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JWRAY
Penny Collector Member
USA
378 Posts |
 Posted - 03/23/2010 : 20:11:37
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Lately a bunch of coin star machines have cropped up around town. So I got to thinking, who picks up these coins and takes them? Is their some coin star sorting facility or do they pay some brinks style company to do the deed? If a coin star sorting facility exists, would they just sell bulk pennies to a guy like myself?'
I did some searching on their site but didnt really find any info on how they process that coinage. Does anyone have some first hand knowledge here?
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MOVING SALE!!! Selling Copper Cents 1.4 shipped - in limited quantities PM me and we'll talk. |
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smartinson
Penny Collector Member
USA
287 Posts |
Posted - 03/23/2010 : 20:38:17
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| I happened to be cashing in coins when a gentleman came to pick up the boxes in another machine but he didn't have a uniform on and I wasn't close to a window to see what kind of vehicle he was in. I have also wondered the same thing, who picks up the coins? |
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Jason
Penny Pincher Member
USA
138 Posts |
Posted - 03/23/2010 : 21:13:48
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| I wish it was me. I wonder if one could buy such a machine to set up in their own establishment. It would be a money maker and an endless supply of coinage to sort. |
Rule six: There is no rule six. |
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motos
Penny Sorter Member
41 Posts |
Posted - 03/23/2010 : 21:53:55
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| Oh, the possibilities of owning a coinstar in a super market... |
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thogey
1000+ Penny Miser Member
USA
1617 Posts |
Posted - 03/23/2010 : 21:55:15
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quote:
Originally posted by motos
Oh, the possibilities of owning a coinstar in a super market...
Nightmare. |
Come to the new and improved realcent: http://realcent.org
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motos
Penny Sorter Member
41 Posts |
Posted - 03/23/2010 : 22:13:09
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Nightmare!? Ha! I would cancel my day job and live off the 8% fees and spend my days looking through the change and then making regular dumps at TD Banknorth in their coin counter.
Totally unrealistic, but the dream. |
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highroller4321
1000+ Penny Miser Member
USA
2648 Posts |
Posted - 03/23/2010 : 23:23:21
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Coinstar only picks up their own machines in Seattle, WA (where they are based out of) Everywhere else they hire coin processors or armor car companies to pick up the bins and process them.
Most likely you wil not be able to get the bulk pennies from these people. If its a private smaller company than your chances are better. If its Brinks or another large company than very very very slin chance. |
Copper Penny Investing
www.portlandmint.com |
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thogey
1000+ Penny Miser Member
USA
1617 Posts |
Posted - 03/23/2010 : 23:27:14
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quote:
Originally posted by motos
Nightmare!? Ha! I would cancel my day job and live off the 8% fees and spend my days looking through the change and then making regular dumps at TD Banknorth in their coin counter.
Totally unrealistic, but the dream.
With the price of those machines, the maintenance issues, the labor involved in hauling coin.
The margin can't be more than .5% |
Come to the new and improved realcent: http://realcent.org
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JWRAY
Penny Collector Member
USA
378 Posts |
Posted - 03/23/2010 : 23:29:01
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| That low? Wouldnt think a business could function on that low of a margin. But still, I wish I could get my hands on coins through them, would make life a lot more interesting. |
MOVING SALE!!! Selling Copper Cents 1.4 shipped - in limited quantities PM me and we'll talk. |
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thogey
1000+ Penny Miser Member
USA
1617 Posts |
Posted - 03/23/2010 : 23:40:01
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quote:
Originally posted by JWRAY
That low? Wouldnt think a business could function on that low of a margin. But still, I wish I could get my hands on coins through them, would make life a lot more interesting.
I don't know how low it is. But if you pencil it out? Man it's gotta be close.
The coins would be fun though.
Any vending machine business can run on a puny margin.
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Come to the new and improved realcent: http://realcent.org
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highroller4321
1000+ Penny Miser Member
USA
2648 Posts |
Posted - 03/24/2010 : 09:39:00
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| Coinstar charges 9.8% on their machines. They pay 1-2% of that to the store that the machine is in. They than pay a set fee to have their coin to be picked up and processed. |
Copper Penny Investing
www.portlandmint.com |
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garnede
Penny Collector Member
USA
386 Posts |
Posted - 03/24/2010 : 13:11:56
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| True they are paying fees, but if you are picking up your self and processing your self, then those would be your pay. |
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cwgii
Penny Hoarding Member
USA
924 Posts |
Posted - 03/24/2010 : 13:17:11
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i would not want to be the coinstar rep picking up from the machine i dumped at.
lololol. if a coin is badly tarnished, i throw it in a coffee can. yesterday i put 36.00 ish into a coinstar . it only rejected a few. giving me credit for ones that are not even reconizable anymore. |
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motos
Penny Sorter Member
41 Posts |
Posted - 03/24/2010 : 15:41:16
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| You dump at a coinstar? |
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Ember
Penny Sorter Member
USA
27 Posts |
Posted - 03/24/2010 : 22:03:28
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| The coinstar machines here are always breaking down. I like to search the reject tray when I hit the store, but it seems like they always have it "Out of order." |
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JWRAY
Penny Collector Member
USA
378 Posts |
Posted - 03/25/2010 : 10:48:57
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| I have recently been considering coinstar given the new "gift card" options. For instance I recently spent $50 or so on Amazon.com for some books. A local coinstar machine will turn my change into amazon gift cards and does not charge the fees for this service. The same is true if I want a Borders Books gift card or several other options. So I think next time I want to purchase something on amazon I will try that out. However, straight cash for coins using the machines no way. |
MOVING SALE!!! Selling Copper Cents 1.4 shipped - in limited quantities PM me and we'll talk. |
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AGCoinHunter
Penny Hoarding Member
USA
685 Posts |
Posted - 03/25/2010 : 12:23:35
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| Not to advocate this but to educate you. If the coinstar cannot "communicate", a cash voucher is fee free. I have not tried this but have heard rumors that this is the case. |
"All tyranny needs to gain a foothold is for people of good conscience to remain silent."
-Thomas Jefferson
"There is no difference between communism and socialism, except in the means of achieving the same ultimate end: communism proposes to enslave men by force, socialism—by vote. It is merely the difference between murder and suicide." - Ayn Rand
________________________________________________
Lenin: Class-based International Socialism
Hitler: Race-based National Socialism
Obama: Class- and Race-based Post-National Socialism
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Kurr
1000+ Penny Miser Member
2906 Posts |
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ssbn642blue
New Member
USA
12 Posts |
Posted - 03/25/2010 : 12:55:34
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| I was thinking the same thing. |
A free people ought not only to be armed and disciplined, but they should have sufficient arms and ammunition to maintain a status of independence from any who might attempt to abuse them, which would include their own government.''
- George Washington
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AGCoinHunter
Penny Hoarding Member
USA
685 Posts |
Posted - 03/25/2010 : 12:55:52
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| If you purposely pulled the plug and fed your coins in it would be fraud. If the machine is broken down but still lets you run your coins through it and prints you a fee free voucher, no. I use coinstar here a lot because my CU has them in their lobby and they are free for members. |
"All tyranny needs to gain a foothold is for people of good conscience to remain silent."
-Thomas Jefferson
"There is no difference between communism and socialism, except in the means of achieving the same ultimate end: communism proposes to enslave men by force, socialism—by vote. It is merely the difference between murder and suicide." - Ayn Rand
________________________________________________
Lenin: Class-based International Socialism
Hitler: Race-based National Socialism
Obama: Class- and Race-based Post-National Socialism
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HoardCopperByTheTon
Administrator
USA
6807 Posts |
Posted - 03/27/2010 : 00:49:07
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Used the Free Coinstar at my CU to dump a couple of bags of halves today. Very convenient way to get rid of halves since none of my banks really want them, even if they are machine rolled.
Remembering all the stories about finding goodies in the reject tray, I checked the machine at my grocery store tonight. Nope, nuthin' in the reject slot. But there was 22 cents sitting on the counter of the machine and 8 cents and a mexican dime sitting in the little loading tray.. Jackpot!  |
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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cwgii
Penny Hoarding Member
USA
924 Posts |
Posted - 03/27/2010 : 09:06:25
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| since my lady friend is always wanting something from lowes, the 'fee free' counting at coinstar of my reject zincs is the best option i have come up with . being the anal compuslive ocd person i am, i hate the thought of those ugly abes coming back to me locally if i rerolled them. better to send them up to phoenix .lol |
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twocents
Penny Collector Member
398 Posts |
Posted - 03/27/2010 : 13:25:36
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| Coin counting is not free if the machine cannot communicate. Counting is ceased until the machine can again communicate. This creates problems for me because I do free coin counting for gift cards, but it then kicks me over to fee-based counting when the connection is broken. I have never had to pay enough in a fee to make it worth my time to complain, though. |
Just my two cents! |
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Coin Star
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