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CopperFinder
New Member
USA
21 Posts |
 Posted - 09/23/2009 : 15:07:55
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I am just going to go to the Coinstar and try it out so I won't annoy my near by banks. I live in Hawaii and live in an area where there is one near by Bank, and I figure I don't want to loose my reputation with the other banks in case I start picking up coins with them in the future.
So I'll try that out for now.
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Corsair
Penny Collector Member
485 Posts |
Posted - 09/23/2009 : 16:19:39
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| Unless you can get gift certificates without the fees, you might as well stop sorting. Coinstar's fees ruin anything you'll get from sorting. |
Am I a good person doing bad things? Or a bad person doing good things? |
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Market Harmony
Penny Hoarding Member
USA
699 Posts |
Posted - 09/23/2009 : 16:23:19
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You did all that work, and now you're willing to let coinstar profit from it?
Your bank should not have any problem taking back any coins, no matter how small your town is. They are money handlers.
Kind Regards,
Michael |
Market Harmony
Producer of rare and unique Gold, Silver, and Copper bullion products. Also offering PM refining services. |
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barrytrot
Penny Collector Member
USA
409 Posts |
Posted - 09/23/2009 : 17:07:39
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| The big problem with coinstar isn't even the fees. It is the TIME. Those things are slower than molasses! |
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AGgressive Metal
Penny Hoarding Member
USA
789 Posts |
Posted - 09/23/2009 : 17:10:10
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| Yeah, worst case scenario they refuse to take more than a certain amount at a time, in which case you just take your zincs in over time in conjunction with your normal business there. |
And he that hath lyberte ought to kepe hit wel / For nothyng is better than lyberte / For lyberte shold not be wel sold for alle the gold and syluer of all the world.
-Caxton's edition of Aesop's Fables, 1484
http://www.randpaul2010.com/ |
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slickeast
1000+ Penny Miser Member
USA
1356 Posts |
Posted - 09/23/2009 : 17:11:27
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| Speaking of Coinstar's, I got 13 cents out of one the other day at work, 1 dime, and 3 pennies ( zinks ) I traded 1 for the wheat that was in the till. |
You don't have to be the BEST you just have to be.......SLICK
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digitalfour
Penny Sorter Member
74 Posts |
Posted - 09/23/2009 : 17:16:28
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Coinstars are a good fit for me. It may be slower, but at least I don't have to roll the coins. The free Amazon gift certificates are nice, and twice I've gotten cash for free because it failed to connect properly.
I also found a 1951 silver dime in one. Pretty cool. |
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HoardCopperByTheTon
Administrator
USA
5240 Posts |
Posted - 09/23/2009 : 17:22:41
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"My you have a lot of coins!"
There is a free Coinstar at my CU.  |
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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buyingsilvers
Penny Collector Member
437 Posts |
Posted - 09/23/2009 : 18:28:37
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quote:
Originally posted by CopperFinder
I am just going to go to the Coinstar and try it out so I won't annoy my near by banks. I live in Hawaii and live in an area where there is one near by Bank, and I figure I don't want to loose my reputation with the other banks in case I start picking up coins with them in the future.
So I'll try that out for now.
ask around to the local banks. Generally, you can deposit loose with banks. Just need to ask banks what their policy is. |
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sheba
Penny Pincher Member
USA
114 Posts |
Posted - 09/23/2009 : 21:28:35
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I wonder why more banks don't have 'customer operated' sorting machines? Two banks in my area (both Wells Fargo) have a coin sorter in the lobby. It is very fast, accurate and easy to use. If you have an account with WF, it is free (I do). Its so simple and easy ... dump coins, push a button, wait a few minutes, take the slip of paper with the total number of coins to the teller, show WF bank card, receive the full amount of cash or deposit it.
I suppose the drawback to this are the 'pros' out there who do 'big time' sorting with Ryedales, etc. and thus would have huge quantities of coins to sort. That probably wouldn't work so well, because the tellers would have do some 'bag changing' I would guess.
The most I have taken back at one time was just over 50.00. But I could go back several times a day, every day the banks are open and there would be no complaints.
Do other banks have this kind of set up?
sheba |
woof ... wag ... whine |
Edited by - sheba on 09/23/2009 21:31:12 |
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twocents
Penny Pincher Member
162 Posts |
Posted - 09/23/2009 : 22:05:23
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| Don't be so quick to dismiss the Coinstar. Again, if you can get the gift cards at no cost, then it is worth it. We buy diapers, baby seats, etc. from Amazon, so it is free counting. I have found a 90% silver dime and just recently a 90% silver quarter in the reject pile before I even start my count. Coinstar is a great way to dilute your drops to the bank to keep your bank from getting angry with you. They are slow, though, as Barrytrot says. |
Just my two cents! |
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CopperFinder
New Member
USA
21 Posts |
Posted - 09/24/2009 : 01:39:19
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Today I went to my local Coinstar and I put about 40 dollars in pennies. I received back about $37 something. I found it very convenient that I didn't have to roll up all my pennies and hand count them.
Plus it spit out 3 silver dimes (I don't know why), which made me really excited, and paid off the fees practically. Sure I am not expecting it to this every time I go trade it out for "paper" but it was a nice gift this time.
The amazon is a great idea too, but in my case I want to get more pennies with this money. But in the future I will do this.
To me it was worth it, as the quantity of copper pennies I got out of the bunch paid off the fee's plus I still made a profit.
This is a fun hobby so far. :) |
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NotABigDeal
1000+ Penny Miser Member
USA
3250 Posts |
Posted - 09/24/2009 : 06:18:24
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If you are paying the fee, you are losing. Can't count on phantom silver every time you return zincs. If you are only returning $40 at a time, you can find a bank to take them. That isn't that much. Just make some phone calls.
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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slickeast
1000+ Penny Miser Member
USA
1356 Posts |
Posted - 09/24/2009 : 06:59:30
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If I had to use the coinstar to return my zinc's, I wouldn't sort.
Lets do some math. You returned $40 in zincs. If you had a 75% zinc 25% copper ratio, you started with $53.32 in pennies.
So you now have $13.33 in copper that migh sell for 1.4x. 13.33 X 1.4 = 18.66
Profit of 5.33
You lost 8.9 % to the coinstar on your $40 dump. 40 X .089 = 3.56
Net profit of......1.77
So you got 53.32 in pennies and when it was all said and done you are ahead 3.3%
Most people have less than a 75/25 ratio. Mine is 77.5/22.5.
Find a bank or CU that will take your pennies.
Never pay a fee for anything. Buying or dumping. It is just not worth it. |
You don't have to be the BEST you just have to be.......SLICK
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TXTim
Penny Collector Member
465 Posts |
Posted - 09/24/2009 : 07:35:49
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Have to agree with slick.
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Beer is my currency. |
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dakota1955
Penny Hoarding Member
800 Posts |
Posted - 09/24/2009 : 07:59:09
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| I also have to agree that right now the profit margin is so small on copper cents that if you are looking for a short term gain it may not be there. I believe that most of us are looking down the road 5 plus years. |
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fasteddy
Penny Sorter Member
USA
53 Posts |
Posted - 09/24/2009 : 10:44:50
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I returned the remains of my first box last night at a coinstar....not so bad...I chose a ecertificate for free counting...at a fee of 8.9 cents per 100 cents that is pretty steep.
i think I will hit my credit union later for my big box o pennies...ifin it will stay together when i try to pick it up.
You have to find a free counter or have a hobby.
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kieblera5
Penny Hoarding Member
USA
787 Posts |
Posted - 09/24/2009 : 11:34:44
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| I wouldn't put the returns in a coinstar. It's not worth the percent that they take from you. Around here we have Coin Master. It only takes 7.something% |
Democracy is being allowed to vote for the candidate you dislike least.
Never argue with an idiot. They will drag you down to their level and then beat you mercilessly with experience.
"Any country where the central bank head is called 'Helicopter Ben,' you better own some gold," |
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HoardCopperByTheTon
Administrator
USA
5240 Posts |
Posted - 09/24/2009 : 17:00:13
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I agree with slick. Never pay a fee.. it cuts too steeply into any potential return. Look at what the high eBay and PayPal fees have done to the coin market.
You can always find some way to avoid fees if you are willing to make the effort to look around for it. Theoretically you are giving up 8.9% for "convenience" How convenient is it to stand in front of a machine with an advertised count rate of 600 coins per minute and an actual count rate of 300 coins per minute?
"Please wait while we catch up." |
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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twocents
Penny Pincher Member
162 Posts |
Posted - 09/24/2009 : 20:40:43
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| To be clear, I too, would never pay the Coinstar fee. I only use the free counting. I do also dump at banks with automatic counters, often $40-50 dollars at a time. I limited my dumps to make sure the teller doesn't have to change the bag. I use the Coinstar free counting to break up my dumps so that I do not surface at banks too frequently. |
Just my two cents! |
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Dumpster Diver
Penny Pincher Member
USA
211 Posts |
Posted - 09/25/2009 : 08:59:02
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"Please wait while we catch up."
[/quote]
Hoard, I love your sense of humor...
If anyone needs free coin counting advice in Georgia, PM me...I've cracked the code! |
"You're not really gonna throw that out...are you"? |
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CopperFinder
New Member
USA
21 Posts |
Posted - 09/26/2009 : 05:39:07
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quote:
Originally posted by slickeast
If I had to use the coinstar to return my zinc's, I wouldn't sort.
Lets do some math. You returned $40 in zincs. If you had a 75% zinc 25% copper ratio, you started with $53.32 in pennies.
So you now have $13.33 in copper that migh sell for 1.4x. 13.33 X 1.4 = 18.66
Profit of 5.33
You lost 8.9 % to the coinstar on your $40 dump. 40 X .089 = 3.56
Net profit of......1.77
So you got 53.32 in pennies and when it was all said and done you are ahead 3.3%
Most people have less than a 75/25 ratio. Mine is 77.5/22.5.
Find a bank or CU that will take your pennies.
Never pay a fee for anything. Buying or dumping. It is just not worth it.
You are completly right. Lesson learned. I will never do that again. |
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HoardCopperByTheTon
Administrator
USA
5240 Posts |
Posted - 09/27/2009 : 23:05:08
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quote:
Originally posted by Dumpster Diver
"Please wait while we catch up."
Hoard, I love your sense of humor...
My mission here is but to provide mirth for the members.
Anyone who has used a CoinStar should recognize these little quotes. There is actually a free CoinStar at my CU. It is the only coin counting machine at any of my banking institutions. That wave of customer service never made it to the left coast. Using that machine drives me nuts.. it is 10 times slower than the machines I have at home. |
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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2old
Penny Pincher Member
136 Posts |
Posted - 09/28/2009 : 09:15:41
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| Fahey Bank in Ohio, closed. Selling (asking) CoinStars for $11,000.00. Wal-Mart charges 8/5% for CoinStar. I think I will keep on rollin. |
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coinstar
