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cecropia_moth
Penny Pincher Member
USA
222 Posts |
 Posted - 01/28/2010 : 11:24:27
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I dumped the rejects this morning from my recent foray into nickels ($100 bag) and dimes ($500 bag). Here are the results...
Dimes - $500.00 - 0.70 (I kept 5 silver Roos, a 2009-P and a foreign coin)...s/b $499.30 left. Coin counter came up with $496.70. Results in a LOSS of ($2.60).
Nickels - $100.00 - 1.95 (I kept 1 silver WN, (35) 39-59 and 3 Canadians)...s/b $98.05 left. Coin counter came up with $98.55. Results in a GAIN of $0.50.
Factoring in (2) bonus quarters I found in the nickel bag, the total was a NET LOSS of ($1.60).
Could have been worse I guess. Overall I guess paying $1.60 was worth it for the thrill of the chase. Finding that WN and the five silver Roosevelts was a lot of fun.
Anybody have any stories of really getting jagged by coin counters on your dumps??
Jeff
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kirkland
New Member
USA
0 Posts |
Posted - 01/28/2010 : 11:50:25
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| That would make me terribly angry, and I would have to chat with the bank manager. This is why I rarely ever dump in coin counting machines. I roll almost all of my coins up and sell them to the bank that way. I've only used coin counters for pennies, because you won't ever loose any pennies that way because it is the smallest denomination. |
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Lemon Thrower
1000+ Penny Miser Member
USA
1588 Posts |
Posted - 01/28/2010 : 11:53:29
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| this does not surprise me |
Buying:
Peace/Morgan G+ at $15.00
copper cents at 1.3X
wheat pennies at 3X
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jadedragon
Administrator
Canada
3788 Posts |
Posted - 01/28/2010 : 12:15:46
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| Who says the bag started at the correct amount of coins? Coin counting is not an exact science - the cost of ensuring perfect accuracy is not worth it. Over time it averages out - like when you find dimes in penny rolls. |
“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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uthminsta
1000+ Penny Miser Member
USA
1872 Posts |
Posted - 01/28/2010 : 12:50:16
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I would guess the manager would say something like:
"The coin counter is a benefit we provide free of charge as a courtesy to our members. There are probably several more accurate counters at other banks, if you would like to give them your business." |
Come to the new and improved realcent: http://realcent.org
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cecropia_moth
Penny Pincher Member
USA
222 Posts |
Posted - 01/28/2010 : 12:53:58
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jadedragon -
Exactly. I suspect that the dime bag did not initially hold $500.00. One or both of the counters was slightly off. It came from the same bank that I once picked up a partial bag of halves for $440.50. The bag held $449.50, so a profit on that one of $9.00. I often find several dimes in my $50 bags of pennies, so you are very correct in stating that over time things should average out. Even if they don't it doesn't bother me...I am OK with losing a few dollars here and there for the opportunity of the thrill of the hunt. Simply look at it as a hobby expense.
Jeff |
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uthminsta
1000+ Penny Miser Member
USA
1872 Posts |
Posted - 01/28/2010 : 20:59:58
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| My hypothetical response earlier is based on a very real response I received several years ago from a head teller at the only bank at which I had an account... They said I was bringing in too many halves and said something like "I am certain there are other banks which would appreciate your business." Ugh. |
Come to the new and improved realcent: http://realcent.org
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NotABigDeal
1000+ Penny Miser Member
USA
3890 Posts |
Posted - 01/29/2010 : 06:14:24
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A thing about dimes. They are frequently put into the penny bags and the guy returning the dimes is ripped off. That is why I do not EVER return dimes loose.
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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Mcprice302
Penny Collector Member
USA
404 Posts |
Posted - 01/29/2010 : 07:17:57
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| Did you dump them in mixed or one denomination at a time? |
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cecropia_moth
Penny Pincher Member
USA
222 Posts |
Posted - 01/29/2010 : 07:29:50
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| They were dumped one denomination at a time. First the dimes all in one canvas bag...got receipt for those. Second the nickels all in a separate canvas bag. Someone mentioned to never dump mixed denominations and I followed that rule. |
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killerken53
Penny Pincher Member
172 Posts |
Posted - 01/29/2010 : 08:05:37
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I am curious if you happened to look at the receipt. The machines I dump at print out a receipt itemizing each coin. When a dime is counted as a cent, it shows cents on the receipt.
I am the one that recommended dumping as single denominations. It seemed to make a difference to me.
When I was searching boxes of dimes, my counts would come out very accurate. Now that I am searching bags, it seems I come out a little short. I suspect the counters short the bags slightly.
I also lift the lid on the machine and run my hand around the inside of the machine before and after to clear any debris. I have found 1 or 2 coins stuck in the seal between the top and bottom halves of the coin well. That doesn't make up for your shortage, but it is just another observation. |
Edited by - killerken53 on 01/29/2010 08:08:34 |
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Bluegill
1000+ Penny Miser Member
USA
1964 Posts |
Posted - 01/29/2010 : 08:28:54
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As others have mentioned, there is an excellent chance you were shorted when you initially bought them. Even Brinks (especially Brinks) and CWI rolls come up short. Sometimes long too...
It all goes with the territory.  But averaged out, your still buying Ag at waaaaay below spot. 
Not including your nickel scores, you paid $2.10 ( $1.60 shorted + 50¢ for the coins) for 5 Ag dimes. That is 4.2 X face.
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cecropia_moth
Penny Pincher Member
USA
222 Posts |
Posted - 01/29/2010 : 09:12:33
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kk53-
The two receipts I got itemized the coins...the dime dump showed only dimes counted and the nickel dump showed only nickels as being counted. Nothing registered as cents. I am in the camp that the initial purchase of the $500.00 of dimes was a short bag...I truly believe the counter on the dump end was correct.
As I stated earlier I really don't mind being shorted a couple of bucks here and there. I look at it as a small cost to participate in the hobby. This was merely an exercise to illustrate the potential perils of sorting dimes for silver with respect to the coin counting machines. A lot of members here have discussed this at length; I just wanted to provide some detailed numbers to back up what had been discussed in the past regarding dime counts.
Bluegill -
CWI half dollar rolls are all over the map!!! I just posted a box my brother and I sorted out last night in the Silver Finds thread. Crazy. Seven rolls were short (1 coin) and six rolls were long (1 coin) for a net short on the box of 50 cents. The box yielded a 1964-D JFK so I could care less about the short. When I crack open a box I do two things...check for roll end silvers and I also weigh the rolls. Normal roll weight is in the area of 225.5 - 226.5 grams. Short rolls are usually around ~215 grams, long rolls usually go ~237 grams. If I get a roll at or above 227.2 grams these usually yield a 90%. The roll with the drink token weighed 227.9 and I was thinking potentially two 90%...what a BUZZ KILL that was. I believe it is impossible to accurately predict the presence of a 40% half in a roll by weight as the clads and 40% are so close in weight (11.34 gm vs. 11.50 gm.). Weighing the rolls is really kind of stupid with nothing to be gained by doing so, it is just one of the many quirky things I do.
Yes...the dimes were a GREAT deal even factoring in the short. A lot of fun finding a few silvers in the massive pile of clads!!!
Jeff |
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JobIII
1000+ Penny Miser Member
USA
1507 Posts |
Posted - 01/29/2010 : 12:47:24
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| Bags being short are a #1 reason i stay away when i have the choice. Also I've only had one instance where i really felt that i was being shorted by the Machine counter at a bank. It was with dimes, so now i try to tally before hand what i'm returning. Also note that it's hard to make a big deal about being shorted, because too much complaining is a quick method to being cut off. |
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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Results of $500 Dime/$100 Nickel Dump
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