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Shattered
Penny Hoarding Member
USA
523 Posts |
 Posted - 12/24/2009 : 16:22:53
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Hi, I am 17 years old and I just started to invest in metals. I recently decided to keep pre-1982 pennies for profit. By recent I mean 2 days ago I read about it and yesterday I got a 25.00 box and started hand sorting through it. I have been reading through all the sticky threads and was wondering if there is any advice you more experienced hoarders can give to a new penny sorter.
I have been wondering if there is a cheaper or easier way to get more pennies than going to the bank. Also how should I store my pennies so that I can take them with me when I leave for college next year?
Sorry for the long read, any advice is appreciated.
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"I need metal in my life, just like an eagle needs to fly."
-Joseph DeMaio : Die For Metal |
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Corsair
Penny Hoarding Member
811 Posts |
Posted - 12/24/2009 : 16:57:01
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Welcome! I'm 17 as well, and I've found a lot of great information on Realcent.
First of all, getting a dump bank is going to be your first main concern. Never, ever, ever dump your pennies at the same bank you buy them. It might help to have an account at both your buy bank and dump bank. Also, be reliable. If you say you are going to come once a week on Wednesday, be there each week.
As for storing, I think a lot of folks here use their old penny boxes. You can get penny rollers for about $5 per 1000 on eBay. After rolling, just stick them back in the box, and there you have it. A nice, portable chunk of copper bullion.
Right now, sorting pennies from the bank is the cheapest way to get them. You're buying them for face value! But, if you want to save yourself the time and effort, you can certainly buy from members here. I'm sure you'll find plenty of running offers in the Buy/Sell/Trade forums.
Make yourself at home. This is a wonderful place. Merry Christmas to you, and the best of luck on your new-found habit. |
So long, Realcent 1. Come visit us at Realcent.org! |
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dakota1955
1000+ Penny Miser Member
2212 Posts |
Posted - 12/24/2009 : 17:01:11
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| Glad you found us on this site and don't be afraid to ask all the questions you want. If we don't know the answers we tell you something. |
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coppernicus
Penny Collector Member
USA
383 Posts |
Posted - 12/24/2009 : 17:17:51
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1.)Look to see if banks or credit unions are offering any freebies for opening an account. $50 cash, gift cards, tool sets, etc.
2.)Find out what banks have free coin counters- never pay to dump coins
3.) minimize your travel-stop at banks when they are on your way...it doesn't pay to collect pennies if you are driving all over trying to get them and wasting a lot of gas. |
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copperhead57
Penny Collector Member
USA
255 Posts |
Posted - 12/24/2009 : 17:22:19
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Welcome to the realcent forum. You will get lots of help here.
Getting the coins at face value from banks is the cheapest way to get them. I use the smaller local banks for picking up the coins. I rarely get turned down, unless they are short on the coins. I usually I get $20.00 at a time, but sometimes I will get $25.00 boxes. I use my regular bank, for dumping the discards. They let me bring them in loose, because they have a counting machine.
Using the empty bank boxes works well for storage. Freezer bags, canvas bags and 5 gallon buckets also are useful for storage.
After you go through a few boxes, you should learn to recognize the copper cents at a glance. They tend to be in higher relief and have a slightly different color than the zinc coins.
Since most of the 1982 cents are copper, they are worth saving too. It is a good idea to store them separately. |
copperhead57 |
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jadedragon
Administrator
Canada
3788 Posts |
Posted - 12/24/2009 : 17:42:10
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| I'm curious - where did you find us from and what made you interested? |
“The reasonable man adapts himself to the world; the unreasonable one persists in trying to adapt the world to himself. Therefore all progress depends on the unreasonable man.” – George Bernard Shaw.
Why Copper Bullion ~~~ Interview with Silver Bullion Producer Market Harmony
Passive Income blog |
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Dan
Penny Sorter Member
USA
25 Posts |
Posted - 12/24/2009 : 22:55:32
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| Shattered, you are a wise young man who is going to have a lot of fun over the years and who will be better off for it. I am happy to explain how I go about this craft, but I am constantly perfecting my game based on what I learn here from these nice folks. I go to my credit union and get my pennies in $50 bags. I then hand sort them on top of my sorting table, which you can find pictures of here under the thread "Hand Sorting Table". It is basically a table with five holes in it that have pipes that lead down to buckets on the floor. As I sort my pennies, I slide them to the appropriate hole and down they go to proper bucket via a pvc pipe; zincs, coppers, wheaties, pre'97 Canadians, and '82's. I then take my zincs to my "dump bank", which happens to be at another branch of my credit union where they have a coin sorter in the lobby that only charges 3%. I turn my zincs into cash and then go back to my "feed bank" for more bags to sort. Taking flowers to the tellers from time to time keeps them happy to see you rather than dreading it when you walk in. Also, I bet family and friends will be taken with your new hobby for its thrift and foresight; they may well get a kick out of donating their old penny stashes for your sorting pleasure! Merry Christmas. Dan |
Wheatie |
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HoardCopperByTheTon
Administrator
USA
6807 Posts |
Posted - 12/24/2009 : 23:17:34
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Welcome to the forum Shattered. Glad to see you start young. That gives you a gib advantage.. called "time."
I like your idea about a cheaper way to get pennies. Alas, even those of us that buy in volume cannot get them below face.  |
If your percentages are low.. just sort more. If your percentages are high.. just sort more.
Now selling Copper pennies. 1.6x plus shipping. Limited amounts available. |
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City38
Penny Sorter Member
62 Posts |
Posted - 12/25/2009 : 00:19:08
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| hey shattered, I lurked here for the better part of two years before I joined. These guys are friendly and will answer your questions. It is the best forum I have ever been on. I sort a few boxes a month, and I use the flip method listening for the tell-tale ring. one bucket for zincs and one bucket for the coppers. Talk to your family and friends and see if there is anybody that works in a bank. I have a co-worker whose mother is a teller, and she never hesitates to give me boxes or CWRs. I also buy a bag of chocolate mini-bars from time to time for her. I dump at my branch because they have a counter and I figure they wont say too much cause Ive been doing business there for 15 years. all in all I would say that sorting is a fun way to past the time, make some money, prepare, and learn some economics. |
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misteroman
Administrator
USA
2565 Posts |
Posted - 12/25/2009 : 09:20:08
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| Friends an family is the best I would say. I always have people giving me pennies and while it's never much, it certainly adds up. just keep sorting and letting it add up and you'll be very happy someday! |
Buying CU cents!!!! Paying 1.2 unlimited amounts wanted. Can pick up if near Ohio area. |
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Shattered
Penny Hoarding Member
USA
523 Posts |
Posted - 12/25/2009 : 09:23:04
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Merry Christmas everybody! Thanks for all the replies. Hopefully I'll be able to put this advice to good use.
In response to jadedragon I became interested in copper bullion and after a quick Google search I came upon penny sorting. Seemed fun and very low risk. I was looking at the Ryedale coin sorter page and saw a link to this site. I read through a bunch of threads and decided to join. I'm glad I did! |
"I need metal in my life, just like an eagle needs to fly."
-Joseph DeMaio : Die For Metal |
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NotABigDeal
1000+ Penny Miser Member
USA
3890 Posts |
Posted - 12/25/2009 : 11:56:07
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Shattered, welcome. There's still a little room left in the pool....
Deal |
Live free or die.
Plain and simple.
"If you love wealth more than liberty, the tranquility of servitude better than the animating contest of freedom, depart from us in peace. We ask not your council or your arms. Crouch down and lick the hand that feeds you. May your chains rest lightly upon you and may posterity forget that you were our countrymen."
- Samuel Adams |
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garnede
Penny Collector Member
USA
386 Posts |
Posted - 12/25/2009 : 14:19:16
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| Some banks might try to charge a fee beyond the face value of the coins to buy in bulk. Either don't buy from them or buy in small quantities that don't trigger a fee. Customer Wrapped Rolls (CWR's) tend to have the best percentages of copper and wheat pennies. If you plan to continue in this hobby it will pay to get a small digital scale to weigh your 1982 pennies. You can get one from ebay for $7.50 shipped. Also take time to learn which years have errors and look for them. They will be more valuable than the copper value. The same thing goes for all wheat and indian pennies and some foreign coins. I don't roll my copper, I weigh it. I do re roll my zinc's and return them to a drop bank. Find a drop bank that is right across the street from your buy bank. That will make it more efficient in both time and fuel to buy and sell. |
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Any tips for a new sorter
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