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PennySaved
1000+ Penny Miser Member
USA
1720 Posts |
 Posted - 09/04/2010 : 03:56:42
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I went into two of the banks I pick up halves from this week to pick up my orders for halves. I requested that they order $1k each for me.
To my surprise, I walked into one of them and they had ordered $3500 in halves for the week. I bought $1500 and went back yesterday and got the other $2k. They said they figured they would just order double of what I needed to have on hand but they were happy to sell it all to me.
The other branch the merchant teller I work with ordered me $1500 so I bought all of it.
Definitely been busy sorting halves :) I hope I can get them to continue ordering those large amounts. I'll definitely be taking them candy.
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SELLING COPPER PENNIES 1.4X FACE SHIPPED......“I sincerely believe that banking establishments are more dangerous than standing armies, and that the principles of spending money to be paid by posterity, under the name of funding, is but swindling futurity on a large scale” Thomas Jefferson |
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Sheikh_yer_BuTay
Penny Pincher Member
USA
232 Posts |
Posted - 09/04/2010 : 07:24:51
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Awesome! My bank said they would rather order them $5K at a time. I don't have that much spare time to sort that many right now.
You da man! |
"The most fiscally irresponsible government in American history."
Mort Zuckerman, liberal columnist and former Obama speech writer |
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dakota1955
1000+ Penny Miser Member
2212 Posts |
Posted - 09/04/2010 : 08:02:50
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| let us know what you found in the halves. |
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PennySaved
1000+ Penny Miser Member
USA
1720 Posts |
Posted - 09/04/2010 : 09:21:34
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Wow really they are willing to order 5k at a time?
I found 2 90% (one a ben) and 17 40% (including the 1976) out of that $3500
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SELLING COPPER PENNIES 1.4X FACE SHIPPED......“I sincerely believe that banking establishments are more dangerous than standing armies, and that the principles of spending money to be paid by posterity, under the name of funding, is but swindling futurity on a large scale” Thomas Jefferson |
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slickeast
1000+ Penny Miser Member
USA
2533 Posts |
Posted - 09/04/2010 : 13:23:00
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my bank orders them 1000.00 at a time. They are loose and I always order 2 at a time. I am going to ask if we can increase it to 3000.00
As far as the bank only ordering 5K at a time, just buy 1000.00 a day to sort. Go 5 days straight, so that te next time they get an order in they will be out. That is a sweet setup if you can dump them easy. You can sort 260,000.00 a year using this method. |
You don't have to be the BEST you just have to be.......SLICK
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PennySaved
1000+ Penny Miser Member
USA
1720 Posts |
Posted - 09/04/2010 : 13:52:02
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| I did about 8k this week total :) |
SELLING COPPER PENNIES 1.4X FACE SHIPPED......“I sincerely believe that banking establishments are more dangerous than standing armies, and that the principles of spending money to be paid by posterity, under the name of funding, is but swindling futurity on a large scale” Thomas Jefferson |
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Sheikh_yer_BuTay
Penny Pincher Member
USA
232 Posts |
Posted - 09/04/2010 : 14:18:37
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5K per week? 8K this week?? I am slack-jawed. How many hours does that take? IF I am doing my job right... it takes up about 80 hrs/wk. I can barely squeeze in the time for 1K per week!
Every time I get another bag of coins, I just can't resist the temptation to sort for silver and numismatic keepers, too. I want to look at the face of every one of them! To step up to your level of searching, I would have to stop looking for numis. keepers.
BTW, the branch mgr. wanted to do it 5K at a time before the central vault mgr. cut me off. |
"The most fiscally irresponsible government in American history."
Mort Zuckerman, liberal columnist and former Obama speech writer |
Edited by - Sheikh_yer_BuTay on 09/04/2010 14:19:40 |
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PennySaved
1000+ Penny Miser Member
USA
1720 Posts |
Posted - 09/04/2010 : 14:38:15
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| It takes about 30 to 40 min per $500 |
SELLING COPPER PENNIES 1.4X FACE SHIPPED......“I sincerely believe that banking establishments are more dangerous than standing armies, and that the principles of spending money to be paid by posterity, under the name of funding, is but swindling futurity on a large scale” Thomas Jefferson |
Edited by - PennySaved on 09/04/2010 14:38:38 |
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PennySaved
1000+ Penny Miser Member
USA
1720 Posts |
Posted - 09/04/2010 : 14:39:22
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I try to flip them quickly too; try to turn them in that afternoon or the next AM
Figure the more I sort the better my chances |
SELLING COPPER PENNIES 1.4X FACE SHIPPED......“I sincerely believe that banking establishments are more dangerous than standing armies, and that the principles of spending money to be paid by posterity, under the name of funding, is but swindling futurity on a large scale” Thomas Jefferson |
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zerocd
Penny Hoarding Member
555 Posts |
Posted - 09/04/2010 : 16:50:55
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When you start doing 8K a week, you get faster.
I have a monster table and would break them all down and lay them out so I could see long lines of edges.
Pull the obvious silver and check for well defined edges that I might pull, proofs and BU coins.
Then I set a tall kitchen can under the edge of the table and pull the rows of coins so I can see a face on the way into the can. I can pick out dates and errors, anything. The eye trains and gets very fast.
Good luck,
0CD |
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Market Harmony
1000+ Penny Miser Member
USA
1274 Posts |
Posted - 09/04/2010 : 21:29:15
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quote:
Originally posted by slickeast
my bank orders them 1000.00 at a time. They are loose and I always order 2 at a time. I am going to ask if we can increase it to 3000.00
As far as the bank only ordering 5K at a time, just buy 1000.00 a day to sort. Go 5 days straight, so that te next time they get an order in they will be out. That is a sweet setup if you can dump them easy. You can sort 260,000.00 a year using this method.
Assumptions:
- 40 minutes per $500 box to sort
- 20 minutes to pick up & drop off $1000
- 10 minutes to list and sell per $10 face
- $4 face of 40% per $500
- $.50 per $500
- 51 weeks x 5 days = 255 days to sort $1000 per day (assumed holiday s and no Saturdays)
- opportunity cost of using your time to do something else is $20 per hour
Time consumed per year:
- 20400 minutes sorting
- 2550 minutes picking up & dropping off
- 2168 minutes for selling
Estimate of costs:
- $2040 to buy the 40% (estimate finding 4080)
- $127.50 to buy the 90% (estimate finding 255)
- $8,373 opportunity cost
At $19 spot price of silver, you should be able to sell the 90% at $13.50 x face, and the 40% at $5.20 x face. So, at $19 spot price, you have approximately $12,329.25 worth of silver that cost you $10,540.50 to acquire, sort, save, return the rejects, and then sell the rest at $19 spot price.
But, these are all just estimates and speculations on price of silver. There are a lot of variables to the profit equation here, and the assumptions will differ from one person to the next. But, I did my best to get good estimates based on personal experience, feedback here, price history, and common sense.
It's a tough way to make a buck. But how can anyone put a price on 'fun' ? I once went through $8000 of skunks to find one 90% half... my one and only Barber
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goto the new and improved realcent: http://realcent.org |
Edited by - Market Harmony on 09/04/2010 21:33:13 |
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PennySaved
1000+ Penny Miser Member
USA
1720 Posts |
Posted - 09/04/2010 : 22:12:12
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I guess I also look at it as having the benefit of being flexible with your time vs working overt-time or working a 2nd job
Most people just sit mindlessly watching TV; why not make some money while you listen to the TV? :)
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SELLING COPPER PENNIES 1.4X FACE SHIPPED......“I sincerely believe that banking establishments are more dangerous than standing armies, and that the principles of spending money to be paid by posterity, under the name of funding, is but swindling futurity on a large scale” Thomas Jefferson |
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Sheikh_yer_BuTay
Penny Pincher Member
USA
232 Posts |
Posted - 09/05/2010 : 07:55:44
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Thanks for the cost estimates Market Harmony. I am much slower than 40 minutes per box. Too slow!
I just did a $500 box of quarters while I listened to a football game. I had to deal with taking out the dog for a short walk, eating, answering the call of nature, etc. etc.
I found two 90% Washingtons plus $8.00 in Delaware and $6.00 in Bicentennials. Time spent sorting: 4+ hrs.
I think I am going to be better off putting the time into my business and then buying any surplus coin you guys want to sell. |
"The most fiscally irresponsible government in American history."
Mort Zuckerman, liberal columnist and former Obama speech writer |
Edited by - Sheikh_yer_BuTay on 09/05/2010 08:07:45 |
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fb101
Administrator
USA
2856 Posts |
Posted - 09/05/2010 : 10:21:46
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| Yeah Pennysaved. that's me too. sort and listen. |
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slickeast
1000+ Penny Miser Member
USA
2533 Posts |
Posted - 09/05/2010 : 10:49:07
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Yes, there are ways to make 20/hr, but most people on here don't make that at their job or have the means to make that outside of their job. Even if they did, who makes 20/ hr for the 16 hrs a day they are up?
16 hrs a day X 20/hr X 5 days X 50 weeks = $80,000 a year. I would estimate that 75% of the members make less than half that a year.
I have dumped , picked up and sorted $2000 halves in about 3 hrs time and made over $250 several times. Sometimes I get nothing, but it a hobby that I enjoy. Yeah I may have "wasted" my time sorting halves, but how many hrs do we waste a week doing other things. Watching TV ( football and nascar are both more than 3 hrs) , going to the bar, mall , Best Buy , Wal-Mart, Home Depot. We do all these things because we enjoy them. That is the great thing about the coin hobby. You can make it whatever you want it to be and spend as much time and money in it as you can afford. |
You don't have to be the BEST you just have to be.......SLICK
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Sheikh_yer_BuTay
Penny Pincher Member
USA
232 Posts |
Posted - 09/08/2010 : 06:01:05
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quote:
Originally posted by slickeast
Yes, there are ways to make 20/hr, but most people on here don't make that at their job or have the means to make that outside of their job. Even if they did, who makes 20/ hr for the 16 hrs a day they are up?
16 hrs a day X 20/hr X 5 days X 50 weeks = $80,000 a year. I would estimate that 75% of the members make less than half that a year.
As a small business owner... I must do several jobs large companies would have at least two people do. With the myriad of new Federal regulation... my work load has increased (to say the least!).
If I don't work 80 hrs. per week on average, my income sucks, too 
After all payroll, bills, and taxes are paid... IF there is any money left over... that is my income. Trust me, I am not foolin' when I say it is 80 per week. |
"The most fiscally irresponsible government in American history."
Mort Zuckerman, liberal columnist and former Obama speech writer |
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dakota1955
1000+ Penny Miser Member
2212 Posts |
Posted - 09/08/2010 : 07:59:33
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| I would believe that most of us are doing this as a hobby and making money isn't keeping us in it. |
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AGCoinHunter
Penny Hoarding Member
USA
685 Posts |
Posted - 09/08/2010 : 09:55:27
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| All my sorting is done in the evening after all chores are done and the time I usually would be watching a bit of TV. I listen to the TV (mainly American Pickers and Pawn Stars) and on occasion look up when something interesting comes up. Figure I would be just wasteing that time anyhow. Why not sort coins. Dumping is another thing. I spend lunch breaks doing that. The cost of gas and wear and tear on the car has got to be less than what I am finding or I will be done with this hobby. |
"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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Blackrabbit
Penny Sorter Member
27 Posts |
Posted - 09/08/2010 : 14:16:53
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| I had not searched halves in a while as I got skunked on the last couple boxes. Picked up a $500 box today and got one 1964 90% Kennedy. That's it, but enough to make me pick up another box next time I go for pennies and nicks. |
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Had motherload of halves ordered
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