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starwarsgeek171
Penny Hoarding Member
USA
651 Posts |
 Posted - 12/29/2007 : 17:57:07
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Hello! I'm a brand new member. I've been reading your posts for a while now, and I'd like to share my experiences with you guys:
1. It was the government's ban on smelting that initially sparked my interest in hoarding copper pennies.
2. I started out with pocket change.
3. It wasn't until I discovered this site on Google that I even realized that purchasing a box of pennies was a possibility (I had previously been buying only a few roles here and there).
4. I am now getting very used to the strange looks/comments that I get at the banks (you'd think I was on par with a leper/terrorist).
5. Thanks to you guys I'm hooked! I now sort about $100 a week by hand (they get dirty, don't they, but I'll save that for another post). I have already found an 1895 Indian Head and an early 50's Wheaty in BU+ condition (It was liked it had been placed there on purpose)!
6. My sorting percentages vary. Anywhere from 25-30% copper.
7. I bring the Zincers to CoinStar machines to avoid recirculating sorted coinage in my area.
8. I hand roll the coppers, and pack them neatly back into the nicer condition Brink's boxes.
9. I view this behavior as long term speculation (I was too young for the silver hoarding), and also as being a small (hopefully to become larger) part of the metals portion of what I hope proves to be a smart, well-diversified (well-hedged) portfolio.
10. Is it worth it? Yes! As long as somebody will sell me 2 cents worth of something for 1 cent, I'm in! As for the "labor," the experience is meditative for me. I'll bet my blood pressure never gets as low as when I'm sorting (copper, cooper, zinc, copper, zinc, zinc, zinc, copper...). It's a harmless hobby that may prove to be quite lucrative 
Thank you, each and every one of you that posts here on a regular basis has taught me so much!
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fiatboy
Administrator
912 Posts |
 Posted - 12/29/2007 : 18:33:32
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Welcome to forum, starwarsgeek171. Glad you could join us. And congrats on finding that Indian Head! They're few and far between.  |
"Bart, it's not about how many stocks you have, it's about how much copper wire you can get out of the building." --- Homer Simpson |
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Ardent Listener
Administrator
USA
4841 Posts |
Posted - 12/29/2007 : 18:52:37
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| Welcome. I found your #1 remark most interesting. I always said that once the Mint started the ban it would be a green light for hoarders to realize what an opportunity there is in copper cents. |
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Think positive. |
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Epaphras
Penny Collector Member
USA
382 Posts |
Posted - 12/29/2007 : 21:22:39
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| Hello starwarsgeek. Sorting and getting unsorted rolls are truly an addiction. Sorting is what I consider 'my fix'. |
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HoardCopperByTheTon
Administrator
USA
6807 Posts |
Posted - 12/29/2007 : 23:22:51
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| Welcome to the forum starwarsgeek171. You are in good company here. Lots of like minded folks that enjoy sharing ideas and experiences. Congrats on finding that Indian cent. That puts you in a very select group.. most of the members here are still looking for their first one. |
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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NotABigDeal
1000+ Penny Miser Member
USA
3890 Posts |
Posted - 12/29/2007 : 23:37:19
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Another new guy comes in here and Indian head this, Indian head that....ARGH!!!! Some day I will find one. Welcome to the forum. The addiction only gets worse. "(copper, cooper, zinc, copper, zinc, zinc, zinc, copper...). " I like that. Made me forget for a minute that you found an Indian head. I bet you go "mechanized" at some point. It will start with a counter when you get tired of hand rolling. Then on to the Ryedale. It only gets worse from there. You could end up like some of the larger hoarders, and have a whole room full of pennies. I'm on the Ryedale fence right this minute. Only problem is what to do with all the zincs....
Remember, this is a no lose hobby. Always worth at least what you paid.
Deal
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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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starwarsgeek171
Penny Hoarding Member
USA
651 Posts |
Posted - 12/30/2007 : 08:52:22
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| Thank you for all of the responses. I just went through about another $30 last night. I got $9.50 face in CU, plus a 1916-s wheaty in good condition. My wife laughs at me (I tell her she'll be happy when we're paying $1.40 CU face for a loaf of bread ATSHTF, while others will be paying $40+ fiat), my older son is supportive (he knows most everything is for him eventually), and my youngest boy will even help out (he likes to break the rolls). I've got to make a CoinStar run soon. Then I'll be back to my gol...I mean copper mine! |
starwarsgeek171 |
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cyberdan
Penny Collector Member
USA
289 Posts |
Posted - 12/31/2007 : 13:09:56
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quote:
Originally posted by starwarsgeek171
I've got to make a CoinStar run soon. Then I'll be back to my gol...I mean copper mine!
Now this is just my 2 cents talking. DON'T USE COINSTAR  You are spending you copper profits.
Any bank will take back your coins and not charge you 8-9% You just have to follow their rules. Roll them and put your account number or do what I have to do put 5000 in a bag they give me, close it and lug in. (I have 5 bags in my car now to be deposited in 2 banks)
Most banks will also give you (free) those flat paper coin wrappers. Don't go to Staples and fork out good money for them either. |
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Miser-stro
Penny Sorter Member
74 Posts |
Posted - 12/31/2007 : 16:22:50
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What he said.
I just opened a new bank acct minutes ago, with the sole purpose of dumping loose zinc for FREE. No hand counting / rolling required. I won't even have to handle to coins much, the tellers do all the work. |
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HoardCopperByTheTon
Administrator
USA
6807 Posts |
Posted - 12/31/2007 : 16:37:30
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| Boy, if I could just find a bank like that... But then I wouldn't get to play with all my great machines. |
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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aloneibreak
Penny Hoarding Member
USA
672 Posts |
Posted - 01/01/2008 : 00:43:25
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| i try to use coinstar when i make it to the big city. only the ones with the e-certificate option. just because i cant seem to find a bank thats thrilled to have all my rejects. the last time i used coinstar i timed it at around 450 coins per minute. not super fast but a great way to kill time while shes off shopping. |
My reading of history convinces me that most bad government results from too much government.
Thomas Jefferson
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Tourney64
1000+ Penny Miser Member
USA
1035 Posts |
Posted - 01/01/2008 : 07:57:20
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| Do some more checking around starwarsgeek171 for a bank or credit union that has a free coin sorter. Coinstar is pretty expensive. I've yet to find any indian heads myself. 2008 will be the year I do. I'm getting 10 boxes next week, and may make that my normal routine. |
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starwarsgeek171
Penny Hoarding Member
USA
651 Posts |
Posted - 01/01/2008 : 08:07:16
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| I will try to find a "dumping bank" as soon as I can! Seems like free coin counting might be tough to find in my future scales (see new post). However, I can't see how 8% can eat away at a doubled investment on the CU (although I'm no fan of giving money away to corporations). I went through my last $25 or so last night. Percentages were low (25-30% at best, and there was nothing spectacular numismatically speaking. I'm like some crackhead now. Anytime the kids are happy/busy and the wife is content, I'm off to the penny sorting. I have about $3 face of Wheaties now, any suggestions? Keep/Sell on eBay? |
starwarsgeek171 |
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HoardCopperByTheTon
Administrator
USA
6807 Posts |
Posted - 01/01/2008 : 10:06:55
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8.9% is a pretty significant hit on any investment, but you are getting charged that on the zincs you return, which is roughly 75% of your total pennies, not the 25% that you keep. Imagine if they were to charge 8.9% in 12b1 fees on one of your mutual funds. If you select the gift card option on the Coinstar machine a lot of times you can avoid those fees. Free coin counting is difficult to find, but it is out there in some areas. Next best is a bank that will take them loose in a bag. You would need a good coin counter to do it this way. Next best after than is a bank or credit union that will take the coin if you roll it up. Consider spreading your action across several banks or branches so any one bank doesn't get too excited and start using the "F" word. I suggest keeping the wheats, or maybe starting a penny book with the kids. To sell them on eBay you should have larger quantities to make the shipping charges worthwhile.
I am hooked too. But I am at work today so not much sorting until tonight. No big deal.. the banks are closed anyway. |
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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NotABigDeal
1000+ Penny Miser Member
USA
3890 Posts |
Posted - 01/01/2008 : 10:23:02
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starwarsgeek171,
$3 in wheats isn't worth a whole lot of money unless some key dates are in there. I would just let the children you mentioned have them. I keep them all. Maybe $100 worth here. Why not? Most are worth about $0.03 to $0.07 in circulated condition. Nice percentage wise I guess, but someday those will be the new Indian heads. If you do sell, I would not do it on eBay. The fees can nickel and dime you to death. PM me if you really want to get rid of them. Don't be discouraged about 25-30%. Those are great results for some on the board. I myself average between 20-25%. Where are you located? I would definitely find another place/way to dump your zincs.
Deal
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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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starwarsgeek171
Penny Hoarding Member
USA
651 Posts |
Posted - 01/01/2008 : 10:32:58
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Yes, a bank that takes loose zinc would be best. My bank will take all the rolled zinc I can unload as a deposit (remember, that it wouldn't be more than a hundred or so dollars at a time), but what about the cost of hand-rolling when compared to potentially earned money through working for fiat during that same time period? Option A (free bank counting) is best, but I still don't see how handrolling beats CoinStar. I also think that taking a gift card encourages consumerism, which I think is contrary to a saving/hoarding lifestyle. I'm truly sorry to hear that you had to work today. I'm blessed to have the day off. But, the wife and kids went out, and I have NO PENNIES! I thought I'd have enough to finish off my vacation, but I was short about 1 or 2 boxes. I plan on building a reserve sorting supply in the near future after checking out those juicy R-rated pics! Happy New Year to ALL!
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HoardCopperByTheTon
Administrator
USA
6807 Posts |
Posted - 01/01/2008 : 13:13:31
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Yeah, kind of hard to beat the Coinstar with hand rolling pennies. But that is what kids are for. Maybe it's just my penny pinching nature.. I hate to give up any of my percentages. I don't have any banks in my area that take the coins loose, but I do have banks that will take them by the bag and other banks that will take them if I roll them. Of the 3 machines that I use for counting out bags, 2 of them count 1800 coins a minute and the other one counts 4000 coins a minute so it doesn't take long to bag up my zinc rejects. Also for when I roll I have 2 Glory automatic rolling machines that each roll 10 rolls per minute. Beats the heck out of hand rolling.. and when they are machine rolled like that you can even spend them. For lower volumes one of the Royal Sovereign machines works fine for doing up rolls and is a significant step up from hand rolling.
Always a good idea to keep a small reserve stack of pennies on hand so that you don't run out.
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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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fiatboy
Administrator
912 Posts |
Posted - 01/01/2008 : 13:18:51
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| Call around to see if any banks and credit unions in your area have free coin counters. Finding one is a penny sorter's dream. I'm forever grateful for the ones in my area. |
"Bart, it's not about how many stocks you have, it's about how much copper wire you can get out of the building." --- Homer Simpson |
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Hooked!
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