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WilliamC
Penny Collector Member
USA
471 Posts |
 Posted - 03/09/2008 : 10:08:59
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Greetings Fellow Copperheads,
Just had a crazy thought today, probably because I'm all out of pennies to sort and it's Sunday and the banks are closed.
There's a Fred's Store right up the road that has a Coinstar machine. Of course I'm not going to use it to return the zinc since it eats 8.9% of the value.
BUT, has anyone ever actually bought a bag of pennies from a retailer that has a Coinstar? My understanding is that the Coinstar bags hold $50 worth of pennies, so perhaps the retailer would be more than happy to sell a full Coinstar counted bag for $50 rather than having to take them to the bank.
I'm willing to bet the percentage of coppers and possibly even wheaties would be much higher since the main people who use Coinstars, at least at a local Fred's Store, are probably not very discriminating when it comes to checking their currency. If they are willing to take the 8.9% hit to convert their coins then what's the likelyhood of them sorting through the pennies first before they exchange them?
I'm going to go ask today if they have a bag to sell. If this works out it could become a supplement to my weekly bank purchases!
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Sorting In Northwest Mississippi |
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NotABigDeal
1000+ Penny Miser Member
USA
3890 Posts |
Posted - 03/09/2008 : 10:11:21
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Let us know how that goes, not sure if anybody there has a key....
Deal |
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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WilliamC
Penny Collector Member
USA
471 Posts |
Posted - 03/09/2008 : 10:16:10
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Ah, I never thought about them not having a key to it. But they would have to if it gets full eh?
Let me call the Fred's right now and see what they say...
Rats, the money isn't counted there at the store, so it wouldn't be possible for me to buy the pennies from them.
Well, interesting idea at least. |
Sorting In Northwest Mississippi |
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NotABigDeal
1000+ Penny Miser Member
USA
3890 Posts |
Posted - 03/09/2008 : 10:22:32
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Nice try, never hurts to ask.
Deal
p.s. Just wait until you place your Ryedale order, all the hair-brain ideas really come out for finding pennies. I'm excited for you. |
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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WilliamC
Penny Collector Member
USA
471 Posts |
Posted - 03/09/2008 : 10:27:34
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I'm already thinking to use my 9-year old as a way of getting people to sell us their pennies.
Make up flyers or put an ad in the local paper saying that he is interested in coin collecting and is willing to buy unwrapped pennies by the pound or something.
heh heh. |
Sorting In Northwest Mississippi |
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starwarsgeek171
Penny Hoarding Member
USA
651 Posts |
Posted - 03/09/2008 : 10:33:25
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| I have already been able to arrange a deal with my bank's manager that permits me to buy the bags of my choice (as long as I give him notice). Keep looking. |
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Cerulean
Penny Hoarding Member
USA
993 Posts |
Posted - 03/10/2008 : 07:48:35
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I've heard it said that the retailer only hosts the machine in their store, but does nothing to manage it. When the machine gets full, it automatically pages a CoinStar technician to the site to empty it. Only said technician has a key. Just repeatin' what I've heard.
That said, the supermarket near me has a CoinStar machine, and one of the store employees was able to open it. I asked politely, and they let me keep the coins stuck to the magnet, mostly Belgian eurocents.
I've not heard of anybody talking CoinStar into selling them a bag, but it's not impossible. |
Sorting Map
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Wanna take seignorage away from the Fed? Spend *any* coins!
We cannot afford this government.
Cerulean's Standing Offer: $3/lb shipped for foreign coins |
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horgad
1000+ Penny Miser Member
USA
1641 Posts |
Posted - 03/10/2008 : 08:05:45
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quote:
Originally posted by Cerulean
I've heard it said that the retailer only hosts the machine in their store, but does nothing to manage it. When the machine gets full, it automatically pages a CoinStar technician to the site to empty it. Only said technician has a key. Just repeatin' what I've heard.
That said, the supermarket near me has a CoinStar machine, and one of the store employees was able to open it. I asked politely, and they let me keep the coins stuck to the magnet, mostly Belgian eurocents.
I've not heard of anybody talking CoinStar into selling them a bag, but it's not impossible.
I think you have it right. To tap into CoinStar you need to either talk to CoinStar or the guy in the area that owns/manages the local CoinStar franchise business. Also I think they use a bin that holds all coins mixed...not bags. So that presents another problem.
If you could save them money by taking coins from them (instead of them having to send them in to get rolled and distributed), they may be willing talk business. Of course you probably have to be willing to take in ALOT of coins to make it worth their while. |
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HoardCopperByTheTon
Administrator
USA
6807 Posts |
Posted - 03/11/2008 : 01:40:41
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| I have the right machines to handle all their action.. (Sorters, Counters, Rolling machines) Now if I can just convince the CoinStar guy how convenient it would be for him to sell all those mixed coins to me. Heck, CoinStar is all about convenience, isn't it? |
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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Reverse Coin Star, Crazy or Good Idea?
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