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3Saints
Penny Sorter Member
USA
55 Posts |
 Posted - 01/19/2010 : 09:40:13
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Lurker turned newbie..
Zinc disposal seems to be "the" major problem. My 10 year old is into collecting coins and I am considering taking it to the next level with a Ryedale. He gets to keep the wheats for his labor and dad keeps the coppers until the machine is paid for.
My question...
Assuming I have a good long-term relationship with a bank...mortgage, personal, business checking, CD's, etc.
What should my expectations from them be? I am assuming $100 a week dump would be no problem x 3 local branches = $300/week.
Is this reasonable?
TIA
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AGCoinHunter
Penny Hoarding Member
USA
685 Posts |
Posted - 01/19/2010 : 10:08:08
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Establish a good relationship with several banks and tell them you are going to bringing in a lot of coins. If they are willing to let you "dump" on them with baged coins you have it made. You might have to supply your own bags but you can get these online fairly cheap. Limit it to several hundred a week if you can. Otherwise, find a Credit Union that has a coin machine and join it. Perferably I would love to have a bank you can bring baged coins but coin machines are the next best thing. If you can find a CU with a coinstar machine its the best since it doesnt fill up like most traditional coin sorters.
I dont do a ton of cents (box or two a week), I mainly am a half dollar sorter. So your responses might vary from those who do massive amounts of cents a week. |
"All tyranny needs to gain a foothold is for people of good conscience to remain silent."
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1945V
Penny Pincher Member
Canada
153 Posts |
Posted - 01/19/2010 : 10:11:57
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I am not a high volume sorter, but I think anything that can be carried with your two hands into a bank is a reasonable dump. My largest dumps weigh about 40 to 50 lbs. Definitely being able to drop off at different branches helps considerably.
I usually use the proceeds of my coin dumps to be deposited against my outstanding loan or credit card balance. I have never had a coin dump refused and by using it to pay off bank debts guarantees acceptance. |
Edited by - 1945V on 01/19/2010 10:14:24 |
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dakota1955
1000+ Penny Miser Member
2212 Posts |
Posted - 01/19/2010 : 11:21:43
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| it's differnt for each area and each person I have no trouble dumping my problem is getting enough to sort |
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JobIII
1000+ Penny Miser Member
USA
1507 Posts |
Posted - 01/19/2010 : 11:40:05
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| I'm the opposite from dakota. And will often find banks refusing to work with me so after just one or two dumps... |
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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Lemon Thrower
1000+ Penny Miser Member
USA
1588 Posts |
Posted - 01/19/2010 : 13:17:11
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| put in the legwork first to find a bank that will accept your dumps in bags. do this before ramping up. typically the large commercial bank in town deals with a lot of coin and is your best shot. the newer branches tend to have smaller vaults and tellers who are unfamiliar with this. when you go to the branch, tell them you have a matter involving coin and ask for the vault teller. a lot of times tellers who are unfamiliar with something will just say no. if you phrase your question so that you communicate that its reasonable for them to not know the answer (i.e. only the vault teller would know about something this wierd) they are usually helpful. |
Buying:
Peace/Morgan G+ at $15.00
copper cents at 1.3X
wheat pennies at 3X
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Copper Catcher
Administrator
USA
2092 Posts |
Posted - 01/19/2010 : 13:38:29
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Being totally honest, I think a lot has to do with the "relationship" you have with your bank or banks i.e. mainly driven by your account balance and or your ability to find someone nice willing to go with the flow.
If you have $100 as a balance and you tell them up front you are expecting to bring in $100 a week, via two bags of loose pennies, if they accept that, or rolled pennies they will probably balk.
My advice is to always be honest and to tell them up front what you are doing and want to do. There is no need to hide. If they have a lobby machine where you dump coins it want take long from them to shut you down if you start having huge dumps.
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Kurr
1000+ Penny Miser Member
2906 Posts |
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lewbo
Penny Pincher Member
USA
221 Posts |
Posted - 01/19/2010 : 18:35:56
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| I agree it all depends on the banks, I am dumping $20 a day each to a CU and 2 wachovia branches and the smiles are already starting to disappear. Of course I am going in right at closing time due to job hours. |
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bronze hunter
Penny Sorter Member
USA
64 Posts |
Posted - 01/19/2010 : 18:52:05
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| I dump $200. - $400. a week at 1 branch and they are always pleasant with me. I have had bank tellers from other banks get sour if I bring in $50. It took some time but I now have 4 banks I work with trouble free. Good luck in finding the banks that are right for you. |
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toomuchcopper
Penny Collector Member
USA
406 Posts |
Posted - 01/19/2010 : 19:06:36
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| I think the honesty approach is the best. YOU ARE NOT DOING ANYTHING WRONG, why do you feel like you are? because you are getting pennies 2 for 1.....they could be too, they just choose not too. My approach is straight forward. I ask for a meeting with the branch manager, wait for my turn, sit down at her desk and tell her that you want to bring in $1,000 week in pennies,or buy $1,000 a week in pennies, can she handle that? There is many, many banks...if you have good credit and enough money where you can throw 500-1000 into an account and let it sit, the banks will do about anything you ask them for....if you are playing with $20 here and there, it is going to be different. |
visit www.crazycoinguy.com
for information on how to sort, what to sort, and sorting equipment. We also sell copper pennies in bulk, and other coins. |
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3Saints
Penny Sorter Member
USA
55 Posts |
Posted - 01/19/2010 : 21:26:01
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| Thank you for the replies...I will talk to the manager and see what happens |
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wheatcent
Penny Sorter Member
USA
26 Posts |
Posted - 01/19/2010 : 22:16:23
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3Saints
If you live near a TCF bank you should dump your pennies there. That is what I do and it is great. They all have self service coin counters in there lobby's. I did a $1150 zinc dump not to long ago. Not a problem just some very werid looks. I filled up all there bins that they give to Brinks and ask me not to bring and more pennies back for one week.
I guess thats to bad because I can go to another branch two miles down the road and dump the same amount. Only problem I can't handsort fast enough to keep up.
-wheatcent |
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HoardCopperByTheTon
Administrator
USA
6807 Posts |
Posted - 01/20/2010 : 00:44:55
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I have found that the best way if you are going to do larger volumes is to spread your dumps around to multiple banks and multiple branches. I hardly ever dump more than I can carry in in two hands at one time anymore. Of course 4 bags of zinc only weighs 112 pounds and can easily be carried in two hands.. that is what I generally drop off at lunch time at one of my banks. I also roll up several boxes of zinc and dump that at lunch time at another bank. They actually like my machine wrapped rolls. I would definately agree that the dumping is the most challenging part of being a serious copper hoarder. Good thing I'm not serious.  |
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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wheatcent
Penny Sorter Member
USA
26 Posts |
Posted - 01/20/2010 : 13:15:29
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HCBTT
What types of banks take coins in pre-counted bags. Smaller banks or like BoA? I have had a bank of about 15 branches say to me if you have alot of pennies and you need to bring them in that would be fine. I never did ask the lady if she would let be bring them in pre-counted. I am think about a cs-10 for when I get to that point. Any ideas?
-wheatcent |
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HoardCopperByTheTon
Administrator
USA
6807 Posts |
Posted - 01/20/2010 : 22:29:42
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| It varies from bank to bank and branch to branch. It never hurts to ask. BofA is the one I turn them in to. A buddy of mine turns bags into Wells Fargo.. but every branch of WF I have asked tells me no.. they have to be rolled. So I have to fire up the rolling machines while I am sorting. I have a pair of Mach 7's that sit side by side in the penny processing center. Each will do 4000 coins a minute.. so bagging the zincs is the fastest and easiest for me. You have to be careful how many you take down to the bank though.. spread your dumps around. I learned that after getting cut off when I deposited 60 bags in the BofA branch by my house in 1 week. They decided I was giving them a little too much action. Now I hardly ever turn in more than I can carry in 2 hands at any one branch.. 4 bags. |
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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dixiebooks
Penny Sorter Member
USA
92 Posts |
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Mcprice302
Penny Collector Member
USA
404 Posts |
Posted - 01/21/2010 : 14:33:07
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Welcome Dixiebooks,
Not to get off topic too much, but I seen in your other post you are from Bama. I live in Talladega County and until now I think I was the only one here from AL. What part of the state are you in? Again welcome. |
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Lemon Thrower
1000+ Penny Miser Member
USA
1588 Posts |
Posted - 01/21/2010 : 14:40:19
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good dump banks are harder to find than source banks.
i dump in bags at a wachovia.
HCBT has a $2000+ rolling machine. Not feasible for most of us. |
Buying:
Peace/Morgan G+ at $15.00
copper cents at 1.3X
wheat pennies at 3X
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3Saints
Penny Sorter Member
USA
55 Posts |
Posted - 01/21/2010 : 16:41:21
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| Stopped by 3 local banks to inquire about checking accounts. All three had change machines and two of the three managers toured me around emphasizing the machines with no charges...didn't even ask them. The one has free coffee/cookies and wireless too. They seemed VERY hungry for a new account. |
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IdahoCopper
Penny Pincher Member
125 Posts |
Posted - 01/25/2010 : 22:21:35
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The local main branch of my usual bank took 4 or 5 dumps of $100 to $150 without a quibble. Now they say I need to start paying them 1% to take the zinc.
I'm getting 20% to 25% copper, so if I buy five boxes it costs me about a dollar to get rid of the zinc. I guess that's ok, at least they won't refuse them. |
See - http://IdahoCopper.com
and:
http://beefjerky.com |
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HoardCopperByTheTon
Administrator
USA
6807 Posts |
Posted - 01/25/2010 : 23:52:24
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| Actually dixiebooks.. I have 3 of those machines. They are automatic coin rolling machines. They come in very handy.. but you have to do some serious volume to justify machines like that. |
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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JobIII
1000+ Penny Miser Member
USA
1507 Posts |
Posted - 01/27/2010 : 10:16:53
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| i can understand the expenses for the machines, but you have to buy the paper as well. I can't begin to understand how you make a profit right now doing this. Since you have to continually replenish the wrapping paper supply. |
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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biglouddrunk
Penny Pincher Member
138 Posts |
Posted - 01/27/2010 : 11:54:48
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| JobIII, If you buy several thousand at a time one can buy penny wrappers for one cent each. |
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HoardCopperByTheTon
Administrator
USA
6807 Posts |
Posted - 03/27/2010 : 01:10:49
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quote:
Originally posted by JobIII
i can understand the expenses for the machines, but you have to buy the paper as well. I can't begin to understand how you make a profit right now doing this. Since you have to continually replenish the wrapping paper supply.
The paper for the machine only runs about $8 a roll.. about $11 per roll if you have to have it shipped to you. Each 1000 foot roll will roll about 2000 rolls of pennies. |
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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Zinc Disposal Plan
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