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Nickelless
Administrator
USA
5580 Posts |
 Posted - 03/22/2008 : 12:24:31
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OK, I've finally been sold on getting a Ryedale, but I'm going to wait until after I move since things are going to be a bit crazy the next few weeks. But I got to wondering, how much in FRNs should I set aside for my first substantial penny run? I can allocate a couple hundred dollars net from each paycheck for my Cu stash, but the problem will be figuring out how much cash I should have on hand at first to drop for pennies. Of course, I plan to send the zincs back to another bank, but say if I make my first order for $1000 in pennies, have a 40 percent Cu rate and drop the other $600 back in the bank, I'll have to wait a couple more paychecks before I have another $400 to put back in the $1000 so I can make a full $1000 order again.
Am I making any sense, or does it just seem muddled to me because of the very long and tiring week I've had?
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CoinHunter53562
1000+ Penny Miser Member
USA
1805 Posts |
Posted - 03/22/2008 : 17:46:18
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I dont have a Ryedale or plan on getting one right away, but I would say get what you can afford now and not worry about a minimum like $1000 for each order. So in your example, order another $600 worth with the zinc money and each week see what funds you have available for more purchases.
Personally I have a standing order of 2 boxes each week from one bank, and then order what I feel like I will have time for from the other. So this week was 2 from the regular bank and 5 from the other bank. In general, I will probably stick to the 2 boxes of pennies, and diversify over to doing some halves again searching for silver. |
My hobby: collecting real money 1 copper cent or nickel at a time.
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Loophole29
Penny Sorter Member
78 Posts |
Posted - 03/22/2008 : 17:46:47
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| That makes sense. I do the exact same thing. What I did was figure out how much you can afford each week (say, $200) and then divide that by the percentage of copper I get (say 25%), and that equals how much I can get a week. $200 / .25 = $800 a week (or, get $800, sort, keep $200, dump the remaining $600, add $200 the next week for another $800). I find it's easier (on them and me) to have a standing order at a specific branch every week, then to constantly change it. By the way, a Ryedale is awesome. |
Sorting in Jersey |
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c140cessna
Penny Collector Member
USA
419 Posts |
Posted - 03/22/2008 : 17:57:41
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quote:
Originally posted by Loophole29
That makes sense. I do the exact same thing. What I did was figure out how much you can afford each week (say, $200) and then divide that by the percentage of copper I get (say 25%), and that equals how much I can get a week. $200 / .25 = $800 a week (or, get $800, sort, keep $200, dump the remaining $600, add $200 the next week for another $800). I find it's easier (on them and me) to have a standing order at a specific branch every week, then to constantly change it. By the way, a Ryedale is awesome.
PERFECT DESCRIPTION! This is the exact method I've been on for the past year. Steady as she goes.....get an oder program going...get a dump program going.....
All that said, if a great unsorted opportunity comes along...jump on it if you can get the funds.
Never order and not pick up - this will anger your local penny source bank....let them know you plan on seeing them every week....but tell them if you miss then due to unforseen circumstances...you will be back on schedule next week....tell them to not over order and give you a double batch....unless you can shoulder that much of a purchase.
Build a reputation and establish expectations.
I think you have made a good decision....in my house, we divert about 100% of our savings capacity to hoarding. |
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Epaphras
Penny Collector Member
USA
382 Posts |
Posted - 03/22/2008 : 18:27:55
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quote:
Originally posted by Loophole29
That makes sense. I do the exact same thing. What I did was figure out how much you can afford each week (say, $200) and then divide that by the percentage of copper I get (say 25%), and that equals how much I can get a week. $200 / .25 = $800 a week (or, get $800, sort, keep $200, dump the remaining $600, add $200 the next week for another $800). I find it's easier (on them and me) to have a standing order at a specific branch every week, then to constantly change it. By the way, a Ryedale is awesome.
As C140 said, this is the perfect practice. This what I have done for the past year and a half. |
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misteroman
Administrator
USA
2565 Posts |
Posted - 03/22/2008 : 23:30:05
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what does the bank say the first time when you walk in and ask for that kind of volume?
William C you may chime in
Derek |
Buying CU cents!!!! Paying 1.2 unlimited amounts wanted. Can pick up if near Ohio area. |
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Loophole29
Penny Sorter Member
78 Posts |
Posted - 03/23/2008 : 14:01:23
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quote:
Originally posted by misteroman
what does the bank say the first time when you walk in and ask for that kind of volume?
Usually something along the lines of "Are you serious?" and/or "What do you need $X in pennies for?" |
Sorting in Jersey |
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WilliamC
Penny Collector Member
USA
471 Posts |
Posted - 03/23/2008 : 14:07:45
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I didn't have any problem ordering 50 boxes two weeks in a row from my primary bank where I've had an account for many years.
Now though I have only sorted 40 out of 100 boxes so there's no reason to keep ordering this volume every week.
Next week I plan to not order any boxes from the primary bank but rather try and get 3-4 hundred dollars in customer rolls doing drive by buys at different banks to see if I can get a higher yield of copper.
I have $475 in zinc bagged and ready for deposit now, after I get this turned in I'll probably settle in at about $500 a week in boxes from the primary bank, that's as much as I can realistically sort in my spare time.
As I collect more and more copper eventually I'll run low on cash to buy unsorted pennies with and will either have to sell some copper or drop my sorting volume.
From reading other's experiences on here I consider myself lucky to have a single bank where I can order so many boxes at once and a single bank where I can dump the bagged zinc and only have to worry about weighing it, not counting it.
Don't be shy about calling every bank in town or within easy driving distance, they are all over the place and some of them will be willing to work with you on your penny purchases and zinc dumps.
Handling money is what they do :) |
Sorting In Northwest Mississippi |
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Question about setting aside $$ for pennies
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