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pencilvanian
1000+ Penny Miser Member
USA
2209 Posts |
Posted - 09/13/2006 : 16:27:55
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Sounds like a great plan eccentric.
If I may suggest, if you do get 2055 ponds of pennies or copper, I say bypass the scrap dealers and go straight to Phelps Dodge or some other copper smelter and see if they will buy from you. Cut out the middle man and keep all the profit for your hard work. |
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deleted
73 Posts |
 Posted - 09/13/2006 : 21:55:15
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Mostly a hypothetical unless somebody out there can tell me how to get $10,000 in pennies without the bank adding a surcharge or something. I believe obtaining that many pennies (and doing so repeatedly every month) is the hardest problem to tackle.
Hmmm....maybe if I take out a loan from the bank and ask them to give it to me all in pennies they might just take that deal  |
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Canadian_Nickle
Penny Hoarding Member
Canada
938 Posts |
Posted - 09/13/2006 : 22:43:23
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| You could buy ome machines like coinstar machines but charge no fee to convert to cash. |
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73 Posts |
Posted - 09/14/2006 : 21:15:57
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Yeah, not sure how coinstar operates, I'm sure you can be the operator of one but they wouldn't let you not charge a fee, or if they did you'd be the one that'd have to pay the difference, then you also get quarters, nickels, and dimes and I doubt you get 1,000,000 pennies ($10,000) in a month. I'm pretty sure the volume of that many pennies exceeds the storage capacity of the machine by, I'll guess a factor of 10, and that's if you get all pennies. To compensate you'd need multiple machines.
I realize you said like coinstar, and not coinstar, regardless you need startup funds to buy/rent all the machines and you have to drive around to all of them getting the coins, so a lot of initial costs and ongoing work. Good suggestion though.
The idea is see if I can get that many with basically not much more effort than visiting the bank (and without extra cost). I believe I have 5 banks in town. I suppose if I opened an account at all of them and attempted to get $500/wk from each (or $2500 total per week), then I'd make it to $10,000/mo. Looking essentially for almost zero startup costs as obviously I'd need to buy Ryedale's machine to sort that many in a month and that's enough of a startup fee.
Any other ideas or anyone have experience getting lots of coins? What is the record for most pennies obtained in one visit to a bank? Anyone ever get more then $100 in one trip? If so, did you get any hassle and how much did you get in one trip?
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Canadian_Nickle
Penny Hoarding Member
Canada
938 Posts |
Posted - 09/14/2006 : 22:30:42
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| You could always open yr own bank. Or start a penny arcade, and get a business account=, and tell the banker from the get-go that you'll be needing $10,000 in pennies/month and returning $7000 in penneis/month - just see what they say. |
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deleted
73 Posts |
Posted - 09/14/2006 : 22:43:47
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That's kind of funny, I actually was wondering if you could open your own bank, but I suspect all the legal ramifications of owning a bank with pretty much no customers would be difficult.
Considered taking a hand truck into the bank with me so the poor teller didn't have to carry a bunch of $25 boxes (and easier for me to get them to my car), but I suspect if I come into the bank with a hand truck, they'll probably assume I'm going to rob the place and call the cops...I'm guessing the teller would be more willing to give you several hundred dollars worth of brinks boxes if you gave them a hand truck because who is going to want to carry 2 boxes at a time (that is my estimate of how much weight a teller would attempt at once) until they reach a few hundred bucks.
I assume brinks charges a high enough fee to deliver them to your house (if they even do that) to make it not worth your time. |
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pencilvanian
1000+ Penny Miser Member
USA
2209 Posts |
Posted - 09/15/2006 : 16:37:35
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Maybe you could tell the local banks that you want to be a penny millionaire, that if you can’t have a million in dollar bills, you will settle for one million in pennies.
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Question for hoarders
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