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The Finest
Penny Sorter Member
USA
56 Posts |
 Posted - 01/05/2010 : 18:15:26
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Hey guys,
I've been collecting/investing in silver and silver coins for a while and recently decided to start searching through some half dollars. I was planning on ordering a box from my bank this week. My main question is about dumping the coins; my credit union has a coin machine in their lobby so this seems like an obvious spot to dump but I've read a few posts that say your dump bank should be a bank you don't like. At what point is too much to dump at only 1 bank. I plan to start out at $500 in halves every week or two. Any other advice/tips would be appreciated!
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A fool and his money are soon parted. I would pay someone a lot of money to explain that to me.-Homer Simpson |
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dakota1955
1000+ Penny Miser Member
2212 Posts |
Posted - 01/05/2010 : 18:37:38
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| The bank will let know when you reach to much and as you start dumping you you find lots of answers to your questions. |
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daviscfad
1000+ Penny Miser Member
USA
1664 Posts |
Posted - 01/05/2010 : 18:38:32
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Welcome!
I would say it dont have to be a bank that you dont like. I mean if you have one you dont like it will be better. Number one dont dump where you pick up at. We look forward to seeing you around |
Inquiring minds want to know |
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PreservingThePast
1000+ Penny Miser Member
USA
1572 Posts |
Posted - 01/05/2010 : 18:41:16
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The Finest...welcome to the forum!
I think the threshold for upsetting a bank with your returns varies greatly. Test the waters and see what develops.
Most important, enjoy your searches.  |
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denny
Penny Pincher Member
USA
137 Posts |
Posted - 01/05/2010 : 18:53:41
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| great site .. welcome |
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AgShaman
New Member
USA
3 Posts |
Posted - 01/05/2010 : 19:29:32
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Wow, I am definitely out of my element in this place. Clueless would be a better description. I mean really: sorting this and sorting that, 1.6-1.9., Dealing with banks non and affiliated, upsetting them with returns, picking up and dumping. WTF is going on here? I feel like i just came outta a couple decade coma. Are people picking up coins from banks and other various places in order to sort pennies for copper content and more importantly for what end? Had no clue there was a market and a secret society of hoarders and sorters. This %$&* is quite an interesting subject and notion.
Peace,
AgShaman |
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Kurr
1000+ Penny Miser Member
2906 Posts |
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slickeast
1000+ Penny Miser Member
USA
2533 Posts |
Posted - 01/05/2010 : 20:41:04
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quote:
Originally posted by The Finest
Hey guys,
I've been collecting/investing in silver and silver coins for a while and recently decided to start searching through some half dollars. I was planning on ordering a box from my bank this week. My main question is about dumping the coins; my credit union has a coin machine in their lobby so this seems like an obvious spot to dump but I've read a few posts that say your dump bank should be a bank you don't like. At what point is too much to dump at only 1 bank. I plan to start out at $500 in halves every week or two. Any other advice/tips would be appreciated!
My favorite banks are my dump banks. I am very nice to them. Dumping is ALWAYS gonna be your biggest challenge. You can find 100 pickup banks to every 1 dump bank.Dumping $500 in halves is nothing. I dumped $3000 already this week at one of my dump banks.
See if your bank can order the halves loose. I have one that can/will and it is SOOOOOOOO much easier that opening all those rolls. |
You don't have to be the BEST you just have to be.......SLICK
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garnede
Penny Collector Member
USA
386 Posts |
Posted - 01/05/2010 : 23:08:18
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| One of my dump bank loves me and knows me by name. Part of the reason they love me is I bought all of their half dollar coins and promised to not bring them back. They take all the pennies and nickels that I have though. I found that buy buying wrappers and wrapping my halves I can get rid of them rather easily ant other banks or making purchases at stores that like them. I once paid a traffic ticket with halves. Just be nice and get creative and you will have no problems. |
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Kurr
1000+ Penny Miser Member
2906 Posts |
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The Finest
Penny Sorter Member
USA
56 Posts |
Posted - 01/06/2010 : 23:20:58
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| Thanks for the tips, I'm sure I will learn more as I go :) |
A fool and his money are soon parted. I would pay someone a lot of money to explain that to me.-Homer Simpson |
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jadedragon
Administrator
Canada
3788 Posts |
Posted - 01/07/2010 : 02:02:40
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quote:
Originally posted by AgShaman
Wow, I am definitely out of my element in this place. Clueless would be a better description. I mean really: sorting this and sorting that, 1.6-1.9., Dealing with banks non and affiliated, upsetting them with returns, picking up and dumping. WTF is going on here? I feel like i just came outta a couple decade coma. Are people picking up coins from banks and other various places in order to sort pennies for copper content and more importantly for what end? Had no clue there was a market and a secret society of hoarders and sorters. This %$&* is quite an interesting subject and notion.
Peace,
AgShaman
Looks like you are catching on - keep reading. Yes we buy coins at banks and sell (deposit or trade for cash) coins to other banks. Look at the reporting threads - collectively we handle a lot of coin - and many never post what they do in the threads.
I can tell you we are not a bunch of wackos either. The forum includes owners of coin handling services people with many thousands in pennies stashed away, and even a few of us that spend too much time posting and not enough time sorting. We also welcome everyone at all levels - including kids who pickup pennies with their pennies with a bike.
You'll learn a lot about economics to hanging out at realcent. |
“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
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