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chirules54
New Member
USA
2 Posts |
 Posted - 12/29/2009 : 01:24:59
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Hey everyone, new to the forum. I've been doing boxes of halves for a while but things have gone dry and I'm thinking about switching to pennies. However, my bank can only order them in boxes of $25. I was wondering if anyone has had any luck ordering the $100 bags of pennies as these are much easier to sort because you don't have to unwrap each roll. I have a penny miser right now that I am still calibrating, but I may buy a ryedale down the road if I can get a steady source of pennies.
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cecropia_moth
Penny Pincher Member
USA
222 Posts |
Posted - 12/29/2009 : 02:29:54
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No doubt bags are absolutely the best!!! You have a much better chanch of getting someone's ENTIRE dump of wheaties...with boxes I think the coin gets split up quite a bit in the industrial rolling/packing process. Lots of bonus dimes in those penny bags as well!!!
I have asked at many, many bank branches if I can purchase their $50 bags of cents when they fill up from the coin counter. With the exception of one bank (this bank has 7-10 branches in my town) the answer is always NO!!! When I ask why they really don't even seem to know...they just say we have to ship those out. The branch that will sell me their $50 bags gets enough traffic that I can always score one bag (sometimes two) every Tuesday late afternoon.
If you find a bank branch that will sell you their bags, find out when their armored car service picks up the coins. In my case they pick up on Wednesday morning, so about 4:00 in the afternoon on Tuesday is the sweet spot to pick up the coin. Also be consistent...if you tell them you will be there at such and such a time, be there. Hope this helps.
Anybody out there have any ideas why banks are so tight with selling full bags of coin when they fill up off the counter??? I would like to understand this better.
Take care,
Jeff |
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Gr33nday43
New Member
Uzbekistan
10 Posts |
Posted - 12/29/2009 : 04:21:23
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| Many banks around me will just let me buy their bags that are sitting in their vaults...it saves me time and them money. |
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knibloe
1000+ Penny Miser Member
USA
1066 Posts |
Posted - 12/29/2009 : 07:29:49
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I only have three banks in my area that have counters. Two of the three have agreed to sell me bags.
Also, I was at my source bank picking up boxes of halves the other day and the loomis driver was wheeling in new bags of quarters. My guess is that if Loomis has bags of qtrs, they would also supply bags of pennies.
FYI, pennies come $50 per bag. |
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jldco
Penny Pincher Member
USA
114 Posts |
Posted - 12/29/2009 : 07:36:23
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Its been my experience that when the teller says she won't.. it usually means she doesn't know how. Rather, she knows how to sell the vault coin to the armored car because she's been shown how to do that, but when you ask her to sell to you out of the vault, she doesn't know how(or want) to figure that out. When actually it's not much different than any other transaction. Also, if you get there as close to the armored car pick up as cecropia moth said above, the paperwork might be already filled out for the pick up and then they really don't want to do it. He really has found the sweet spot. A lot of times they just don't want to move it around because its heavy or any number of 100 reasons.
If you are politley persistent, over time, you will figure out what the reason really is, and how they can be won over. Try to figure out who the head teller is and consentrate on him or her. Its usually just the result of a poor work ethic and lack of concern for customer service. What Gr33nday43 said is also completly true. The tellers just don't know that or care. All this not from buying pennies and halves, but form being in and out of different banks over the last 20 years doing other things. |
Mark 8:36
www.pennybullion.com |
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misteroman
Administrator
USA
2565 Posts |
Posted - 12/29/2009 : 08:52:28
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| Was going to post a similar ? soon. Is it safe to assume that the only places you can get bags of pennies from is banks that have machines in their lobbies? If not where would they get the bags from? Also there is only one bank I know od in the area with one in the lobby so I may be out of luck |
Buying CU cents!!!! Paying 1.2 unlimited amounts wanted. Can pick up if near Ohio area. |
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2old
Penny Pincher Member
188 Posts |
Posted - 12/29/2009 : 09:20:01
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quote:
Originally posted by misteroman
Was going to post a similar ? soon. Is it safe to assume that the only places you can get bags of pennies from is banks that have machines in their lobbies? If not where would they get the bags from? Also there is only one bank I know od in the area with one in the lobby so I may be out of luck
In my area, some of the banks and CU's have coin rooms, the question to ask may be:Do you accept loose change? IF so, there is a coin room somewhere out of sight. As the other party mentioned, ask for the head teller, then they will find the party who takes care of the vault. I have better luck with the ones who do not have coin counters in the lobby, not quite sure why. |
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jldco
Penny Pincher Member
USA
114 Posts |
Posted - 12/29/2009 : 10:19:56
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I agree with 2old, ask if they take loose coin. If they do, they will take it somewhere to count it and they will likley have bags you could buy. There are far more back room set ups than lobby coin counters so its not safe to assume by that. But some branches get a lot more than coin than others so the idea of a relationship with a head teller to get a promise to call when they get a full bag is important. If your searching pennies, your in luck because that's 70 to 80% of their volume. Depending on their bag stops, you could wait an eternity for halves....
Will |
Mark 8:36
www.pennybullion.com |
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dakota1955
1000+ Penny Miser Member
2212 Posts |
Posted - 12/29/2009 : 10:36:30
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| I have a couple of banks that it hit or miss on getting bags of pennies. If they have full bags I get them if not I try next week. |
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marine70
Penny Pincher Member
USA
150 Posts |
Posted - 12/29/2009 : 13:31:55
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| I have a bank that sells me $50 bags that are ready to go back to the federal reserve. The head teller says that they would rather sell them, than pay for them going back to the reserve. She did however request that I not bring them back. No problem. |
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knibloe
1000+ Penny Miser Member
USA
1066 Posts |
Posted - 12/29/2009 : 18:30:42
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I have found that the smaller the bank chain, the more likely they are to sell the bags. Maybe i'm wrong.
1. More local than the national banks and tend to be more open
2. I believe that they pay more for the return of bags to the fed. |
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HoardCopperByTheTon
Administrator
USA
6807 Posts |
Posted - 12/29/2009 : 23:32:43
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Ah, if only I could get pennies in bags.. then I could really get serious about sorting.  |
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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Copper Catcher
Administrator
USA
2092 Posts |
Posted - 12/30/2009 : 07:43:18
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Poor HoardCopperByTheTon...I can't imagine hoarding tons one box at the time!
My story is simple. I can get all the $50 bags I can stand. At first I was getting bags delivered to specific banks and picking them up there. Next, through a connection with a local company I am able to piggy back my orders and have larger amounts delivered at the time at no cost. A sweet deal!
**Note that armored carriers in general only deliver to commercial business locations so don't expect them to wheel up to your house and drop off what you need. LOL!
The key is not only to have $50 bags delivered but also arrange your dump banks to take bags as well! All I can say is chocolate, chocolate, and more chocolate as well as a few cakes and the occasional flowers.
You know you got it good is when all the tellers smile when you walk in and are quick to remind you that they have customer rolled coins they have been holding for you. Also they want to know if you want the silver dimes or quarters they found or hand you several bills to examine to see if you want those too! I hope I am not gloating too much! :-) |
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wheeler_dealer
Penny Collector Member
USA
402 Posts |
Posted - 12/31/2009 : 19:37:23
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| Copper catcher: Jealousy is a sin. Guess I'll have to go to confession and do pennance. You must have some great connections or do a lot of relationship building. Awesome thing you have going. |
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HoardCopperByTheTon
Administrator
USA
6807 Posts |
Posted - 12/31/2009 : 20:06:08
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quote:
Originally posted by Copper Catcher
Poor HoardCopperByTheTon...I can't imagine hoarding tons one box at the time!
It's a tough job.. but somebody has to do it.
It I could get it as easy as you, I would probably just hoard a lot more. |
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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slickeast
1000+ Penny Miser Member
USA
2533 Posts |
Posted - 12/31/2009 : 20:45:43
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I recently found a bank that will order halves loose in bags. I have not asked about pennies because she lets me return loose in bags. I have 3 banks that let me buy bags off the machines, and that usually yields 750.00 a week. I then just order boxes. I have a system for opening rolls and I like having the boxes for shipping in. I also use the empty wrappers for packing material. I reuse all materials.
Ask the teller if she can call to find out about getting bags. The bank I get my loose halves from didn't know, but a 2 minute phone call later, I started getting loose halves. |
You don't have to be the BEST you just have to be.......SLICK
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Ordering bags of pennies?
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