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Copper Catcher
Moderator
USA
594 Posts |
 Posted - 08/12/2008 : 14:15:51
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On eBay right now there is an auction for $5,000 worth of pennies collected by a vending company in Anderson, SC
The auction states:
"We are a Vending Machine Business that has kept pennies for over 25 years and now are selling these. These are bulk US pennies that have been out of circulation for about 10-20 years. These coins have not been gone through and sorted. They are bulk with a potential for many older pennies. I am not a coin expert and can't elaborate on the condition of the coins. These coins will be bagged in approx. $50 bags and the buyer is responsible for pickup in Anderson, SC. Absolutely no shipping. We will guaranty at least $5000 face value worth of pennies in this lot. Thank you,
Cromer Food Services, Inc."
http://cgi.ebay.com/Bulk-United-States-Pennies-Approx-500-000_W0QQitemZ250278548906QQihZ015QQcategoryZ31373QQssPageNameZWDVWQQrdZ1QQcmdZViewItem
I map quested this and they are 6.0 hours 23 minutes i.e. 389.80 miles away from me. I guess a U-Haul would be needed is anyone closer and do you think with would be worth the effort and at what price?
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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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HoardCopperByTheTon
Administrator
USA
3602 Posts |
Posted - 08/12/2008 : 14:24:34
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| I think it would be great if you could get them for about face and if they were a little closer. To pick up a 1 and 2/3 ton batch of pennies the cost of a U-Haul, Gas etc. would probably make it not such a good idea. |
If your percentages are low.. just sort more. If your percentages are high.. just sort more.
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horgad
1000+ Penny Miser Member
USA
1349 Posts |
Posted - 08/12/2008 : 14:58:33
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quote:
Originally posted by HoardCopperByTheTon
I think it would be great if you could get them for about face and if they were a little closer. To pick up a 1 and 2/3 ton batch of pennies the cost of a U-Haul, Gas etc. would probably make it not such a good idea.
Many full sized pickup trucks could handle that load in their bed. So if you could borrow a truck, you would just have to pay for gas at about 30 cents a mile. I would consider bidding on it if the starting bid wasn't $6,000 or if I had an idea on what the copper percentage is... |
Edited by - horgad on 08/12/2008 14:59:24 |
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HoardCopperByTheTon
Administrator
USA
3602 Posts |
Posted - 08/12/2008 : 15:00:44
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One of my fellow hoarders out here has a dump truck that could handle that load.. but it gets really lousy mileage.  |
If your percentages are low.. just sort more. If your percentages are high.. just sort more.
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Copper Catcher
Moderator
USA
594 Posts |
Posted - 08/12/2008 : 16:24:09
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| There has to be a forum member is SC! I'm like most however not wanting to risk paying much over face. This however would require lots of explaining to the wife before hand......it would be a little difficult to hide all those bags! :-) |
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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PennehChaos.
Penny Pincher Member
USA
194 Posts |
Posted - 08/12/2008 : 17:05:41
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| i'm on the other end of SC, and i have a truck, but not $6k to spend... i'd want to see the hoard and skim through a random bag or three before committing that kind of cash... Somebody in the southeast is pulling copper out of circulation on an industrial scale, maybe this is just their novel way of dumping zincs... |
Nothing of value is an investment unless you possess it. If all you've got are paper, pixels, or promises, you're gambling. |
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swusc
Penny Collector Member
490 Posts |
Posted - 08/12/2008 : 20:53:08
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I am about 50 miles from Anderson. That is a lot of money to tie up though. I am not sure how a vending company got pennies though.
-SWUSC |
`Everybody is ignorant. Only on different subjects.' Will Rogers
"This is the shabby secret of the welfare statists' tirades against gold. Deficit spending is simply a scheme for the "hidden" confiscation of wealth. Gold stands in the way of this insidious process. It stands as a protector of property rights. If one grasps this, one has no difficulty in understanding the statists' antagonism toward the gold standard." Alan Greenspan, 1966. |
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Ant
Penny Collector Member
402 Posts |
Posted - 08/12/2008 : 21:27:23
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| Agreed -- sounds fishy. How does a vending machine company end up with pennies? |
"No, man. You gotta keep goin'. What am I gonna do? Quit? That's not an option. Life's a garden. Dig it? You make it work for you. You never give up, man. That's my philosophy." --Joe Dirt |
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Bluegill
Penny Collector Member
USA
439 Posts |
Posted - 08/12/2008 : 21:31:26
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quote:
Originally posted by swusc
I am about 50 miles from Anderson. That is a lot of money to tie up though. I am not sure how a vending company got pennies though.
-SWUSC
I am wondering the same thing. About ten years ago I worked for a small vending company for extra income, pennies were never part of the scene... The only time we saw a penny was when somebody deliberately put it in the machine and it was bent enough to get hung up in the mechanism. That happened a whole once in the 6 months I was there.
What company would keep $5k sitting around and not turn them in as they got them along with the other coinage...
"These coins have not been gone through and sorted." I would be willing to bet that is exactly what happened.
Unless this "vending" company serviced gumball machines, I feel this is a line of BS, just like all the recently discovered unsearched wheat rolls that are out there. And all the inhereted coin collections... This sounds like typical fleecebay Ebay.
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“I’m fully diversified. I’ve got some under the mattress, some under the floor boards, some in the backyard.”
"Give me control over a nation's money supply, and I care not who makes its laws." – Anselm Rothschild
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JerrySpringer
Penny Collector Member
385 Posts |
Posted - 08/12/2008 : 21:55:06
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| Alas, if someone wins this auction with a $1,000 over-face premium to begin with, I'd love to see the feedback left for the seller. |
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horgad
1000+ Penny Miser Member
USA
1349 Posts |
Posted - 08/13/2008 : 07:38:49
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If that guy really represents that company, I doubt it is fake. That is big company. There is no way that they are trying to run a petty scam on E-Bay. Now if you win the auction and the guy tells you to come pick up the pennies at his house and not a loading dock at the company, I would tell him to go fly a kite.
Anyhow I don't think that these are worth more than face. You are doing him (the company) a favor by taking them off his hands... |
Edited by - horgad on 08/13/2008 07:40:00 |
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tadpole
Penny Sorter Member
34 Posts |
Posted - 08/13/2008 : 08:58:42
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| There is an organization of vending companies around the country that has been hired to collect and process the change out of charity collection canisters at Mcdonalds, Tacao Bell etc. Some of them are looking at options of getting rid of the pennies. I am getting about 100 $50 bags of pennies per month from a vendor im my area. I know of another vendor in the Wash DC area that has bags of pennies available. |
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PennehChaos.
Penny Pincher Member
USA
194 Posts |
Posted - 08/13/2008 : 09:58:34
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If they've been collecting them for 25 years, it could well be from a gumball machine route... i remember penny gumballs from when i was a kid. And back then, it wasn't unheard of for other types of vending machines to accept pennies, although they were being phased out. i still see them every once in a while, usually at fleabag motels.
Five grand really isn't a lot for a big company servicing machines... There are a lot of individuals who own vending machine routes of a few dozen machines, so it could be something like that.
What seems fishy to me is that they took the time to count the coins out into $50 bags, then just stacked them up... If you're going to bag them, why not deposit them, and if you're not going to deposit them, why bag them? Seems like somebody with a vending machine route would HAVE to have access to a bank where they could deposit bagged coin... just doesn't add up. |
Nothing of value is an investment unless you possess it. If all you've got are paper, pixels, or promises, you're gambling. |
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byro007
Penny Pincher Member
USA
216 Posts |
Posted - 08/13/2008 : 10:00:06
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| I think if you buy them at face it would be a good deal. Also if would take that company alot of time to take them back to the bank and ur doing them the big favor by doin that for them |
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Copper Catcher
Moderator
USA
594 Posts |
Posted - 08/13/2008 : 11:17:51
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| SWUSC you should call them and tell them you live 50 miles away and want to know a little more information. Try to get more scoop on this deal! I'd be curious to know why you would take the time to bag them and not take them to the bank they do business with? |
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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Do you think this deal would be worth it?
