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Shattered
Penny Hoarding Member
USA
523 Posts |
 Posted - 01/03/2010 : 12:31:48
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I know I have been asking a lot of questions lately but you guys seem to enjoy answering them so here is another one. 
I have a bank nearby that has a free coin counting machine for use even if you are not a member of the bank. I planned on using this as my dump bank, but the more I thought about it the more it seemed like a bad idea. With a free machine in the lobby wouldn't that mean that people would be putting their old coins in there all the time? Wouldn't this be better as a supply bank since they would be keep getting restocked with people's old coin jars and collections? I was thinking maybe I should buy a few $100 worth of pennies first then start using it as my dump bank. Can anyone help me out on what I should do?
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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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thatgeorge
New Member
15 Posts |
Posted - 01/03/2010 : 12:40:43
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| It depends. The banks around me exchange all their loose coins for bricks from Brinks so you are not getting the same pennies that go into the counter. If you can buy the coin counter bags then it might be a good idea, but if you can't the distribution (probubally) won't be any different from any where else. |
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TXTim
Penny Hoarding Member
629 Posts |
Posted - 01/03/2010 : 13:25:28
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| Never $#!^ where you eat! |
Beer is my currency. |
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Corsair
Penny Hoarding Member
811 Posts |
Posted - 01/03/2010 : 13:46:37
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| The most important thing in this hobby is having a good dump bank. I think we all have wanted to get pennies from our dump banks, but getting rid of pennies is going to be your hardest task; picking them up shouldn't be a problem. |
So long, Realcent 1. Come visit us at Realcent.org! |
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NDFARMER
1000+ Penny Miser Member
USA
1197 Posts |
Posted - 01/03/2010 : 14:08:08
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| I have the best of both worlds at my dump banks. I dump 4 - 6 bags a week at these banks. Then they give me any bags they have filled up during the week. So a lot of the time I leave with as many bags as I came in with. The key is to do your dumps just before the armored car service picks up the banks weekly order. If the they stop on Thursday afternoons be there making your dumps on Thursday morning. |
COPPER - the "poormans" precious metal!!!
SELLING - $100.00 face copper shipped to you for $189.00 machine rolled or bagged - PM me if your interested. |
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slickeast
1000+ Penny Miser Member
USA
2533 Posts |
Posted - 01/03/2010 : 14:35:55
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Some banks won't let you buy the bags. Ask them if they will sell.
If you buy the bags. Where do you dump?
Never dump and pick up from the same bank. Of course there are exceptions like NDFARMER's setup. I dump bags of pennies where I pick up my halves. You have to really know the head teller well before you start doing unique transactions.
Stop in every bank you see and ask to buy pennies, this will give you a feel of which banks will best suit your needs. Some tellers are rude, and some are very friendly and helpful.
With sorting pennies, the supply is never the issue, its the dumping that gets tricky. So finding a dump location, the more the better, should be your first move.
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You don't have to be the BEST you just have to be.......SLICK
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Shattered
Penny Hoarding Member
USA
523 Posts |
Posted - 01/03/2010 : 14:49:38
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Thanks for the advice guys. I guess I'll just use it as my dump bank since you don't have to have an account to use the machine.
I'll still try to buy a few bags or boxes before I do my first dump and contaminate the penny pool. |
"I need metal in my life, just like an eagle needs to fly."
-Joseph DeMaio : Die For Metal |
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dakota1955
1000+ Penny Miser Member
2212 Posts |
Posted - 01/03/2010 : 18:00:22
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| for me getting coins are harder that finding a plce to dump so i am alway looking for new places to get coins |
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HoardCopperByTheTon
Administrator
USA
6807 Posts |
Posted - 01/03/2010 : 18:27:39
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| I would try to get the coins there first. If they won't sell you the bags.. then they have selected themselves as your dump bank. |
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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Gr33nday43
New Member
Uzbekistan
10 Posts |
Posted - 01/03/2010 : 18:55:31
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| As most have said, dumping is the hardest part. See if they will take your coin first before trying to use them as a supply bank. |
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garnede
Penny Collector Member
USA
386 Posts |
Posted - 01/03/2010 : 21:29:29
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| I agree with HCBTT. Ask if you can buy bags of coins from them, If they say yes, then use them as a supply bank. If they say no then they become your dump bank. |
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knibloe
1000+ Penny Miser Member
USA
1066 Posts |
Posted - 01/03/2010 : 21:40:13
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quote:
Originally posted by slickeast
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Stop in every bank you see and ask to buy pennies, this will give you a feel of which banks will best suit your needs. Some tellers are rude, and some are very friendly and helpful.
I might add that we should not be rude to the rude tellers.
1. My source bank for halves was initially rude. Now We are all on first name basis and I get what I want with no problems.
2. One of my dump banks for halves was (as I perceived it) rude). That is why I choose them as my dump. They more or less have to accept my dumps. Come to find out after a year or so, they like my half dumps and even asked me one time why I hadn't brought any in. Now I know I can take them there without problems. |
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uthminsta
1000+ Penny Miser Member
USA
1872 Posts |
Posted - 01/04/2010 : 08:03:18
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quote:
Originally posted by Gr33nday43 As most have said, dumping is the hardest part.
You know, there's medicine for that. |
Come to the new and improved realcent: http://realcent.org
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Edited by - uthminsta on 01/04/2010 08:05:09 |
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Dave
Penny Pincher Member
156 Posts |
Posted - 01/04/2010 : 08:54:02
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| I have about 12 banks that I use. 2 or 3 for dumping and the others for buying. I have never seen bags of coins since they say no loose coins. Do you guys think that they would have bags, I have never asked. I just started about 4-5 months ago and i'm addicted. |
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misteroman
Administrator
USA
2565 Posts |
Posted - 01/04/2010 : 11:50:01
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| Or use coinstars and get the Gift cards for things you might use daily. |
Buying CU cents!!!! Paying 1.2 unlimited amounts wanted. Can pick up if near Ohio area. |
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Pyramid
New Member
13 Posts |
Posted - 01/04/2010 : 12:20:39
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Coinstar is ok for small dumps, but you must have a need for the gift cards for everyday stuff. Those machines are painfully slow...took 10 minutes to dump a measly $30 from start to finish and that was after waiting 5 minutes for some dumb old lady to pick change out of the bottom of her purse, 1 coin at a time, argh!
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NDFARMER
1000+ Penny Miser Member
USA
1197 Posts |
Posted - 01/04/2010 : 15:38:37
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quote:
Originally posted by Dave
I have about 12 banks that I use. 2 or 3 for dumping and the others for buying. I have never seen bags of coins since they say no loose coins. Do you guys think that they would have bags, I have never asked. I just started about 4-5 months ago and i'm addicted.
All you can do is ask. I pick up bags from several banks. Some say sorry we can't sell you the bags, and others say sure you can have them. I don't know what the big deal is about selling the bags, when they sell you a bag you are actually saving them money because they don't have the fee that the FED charges them to take the bags. I think most of the time when you get turned down it is just because the teller is too lazy to go to the vault and get it for you. |
COPPER - the "poormans" precious metal!!!
SELLING - $100.00 face copper shipped to you for $189.00 machine rolled or bagged - PM me if your interested. |
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JobIII
1000+ Penny Miser Member
USA
1507 Posts |
Posted - 01/04/2010 : 16:02:30
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| How much are we talking about here shattered? I'm painfully limited by the return banks. I'd like to say that if you have a bank that orders you quantity, ask some of their branches to order for you. But this doesn't always work. |
Selling Copper cents. $0 FV available at 1.4xFV. Also interested in trading for wheat pennies and other coins Please pm me for requests or inquiries.
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jman1237
Penny Sorter Member
USA
52 Posts |
Posted - 01/04/2010 : 20:20:31
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Dumping has finally become a bigger problem for me than supply, both of which I have "freaked" out about for a while...
Some banks would sell me $100 or more per week, then cut me off, another had a bunch of loose from their machines then they dried up so I started dumping there, (heck, they have fast machines, but the supply was so good I swore not to dump there) Now, the manager, came to me and told me no more big coin dumps, I was doing about $100 or so a week, (big deal) and he is a friend of mine....
Anyways, so I find a branch that says from the vault teller, " I can get you ANY AMOUNT YOU WANT" I think I grinned the whole
way home, wondering where I was gonna dump em all. I have since set up about 7 new accounts and travel around to all the branches dumping wherever I can. the best I have come up with so far is the BANK OF NORTH DAKOTA, like THE Bank of Banks in our tiny state... said I could bring in a couple hundred bucks now and then but they would have to charge me a fee, $5 bucks
for $200-$300 saves me a ton of time.... I still think coinstar is total crap and not worth considering, any other genius ideas.
By the way, my little dump of $50 dollars today returned 5 or 6 zinc canadians and the teller just kept them like "why would anyone even want them?" I sorta thought the same thing and walked away, ( I got the GOOD ONES OUT already Ha Ha) |
Jason Rasset
http://iamabullionaire.wordpress.com/ |
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HoardCopperByTheTon
Administrator
USA
6807 Posts |
Posted - 01/04/2010 : 23:37:58
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quote:
Originally posted by jman1237
Anyways, so I find a branch that says from the vault teller, " I can get you ANY AMOUNT YOU WANT"
Ah, if I could count the # of times I have heard that. If only it were true just one time I would be grinning too. |
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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uthminsta
1000+ Penny Miser Member
USA
1872 Posts |
Posted - 01/05/2010 : 00:43:40
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quote:
Originally posted by jman1237 "I can get you ANY AMOUNT YOU WANT"
Here's a fun one for you:
"Hello sir, can I help you?"
"Yes, I would like to buy some half dollars."
"How many would you like?"
"How many do you have?"
"How many would you like?"
(short pause... don't inappropriate language them off, Aaron)
"Oh, I have $2000, do you have that many?"
"No, we have $50."
"Okay. Thanks."
<drive to next bank, repeat> |
Come to the new and improved realcent: http://realcent.org
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slickeast
1000+ Penny Miser Member
USA
2533 Posts |
Posted - 01/05/2010 : 01:00:49
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quote:
Originally posted by uthminsta
quote:
Originally posted by jman1237 "I can get you ANY AMOUNT YOU WANT"
Here's a fun one for you:
"Hello sir, can I help you?"
"Yes, I would like to buy some half dollars."
"How many would you like?"
"How many do you have?"
"How many would you like?"
(short pause... don't inappropriate language them off, Aaron)
"Oh, I have $2000, do you have that many?"
"No, we have $50."
"Okay. Thanks."
<drive to next bank, repeat>
I have heard that soo many times. You have a wad of hundreds in your pocked big enough to choke a horse and they say" How many do you want?"
When they say " How many?" I say " All of them"
I have never had a situation where they had more than I could afford to buy.
They act like telling you that they have 80.00 worth is telling you the vault combination |
You don't have to be the BEST you just have to be.......SLICK
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HoardCopperByTheTon
Administrator
USA
6807 Posts |
Posted - 01/06/2010 : 00:39:01
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| I get that with pennies on drive buys all the time. I just say "All of them!" "If you have more than $200 I will go get my cart." |
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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HoardCopperByTheTon
Administrator
USA
6807 Posts |
Posted - 01/06/2010 : 00:40:45
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| "Whatever you are willing to give up." |
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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wheeler_dealer
Penny Collector Member
USA
402 Posts |
Posted - 01/08/2010 : 11:53:30
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I keep a box or two of rolled zinc in the car at all times. Everywhere I go I pay in pennies. Gas stations, McDonalds, post office, etc. Money is money and pennies are U.S. currencies. If anyone gives me a hard time I ask for the manager and suggest taking my business elsewhere this usually does the trick.
YES. This piece of wisdom was gleaned from some of you fellow members.
Thanks |
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Supply or Dump Bank
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