes can be difficult because they are not perfectly round at the opening. What works better is to just set the batch count on your counter to 50 and count them into a small bucket and then stuff them into your used wrappers. Of course automatic rolling machines are nice if you want to return rolled coin. But if a counter stretches the budget, you don't even want to know what one of those machines costs.
You can generally get a decent counting machine in the $200-300 range. This should actually be one of the first pieces of equipment you should obtain. Being able to return precounted bags to BofA is extremely convenient.. much better than standing in front of some bank's counter feeding it. You should still diversify your dumps though. If you give that one branch of BofA too much action, they will cut you off too. |
If your percentages are low.. just sort more. If your percentages are high.. just sort more.
Let me see if I understand this? If you cross the North Korean border illegally, you get 12 years hard labor; the Iranian border illegally you are detained indefinitely. If you cross the US border illegally, you get a driver’s license, a social security card, welfare, food stamps, free health care!
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JobIII
Penny Collector Member
USA
464 Posts |
Posted - 08/31/2009 : 14:11:28
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| Hi HCBTT, thanks for the info... A wrapping machine will stretch an already tightly monitored budget. I'm a little nervous about buying any counters on Ebay, that aren't new, and the new ones all go for 300-500. I'd be happy to pay 300 for a new Ribao CS-2000 i think. But the closest i've come is 380. I'll try moving the dumps to more than 1 BOA, and i should note the BOA that i've been dumping at is also my pick-up bank. tisk tisk i know. |
Selling Coppers 1.35 + shipping. *800.00* ~sold~ |
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jadedragon
Administrator
Canada
2807 Posts |
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JobIII
Penny Collector Member
USA
464 Posts |
Posted - 08/31/2009 : 14:41:42
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| The funny thing is, i can bring the zincs back to the bank machine. But i still have to hand count the coppers, at least it's been quite slow moving any copper cents I may have, so I don't have to spend all my time hand-counting to 10,000... |
Selling Coppers 1.35 + shipping. *800.00* ~sold~ |
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jonflyfish
Penny Hoarding Member
USA
548 Posts |
Posted - 08/31/2009 : 17:25:04
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quote:
Originally posted by JobIII
The funny thing is, i can bring the zincs back to the bank machine. But i still have to hand count the coppers, at least it's been quite slow moving any copper cents I may have, so I don't have to spend all my time hand-counting to 10,000...
Sounds fairly straightforward- You weigh the value of your time to hand sort vs the actual cost of a counter (price paid less reasonable sale price if you plan to sell once the project is complete) then decide which has the better rate of return.
Cheers |
The first panacea for a mismanaged nation is inflation of the currency; second is war. Both bring a temporary (and false) prosperity; both bring a permanent ruin. But both are the refuge of political and economic opportunities. |
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HoardCopperByTheTon
Administrator
USA
5232 Posts |
Posted - 08/31/2009 : 23:37:43
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| A counter will come in really handy when copper cents start moving again. Copper was up again today! I have a pair of Mach 7's side by side in the penny processing center for when I want to do some serious counting. (4,000 coins per minute each) Maybe you could just sell your copper to another member who has a counter and that way you wouldn't have to count it. You could get a pretty good estimate by weight if you have a good scale. Or you could just sell them in 50 pound increments. That way you would never have to count and could avoid the wrath of the budget monitor by deferring the purchase of equipment. Just keep track of the profits in a notebook and get your first machine when the copper proceeds will pay for it. |
If your percentages are low.. just sort more. If your percentages are high.. just sort more.
Let me see if I understand this? If you cross the North Korean border illegally, you get 12 years hard labor; the Iranian border illegally you are detained indefinitely. If you cross the US border illegally, you get a driver’s license, a social security card, welfare, food stamps, free health care!
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JobIII
Penny Collector Member
USA
464 Posts |
Posted - 09/01/2009 : 12:13:37
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Hi HCBTT,
I'd actually like to purchase a counter soon, and help with the mailing and returning part of this hobby. But if i can't find one in the $$ range i'm looking for, then i'll sit back and go the slow route. If sales pick up, i can always get one in the mid $350 range. |
Selling Coppers 1.35 + shipping. *800.00* ~sold~ |
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buyingsilvers
Penny Collector Member
437 Posts |
Posted - 09/07/2009 : 07:09:34
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| all the banks around my area takes the pennies loose in bags. |
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JobIII
Penny Collector Member
USA
464 Posts |
Posted - 09/08/2009 : 13:17:59
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| When you say loose, have you counted them to be a certain amount? like $50 or $100 first? |
Selling Coppers 1.35 + shipping. *800.00* ~sold~ |
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novillero
Penny Sorter Member
USA
40 Posts |
Posted - 09/09/2009 : 14:11:35
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| There is a coin machine in my local grocery that will count the coins for free if you get a gift certificate for one of their sponsors... most seemed to be well known brands. This works, if you aren't reinvesting in more copper. |
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digitalfour
Penny Sorter Member
74 Posts |
Posted - 09/09/2009 : 15:01:25
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| novillero can you get Amazon gift certificates? You could probably sell those online. |
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Topic |
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Any advice for returning zincs?
