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lukeownzu
Penny Collector Member
364 Posts |
 Posted - 03/10/2008 : 22:50:02
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I got an account at Washington Mutual, and my parents don't want me to have any other accounts. They have to be on it, however, since I am only 15. I also (obviously) can't drive and don't have a car, so how do I maximize my penny intake/outtake? The teller at WaMu said that if I order pennies on Monday they will be there Wednesday, and I can order as many as I want ( I think).
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HoardCopperByTheTon
Administrator
USA
6807 Posts |
Posted - 03/10/2008 : 23:10:42
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I love it when a new bank tells me they will order as many boxes of pennies as I want. I just smile and say "Oh, you shouldn't have told me that!" 
If you have a bank that will order you as many pennies as you want then you are all set. You order as many as you can afford. Then you sort them as fast as you can so you have the zincs to deposit back into your account right away. Then order another batch for the following week. You should be able to set up a standard weekly order there and just pick them up every week. The trick is getting them processed fast or you run out of money pretty fast. I used to sort pennies when I was your age.. back then they were all copper.. we were just sorting for wheat cents. I didn't drive then either. I had a bicycle and a backpack. I would ride down to the bank and pick up a bag of pennies (2 boxes), put it in my backpack and take it home for sorting.
You usually only need an account for depositing your zincs back.. maybe for preordering.. though a buddy of mine just got a bank to order him 80 boxes of pennies and he doesn't even have an account there. You can supplement your weekly order the same way the rest of us do.. by drive bys.. or in your case ride bys. You just go into any bank (you don't have to have and account) and tell them you would like to buy some rolls of pennies. Most banks are happy to sell you several rolls. You figure out pretty quickly which banks are friendly and which ones are not.
I think Washington Mutual requires you to roll the pennies up to deposit them. You can reuse customer wrap rolls you took the pennies out of, or ask the bank for some penny rolls. This way you won't be wasting any money on rolls for your pennies. Make sure to put a little mark on your rolls so you know if they try to sell you your own rolls back. |
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. |
Edited by - HoardCopperByTheTon on 03/10/2008 23:12:05 |
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CoinHunter53562
1000+ Penny Miser Member
USA
1805 Posts |
Posted - 03/10/2008 : 23:11:26
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| How far is the bank from your house? Do you have a friend of legal driving age that can take you until you get your license? What about riding a bike over? I know none of these are optimal, but you'll have to get creative until you get your license and have access to car. |
My hobby: collecting real money 1 copper cent or nickel at a time.
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NotABigDeal
1000+ Penny Miser Member
USA
3890 Posts |
Posted - 03/11/2008 : 06:40:40
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Can I ask why they don't want you to have more accounts? Is it because their name(s) have to be on all of them? Are there multiple branches of this bank near you? Maybe buy/dump from two or more different branches. Sounds like you are going to need a bike and backpack....Maybe catch a ride from your parents as well. Just ideas. Good luck.
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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starwarsgeek171
Penny Hoarding Member
USA
651 Posts |
Posted - 03/11/2008 : 06:59:40
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| A backpack filled with 8-10 boxes of pennies while riding a bike! I love it. Sounds like something that I'd have done before I turned 39! Hope your eating your Wheaties, Luke. |
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wheeler_dealer
Penny Collector Member
USA
402 Posts |
Posted - 03/11/2008 : 07:21:41
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Regarding problems with the parents, I have a teenage son and if he took the time to explain what he was doing, I would probably be more supportive of him. Get your ducks in a row. Show your parents what you are doing, explain your motives, show them the coinflation site and get them involved. Ask them to partner up with you then they have an interest in your success. Ask your dad or mom " would you consider it a good opportunity if you could double your money with no risk to the original principal?"
If you are unable to get them on board, I suggest seeking out a silent partner. Ask a close relative to consider investing in you. Most grandparents or aunts and uncles are more than willing to help out if you can demonstrate a win-win situation. You may have to allow them to hold some of their capital (pennies) temporarily with an agreement in advance that you will be owner of the pennies once you can afford to repurchase them. P.S. You may be able to work them off.
Remember people won't support what they don't understand-EDUCATE THEM. Good Luck |
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snappy
Penny Collector Member
USA
301 Posts |
Posted - 03/11/2008 : 08:48:35
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| I have seen bikes with small trailers attached to them normally carrying a small child they would be good for hauling your cents back to the bank. |
Selling Ryedale sorted USA cents
1.5 each + shipping over 500fv 1.5 each +1/2 shipping
If you pick up 1.35 each
located MT/ND boarder.
after Ryedale sorting they are hand sorted to remove canadian then rechecked with Ryedale to insure all copper and count out $50 FV then placed in cloth bags and sealed with #1 copper wire. |
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lukeownzu
Penny Collector Member
364 Posts |
Posted - 03/11/2008 : 10:57:35
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quote:
Originally posted by HoardCopperByTheTon
I love it when a new bank tells me they will order as many boxes of pennies as I want. I just smile and say "Oh, you shouldn't have told me that!"
If you have a bank that will order you as many pennies as you want then you are all set. You order as many as you can afford. Then you sort them as fast as you can so you have the zincs to deposit back into your account right away. Then order another batch for the following week. You should be able to set up a standard weekly order there and just pick them up every week. The trick is getting them processed fast or you run out of money pretty fast. I used to sort pennies when I was your age.. back then they were all copper.. we were just sorting for wheat cents. I didn't drive then either. I had a bicycle and a backpack. I would ride down to the bank and pick up a bag of pennies (2 boxes), put it in my backpack and take it home for sorting.
I ordered 2 boxes, but I want a different bank account to dump them.
quote:
You usually only need an account for depositing your zincs back.. maybe for preordering.. though a buddy of mine just got a bank to order him 80 boxes of pennies and he doesn't even have an account there. You can supplement your weekly order the same way the rest of us do.. by drive bys.. or in your case ride bys. You just go into any bank (you don't have to have and account) and tell them you would like to buy some rolls of pennies. Most banks are happy to sell you several rolls. You figure out pretty quickly which banks are friendly and which ones are not.
I think Washington Mutual requires you to roll the pennies up to deposit them. You can reuse customer wrap rolls you took the pennies out of, or ask the bank for some penny rolls. This way you won't be wasting any money on rolls for your pennies. Make sure to put a little mark on your rolls so you know if they try to sell you your own rolls back.
Yes I have to roll the, good idea with the marking.
quote:
How far is the bank from your house? Do you have a friend of legal driving age that can take you until you get your license? What about riding a bike over? I know none of these are optimal, but you'll have to get creative until you get your license and have access to car.
About a mile, no just my parents, my bike needs repair.
quote:
Can I ask why they don't want you to have more accounts? Is it because their name(s) have to be on all of them? Are there multiple branches of this bank near you? Maybe buy/dump from two or more different branches. Sounds like you are going to need a bike and backpack....Maybe catch a ride from your parents as well. Just ideas. Good luck.
Basically they don't want my accounts to get confused, especially since they are accountable. They will take me to the banks whenever I need to go however.[/quote]
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HoardCopperByTheTon
Administrator
USA
6807 Posts |
Posted - 03/11/2008 : 11:14:15
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| Sounds like you have the transportation problem handled. Your parents are being very supportive. You might want to see about getting your bike repaired though. That way you won't feel like you are bugging them to go to the bank all the time, and you can stop by several other banks in your area to pick up rolls. Don't worry about dumping at the same bank you are sourcing your pennies at as long as you are hand sorting. The multiple bank thing is primarily for those of us that have to source and dump serious volume. If you mark your rolls and also just put a little identifying mark on the outside of the box you don't have to worry about getting your own pennies back. |
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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Delawhere Jack
1000+ Penny Miser Member
USA
1680 Posts |
Posted - 03/11/2008 : 19:09:00
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quote:
Originally posted by starwarsgeek171
A backpack filled with 8-10 boxes of pennies while riding a bike! I love it. Sounds like something that I'd have done before I turned 39! Hope your eating your Wheaties, Luke.
Do they still make Wheaties?... The cereal of course...not the coins
If he can carry 10 boxes in a backpack, he should be training for the NFL, not sorting pennies! 
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"Educate and inform the whole mass of the people... They are the only sure reliance for the preservation of our liberty." Thomas Jefferson
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n/a
deleted
15 Posts |
Posted - 03/22/2008 : 17:12:36
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| I would probably look for ways to spend them like a few during lunch at school etc. I find ways to spend them myself as an adul especially as the change part. Say "let me see if I have the change" and pull out some silver and finish it with pennies and nobody tends to mind. It was tough for me to get over the embarrasment at first. |
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Problem with parents
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