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topeka
Penny Pincher Member
160 Posts |
 Posted - 03/22/2008 : 16:18:38
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Hello Group,
I am new to this idea of hoarding. After several days of reading posts I got up the nerve to try an experiment. I went in to my bank and asked if I could order $10,000 worth of pennies! (why mess around?) The teller said she would call me.
I really don't understant how the system works?
How many pennies/nickels can you order at one time.....any why!
Thanks for the education!
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Silver..poor mans gold
Copper..peasant silver |
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wheeler_dealer
Penny Collector Member
USA
402 Posts |
Posted - 03/22/2008 : 16:48:20
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Topeka,
Welcome. Although you will find many more vastly experienced collectors here on the forum. I am a few weeks new to the game. I chose to start slow. A few boxes at a time. My findings were that it is much easier to obtain one or two at a few different banks. $10,000 seems like quite a bit. You may want to consider logistics such as cubic volume (bank may not have vault space). Weight- I may be off however I believe it takes three rolls for a pound of pennies = 8 1/3 pounds per $25. Volume orders can be tough on the vehicle suspension. Will the bank order that many without assurances that you are serious? Personally I have found resistance with small orders. I admire your desire to go into this big time. It doesn't seem impossible to invest the dollar amount. You may just need to spread your wealth around at a few different banks. I wish you luck. |
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Loophole29
Penny Sorter Member
78 Posts |
Posted - 03/22/2008 : 17:36:05
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| Wow. That’s an astronomical amount of pennies to get from one bank at one time. I started smaller, and increased my quantity as it became apparent my orders weren’t keeping up. There’s a learning curve to everything, and after a few weeks you find out ways to do things quicker, what days are best for you and a specific bank to pick up, etc. You might want to think about starting with a smaller number (maybe $1,000?), or spreading it out over a few banks/branches. |
Sorting in Jersey |
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CoinHunter53562
1000+ Penny Miser Member
USA
1805 Posts |
Posted - 03/22/2008 : 17:39:41
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| One box of pennies depending on the mix of zincs and coppers should weigh 15-17 pounds. With $10K of pennies, you are looking at 400 boxes and around 6000+ pounds of coins. I dont know of many vehicles that could hold 6000 pounds so you may be looking at multiple trips with multiple entries into the vault by the tellers. I would be surprised if they did it, but how does the saying go..."go big or go home"? |
My hobby: collecting real money 1 copper cent or nickel at a time.
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c140cessna
Penny Collector Member
USA
419 Posts |
Posted - 03/22/2008 : 18:06:01
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Better go slow and steady. I've hoarded 4 tons in one year....sorting about $800/week.
Go big like your proposal and expect the bank to stick you with big order fees.
Also, where are you going to dump $6000 - $8000 zinc....how much and how fast to dump?
I suggest you order no more than 4 - 8 boxes per week per bank....remember, some little gal will have to hump this around in her vault....do not wear out you welcome....
I do not know if it is pratical to go so big so fast...and why bother...you can only sort and dump at a limited pace....
My program has worked for me.....
Good luck. |
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misteroman
Administrator
USA
2565 Posts |
Posted - 03/22/2008 : 23:46:42
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I'm not sure any civilian vehicle could hold 6600 lbs at once.Even a 1 ton HD truck Alos the is only supposed to hold 2000 lbs but can usually hold 2x that amount.You are talking over 3X.Might have to get a dump truck.I don't think the brakes would hold either.They aren't meant to stop 10,000lbs.
Derek |
Buying CU cents!!!! Paying 1.2 unlimited amounts wanted. Can pick up if near Ohio area. |
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WilliamC
Penny Collector Member
USA
471 Posts |
Posted - 03/23/2008 : 06:29:51
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I hope you have a big truck, a big place to store the pennies, a sturdy cart, a strong back, and lot of time to spend loading the pennies from the bank to your vehicle and unloading them when you get to where you are going. 400 boxes will take a long time and by the time you are 1/10th of the way through moving them you will be getting tired.
If you are having the money to buy this many at once perhaps you could pay to have an armored car deliver them directly to your residence or wherever you are doing the sorting.
And unless you have several people each with their own Ryedale working with you it will take you a long time to sort them. I had 100 boxes and in two good days I've only gotten through 40 of them.
Even still I wish you luck, you are one crazy dude. And here I thought I was out of control, but you put me to shame!
Happy sorting and keep us updated on your adventures.
I'm off to bag the zinc from my $225 sort last night, then if I have time I will break open another $200 to sort later. I probably can't sort today, family things to do, and I actually have some other pressing business to attend to as well.
Hey, for $10,000 worth of pennies this could be a full time job! |
Sorting In Northwest Mississippi |
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Saul Mine
Penny Collector Member
USA
343 Posts |
Posted - 03/23/2008 : 07:40:37
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$10,000
20,000 rolls
400 boxes
1 million coins
6,000 to 6,800 lbs
250,000 to 300,000 coppers
$5,950 to $7,440 melt value
$3,450 to $4,140 profit
700K to 750K zinc pennies to return to the bank
OOPS!!!! |
A penny sorted is a penny earned!
Please use tinyurl.com to post links. Long links make posts hard to read. |
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NotABigDeal
1000+ Penny Miser Member
USA
3890 Posts |
Posted - 03/23/2008 : 10:24:40
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Uh....That's all I have to say....
Deal
p.s. If you are in the city of Topeka, I insist on being there when you pick these up. I'm near enough and will travel....A witness would help 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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c140cessna
Penny Collector Member
USA
419 Posts |
Posted - 03/23/2008 : 14:22:51
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quote:
Originally posted by NotABigDeal
Uh....That's all I have to say....
Deal
p.s. If you are in the city of Topeka, I insist on being there when you pick these up. I'm near enough and will travel....A witness would help you....
Deal - take a camera....I want to see this as well. Suggest Topeka rent a car hauler trailer. |
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HoardCopperByTheTon
Administrator
USA
6807 Posts |
 Posted - 03/23/2008 : 14:45:13
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Topeka.. I like your style!  I think the bank may balk at that size order, but hey, you might get lucky. At that rate you would only have to go to the bank a couple of times a month. Hope you have a really good truck.. that is a pretty good load of pennies. I generally limit my order size per bank to 24 boxes. I don't want to put more than 360 pounds in the trunk of my Camry. If I had a bigger vehicle and more cooperative banks I might up those weekly orders.
Maybe asking for 400 boxes is a good approach. That way they know you are serious and if they cut you down to say 100 boxes per order you still have a decent amount.
Unless you just plan to buy and hold you might start thinking about a zinc disposal program. While many banks will order plenty of pennies for you, they usually don't want you to bring them back.
Hope Deal can get out there to shoot the pics for the board.
Let us know what the bank says. |
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 03/23/2008 14:45:34 |
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topeka
Penny Pincher Member
160 Posts |
Posted - 03/23/2008 : 22:40:38
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Hello Group!
I talked this idea over with my wife............and to my amazement she said go for it!
I ordered a Coin Artist from Andy today.......seems like a nice guy. I kind of doubt if Bank of America will deliver the $10,000 of pennies (I do have trucks and trailers just in case...) but if not I will ask "What is the limit then?......
There is a Credit Union that advertises a Free Self serve coin counter in the lobby. My plan is to tell the "bank" I will open an account here if I can deposit $250 worth of pennies a week. |
Silver..poor mans gold
Copper..peasant silver |
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wheeler_dealer
Penny Collector Member
USA
402 Posts |
Posted - 03/23/2008 : 23:49:44
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Topeka,
Good luck on your venture. Keep us up to date. What part of the country are you from? |
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HoardCopperByTheTon
Administrator
USA
6807 Posts |
Posted - 03/24/2008 : 02:07:11
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I'm guessing he is somewhere in Kansas. But it is just a guess, Toto.
Congrats on getting a Coin Artist Topeka. I agree, Andy is a really nice guy.. and he make a heck of a fine machine.
I don't think I would tell the Credit Union you are going to deposit $250 a week. At that rate it would take 8 months just to deposit the zinc rejects from your first order. You will be depositing way more than $250 a week. Just open the account and start using the free coin counter. They will tell you if they think you ever exceed their "limit." |
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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HoardCopperByTheTon
Administrator
USA
6807 Posts |
Posted - 03/24/2008 : 02:09:52
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| I just got to thinking.. Bank of America often uses Brinks to provide their rolled coin. Wouldn't it really be a bitch if BofA came through with the 400 box order for Topeka and they were all duds? |
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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NotABigDeal
1000+ Penny Miser Member
USA
3890 Posts |
Posted - 03/24/2008 : 06:16:27
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What happened to my post????
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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NotABigDeal
1000+ Penny Miser Member
USA
3890 Posts |
Posted - 03/24/2008 : 06:24:25
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quote:
Originally posted by HoardCopperByTheTon
I just got to thinking.. Bank of America often uses Brinks to provide their rolled coin. Wouldn't it really be a bitch if BofA came through with the 400 box order for Topeka and they were all duds?
I mentioned something about that last night, now the post is gone....
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 - 03/24/2008 : 06:44:31
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Sometimes I go to post and hit "preview reply" first and forget to "submit reply", maybe that's what happened to you, NBD.
And Topeka, for sure you will want to have a decent set of postal scales and weigh the boxes before you open them. A pure box of zinc will weigh about 13.8 lbs whereas a pure box of copper will weigh about 17.2 lbs.
If you get boxes weighing less than 14 lbs there won't be much copper in them and it may be best to return them unopened. I haven't had this happen yet, all my boxes weigh 14.8 lbs or more.
Another thing to consider before buying that many boxes is the time required to bust the rolls, it's really a rate limiting step for me. If at all possible call around to as many banks as you can and see if any of them accepts bagged coins. If they do and they have bagged pennies and will sell them to you you will save much time buying these rather than the boxes.
One more thing, again if you buy 400 boxes call around to several armored car services and see if it is possible to get them delivered directly to your place of sorting. It may not be possible but the time required to load, transport, and unload 400 boxes is significant.
Best of luck with this and please keep us updated. You have definitely caught copper fever big time, and the only know cure is to sort your way out of it! |
Sorting In Northwest Mississippi |
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NotABigDeal
1000+ Penny Miser Member
USA
3890 Posts |
Posted - 03/24/2008 : 07:03:49
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Nope, the post was up last night, I saw it. Gone now....
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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Art Tatum
Penny Collector Member
USA
400 Posts |
Posted - 03/24/2008 : 11:53:02
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| you would get a lot of 2007 pennies as well. several dozen boxes for sure |
my machine is running! |
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aboxaweek
Penny Collector Member
USA
326 Posts |
Posted - 03/24/2008 : 13:48:35
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| 10,000 would take forever by hand for me. 200 is hard enough for my parents to let me get. Ha ha. |
*HUCKABEE*
___08'____
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n/a
deleted
73 Posts |
 Posted - 03/24/2008 : 15:52:51
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| You might get 400 boxs of 2008's,THEN WHAT' |
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Art Tatum
Penny Collector Member
USA
400 Posts |
Posted - 03/24/2008 : 16:50:18
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don't want to put more than 360 pounds in the trunk of my Camry. If I had a bigger vehicle and more cooperative banks I might up those weekly orders.
Yo! DO NOT* climb into your trunk.You will have little wiggle room left for you max weight requirement! MMUUUUUUUUUUUUUUaaaaahhhhhhhhh ahhhhhhh ahhhhhhhhaaaaahhhhhhhh! |
my machine is running! |
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pencilvanian
1000+ Penny Miser Member
USA
2209 Posts |
Posted - 03/24/2008 : 18:46:55
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If you can get $10,000 in pennies topeka then you should be declared the honarary penny king (or czar of cents) on this forum.
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topeka
Penny Pincher Member
160 Posts |
Posted - 03/24/2008 : 19:44:15
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Hello Group,
While waiting for the Ryedale I thought I should start accumulating some pennies. I haven't been back to Bank Of America yet to hear their verdict on the 400 boxes ( but after carrying out $500 worth to my car today my desire to carry $10,000 worth in one day has waned....sheepish grin....)
My first stop I locked horns with an uncooperative teller. After we went around for a while I walked out with $1 worth of pennies.
The next 5 banks I tried to be as sweet as honey and it worked out much better! I was able to find 3 banks that would sell me their pennies loose in bags!
I did end up with one box of fifty 2007 P BU rolls. How many years would I have to hold on to this box to sell at a profit?
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Silver..poor mans gold
Copper..peasant silver |
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c140cessna
Penny Collector Member
USA
419 Posts |
Posted - 03/24/2008 : 20:04:32
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I hoard a few boxes of mint zincs...about $400 in the hoard....man, are they beautiful looking....
I bet the zinc penny is "sound" inside 2 years.
I would not go crazy on zinc, but they are way better than paper $. I bet that you could sell for 2X face in a few years. |
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What's the Limit?
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