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greencopper
Penny Sorter Member
USA
41 Posts |
Posted - 03/24/2008 : 20:18:03
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| I am not having much luck. I went to 2 banks, told them that I wanted to order boxes of coins and asked if that would be a problem. They assured me it wouldn't. So, I opened an account at each bank. Then today I got calls from both banks, saying they couldn't order the coins. I ordered 4 boxes of pennies from each. So, I am going tomorrow to close both accounts. I guess I will have to keep trying. This is a pain in the A&^%. These banks seem to forget they are in the money business. |
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WilliamC
Penny Collector Member
USA
471 Posts |
Posted - 03/24/2008 : 20:21:10
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Hey if you can get the pennies in loose bags that's a big plus.
These should be coming straight from customers, most likely merchants who aren't going to bother to sort their pennies for wheats, much less coppers.
But just in case you pick up someone else's zinc dump bags it's still a good idea to weight them before you bust them open.
Sounds like you are well on your way towards becoming a sorting monster!
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Sorting In Northwest Mississippi |
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knibloe
1000+ Penny Miser Member
USA
1066 Posts |
 Posted - 03/24/2008 : 21:05:37
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[quote]Originally posted by topeka
Hello Group,
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 first time I locked horns with an uncooperative teller and ended up with ony $1 in pennies, I wrangled a roll of halves from the teller next to her. The pennies were all duds same as at the neighboring bank. The halves had 17- 1964 kennedys.  You just got to keep at it.
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wheeler_dealer
Penny Collector Member
USA
402 Posts |
Posted - 03/24/2008 : 22:42:01
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| who says persistence doesn't pay off? Nice find on the halves. Knibloe, now you can use your silver to barter for copper. |
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NotABigDeal
1000+ Penny Miser Member
USA
3890 Posts |
Posted - 03/25/2008 : 06:31:51
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My offer stands, let me know and I'll be there. IF I was buying $10k in pennies, I would have some witnesses and pictures....
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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knibloe
1000+ Penny Miser Member
USA
1066 Posts |
Posted - 03/25/2008 : 20:11:55
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Thanks WD, I was pretty proud of myself on the halves.
as a side note, I find that if I am in a "strange bank" and ask for halves, they will generally say no (even if I am sure they have some). The next thing I do is ask for pennies. They rarely say no or ask if I have an account.
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topeka
Penny Pincher Member
160 Posts |
Posted - 03/27/2008 : 18:17:26
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Hello Group,
I went in to my Bank of America branch today where I requested $10,000 in pennies......the vault teller said I could order $50.
I might have to be a little more creative....... |
Silver..poor mans gold
Copper..peasant silver |
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MormonMetal
Penny Pincher Member
USA
150 Posts |
Posted - 03/27/2008 : 18:46:09
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| look on the sunny side, better than nothing |
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HoardCopperByTheTon
Administrator
USA
6807 Posts |
Posted - 03/27/2008 : 19:27:26
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| Topeka, BofA has branches everywhere.. just get 2 boxes from every branch. Or better yet, switch to half dollars.. 2 boxes would at least be a reasonable dollar amount per trip. Also, find out their ordering schedule.. most BofA's order at least twice a week. |
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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Lemon Thrower
1000+ Penny Miser Member
USA
1588 Posts |
Posted - 06/19/2008 : 20:57:01
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Actually, this is not that crazy of an idea. If you do 4 boxes a week, that is over $5000. 8 boxes a week is more than $10,000. Why not pick them all up at once. Think of how much time you will save. Of course, you might want to use a rental car (or truck), lol. I would definitely bring a chocolate bar or something for the teller that helps you load it into your truck.
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Buying:
Peace/Morgan G+ at $15.00
copper cents at 1.3X
wheat pennies at 3X
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nckt
Penny Collector Member
USA
304 Posts |
Posted - 06/19/2008 : 23:31:35
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quote:
Originally posted by NotABigDeal
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
HCBTT is a mod, and he can delete your posts, maybe he deleted your post because he wanted to say it  |
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HoardCopperByTheTon
Administrator
USA
6807 Posts |
 Posted - 06/19/2008 : 23:41:02
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quote:
Originally posted by Lemon Thrower
Actually, this is not that crazy of an idea. If you do 4 boxes a week, that is over $5000. 8 boxes a week is more than $10,000. Why not pick them all up at once. Think of how much time you will save. Of course, you might want to use a rental car (or truck), lol. I would definitely bring a chocolate bar or something for the teller that helps you load it into your truck.
You are only limited by your available capital, the cooperativeness of your bank, and your available storage space. I would hope if you are picking up $10K at a whack you are sorting more than 8 boxes a week. The other consideration is, why tie up your capital for that long.. just go pick them up every now and then as you need them. This is why most of us don't keep more than a couple of hundred boxes in stock.  |
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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kieblera5
Penny Hoarding Member
USA
859 Posts |
Posted - 06/20/2008 : 01:15:13
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quote:
Originally posted by knibloe
Thanks WD, I was pretty proud of myself on the halves.
as a side note, I find that if I am in a "strange bank" and ask for halves, they will generally say no (even if I am sure they have some). The next thing I do is ask for pennies. They rarely say no or ask if I have an account.
That's called the "door in the face" technique. That means you open with a large, intrusive request and then when denied, you ask for a smaller favor that originally would seem large, but now seems very reasonable. It's a trick that telemarketers use. |
Democracy is being allowed to vote for the candidate you dislike least.
Never argue with an idiot. They will drag you down to their level and then beat you mercilessly with experience.
Caller number seven gets the Peace Prize!
Get coding tips, tricks, and more at: http://codingmonday.blogspot.com |
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Gr33nday43
New Member
Uzbekistan
10 Posts |
Posted - 06/20/2008 : 02:12:54
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| Think if you were a banker(or a brinks or loomis delivery guy!), It would really suck to deliver 10000 worth of pennies. Try to spread it out to help everyone.(Chocolates couldn't hurt.) |
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jadedragon
Administrator
Canada
3788 Posts |
Posted - 06/20/2008 : 02:54:33
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quote:
Originally posted by Gr33nday43
Think if you were a banker(or a brinks or loomis delivery guy!), It would really suck to deliver 10000 worth of pennies. Try to spread it out to help everyone.(Chocolates couldn't hurt.)
Ya order two boxes from every bank in town - Brinks and Loomis will love to make all those stops. You can just follow them around picking up coin!
Seriously, spreading the action out is a good idea. |
“The reasonable man adapts himself to the world; the unreasonable one persists in trying to adapt the world to himself. Therefore all progress depends on the unreasonable man.” – George Bernard Shaw.
Why Copper Bullion ~~~ Interview with Silver Bullion Producer Market Harmony
Passive Income blog |
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Lemon Thrower
1000+ Penny Miser Member
USA
1588 Posts |
Posted - 06/20/2008 : 07:56:38
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quote:
Originally posted by kieblera5
quote:
Originally posted by knibloe
Thanks WD, I was pretty proud of myself on the halves.
as a side note, I find that if I am in a "strange bank" and ask for halves, they will generally say no (even if I am sure they have some). The next thing I do is ask for pennies. They rarely say no or ask if I have an account.
That's called the "door in the face" technique. That means you open with a large, intrusive request and then when denied, you ask for a smaller favor that originally would seem large, but now seems very reasonable. It's a trick that telemarketers use.
In his famous book "Influence," Robert Cialdini says that this was the technique that resulted in the Watergate break in. Apparently G. Gordon Liddy had suggested several far more aggressive stunts, and the Watergate breakin sounded down right conservative in comparison. |
Buying:
Peace/Morgan G+ at $15.00
copper cents at 1.3X
wheat pennies at 3X
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MaDeuce
Penny Pincher Member
USA
124 Posts |
Posted - 06/20/2008 : 13:00:05
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Everyone has covered most things already. Despite that, I'll weigh in and add some opinion as well.
1) Getting duds is a real risk. If you order a huge quantity, it is very possible that you would/could get $10K in uncirculated pennies. Towards the end of my adventures in Canada sorting nickels, this happened to me. I ended up having to refuse multiple Brinks shipments because they were straight from the mint. Not cool. Your bank will never touch these coins -- they'll come straight from Brinks or whoever. And your local bank isn't setup to accept this quantity of bulk coins.
2) You have no alternative but to have it delivered to your house. An armored car company might or might not do that. No problem in having it delivered to your business. And you will need a forklift -- the armored car company won't sit around while you unload box by box.
3) How will you unroll all those pennies? Unrolling large quantities of pennies is a realy pain in the rear. You really need to get pennies in bulk if you are serious. You have to be able to return in bulk as well. I have used FIBCs as well as 55 gallon drums. You need the forklift again.
4) You will kill yourself moving these manually. I know. I started moving nickels in 5 gallon buckets. It did not take long before I started automating. You'll really need one or more hoppers to feed into your sorters. I finally got my process to where I never picked anything up, ever -- if it needed to be moved, I used my forklift.
5) What sorter are you using and what is its processing rate? The Ryedales are awesome (this was my first sorter and I still have it), but they are not intended for this volume of coins. This is not a criticism of the Ryedale at all -- you simply can't expect it to process at the same rate as a $10-20K industrial sorter.
As a number of the long-timers here have counseled -- try it out on a somewhat smaller scale first. You will run into problems/issues that you never dreamed of. Everyone, and I mean everyone, has a learning curve, and I doubt you can circumvent that. As I went along, I was blown away by the number of details that I either hadn't considered, or minimized the importance of.
6) IMNSHO, you aren't going to be able to sell that quantity of pennies. So, this means you better be intending on holding them for some indeterminate amount of time. Nothing wrong with holding -- just be sure you aren't planning on selling them at a profit in order for your operation to work.
By no means am I trying to talk you out of thinking big -- hell no -- thinking big is great. I do it myself sometimes. I'm simply saying that you should give yourself a little time, say 3 months, to learn the ropes before you dive into the deep end.
NOW, here's what I REALLY wanted to write about -- attitude!
Keep in mind that you are going in to a bank, not to ask their permission, but to TELL them what they have to do to get your business. And if you already have an account, you are simply telling them the form in which you wish to withdraw your money. It is NOT up to them how and when you can withdraw. In fact, they have no business at all asking you to justify why you need pennies.
It isn't easy at first, but you need to get to the point to where your attitude is such that you think your request is the most normal thing in the world -- if they think it's wierd, that's their problem -- this is your business and your undertaking -- it only needs to make sense to you.
I'm not at all saying to be rude, arrogant, or anything but friendly, kind, and courteous. I am saying that YOU are in charge of the situation -- not them. Act that way.
Banks hate coins. And I don't blame them. They make no money on handling coins, in fact, I'd bet they all lose money on coin processing. This isn't your problem -- it's theirs -- but it is important to understand where they are coming from.
I strongly recommend that you take the approach of, "here's what I need for my business, what do I need to do so that you can fulfill these needs." For example, "I want $1,000 in pennies once a week. What has to happen for this to occur?"
I can give you the answer now:
1) You will need an account with Brinks (or similar). I'm sure they'll balk at home deliveries, but deliveries to a commercial location isn't a problem.
2) You will need the contact information for whoever handles the "coin vault" at your bank. Note that there really isn't a vault -- this is just the person that handles coin orders for their commercial orders.
3) You will need to tell the coin vault the name of the armored car service that you are using.
4) You will need the bank's coin/cash order form. You'll put your account info on this and fill in the blanks that specify the coins you want and when. You will fax your order to your bank's coin vault and to your armored car company.
5) Some armored car company somewhere actually holds your bank's coins. You bank will fax your order to their armored car company.
6) Your armored car company will go by and pick up the coins then deliver them to your location.
7) At your location, you will need either a) a raised loading dock and a pallet truck, or b) a forklift that can pickup an elevated load from the truck and remove it. If you are at the end of their route, or if you have a lot of coins, some of the pallets of coins will be way back in the truck. You'll need a way to get them out, as a forklift won't be able to reach them. I used a pallet grabber and a chain attached to a forklift to drag the pallet to the edge of the truck's door.
8) Get used to everyone from neighboring businesses pouring out of their offices to stand around and watch you unload the armored car. This will make you feel like you are wearing a t-shirt that says "please rob me." This is one reason why I always hated using Brinks -- they refuse to use unmarked vehicles.
9) Prepare to quickly become exhausted explaining to everyone what you are doing with so much money.
The reverse trip is a little simpler.
1) You have your rejects packaged so they can be moved by a forklift or pallet truck. The bulk packaging will have to be approved by your armored car company or whoever is processing your deposit in advance.
2) Call your armored car company for a pickup. Hint -- they NEVER come when they say they are.
3) Load the truck. Try not to runover any of the gawkers with your forklift.
4) Wait 3-5 business days for the deposit to show up in your account.
This is only a HIGH level description, but it should give you a hint of why I suggest that you give yourself a little time for a learning curve. It is pretty much impossible to go from 0 to 100 in one shot.
Anyway, have fun! When you get going, be sure to post photos.
Best Regards,
MaDeuce
P.S. Ha, I just now saw that I didn't answer your question, "What's the limit?" The answer, of course, is that there isn't any limit. We don't need no steenkin' limits. We ain't go no limits! Seriously, I think the practical answer is that it will always be possible to order more than you can possibly handle. |
Edited by - MaDeuce on 06/20/2008 13:02:40 |
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JerrySpringer
Penny Hoarding Member
669 Posts |
Posted - 06/20/2008 : 13:05:05
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| All of a sudden I feel like a girlie man with my $50 penny pick ups. |
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HoardCopperByTheTon
Administrator
USA
6807 Posts |
Posted - 06/20/2008 : 13:35:19
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I read MaDeuce's post wrong the the first time. I thought he said "Try to run over any gawkers with your forklift" Or did he fix that with his edit? As he states.. the bigger you try to do it, the higher the degree of difficulty. You new guys have it easy.. a lot of the older guys freely share info here so your learning curve is not nearly as painful.
Sure the Brinks guys will wait while you unload it box by box.. but you wouldn't believe the rate they charge by the minute if they are at your stop longer than the contracted 5 or 10 minutes.. LOL
Learn from the mistakes of others.. nobody lives long enough to make them all himself. |
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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Art Tatum
Penny Collector Member
USA
400 Posts |
Posted - 06/20/2008 : 14:46:24
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| Hey Chuck! i just sorted 1600 rolls. On my way to dump at Merwest! I need more money to bring to Colorado! |
my machine is running! |
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b256
Penny Sorter Member
34 Posts |
Posted - 06/20/2008 : 21:19:04
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| Jeepers... I can generally buy $50 of Cu cents for $80... Are all the bank in-and-out issues worth saving that kind of money? After sorting lots of cents, I decided it was not. You guys that do that are TOUGH guys! |
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Ardent Listener
Administrator
USA
4841 Posts |
Posted - 06/20/2008 : 21:22:38
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quote:
Originally posted by b256
Jeepers... I can generally buy $50 of Cu cents for $80... Are all the bank in-and-out issues worth saving that kind of money? After sorting lots of cents, I decided it was not. You guys that do that are TOUGH guys!
Yepppppp! Tough job but someone has to do it. |
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Think positive. |
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MaDeuce
Penny Pincher Member
USA
124 Posts |
Posted - 06/20/2008 : 21:55:29
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quote:
Originally posted by b256
Jeepers... I can generally buy $50 of Cu cents for $80... Are all the bank in-and-out issues worth saving that kind of money? After sorting lots of cents, I decided it was not. You guys that do that are TOUGH guys!
B256, you have the right approach. It only makes sense if you can make a profit. Actually, that's not necessarily true for everyone, but it is true for me. Many people on the list have an extremely long-term horizon, which is great. I, on the other hand, had a much more immediate outlook. But I was doing all this at the peak of nickel prices. I was effectively "buying" Canadian nickels for $0.05 and selling them in the US for $0.25. That kind of margin can cover up a hell of a lot of sins. In my case, it paid for an office in an industrial park, forklift, Brinks services, coin rolling services, etc. Sadly, those days are no more. The guys that focus on pennies have always had to, well, "watch their pennies".
All these complexities are what make it fun, at least for me.
MaDeuce |
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MaDeuce
Penny Pincher Member
USA
124 Posts |
Posted - 06/20/2008 : 22:04:22
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HCBTT, you obviously caught my Freudian slip. Actually, gawkers are about the only time that I ever actually appreciated Brinks. I finally told one of the guards (as a joke, actually) that the onlookers made me nervous and increased the risk level of their delivery. From then on, they made a point of running everyone off, which really didn't bother me much. I'll have to say, however, that this is about the only thing that Brinks ever did that I liked. These guys are a bunch of buffoons, at least in Canada.
MaDeuce |
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What's the Limit?
Forum Locked
