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cuppoor
Penny Sorter Member
USA
49 Posts |
 Posted - 02/26/2010 : 22:35:41
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I've tried really hard not to ask these question as to not seem lazy or stupid. I have actually been pouring over this forum for the last three weeks non-stop looking for answers on everything that crosses my mind. You guys have amassed an incredible amount of information here and reading it keeps me up late. Questions:
1 What is BU and how does it relate to the nice red copper pennies I find from the '50s and '60s? How much do some fingerprints detract from their value?
2 I've figured out source banks are easy and dump banks are hard. Is there a post that I missed that lists easy dump banks or should I just be searching out CU for bag delivery? The one I found charges 7%. I kind of get the whole dynamic of the teller relationship thing since my home bank will order anything I want in pennies but they are sitting on a hoard of halves somebody else dumped and I can't justify asking them to order more.
3 Is a dump pennies/buy halve vs. dump halves/buy pennies strategy the way to go?
4 What kind of chocolate? A four dollar bag of chocolate for a $100 buy doesn't work for me. Individually wrapped chocolate coins? How many per teller? I think they like snickers BTW.
5 I have a friend who works at the the local branch ON MY STREET. How can I work that for a profit. They're a small branch of a regional bank but they don't get regular copper so much and halves less.
6 What are the current opinions of Chase, National City, Key, Flaggstar and others. Anyone in central Indiana want to chime in?
I'd like to get more into halves but those waters seem to muddy around here.
T
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slickeast
1000+ Penny Miser Member
USA
2533 Posts |
Posted - 02/26/2010 : 22:55:50
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1. A BU coin is a coin that has never been circulated, and retains all of its original mint luster. BU stands for Brilliant Uncirculated.
2. Dump banks usually have the lobby machines that you dump coin in and get a ticket to take to the tellers. Source banks are were you order from. You have to find out each banks policy. Each branch will be a little different. This will be an on going quest. Sometimes you will have to flip-flop the purpose of the bank depending on volume and how they want to work with you.
3. Try to stick with ALL dumps or ALL pick-ups from a bank until you have a good relationship with the head teller. Then she might work with you on different methods.
4. Don't give them chocolate every day. Maybe once a month. The Snicker Mini's would be great. Just give a bag or two to the head teller and tell her to share.
5. Your friend can call when someone brings in halves or rolls of pennies.
6. ...NO HELP.... Sorry!!!
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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 - 02/26/2010 : 23:01:19
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1. BU is Brilliant Uncirculated. BU cents are considered red, I will let the numismatist answer the fingerprint question.
2. Find a bank with a coin counter or that will let you return loose coin for your dump bank, if neither of those are options then roll the coin and return it to a different bank from where you buy. Buy the searched halves and search them again if they didn't keep the NICF's or proofs or 40% halves.
3. Not really, Most banks will not have halves on hand and you will not make them happy by buying halves with pennies. I find it better to exclusively dump at one location and buy at another.
4. You do not have to bring chocolate every time. I bring Dove chocolate in a few flavors and let the teller choose. The others will beg and plead for their favorite and that will make them all remember you. Then you are good for a few weeks. I bring whole bags and let the tellers sort it out.
5. If they are a friend and want to help you and they don't collect coins have them call you when someone brings in a lot of customer wrapped rolls (CWR's). Or see if they can order halves for you.
6. I don't deal with any of these banks and am not in Indiana
The only way to be successful with halves is volume. For volume you will need to have banks order halves for you, and you will need to accept what you know is searched coins. both to get them out of the way and to build a reputation at the bank as the guy who likes to take those pesky halves. If they mention that they don't like having halves, give them your number and ask them to call you when they get any in. By volume I mean at least $500-1000 per week. Most of the time halves are stored in the vault and it takes several minutes to get them. You will stay in their good graces better by buying in larger quantities at a time, not just $100. Once you are able to set aside $500 for searching, it is surprisingly simple to keep it for that use only. If you have a spouse tell them the cash is savings. you are not spending it and when you keep some coins bought with that money they will be worth a a lot more than their face value, so you are building their savings. If a bank does not have halves, ask for dimes. You can edge sort them quickly and still find a decent amount of silver.
Good Luck. |
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slickeast
1000+ Penny Miser Member
USA
2533 Posts |
Posted - 02/26/2010 : 23:07:42
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| garnede, I like the way you think. Our answers are pretty much the same. You must have been typing when I was posting. |
You don't have to be the BEST you just have to be.......SLICK
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Kurr
1000+ Penny Miser Member
2906 Posts |
Posted - 02/26/2010 : 23:14:24
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Where ya at in Indiana? I'm down here in Scott county.
I like chase, they accept loose bags, but have a looong turn around as they send out for verification.
I have a PNC account and they own National City, so I get use of both banks, all branches. Probably works the same both ways. I like Centra CUs too, good people, GREAT dump branches and drive by pickups for bags. |
The silver [is] mine, and the gold [is] mine, saith the LORD of hosts. Hag 2:8 [/b]
He created it. He controls it. He gave it to us for His use. Why did we turn from sound scriptural currency that PROTECTS us?
KJV Bible w/ Strong's Concordance: http://www.blueletterbible.org/
The book of The Hundreds: http://www.land.netonecom.net/tlp/ref/boh/bookOfTheHundreds_v4.1.pdf
The Two Republics: http://www.whitehorsemedia.com/docs/THE_TWO_REPUBLICS.pdf
Good reading: http://ecclesia.org/truth/government.html
A number of people are educated beyond, sometimes way beyond, their intelligence. - Tenbears
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thogey
1000+ Penny Miser Member
USA
1617 Posts |
Posted - 02/26/2010 : 23:37:59
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quote:
Originally posted by cuppoor
4 What kind of chocolate? A four dollar bag of chocolate for a $100 buy doesn't work for me. Individually wrapped chocolate coins? How many per teller? I think they like snickers BTW.
Today, I gave an IHP to the merchant teller who has my boxes ready at 1700 EVERY Friday.
Yea I told a "white lie" about where I got it (truth=NDFARMER).
It was the best .50 I've ever spent. The tellers were so excited, I felt like they were having an collective orga... We'll you get the idea. |
Come to the new and improved realcent: http://realcent.org
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garnede
Penny Collector Member
USA
386 Posts |
Posted - 02/27/2010 : 00:16:31
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| Slick we must have been typing at the same time. Looks like our answers are pretty much the same. |
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cuppoor
Penny Sorter Member
USA
49 Posts |
Posted - 02/27/2010 : 00:26:27
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First of all, I am in Indianapolis. Anyone else here from there? I know there are silver miners here in Indy and I would like to know who you are so as to not overlap. You guys are frequenting my regular banks already which kind of freaks me out since it's fairly large METRO.
Thanks guys for all of the responses especially gernade and slickeast, as they are much appreciated. I got the BU grade down now.
thogey, what is an IHP?
T
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slickeast
1000+ Penny Miser Member
USA
2533 Posts |
Posted - 02/27/2010 : 00:30:36
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| IHP = Indian Head Penny |
You don't have to be the BEST you just have to be.......SLICK
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NDFARMER
1000+ Penny Miser Member
USA
1197 Posts |
Posted - 02/27/2010 : 07:59:34
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| Way to go Thogey. Now you gave me another place to get rid of my cull Indians. I never thought of giving them to tellers. Much cheaper than chocolate and is something that will stay with them. |
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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cuppoor
Penny Sorter Member
USA
49 Posts |
Posted - 02/27/2010 : 09:09:22
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Re: IHP I often get the abbreviations pretty quick and once I know what they are it's so obvious that it makes me wonder why did I not know that. Sometimes you just don't know and have to ask. Thanks for the help. I'll probably have more questions later.
Kerr, I've been through Scott county on 65 but never stopped there. Do you commute to Louisville or stay local? |
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Kurr
1000+ Penny Miser Member
2906 Posts |
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Newbie questions
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