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lukeownzu
Penny Collector Member
364 Posts |
 Posted - 04/06/2008 : 12:18:12
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Now that I am going to get a Ryedale, I have encountered another problem. According to Andy I can go through $180 in pennies per hour. However, that amount will take me about 5 hours to roll, so I am going to have to spend most of my time doing that! My sister helps roll, but even that isn't enough.
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WilliamC
Penny Collector Member
USA
471 Posts |
Posted - 04/06/2008 : 12:41:31
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Call around until you find a bank that will accept bagged coins for deposit.
I don't know why some do and some don't, but there are banks which either have their own coin counting machines or which will send bags of coins to the nearest Federal Reserve Branch to be counted.
I opened an account at Bancorp South for this very reason. I had called banks, told them what I needed, and that I would open a checking account with them if they didn't have a problem accepting "almost" accurately counted and bagged coins.
The bags I get are from here You must be logged in to see this link.
I need to buy some more soon (I've already gone through 100 at $25 per bag) so if you can find a bank that will do this for you PM me and I can send you some to get you started.
Oh yes, the trick to this is that I use postal scales to weigh the zinc into the bags. With a zinc penny weighing 2.5 grams, that works out to between 13.7 and 13.8 lbs per $25.
The scales I use only weigh in increments of 0.2 lbs, so I just weigh in 13.6 lbs and drop in a few more pennies but not enough to hit 13.8 lbs.
Since there are 68 0.2 lb increments in 13.6 lbs, each 0.2 lb increment is ~36 cents.
So I'm pretty sure I'm never off by more than 20 cents on a bag, and the bank counts them for accuracy and adjusts my account periodically.
For me bagging zinc for return is easier than breaking open wrapped coins. The hardest part is physically carrying the bags from my car into the bank, that gets some looks from customers sometimes but what do I care?
With 20% copper recovery and copper pennies at 2.5x face value I'm getting $150 for every $100 I sort. And the price of copper is only going to go up.
Not bad for a hobby I can do at home in my living room :) |
Sorting In Northwest Mississippi |
Edited by - WilliamC on 04/06/2008 12:56:24 |
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lukeownzu
Penny Collector Member
364 Posts |
Posted - 04/06/2008 : 14:12:59
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| But I don't think there are any banks that accept rolled coins. Maybe Bank of America does... I'll call around. We live in a small town though, and the next town is still pretty small. |
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penniesmakemedizzy
Penny Pincher Member
USA
135 Posts |
Posted - 04/06/2008 : 15:32:43
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i get those deposit bags for free from my bank  |
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WilliamC
Penny Collector Member
USA
471 Posts |
Posted - 04/06/2008 : 17:24:52
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Luke, if you can't find a friendly bank to take bagged coins PM me anyway.
I've got a box of 1000 penny cartridge rolls I could send to you help get your profits going.
I ordered 3 boxes and haven't used any yet. Eventually I'll need some, but 2000 will last me a long time. |
Sorting In Northwest Mississippi |
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lukeownzu
Penny Collector Member
364 Posts |
Posted - 04/06/2008 : 17:37:59
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quote:
Originally posted by WilliamC
Luke, if you can't find a friendly bank to take bagged coins PM me anyway.
I've got a box of 1000 penny cartridge rolls I could send to you help get your profits going.
I ordered 3 boxes and haven't used any yet. Eventually I'll need some, but 2000 will last me a long time.
I have plenty of rolls, I just ask the bank for them. Maybe if I can find shotgun rolls cheap enough... |
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HoardCopperByTheTon
Administrator
USA
6807 Posts |
Posted - 04/06/2008 : 18:04:33
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| Don't worry Luke.. you probably won't go through more than $125 in pennies per hour. It takes a while to get them out of the rolls.. LOL. Banks of America in many areas does take coins by the bag.. they even provide the bags. I dump zinc there all the time. It is much easier than rolling, even though I have 2 automatic rolling machines. I just hook up a bag to one of my counting machines, set the batch stop to 5000 and fire it up. I have a full bag in minutes. Then I just set it aside and start the next bag. I am usually running one of the bagging machines at the same time as I am running the Ryedale to do the sorting. |
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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Saul Mine
Penny Collector Member
USA
343 Posts |
Posted - 04/06/2008 : 20:58:53
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You must be logged in to see this link. Here is my thread on that problem.
How do you do a normal link in this forum? |
A penny sorted is a penny earned!
Please use tinyurl.com to post links. Long links make posts hard to read. |
Edited by - Saul Mine on 04/06/2008 21:09:36 |
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Epaphras
Penny Collector Member
USA
382 Posts |
Posted - 04/06/2008 : 22:01:10
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I did some bank shopping Wednesday to see who else would take baggged coins (I was starting to have to have roll some to relieve my main dump branches). Found one with a good number of branches--one close to work which is great--so I will be opening an account there this week.
The banks that I have encountered that accept bagged coinage give the coin bags for free, so no need to use some of your capital there. Also, what I do 95% of the time with the bagged coins is just swap for boxes rather than doing a deposit. But if your bank treats you good, leave a little more money in your account. This helps when you go to different branches and they ask the "do you have an account" question and look up your status. |
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lukeownzu
Penny Collector Member
364 Posts |
Posted - 04/06/2008 : 22:48:03
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quote:
Originally posted by Saul Mine
How do you do a normal link in this forum?
Not sure what you mean. |
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moboman
1000+ Penny Miser Member
USA
2555 Posts |
Posted - 04/06/2008 : 23:52:53
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The reason I was told at my bank why they want them rolled is because the vault teller needs to verify to the manager that $50 worth of rolls is in each bag. They said that if they are off a few cents, a penny is just a penny to the bank at the end of the year.
So if you bring them in a bag, they cant "verify" the $50. The trick is to get the people at the bank to trust you. I turned in 2 ziplock bags with $10 written on them and the teller gave me 20 bucks saying she knew we were good for it. So it all really depends on their attitude. |
"99% of all lawyers give the rest of them a bad name"
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Wanted: Slaves to roll my coins
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