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Disc Jockey
New Member
10 Posts |
 Posted - 08/17/2009 : 11:45:35
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Can some of you old pros give an new guy some practical information on how to go about buying and dumping pennies. What are some good storage methods as the weight is so great ? Im buying a Ryedale next month and want to store 100000 coppers per month. Do I need an account at the banks I buy from and dump to ? Will the tellers hate me for the weight ? I plan to keep these pennies for retirement in 10 years. Are there any tax issues I need to be aware of while Im collecting ( expenses, etc.)? Thanks in advance. Disc Jockey
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Neckro
1000+ Penny Miser Member
Saudi Arabia
1595 Posts |
Posted - 08/17/2009 : 12:00:46
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| Welcome. =D |
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Kurr
1000+ Penny Miser Member
USA
1689 Posts |
Posted - 08/17/2009 : 12:12:04
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Welcome to the forum. Best advise I could give is BE "FLEXABLE". I have been cut off from 3 dump banks so far this year and now drive 80 odd miles round trip to dump.
I have hand roled, deposited loose bags, lobby counters, the whole gauntlet. Things change, people freak out, just be persistant and be flexable.
I store hand rolls in bank boxes, bulk in fed bags, wheats in rolls and flips. BU in bulk and flips. Canadian in sandwhich baggies. I have a "dime bag" for the dimes I pull from bags, I fugure if I save and spend them it is a 90% discount on whatever I buy with it.
You are just saving money. A specific denomination, but just cold hard cash. What is the tax rate for dollars under your matress??
Again, welcome to the forum brother. |
Selling coppers- 1.4 + shipping or 11.00 90% Ag or 1/10th oz Au per 100.00, PM me!! ~100.00 (68lbs)Available~
Outlaw: One who is outside both the protection and benefit of the law. Since you cant sue the police for not protecting you, and congress overwhelmingly went against the people to benefit the big business on the backs of the people, congratulations we no longer have the protection or benefit of law. We're all outlaws now.
A number of people are educated beyond, sometimes way beyond, their intelligence. - Tenbears
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Disc Jockey
New Member
10 Posts |
Posted - 08/17/2009 : 12:53:11
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| Another question, I dont want to get my dumpped coins back in new boxes, so I thought Id save the zinc and dump once a year. Will Brinks come and pick up at my house ? Is this reasonable ? Disc Jockey |
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Bluegill
1000+ Penny Miser Member
USA
1480 Posts |
Posted - 08/17/2009 : 13:53:20
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quote:
Originally posted by Disc Jockey
Can some of you old pros give an new guy some practical information on how to go about buying and dumping pennies. What are some good storage methods as the weight is so great ? Im buying a Ryedale next month and want to store 100000 coppers per month. Do I need an account at the banks I buy from and dump to ? Will the tellers hate me for the weight ? I plan to keep these pennies for retirement in 10 years. Are there any tax issues I need to be aware of while Im collecting ( expenses, etc.)? Thanks in advance. Disc Jockey
$10k in Cu a month is a huge number. Assuming 25% Cu in your area, that means sorting $40k. That is over $1300, 52 boxes a day. I think you might need more than one ryedale. 
HoardCopperByTheTon and c140cessna are the heavy hitters, they should be able to offer some valuable insight when contemplating those numbers. 
And 
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Market Harmony
Penny Hoarding Member
USA
699 Posts |
Posted - 08/17/2009 : 13:59:34
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quote:
Originally posted by Disc Jockey
Another question, I dont want to get my dumpped coins back in new boxes, so I thought Id save the zinc and dump once a year. Will Brinks come and pick up at my house ? Is this reasonable ? Disc Jockey
Rather than spending all the time and effort to acquire your hoard, why don't you just buy them from members here at realcent that are selling copper cents? It will most likely work out the same as far as overall costs go.
Brinks will only deliver to, and pick up from commercial facilities.
Good luck and welcome! |
Market Harmony
Producer of rare and unique Gold, Silver, and Copper bullion products. Also offering PM refining services. |
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Cody8404
Penny Hoarding Member
USA
546 Posts |
Posted - 08/17/2009 : 14:02:14
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With all the coming and going always be nice. We do not want anyone upset because the crazy penny dude is coming. Treats and little gifts make the tellers happy.
Keep your collection and dump banks as far apart as possible.
Never break the law. The mint has the melt ban in place. This is not the place for the debate of why the mint is making laws, just keep them.
Good luck. I have been at this for a few years. With your goals you will surpass me in about 5 minutes. I sort by hand.
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Awake, O kings of the earth! Come ye, O, come ye, with your gold and your silver, to the help of my people, to the house of the daughters of Zion, to the help of the people of the God of this Land even Jesus Christ. |
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Disc Jockey
New Member
10 Posts |
Posted - 08/17/2009 : 14:23:44
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| I guess I need to open multiple accounts and smile at the tellers. Thanks for the info and thats $1K per month in copper. I might be crazy but Im not stupid or rich. Just a hobby . |
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slickeast
1000+ Penny Miser Member
USA
1370 Posts |
Posted - 08/17/2009 : 14:42:32
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I figure it this way. Whatever you want to keep in coppers a month is the minimum you need to sort a week.
$1000.00 a month in coppers means you will need to sort AT LEAST $1000.00 a WEEK.
That will mean that you will have to return around $700-$800 a week to the bank.
I returned $760.00 this morning and it took over an hour for the machine at the bank to count it, switch bags ..etc.
If you can find a bank that will take bags, then that will be better but now you need a fast and accurate coin counter.
Also sorting $1000.00 a week on a Ryedale takes time. At $200 per hour that is 5 hours.
Try to find banks that will sell you bags. But you will still need a dump bank(s). I have 5 that I use to dump at and 4 that I buy from.
NEVER NEVER NEVER dump where you pickup at....did I mention to NEVER dump at a pickup bank.
HoardCopperByTheTon and c140cessna have multiple Ryedales as so do I. They both use two totally different methods and your method will be decided on what is available to you.
Can you get loose pennies in bags? Can you only get boxes? Will the banks take the pennies in bags of $50? Or do you have banks or Credit Unions with coin machines in the lobby?
I store in buckets that I get from the bakery. ( Frosting buckets ) Some use cat litter pails.
Now you will need a handcart or hand truck to move all those zincs around.
SO as you can see there is alot of things to think about and to do that kind of volume you will have some up front costs.
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You don't have to be the BEST you just have to be.......SLICK
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Bluegill
1000+ Penny Miser Member
USA
1480 Posts |
Posted - 08/17/2009 : 17:11:48
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quote:
Originally posted by Disc Jockey
I guess I need to open multiple accounts and smile at the tellers. Thanks for the info and thats $1K per month in copper. I might be crazy but Im not stupid or rich. Just a hobby .
My bad, my eyes saw one too many zeros. Still an impressive goal.  Shucks, and I thought you were going for broke to set a record... 
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NotABigDeal
1000+ Penny Miser Member
USA
3251 Posts |
Posted - 08/17/2009 : 17:26:07
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quote:
Originally posted by Disc Jockey
Can some of you old pros give an new guy some practical information on how to go about buying and dumping pennies. What are some good storage methods as the weight is so great ? Im buying a Ryedale next month and want to store 100000 coppers per month. Do I need an account at the banks I buy from and dump to ? Will the tellers hate me for the weight ? I plan to keep these pennies for retirement in 10 years. Are there any tax issues I need to be aware of while Im collecting ( expenses, etc.)? Thanks in advance. Disc Jockey
Maybe you should crawl before you walk....
There are quite a few things that have to fall in place not only to secure the coins, but to be able to return them as well. For some it's easy to get them, others it's easier to dump. Shop around and join several banks. Being able to return loose is the key.
Welcome and good luck. At $1000 in copper a month, you'll be busy.
Deal
p.s. Where are you located? |
Gun control is like trying to reduce drunk driving by making it harder for sober people to own cars.
If you want peace, prepare for war. |
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Disc Jockey
New Member
10 Posts |
Posted - 08/17/2009 : 18:35:24
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| Thanks for the info. Im in Madison,WI. I do plan to walk before I run. Have 250 per week coming in from 3 banks now. For now, Im not too worried about dumping. I know its a big job but its still money and I am saving it. After a while, I'll start dumping in Milwaukee banks as I travel there often. I just ordered 150 per week from a bank and they wanted to charge me 15 cents per roll. I got them to waive the fee, I promised not to dump at their bank and they wanted my account. I was up front with them and explained what I wanted. It was simple but I can see where someone with an attitude could cause trouble for me. I can smell the value of this and it is keeping me up at night. |
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NotABigDeal
1000+ Penny Miser Member
USA
3251 Posts |
Posted - 08/17/2009 : 19:47:59
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quote:
Originally posted by Disc Jockey
Thanks for the info. Im in Madison,WI. I do plan to walk before I run. Have 250 per week coming in from 3 banks now. For now, Im not too worried about dumping. I know its a big job but its still money and I am saving it. After a while, I'll start dumping in Milwaukee banks as I travel there often. I just ordered 150 per week from a bank and they wanted to charge me 15 cents per roll. I got them to waive the fee, I promised not to dump at their bank and they wanted my account. I was up front with them and explained what I wanted. It was simple but I can see where someone with an attitude could cause trouble for me. I can smell the value of this and it is keeping me up at night.
Yep. Addicted. It only gets worse....
Deal |
Gun control is like trying to reduce drunk driving by making it harder for sober people to own cars.
If you want peace, prepare for war. |
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dakota1955
Penny Hoarding Member
801 Posts |
Posted - 08/18/2009 : 07:31:48
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| No hope anymore he is hook big time |
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New Penny Collector
