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PennySaved
Penny Collector Member
361 Posts |
 Posted - 08/07/2009 : 16:55:33
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Some of you might think this is a silly thought.
Have you ever wondered why the bank doesn't search for numismatics in all the coins they deal with? They have the coins already in their possession and the equipment to count and repackage them.
Just a thought I had.
For my sake, I hope they never do.
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jtm3
Penny Collector Member
USA
401 Posts |
Posted - 08/07/2009 : 17:12:05
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That would take way to much time for them, and time is money.
Banking is a business after all. |
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Ardent Listener
Administrator
USA
3452 Posts |
Posted - 08/07/2009 : 17:13:16
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| Who to say it isn't being done on a small scale at least? But consider that the banksters have to maintain a sense of confidence in fiat money and an air of 'respectablility'. When you can write your own ticket you don't need to mess with tons of copper...........yet, that is. |
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PennySaved
Penny Collector Member
361 Posts |
Posted - 08/07/2009 : 17:14:25
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| Hmmm I would think finding $30 to $100 pennies here and there and finding silver would make it worth while especially if you are paying someone minimum wage or barely above it. |
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Country
1000+ Penny Miser Member
USA
1617 Posts |
Posted - 08/07/2009 : 17:20:07
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I guess you have to ask other questions. Who would do the searching? Would it be profitable for a bank to spend the manhours searching through coins found in bags or circulation?
Banks make much of their money these days in fees and surcharges. While searching rolls or bags can be profitable to us, it doesn't make sense for a bank to do so. Nor does it make sense for the bank servicing companies like Brinks or Dunbar who make volumetric profits as they service the banks. I think they will leave the searching to folks like us. Until we overstay our welcome somehow, they will gladly continue to provide nice customer service to us as we comb out of circulation valuable silver and numismatic coins.  |
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PennySaved
Penny Collector Member
361 Posts |
Posted - 08/07/2009 : 17:21:36
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Guess that would be the same with the Coinstar company? I assume they probably don't search.
If only I knew someone who worked for them :-) |
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L1011
Penny Pincher Member
219 Posts |
Posted - 08/07/2009 : 17:27:57
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| IMO, it's not worth they're while to search, that's not their business, banks and courier services do very well as it is, there was a story not too long ago about the millions banks made just off fees they charge for over-drafts on checking accounts...MILLIONS!! they aren't going to bother with the logistics of trying to find silver or anything else |
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highroller4321
1000+ Penny Miser Member
USA
1971 Posts |
Posted - 08/07/2009 : 18:12:57
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| Banks pay other people to process their coin so there isnt really a good way for them to sort out the copper. IF a bank has 100 branches than they either have to set up 100 sorters or they have to create a central location to sort, than transfer the rest to the other company to process the rest. It simply is just to time consuming and costly for a bank to do this. |
Copper penny Investing
www.portlandmint.com |
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highroller4321
1000+ Penny Miser Member
USA
1971 Posts |
Posted - 08/07/2009 : 18:15:03
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quote:
Originally posted by PennySaved
Guess that would be the same with the Coinstar company? I assume they probably don't search.
If only I knew someone who worked for them :-)
Coinstar also pays another person to pick up and process their coins. They could set it up on their machines to sort out the copper, but they would rather keep filling both bins up 100% than filling 1 up 100% and than waiting for the other to get filled with copper.
Coinstar machines dont even sort out silver or anything. All they have is a magnet and a thing that sizes the coins. |
Copper penny Investing
www.portlandmint.com |
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HoardCopperByTheTon
Administrator
USA
5253 Posts |
Posted - 08/07/2009 : 23:33:04
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The same reason banks don't roll their own coins. It is not in their business model. It would take substantial capital investment in equipment as well as labor costs to do these things that are not their core business. Their returns would be way too low to justify engaging in such activites. Why would you sort when you can borrow at half a percent and loan at 20% without even getting your hands dirty? There may also be something in their charter than does not allow them to sell coins for more than face value. If they want more than face they just call it a "fee." Otherwise, wouldn't they just order truckloads of new pennies and sell them at $40-50 a box as long as the public was willing to buy them?  |
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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Copper Catcher
Administrator
USA
1347 Posts |
Posted - 08/08/2009 : 09:19:07
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I have often thought that in Las Vegas before the casinos went coinless that would have been a good idea too.
I guess Ted Binion thought it was a good idea....but you know what happened to him. http://en.wikipedia.org/wiki/Ted_Binion |
DISCLAIMER: The opinions expressed in this message are those of the author and are considered for entertainment purposes only. It is not the intent of this author to provide legal, investment or medical advice and nothing posted here should be considered to be so. You are advised to seek independent counsel to act upon any laws discussed in this communication. |
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dp2007
Penny Sorter Member
35 Posts |
Posted - 08/08/2009 : 09:45:36
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| L1011's answer is right on the money. The money to be made searching silver & copper is so small a well run major corporation would not even consider such an idea. |
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highroller4321
1000+ Penny Miser Member
USA
1971 Posts |
Posted - 08/08/2009 : 10:29:42
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quote:
Originally posted by dp2007
L1011's answer is right on the money. The money to be made searching silver & copper is so small a well run major corporation would not even consider such an idea.
I think your underestamting the silver. There is still TONS of silver to be found in circulation. |
Copper penny Investing
www.portlandmint.com |
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PennySaved
Penny Collector Member
361 Posts |
Posted - 08/08/2009 : 13:14:38
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Well I said you guys might think it was a silly thought. Was just curious because I thought about it while I was waiting on my pennies one day.
Are you suprised more tellars don't do what we are doing? |
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slickeast
1000+ Penny Miser Member
USA
1370 Posts |
Posted - 08/08/2009 : 14:23:05
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there are many tellers that pull silver. some can't swap their money for bank money.
others...the younger generation don't know or seem to care.
i have found some banks that the tellers tell me the halfs that they have contain no siver and others where i find several dollars worth of silver.
that is why i treat half hunting as a hobby and copper hoarding as a hedge.
i have never been skunked on copper.
silver is out there. sometimes you can find it. you just have to keep looking.
the banks only order the amount of coin they need for that week. so they can't look...and the labor costs too much. |
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HoardCopperByTheTon
Administrator
USA
5253 Posts |
Posted - 08/08/2009 : 22:10:59
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| We actually had a member who worked at a bank a while back who did sort. I think he did most of it off the job. Still, the bank had a talk with him and told him there was a "conflict of interest." I think he is still a member, but haven't seen him post in a while. |
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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PreservingThePast
Penny Hoarding Member
USA
697 Posts |
Posted - 08/09/2009 : 11:21:59
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quote:
Originally posted by Copper Catcher
I have often thought that in Las Vegas before the casinos went coinless that would have been a good idea too.
I guess Ted Binion thought it was a good idea....but you know what happened to him. http://en.wikipedia.org/wiki/Ted_Binion
I thought I remembered reading a few months back that there were still a few casinos that used coins rather than the electronic stuff. I believe that a person on here was going and getting change as if to use the half dollar slot machines and then just searching through the coins, turning them back to paper, buying more half dollars, etc.
Perhaps, I am wrong on this though.
I'd love to be able to do that with pennies to see what wheats or perhaps IHs would pop out of their change machines or change cups or however you would get the change.
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Tourney64
1000+ Penny Miser Member
USA
1011 Posts |
Posted - 08/09/2009 : 12:34:48
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| I had posted that I used to do the half sorting at a casino in Michigan, however the one I did it at changed over a few years ago to electronic tickets. I used to put a $20 in a 50 cent slot, and then cash out and pull out the silver halves. |
Edited by - Tourney64 on 08/09/2009 12:36:12 |
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Copper Catcher
Administrator
USA
1347 Posts |
Posted - 08/09/2009 : 15:28:17
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| I too did a little half sorting in casinos as well, but all that is a thing of the past! |
DISCLAIMER: The opinions expressed in this message are those of the author and are considered for entertainment purposes only. It is not the intent of this author to provide legal, investment or medical advice and nothing posted here should be considered to be so. You are advised to seek independent counsel to act upon any laws discussed in this communication. |
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Why doesn't the bank sort?
