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WilliamC
Penny Collector Member
USA
471 Posts |
 Posted - 03/10/2008 : 18:51:30
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Well I purchased a Ryedale 300-I today, the nice one without the digital counter. Thanks Andy!
Tomorrow I'll place my first bank order for $1,000 or so of pennies, oh heck I'll just round it up to $1,250 so as to get an even 50 boxes.
Over the next two or three days I'll head up the road to a Bancorp South branch in Southaven and open an account. They will take plastic bags of "rough count" pennies for deposit, have them counted for accuracy, and adjust the deposit accordingly.
I'm to get some scales and simply weigh the pennies. Since they will all be zinc it should be pretty easy to get real close to the needed $25 per bag doing this, and any discrepancy will be caught by the bank.
I'm so excited I just might have to buy one more box to sort by eye while I'm waiting!
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Sorting In Northwest Mississippi |
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coincollector101
Penny Sorter Member
86 Posts |
Posted - 03/10/2008 : 18:52:49
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| sweet I wish I could find a place to take them like that!! |
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HoardCopperByTheTon
Administrator
USA
6807 Posts |
Posted - 03/10/2008 : 19:36:41
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Congratulations William. I'm sure your will love the machine!
William.. don't forget to get a nice sturdy cart.. 50 boxes of pennies weighs quite a bit and you don't want to hurt your back lugging them out. I suggest one of the sturdier models with a 660 pound capacity rather than a 300 pound model. The ones with a flat panel and fold down handle for easy storage work pretty well. One of my best equipment investments.
I would be happy to give you the exact weight in grams of 2500 zincers. I will tare an empty bag then count out 2500 with one of my high speed counters and send you the weight. You can either tare your empty bag and add pennies till you get to the right weight or add the weight of the type bag you are using to the weight I provide you so you will have the proper target weight.
Don't forget to pick up lots of empty bank bags when you open that account.. you will need them.
Coincollector101.. How did you get cut off from your dump bank? |
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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PennyProspector
Penny Pincher Member
USA
212 Posts |
Posted - 03/10/2008 : 20:56:21
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William
Congrats on the new investment!
I am not joking when I say it frickin' cool.
Not alot of hobby investments that can pay for them self in a matter of weeks!!
Happy Prospecting
PP |
Happy Prospecting! |
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Ryedale
Administrator
USA
523 Posts |
Posted - 03/10/2008 : 21:06:06
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Congratulations William,  I got started on the wire harness and sub assemblies tonight. Thanks for the order. Andy
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Ryedale
GET YOUR DRI-SLIDE FROM IRONBRAID
http://www.ironbraid.com/driside.html
Used with permission from Ironbraid.
Quote
"The real art of conversation is not only to say the right thing at the right place, but to leave unsaid the wrong thing at the most tempting moment."
— Dorothy Neville-Rolfe |
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misteroman
Administrator
USA
2565 Posts |
Posted - 03/11/2008 : 00:48:59
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Damn william,You went from Noob to mass hoarder in like a week!!!Good luck and let us know how your first batch went.
Maybe you could set aside a time frame and just sort them all at once and post your results.Also let us know what the teller says when you order $1k in pennies,or $1,250 for that matter.
Derek |
Buying CU cents!!!! Paying 1.2 unlimited amounts wanted. Can pick up if near Ohio area. |
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starwarsgeek171
Penny Hoarding Member
USA
651 Posts |
Posted - 03/11/2008 : 07:00:50
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| Congratulations! |
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CoinHunter53562
1000+ Penny Miser Member
USA
1805 Posts |
Posted - 03/11/2008 : 08:26:01
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| Congrats and good luck. Let us know how things progress once you get that Ryedale going. |
My hobby: collecting real money 1 copper cent or nickel at a time.
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wheeler_dealer
Penny Collector Member
USA
402 Posts |
Posted - 03/11/2008 : 18:38:53
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| Congratulations. I am jealous. Does this mean no more dirty, sticky hands and bloodshot eyes. Enjoy your new TOY and good luck getting your penny order. |
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HoardCopperByTheTon
Administrator
USA
6807 Posts |
Posted - 03/11/2008 : 19:03:40
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| I can personally attest that that is not the case. If anything it means dirtier, stickier hands and more bloodshot eyes. |
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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WilliamC
Penny Collector Member
USA
471 Posts |
Posted - 03/11/2008 : 21:10:32
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Just ordered $1,250 worth of pennies today, will pick them up Friday.
I wear disposable gloves while sorting so I don't get dirty hands. Pennies can be pretty disgusting.
I'm quite nearsighted, so when sorting by eye I take off my dork glasses, spread the pennies on a piece of newspaper on the kitchen table, get a desk lamp, and stare away while sorting. I'm sure I'll be giving at least some of the zincs a cursory look for wheats or the ever elusive Indian Head before dumping them but for now the goal is high-throughput.
The coppers can be sorted whenever for wheats.
Assuming I don't have any problem with setting up my dump bank I would like to sort 50 boxes a week, at least until I get so much copper that it starts hindering my cash flow.
At that point I'll have to see about selling some to maintain the level of sorting. I'm really paranoid that this opportunity won't last for very much longer. A year, maybe two at the outside, then the gig might be up.
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Sorting In Northwest Mississippi |
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WilliamC
Penny Collector Member
USA
471 Posts |
Posted - 03/11/2008 : 21:11:38
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| Oh yes, and a big thanks to Andy for making this machine available to us crazed copper counters! |
Sorting In Northwest Mississippi |
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Epaphras
Penny Collector Member
USA
382 Posts |
Posted - 03/11/2008 : 21:57:42
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| It would be a good idea to break all your rolls open to feed your monster...I mean machine when it arrives. |
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HoardCopperByTheTon
Administrator
USA
6807 Posts |
Posted - 03/12/2008 : 00:29:53
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Epaphras offers excellent advice. Freeing the pennies from the rolls is the most time consuming part of the operation. If your pennies arrive before the monster start prepping things by getting the pennies out of the rolls. Sorting goes much faster if you don't have to break them out of the rolls.
I know you are going to love it. I have had my Ryedale for a year now and it is still my favorite toy! |
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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WilliamC
Penny Collector Member
USA
471 Posts |
Posted - 03/12/2008 : 16:56:33
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Just read an article in the Memphis newspaper today about how the prices of metal is driving up the prices of coins and that the US Mint is thinking to change to steel pennies in the next year or two!
I swear I'm really getting nervous and want to start my large scale sorting ASAP before the copper is all gone!
Just as soon as the Ryedale gets here I'll sort my first big batch of pennies and see how easy it is to dump my zinc. Assuming this all goes well I'll be pushing through as much as humanly possible in the next few months. I'll only slow down when I get to having several thousand dollars tied up in copper, then maybe I'll look to sell some to get cash flow to buy more pennies.
Just my luck, I find out about this great thing a year too late :(
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Sorting In Northwest Mississippi |
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aboxaweek
Penny Collector Member
USA
326 Posts |
Posted - 03/13/2008 : 17:27:16
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| I wouldn't mind haveing steel pennies, though they may look like dimes. Just gotta hurry up and take care of that 1943 penny first. |
*HUCKABEE*
___08'____
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WilliamC
Penny Collector Member
USA
471 Posts |
Posted - 03/13/2008 : 19:39:36
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Well thanks to the fastest machinist in the Midwest I've just been notified that I have a package on the way!
And apmex.com finally shipped out my first order of silver I placed two weeks ago!
And tomorrow I pick up my 1st 50 boxes!
Packages, packages, we loves our packages!
Meanwhile I've been sorting just a few more by eye, for what will soon be old times sake.
I've got it bad I tell ya!
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Sorting In Northwest Mississippi |
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HoardCopperByTheTon
Administrator
USA
6807 Posts |
Posted - 03/13/2008 : 23:08:05
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| I hear that copper fever thing is going around. What is it they say.. starve a cold, feed a fever? |
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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WilliamC
Penny Collector Member
USA
471 Posts |
Posted - 03/14/2008 : 06:24:05
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Just purchased 3,000 cartridge penny rolls from generalbanksuppy.com for only $37.95.
That's the lowest price I've seen, far lower than buying them from office depot or walmart.
They have the coin deposit bank bags for a good price too but I'm waiting until I actually open an account (today) and have personal confirmation that they will accept bagged coins for deposit (like they said they would over the phone).
Almost there... |
Sorting In Northwest Mississippi |
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WilliamC
Penny Collector Member
USA
471 Posts |
Posted - 03/14/2008 : 17:31:36
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Ok, I picked up the first batch of 50 boxes today from my primary receiving bank, Regions here in Senatobia.
The teller/manager was very nice, even offered to help me carry them to the car!
After they were loaded she asked me about what I was up to. I told her and she said her person had said pennies were only worth ~70% of their face value! So it's obvious that many in the banking industry are clueless as to what is going on.
I wrote down the url's for coinflation.com and ryedalecoin.com for her to look at when she had a chance, I figure that will explain things much better than I could.
Later in the afternoon I went up to Southaven (about 25 miles away) and opened a simple checking account at Bancorp South. They are very willing to accept bagged coins for deposit and will have each bag counted for accuracy and adjust the deposit accordingly. I explained that I would be bringing up to hundreds of dollars of coins at a time and lo and behold! they already have a dolly/wagon at the branch for customers to bring the bags into the bank with! There's actually a branch of Bancorp South here in Senatobia but they don't accept the bagged coins. That's ok, I can dump rolled coins there sometimes if I need to :)
Again, after I opened the account and explained that I was getting into coins as a hobby, the teller asked me what exactly I would need to be depositing so many pennies for. Again I explained to her about the inflation rate and the price of copper and gave her the url's for coinflation.com and ryedalecoin.com.
So maybe I've opened a Pandora's box (of pennies) by cluing in the banks as to what I'm doing, but I figure they really won't or can't do much about it. I am following their rules after all.
Now I just have to wait until Tuesday or so when the machine arrives so I can start on this big stack of boxes in my living room. But next Tuesday I'll probably place a second order for another 50 boxes, that will be about as much cash as I can tie up at once without returning the zinc.
I figure once I get up to $4,000 or so of copper I'll really have to think about selling some to get more cash to buy more pennies. It's just a matter of how fast I can get there!
Oh, one final detail. I'll go back to generalbanksupply.com and buy a couple hundred plastic coin bags tonight. Got to have those so I can count the zinc into. For now I'll simply weigh the bags and trust that the banks coin counting will be honest enough not to rip me off. I can't imagine that businesses turning in large numbers of coins always count every single one, so hopefully I'll be ok with this.
Almost there...
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Sorting In Northwest Mississippi |
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WilliamC
Penny Collector Member
USA
471 Posts |
Posted - 03/14/2008 : 17:56:02
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Well Ooops me out!
Shipping on the coin wrappers was $25 and somehow I missed that when I placed the order.
Sort of negates the great price I got on them, now I'll have to do some more shopping. Well I shouldn't need too many of these anyway since I've got a dump bank for bagged pennies lined up.
But, I just had to purchase the plastic coin bags, 200 of them (including shipping) for $82.
Yikes but these "incidental" costs sure add up!
Still, with 200 bags at $25 per bag I can turn in $5,000 worth of zinc.
Assuming a 20% copper yield that's $1,000 of copper, and at a 250% markup thats 2,500 worth of metal I'll have for that $82.
Even still the plastic bags represent 1.26% of the combined value of the zinc and copper.
I guess there's no such thing as a free lunch :( |
Sorting In Northwest Mississippi |
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NotABigDeal
1000+ Penny Miser Member
USA
3890 Posts |
Posted - 03/14/2008 : 17:59:20
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So....I hate to ask, but any dud boxes???
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 - 03/14/2008 : 18:17:50
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quote:
Originally posted by NotABigDeal
So....I hate to ask, but any dud boxes???
Deal
I've only opened one box, and that's 'cause my son dropped it.
The two rolls I sorted from it had about 16 coppers.
When the Ryedale gets here I'll just open rolls and pour them in.
I'll try to keep a total percentage per box but I'm more worried about throughput at this point. |
Sorting In Northwest Mississippi |
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PennyProspector
Penny Pincher Member
USA
212 Posts |
Posted - 03/14/2008 : 21:19:17
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What bags did you purchase??
size length & width?
where did you purchase????
BTW, I am just as excited as you!! cant wait to hear about your first sort!
Gary |
Happy Prospecting! |
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HoardCopperByTheTon
Administrator
USA
6807 Posts |
Posted - 03/14/2008 : 23:42:22
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| That actually is not a bad price on the plastic coin bags if they are the right size. Guess I have been dining on the Free lunches.. I have been getting all my bags for free from the banks! I do exact counts into each bag using one of my 3 high speed counting machines. One way you might be able to save a little on the incidentals.. If you put 7500 in each bag instead of 5000 it still comes in below the 50 pound weight limit. Or did you get the baby bags because the bank wants you to turn them in $25 at a time? I think the weight limit on the smaller bags is 25 pounds. They hold a box of nickels really well. |
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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WilliamC
Penny Collector Member
USA
471 Posts |
Posted - 03/15/2008 : 07:36:08
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I ordered my bags and coin wraps from GeneralBankSupply.com.
When I opened my account yesterday at my dump bank I even had the account manager go to the website so I could show her the exact bags I was going to order. She confirmed that they were the preferred bags for their branch.
The exact ones are here: You must be logged in to see this link.
Shipping for 2 packs was $13, much less than the $25 shipping for the 3 1000 count bags of penny cartridges I ordered. But I figure the penny cartridges have to be packed to prevent crushing whereas the plastic bags don't.
Even still the shipping adds up, I'll have to look around for a better deal if I'm going to buy any more cartridges. I'm going to see if Office Depot will have some sent to their store free if I pre-order them. |
Sorting In Northwest Mississippi |
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Taking The Plunge!
Forum Locked
