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Copper Catcher
Penny Collector Member
USA
392 Posts |
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Tourney64
Penny Hoarding Member
USA
655 Posts |
Posted - 06/27/2008 : 14:59:31
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| Don't see it at my credit union bank machines. You can see when they pull the bags if they have been seperated. The pennies are definitely mixed at my credit union, based on the bags they pull out when full. |
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b256
New Member
11 Posts |
Posted - 06/27/2008 : 15:08:03
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Holey moley!
(I believe it...) |
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penny4mythoughts
Member
USA
47 Posts |
Posted - 06/27/2008 : 16:52:37
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| Someone else has mentioned this on here before. Does anyone know the manufacturer of the machine? |
Los Angeles is the place I call home... |
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Bluegill
Penny Pincher Member
USA
237 Posts |
 Posted - 06/27/2008 : 17:34:57
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One of the Bank of America's I frequent went to a loose coin policy and got a brand new coin sorter/counter. The tellers claim it sorts coin by weight. Every time I go in there there are 2 or 3 clear $50 bags of pennies sitting on the floor next to it.
They refuse to sell them to the public, I've already tried several times...
The bags looked like they were mixed but I couldn't tell for sure. If they aren't sorting now, it looks like the infrastructure and equipment is getting put in place to do so.
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"But nobody really appreciates laissez-faire capitalism, least of all the capitalists. They all want to control the future, not let it happen. And everybody wants to gain some edge...some little favor or advantage – a monopoly, a subsidy, a fat contract with the government, a handout, free food, free medicine, crop supports, student loans, a guaranteed pension, a bailout, a tax credit...some kind of greasy giveaway; the last thing they want is a free market, where the chips fall where they may." - Bill Bonner |
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Copper Catcher
Penny Collector Member
USA
392 Posts |
Posted - 06/27/2008 : 17:47:20
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| Darn it! I knew something was up when I was getting skunked buying the boxed coins from Bank of America. Bluegill email me and lets talk I'd love to know where you are located. See my other posts reference commercial sorting machines!!!!!!!!!! Who let the cat out of the bag? I feel like I just got back from watching a bad movie.....and the greasy popcorn is making me sick. |
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swusc
Penny Collector Member
420 Posts |
Posted - 06/27/2008 : 18:09:32
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well that might be why people are getting more pure or high % zinc.
I will say this. I have noticed that my copper % in change received has dropped a ton around me. My boxes have been fine, but I don't do a lot of cent sorting.
-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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NDFARMER
Penny Pincher Member
USA
224 Posts |
Posted - 06/27/2008 : 20:12:46
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| I sure don't like to hear things like this. I am just getting about half way to my goal, and I was hoping to sort and sell copper after I reached my goal. So far I have not noticed any drop in my copper percentage. I guess it won't be long before finding a pre 1982 penny will be as rare as finding a wheat penny is now. |
COPPER - the "poormans" precious metal!!! |
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tadpole
New Member
18 Posts |
Posted - 06/27/2008 : 20:40:45
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| There is a machine in use that can recognize the difference between the copper and the zinc penny, however both coins are deposited into the same bag if it is a bag machine or coin bin if it is a bin machine. |
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Ryedale
Administrator
USA
288 Posts |
Posted - 06/27/2008 : 22:04:42
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I have limited knowledge of this, but I'll weigh in.
The machine is probably made by Scan Coin
http://www.scancoin-usa.com/
I have heard theres a bulk bin in some of these machines (like a coinstar machine has, but not a Coinstar brand machine).
A teller told C140Cessna that it keeps track of New/Old coins because the coins weigh differently, and there is a limit on how heavy the coin box can weigh. (to get it on and off an armored car) If somebody were dumb enough to put all copper coins and fill the bin it would weigh 20% heavier than all zinc. I believe the limit on the box is 350 lbs, so immagine if it were filled wiht all copper pennies, by "count" instead of Weight. it could weigh 70lbs more by being all coppers instead of all zinc.
This is all "rumor" but from a pretty reliable source.
Final thoughts, banks have many bigger problems on a corporate level to worry about right now, than copper pennies. JMHO. Andy |
Ryedale |
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fiatboy
Administrator
912 Posts |
Posted - 06/27/2008 : 23:21:36
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| One of the coin counters I frequent separates coppers from zincs. |
"Bart, it's not about how many stocks you have, it's about how much copper wire you can get out of the building." --- Homer Simpson |
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Copper Catcher
Penny Collector Member
USA
392 Posts |
Posted - 06/28/2008 : 06:04:28
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| Is this a sign of the end times? For us copper horders at least? |
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Lemon Thrower
Penny Pincher Member
USA
121 Posts |
Posted - 06/28/2008 : 06:58:19
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| from a bank's perspective, it does not make much sense to invest thousands in these machines for a few hundred bucks extra per week in copper, assuming they could even realize the value. most branches don't do enough pennies to make it worthwhile and banks are in cost cutting mode right now. it does not seem plausible that BofA is doing this. |
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Bluegill
Penny Pincher Member
USA
237 Posts |
Posted - 06/28/2008 : 10:27:49
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I went to the BofA today to asked them a few questions about their sorter/counter. Well they don't have it anymore, they reversed their loose coin policy. That machine was only their for a few months.
The guy I wanted to talk to was not there today, but one of the other tellers said the machine broke a few times and they couldn't get anybody to service it, so they got rid of it. That machine was brand new so that explanation isn't going over to well with me.
The guy I wanted to talk to had told me that they were one of the first branches to get one and that it could sort out foreign coins.
I wanted to ask how it seperated 2.5g U.S. Zn from 2.5g Canadian Cu if it truly did sort by weight. I also wanted to know the make and model.
I wonder if this was a trial run to see if how much Cu they could actually collect from people turning in coins. Seeing as how MI has some of the highest percetanges in the country I'm not sure this was a coincidence.
I'm wonder if the PTB are reading our sorting percentages threads and taking notes. It's not like our hobbby is a secret...
BofA has that Countrywide mess they are buying and is going to need some capitol. I wouldn't be surprised if some shadowy entity would be buying their sorted Cu at above face value for later scrapping.
BofA gets some capitol and the entity makes money when the melt ban is lifted. And I'm sure the taxpayer will get to foot the bill for the infrastructure for all of this in some round about indirect way...
I'm going back monday and see if the guy I wanted to talk to is there. He is a cheerful kid who likes to volunteer information.
I don't know, maybe I'm all wet and need to take off my aluminum foil helmet so the mind controlling satellites can make me believe everything is OK...
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"But nobody really appreciates laissez-faire capitalism, least of all the capitalists. They all want to control the future, not let it happen. And everybody wants to gain some edge...some little favor or advantage – a monopoly, a subsidy, a fat contract with the government, a handout, free food, free medicine, crop supports, student loans, a guaranteed pension, a bailout, a tax credit...some kind of greasy giveaway; the last thing they want is a free market, where the chips fall where they may." - Bill Bonner |
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fb101
Penny Collector Member
USA
491 Posts |
Posted - 07/01/2008 : 12:10:32
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| If this was a test case and there are more, we can foul the percentages by following Hoard's credo. Our dumps can make it look like the percentages are lower than they actually are. So, if you spot one, start dumping in it like there was no tomorrow, or there may not be. |
A taxpayer voting for Obama is like a chicken voting for Frank Perdue |
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MaDeuce
Penny Pincher Member
USA
124 Posts |
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mickeyman
Penny Pincher Member
Canada
186 Posts |
Posted - 07/03/2008 : 10:33:08
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There are coinstar machines at some banks in Toronto which offer free coin sorting. According to the branch staff, the coins in the machine are taken away by the coin company.
There has been talk that Coinstar is acting as an agent for the Royal Canadian Mint, which announced last year that they would remove all coins of copper, nickel, or their alloys from circulation. Presumably the Mint offers the company a premium for each such coin. The cost of this is made up from recovering the metals or by the seignorage obtained by replacing the nickel coin with a steel coin.
All I know is that nickel quarters and dimes up here have all but vanished from change and from bank rolls. Last year they were 60% of the coins in circulation. |
Not all who wander are lost. |
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AFModell
Member
USA
32 Posts |
Posted - 07/03/2008 : 22:05:42
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| The Del Rio Natl Bank I used in Del Rio, TX had a coin counter that kept track of the coins as well. It had an extra line for listing the older pennies. I dont remember what it titled them, although it might have been "Pre 82." I started using that bank back in late 06. |
A penny saved is...TWO pennies earned! |
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the_cent_guy
Penny Pincher Member
USA
101 Posts |
Posted - 07/05/2008 : 06:38:58
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We have a coin machine at my branch, not too long ago I called to get it serviced and this really cool guy came out and was telling me how they have special machines just for sorting copper vs. zinc. I don't know if SCAN-COIN is doing it, but I know IBS (I THINK THAT'S WHAT THE COMPANY IS CALLED, IT'S EARLY) I have the model number at the branch, I'm going in today, I'll see if I can find out more info on it.
I think the guy was telling me that's how COINSTAR machines operate to, it won't separate them, but it keeps track of them that way.
I would bet that the bank that has that wouldn't keep or send to a courier company in any special way. Almost everyone I know in banking could care less about a "copper penny", or even just "a penny" for that matter.. |
"It's funny,you know me and the boys are talking about what to do with all this extra coin. And I was like.. I'm renting a clown.. Ha, and I did! Bobo here.. And uh.. I really underestimated the creepiness.."
http://www.youtube.com/watch?v=gdfvWAp5GUw
Copper Cents For Sale:
http://tinyurl.com/5ec4mp |
Edited by - the_cent_guy on 07/05/2008 06:44:34 |
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Topic |
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COIN COUNTER AT BANK SEPERATES COPPER PENNIES
