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terminal99
Penny Sorter Member
53 Posts |
 Posted - 04/23/2008 : 08:03:50
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Now that I have a Ryedale, the thing that is slowing me down is rolling the zincs to return to the bank in order to buy more boxes. There is a bank that will be opening close to me that will have a self serve coin machine. In the meantime, I was thinking about using Coinstar to dump my zincs. I hate the thought of paying 8%, but if I sort 4 boxes and get $25 face value copper (25% is what I average), that will leave me with $75 in zinc to return. Once Coinstar takes their cut of $6, that would leave me with $69 to purchase more boxes. I guess it's a small price to pay in order to turn the money over quickly.
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CoinHunter53562
1000+ Penny Miser Member
USA
1805 Posts |
Posted - 04/23/2008 : 08:25:59
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| I would say find another bank that either has a self serve counter or one that the tellers take loose change and sort in their counter. 8% is pretty steep unless you are going to turn the coin dumps into gift cards (Amazon, Eddie Bauer, etc) at full face value. |
My hobby: collecting real money 1 copper cent or nickel at a time.
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HoardCopperByTheTon
Administrator
USA
6807 Posts |
Posted - 04/23/2008 : 08:47:01
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I would love it if someone would pay me $2 a box to roll the pennies up. Paying CoinStar a convenience fee would certainly take just about all of the potential profit off the table.
Let's say you get 12 rolls of copper per box. At $75 per bag that comes to a $3 gain per box. If you give Coinstar 4 cents per roll per roll on the remaining 38 rolls you are giving back over half of that just to get rid of the zincs.. netting you $1.48 per box. You need to rethink your zinc disposal plan. If you have to wait a year for that new bank to open you will get an 8% return on your zinc compared to the CoinStar method if you just hold it until then. If you can't wait until then and have no money for pennies to sort then you will have some spare time to roll up some of the zinc. |
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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horgad
1000+ Penny Miser Member
USA
1641 Posts |
Posted - 04/23/2008 : 08:52:22
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If you start doing alot of volume, I think that you will find that even if a CoinStar is free that it will not be worth it. At least the CoinStar machines that I have used are way to slow for regular bulk penny returns.
Your best bet is to call every bank and credit union within a 20 mile radius until you find one that either has a self-serve coin counter or will take bagged pennies. Heck make up a story, if you have to, and tell them you are in the gumball business and will depositing pennies every week. |
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M83striker
Penny Pincher Member
USA
108 Posts |
Posted - 04/23/2008 : 08:53:06
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| I did the Coinstar thing for a month while my banks coin counter was broken. The bank has fixed it now, but I was told that the counter was old and breaks down about every 3 weeks. I live in Michigan and have researched banks with coin counters and have found absolutely none. After buying "shotgun" rolls to roll my pennies and figure my time to roll all my zinc, it made the Coinstar not look too bad. |
When my wife got after me it sounded like "Blah,Blah,Blah", but now it sounds like "Clink,Clink,Clink". Its amazing what that Ryedale can do for a hounded husband. |
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Ardent Listener
Administrator
USA
4841 Posts |
Posted - 04/23/2008 : 08:58:07
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| I really haven't asked around but one local bank told me they would take loose bulk change and send it in where it will be counted and then it would be credited to my account. No fees involved. |
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Think positive. |
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WilliamC
Penny Collector Member
USA
471 Posts |
Posted - 04/23/2008 : 08:58:54
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I'm with Horgad. Call around and find a bank that will take bagged coins. Mine doesn't even require them to be exactly counted as they will send the bags to the Fed bank in Memphis for an exact count and adjust my account accordingly.
This way you can just weigh out the zinc into the plastic bank coin bags. I use 13.6 lbs for $25 since my postal scales only weigh in 0.2 lb increments. $25 should be 13.67 lbs.
Actually I weigh until the scales just tip 13.8 pounds, then remove a small number of pennies so that the bags are on the heavy side of 13.6 lbs.
Don't want the banks to think I'm trying to cheat them or anything. |
Sorting In Northwest Mississippi |
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HoardCopperByTheTon
Administrator
USA
6807 Posts |
Posted - 04/23/2008 : 09:00:33
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| This is where automation comes in handy. Each of my Glory automatic rolling machines will chunk out 10 rolls per minute. I don't roll very many though.. because some banks will take them by the bag loose and my coin counting machines are even faster. The best budget step up for rolling pennies is a Royal Sovereign machine. |
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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moboman
1000+ Penny Miser Member
USA
2555 Posts |
Posted - 04/23/2008 : 22:10:35
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| "A penny is just a penny" to my bank at the end of the year. I still got a glory to try to get $50 in a bag. |
"99% of all lawyers give the rest of them a bad name" 
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Saul Mine
Penny Collector Member
USA
343 Posts |
Posted - 04/23/2008 : 22:31:26
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Say you have $1,000 and get 15% copper - $150
You sell for twice FV - $150 profit
You spend 20 hours rolling - $7.50 per hour (That's a guess.)
Coinstar takes 1 hour and charges 8% - $12
Your net wage for the one hour - $138
Problem: How are you going to occupy the other 19 hours you have freed up? |
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 04/23/2008 22:32:18 |
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HoardCopperByTheTon
Administrator
USA
6807 Posts |
Posted - 04/23/2008 : 22:51:16
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That's why I have automatic rolling machines and high speed coin counters.
You are paying that 8% or 8.9% for most of us on $850 in returned zinc instead of $150 so your convenience fee would be $68.
Also, where do you sell your copper for twice FV? I'm sure several members here and eBay sellers would like to know. Actual completed deals have been for considerably less.
Coinstar's website advertises a count rate of 600 coins per minute. Actual tests by members of this board have resulted in a true count rate of 300 coins per minute. So you would be standing in front of that Coinstar machine for over 5 hours feeding it those 85,000 zincs.. assuming of course that it didn't fill up in the middle of your dump and shut down.  |
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 04/23/2008 22:54:32 |
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misteroman
Administrator
USA
2565 Posts |
Posted - 04/23/2008 : 23:54:52
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| Just get the JC Penneys gift cards.There must be something there you need |
Buying CU cents!!!! Paying 1.2 unlimited amounts wanted. Can pick up if near Ohio area. |
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HoardCopperByTheTon
Administrator
USA
6807 Posts |
Posted - 04/23/2008 : 23:57:25
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| Yeah, but if you did that you would end up with a bunch of really nice high thread count sheets and no boxes of fresh unsorted pennies to play with. Your hoard capital would end up in the linen closet. |
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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misteroman
Administrator
USA
2565 Posts |
Posted - 04/24/2008 : 00:10:39
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He will need shoes in order to get the pennies from the banks
"no shirt,no shoes,no pennies" lol |
Buying CU cents!!!! Paying 1.2 unlimited amounts wanted. Can pick up if near Ohio area. |
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Coinstar worth it?
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