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gollum40
Penny Sorter Member
USA
26 Posts |
 Posted - 04/07/2010 : 23:27:07
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Hi everyone. I'm new at this and am finally at the point where I need to dump some zinc. Any tips on going about this in a repeatable manner. I was disappointed today at my local branch (where I had not visited for pickups). When I asked if they would take a $50 canvas bag of pennies, uncounted but within a reasonable margin of error, they reacted as if they had never heard the question before. They were like "We've done that for the local schools a few times, but we don't normally do this." Then there was like a 2 minute conversation between at least 4 people about my request. The final answer was "ok, this one time, but we can't credit your account until we send it away to be counted."
Granted this was a small branch of a relatively small bank, not a big commercial bank, but still...
For those of you experienced with this, any advice? Specifically:
a) Do you bring in your zinc pre-counted or uncounted?
b) Do you typically need to roll them or have you found a location that will count and credit you on the spot?
c) Which types of banks typically accomodate? (I assume the bigger the better, so I'm trying that tomorrow)
Thanks for any and all advice.
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Now selling Zinc pennies 1.0000 X FV :) |
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Lemon Thrower
1000+ Penny Miser Member
USA
1588 Posts |
Posted - 04/08/2010 : 05:12:23
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a dump bank that will accept bagged coins is the hardest link in the chain to find.
start with the large commercial banks in your area where the established businesses bank, not the new branches the have been built recently in the suburban areas. reason for this is two fold - the old branch probably deals in coin more often and has more vault space.
when you go to the branch, tell them you have a question about coin and would like to speak to the vault teller. she is usually the one with the window closest to the vault. do this during off peak hours, not on fridays and not at lunchtime
generally, they want you to count it and deposit it in plastic fed bags. so you need to have your own counter. a decent used one can be had on ebay for about $250. |
Buying:
Peace/Morgan G+ at $15.00
copper cents at 1.3X
wheat pennies at 3X
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garnede
Penny Collector Member
USA
386 Posts |
Posted - 04/08/2010 : 05:30:10
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In my experience some banks have no problem accepting bagged coin as a bank policy, but branches may differ. Others absolutly will not accept it unless they have to. The way my bank in Alaska handeled it was you give them bagged coin and tell them your estimate of the ammount in the bag and whether it is all one denomination or mixed coin. They credit your account imediatly for your estimated ammount. Then within 2-3 days of when their coin delivery/pickup day the money was counted and adjusted accordingly. My other bank in Alaska never once accepted bagged coin, but was great for ordering coins. So I mainly bought at the branches that were happy to order the coins and sold at the ones that would accept bagged coins.
1) I weigh my zinc coins which gives a close estimate of the ammount.
2) It depends on the bank, check at diffrent branches or open an account at a bank that is coin friendly. Most banks will let you open a savings account for $5
3) It is branch specific. Many smaller branches are happy to take bagged coin, as long as you do not overload them, and if possible bring your coins the day of or day before they have armored car service. After establishing a relationship with them you will know the day and time of their services, but to start ask the teller which day is the best to bring in bagged coin. If they have a large vault (big branches and older locations) then it may not matter. |
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dakota1955
1000+ Penny Miser Member
2212 Posts |
Posted - 04/08/2010 : 07:23:51
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| Only time will teach you on getting rid of zinc. Take your time and look for the rules to change as you go. |
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Deathsled11
Penny Sorter Member
55 Posts |
Posted - 04/08/2010 : 08:06:26
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The Wells Fargo's in my area take loose coins, they dont want them rolled up. They just use one of their machines in the back to count the coins and deposit it into my account or I can get it in cash. I typically only dump once a week or maybe once every two weeks...and only between $50-250 at a time (if its around $250 or so it's alot of nickels too). Since I dump relatively small amounts (compared to here...not for the normal person) they really dont seem to mind. Im not sure if they take bagged coins since Ive never tried. I just bring mine in a Home Depot bucket and hand it to them.
At the bank I pick up a couple boxes a week from, they really dont know me. But at the dump bank, they know me pretty well. I always chit chat with the tellers while the coins are being counted. About 6 months ago, while I was waiting for the coins to be counted, they brought me 30 Ike dollar coins and figured Id like them. So apparently they think of me when stuff out of the ordinary comes in lol.
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motos
Penny Sorter Member
41 Posts |
Posted - 04/08/2010 : 08:27:39
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| I dump at a TD Banknorth with a coin counter. No bagging. |
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penny bubba
Penny Sorter Member
50 Posts |
Posted - 04/08/2010 : 09:14:51
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| I have dumped a ton a my local casino like $300 at at time no problem at all. |
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Kurr
1000+ Penny Miser Member
2906 Posts |
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penny bubba
Penny Sorter Member
50 Posts |
Posted - 04/08/2010 : 09:16:03
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| I have dumped a ton a my local casino like $300 at at time no problem at all. |
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gollum40
Penny Sorter Member
USA
26 Posts |
Posted - 04/08/2010 : 09:34:55
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| Thank you LemonThrower, penny bubba, Kurr, motos, deathsled, dakota, and garnede for your help! Got some things to try out. Sounds like in the end it's about patience, creativity, trial and error, and being a nice person at the banks. |
Now selling Zinc pennies 1.0000 X FV :) |
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Cerulean
Penny Hoarding Member
USA
993 Posts |
Posted - 04/08/2010 : 13:17:27
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quote:
Originally posted by motos
I dump at a TD Banknorth with a coin counter. No bagging.
Me too, although the machine is not the best for counting half dollars. |
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Lemon Thrower
1000+ Penny Miser Member
USA
1588 Posts |
Posted - 04/08/2010 : 14:46:45
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| i avoid the counting machines in the lobby because they are slow and tend to undercount. that is especially true with small coins like dimes and large coins like halves. |
Buying:
Peace/Morgan G+ at $15.00
copper cents at 1.3X
wheat pennies at 3X
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ScottyTX
Penny Hoarding Member
USA
508 Posts |
Posted - 04/08/2010 : 15:00:40
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| I currently only have 1 dump bank since my quantity is currently low a the moment. It has a lobby coin counter that is pretty accurate and also will not accept most silver and old wheats :) To think of it, I have never checked it for accuracy but TXTIM also uses this same lobby counter for his halves. I imagine he wouldn't dump there if it was off, but who knows. I know of two others that have lobby counters in the area if I ever needed them, but my current one has a nice big bin to hold returned coin. I once dumped 500-600.00 in zincs and never got close to filling it up. Banks that will allow you to take in loose bagged coins are nice but you don't always get your money right away. That usually is not a problem unless your strapped for cash. |
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fasteddy
Penny Collector Member
USA
298 Posts |
Posted - 04/08/2010 : 17:15:04
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should always check the counters for accuracy....I do two counts 100 bucks then 400 bucks for halves....if right on....then dump away. my largest dump was last month at a bit over 5 grand....accuracy is NICE for the cent dumps use a good gram scale and weigh out some pennies then dump...usually more accurate than counting the coin yourself weigh out 1000 or 10 $ in pennies = 2500 grams in zincs to check the cent accuracy of the counter...separate the dimes and run those by themselves. Today I did $1200 in halves and left the tellers a box of girl scout cookies all around. |
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motos
Penny Sorter Member
41 Posts |
Posted - 04/08/2010 : 17:46:07
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Yea I agree cerulean not good for halves! My TD bank's bags for halves only accommodate $100 worth. So I just rewrap my halve boxes and dump at another bank.
I'm actually about to check the TD Bank's counter tomorrow. Kept track of the copper/wheats/and canadian I took out and subtracted that from 2500! So if its around the 18.75 mark I will be happy!
Gollum40 make sure to seperate canadian coins in your search because they will NOT be counted in the counting machines, they just get stuck on a magnet plate before the counter machine. TD Bank probably makes a killing in all the canadian currency they collect for free! |
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dixiebooks
Penny Sorter Member
USA
92 Posts |
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cuppoor
Penny Sorter Member
USA
49 Posts |
Posted - 04/08/2010 : 23:49:01
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| I have multiple dumps now but only one that deals in bags. It's a serious conflict of interest for me to use them for source too but since I can get coin easily in brinks boxes from my other banks (which are 30% with 10 wheats + 10 98% + 10 BUs per box) so I guess they're a dump for pennies for now. I don't mind breaking rolls so much because I can do it about as fast as the Ryedale can eat. It's the dumping part that will cost you the most time and gas money. Find the ones with the counters in the back room so you're not making a scene in the lobby and figure out who likes what with mini candy bars from Walmart. Now is a good time to stock up on those with the Easter left overs. My absolute best advice is to be regular. |
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HoardCopperByTheTon
Administrator
USA
6807 Posts |
Posted - 04/19/2010 : 00:34:51
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Zinc disposal is usually the most challenging part of the whole operation. Deal and I buy gas with some of our zinc.. 2 bricks at a time! You can also pay your PG&E bill with them.. but they must be rolled.. and each roll must have your PG&E account # on it. 
Since you are in CA your options are limited. Only a few CU's in northern CA have lobby coin counters.. and they are usually the slow CoinStars. BofA will usually take precounted in bags.. but don't overwhelm them. Some branches will give you immediate credit and some branches will take the coins subject to count and credit your account later. A good high speed counter is needed to do it this way. All of my Chase branches say they have to receive the coins rolled.. then they have to break the rolls into bags for shipment. I can't talk them into taking them loose in precounted bags. Wells Fargo wants them rolled.. but a buddy of mine says one of his WF branches takes them loose in bags. Machine rolled coins are the easiest to get banks to accept. Be sure to spread your dumps around so you don't get cut off.  |
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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specialbob
Penny Sorter Member
USA
56 Posts |
Posted - 04/22/2010 : 21:47:59
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Here's an idea for anyone into pennies and nickels. I've been into pennies for about a year now. I just got into nickels into the past month. i usually get rolls, a box on payday and put aside any I get in change.
I found myself cashing in zincs at my dump bank and spending the cash I got back on godknowswhat. Now, I cash in the zincs for nickels. Of course, I could cash them in for more pennies, but I figured I'll just put the no effort nickels into my cache and call it a day. Beats spending the money on "nothing".
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tips on dumping zinc
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