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n/a
deleted
6 Posts |
 Posted - 07/16/2008 : 15:00:07
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Hi,
I'm in Canada National Capital region. (Ottawa/Gatineau I'm on Quebec side of River.)
Anyone else here close to Ottawa, Canada ?
I just started sorting my own pennies and nickels and got 33 CWR rolls of nickels and 20 rolls of pennies from local RBC banks.
I also accidentally got a $100 box of nickels, all new steel from the bank. I'll have to return that.
I'm sticking with CWR now and asking for as many as I can have. I notice that perhaps half of the rolls, usually the plastic ones are short a nickel or two. Others notice this ? I guess this is one reason why banks are happy to dump their CWR on us.
I'm also seeing a trend where banks don't want to sell me rolls (from business wicket) unless I'm a customer. Virtually all of the banks have $4 per month admin fees as their cheapest account if no $1k-$5k minimum balance. So I might consider opening $48 per year accounts with a few other banks on my route home or to work.
I'm also getting limited to 10 CWR rolls or so per visit.
I've been strongly considering a Ryedale, but given that my roll numbers will be limited, I may just hand sort as I've been doing so far. I've found some tricks like magnets etc. to help.
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Ni saved is Ni earned. |
Edited by - n/a on 07/16/2008 19:18:54 |
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HoardCopperByTheTon
Administrator
USA
6807 Posts |
Posted - 07/16/2008 : 16:55:34
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Welcome to the forum. We have the same problem down here in the states. Seems nickel rolls are short a lot more often than they are long. One thing I do when picking up CWR is to carry a little pocket scale with me and check the rolls real fast to see if any are short.  |
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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n/a
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6 Posts |
Posted - 07/16/2008 : 19:18:19
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>carry a little pocket scale with me and check the rolls real fast to see if any are short.
Yeah, sounds like a good idea. Need something that is quick and simple. I bought a $10 fish scale but that's better suited to boxes. I guess a good digital that can handle up to 2-4 lbs would be good.
BTW, the plastic rolls I refer to are the type consumers use and have dimples that hold them together. They crinkle when you push the end; perhaps they shouldn't make any crinkling noise and should feel solid.
1 roll had only 38 nickels, but 20 were American nickels (Cupro which I'm saving for now) and I think the US nickels are a little thicker. So I believe the plastic wrapper did this on purpose.
From the 33 rolls ($66) of bank CWR nickels I'm seeing:
12.70% Nickel
0.15% Nickel 1967 Centenial
34.47% Cupro
3.0% US Cupro
49.17% Steel
0.08% Other (1 Peso?)
1.14% Missing (Ripoff; low count)
So clearly the Mints recovery program is working here to reduce the real nickel nickels. |
Ni saved is Ni earned. |
Edited by - n/a on 07/16/2008 19:20:50 |
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jadedragon
Administrator
Canada
3788 Posts |
Posted - 07/16/2008 : 19:55:33
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In BC here. You are talking about "driveby's" as we call them. Some banks some days just don't have much coin in stock - I've scored as little as two rolls at a time because that's all they had. Other times you get lucky. Once I decided to stop at just one more bank and they had over $500 in pennies from a fundraiser they just finished. Another credit union had $800 in nickels buldging from the vault. One credit union sold me over $200 in pennies a local school had just deposited. The bank saves on shipping the coin by selling to me.
The 10 roll limit is more a function of what you ask for and what they have. Try asking for differant and percise amounts like 15 rolls or 20 rolls, or one box etc. NEVER REFUSE WHAT YOU ARE OFFERED! You can always deposit it elsewhere.
Most places will sell you coin for the asking. They assume you are a customer, or don't care. I don't usually go to the commercial teller (except at RBC branches because the commercial teller holds all the coin there).
TD will usually sell you coin without an account, but they really want you to have an acct. I suggest putting a few dollars in a "Compainion Savings Account" at TD. It pays interest and allows two free withdrawals per month. TD never changes fees for deposits on any acct and they have evening hours, so they make a wonderful dump bank in some ways. They do pay to ship coin out, so they might not like to take your coin.
Never dump where you buy coin. Look for a large branch with lots of commercial clients that needs to bring in coin regularly. They will be more happy to take your coin deposits.
Mark your dump rolls clearly with a code you and hopefully other sorters will recognize, but that means nothing to the tellers. It takes a minute now, but it will save yourself a lot of time later. If another sorter gets your clearly marked dump they will quickly realize what they have after checking a few marked rolls.
I make an "S" for Sorted Steel S____ or "2k+" for Year 2000+ with a green sharpie. I have received back my own sorted rolls occasionally - including two rolls at a TD have never dumped at, and half a box of an HSBC order. Evidently I'm doing enough volume to impact the system a little. Of course if you can find a coin counter you can avoid rolling, but I've not found one yet.
Post your sort percentages in the appropriate threads here for us to comment on. Read up on the past threads for other great ideas too. This forum is very friendly and helpful which is a real credit to the moderators and members.
Finally, have fun and don't expect to get rich quick at this. And get a Ryedale if you are serious about pursuing this hobby - you will be very happy you did. |
“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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n/a
deleted
6 Posts |
Posted - 07/17/2008 : 14:58:42
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Thanks for the tips legacypac.
I've been reading this board for last 2 weeks, so I have some inkling of how this all works. I currently think of this as a hobby for my 6 year old son and I; I make decent money in my job so it's not really a business. (But it IS a small commodities investment.)
Yes, I just opened a TD Companion Savings account across the street and got my first 10 rolls of CWR nickels from them. I thought they were 2.25 per month fees, but I got the paperless option for free. I haven't had a TD account in 15 years when they gave me trouble with certified cheques...
Yes, I'm planning to write "STEEL" on the rolls when I start dumping them. I'm currently holding onto the CuNi and Zn coins, so I'll only be dumping steel. |
Ni saved is Ni earned. |
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jadedragon
Administrator
Canada
3788 Posts |
Posted - 07/21/2008 : 15:03:08
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If you decide you need additional accounts to facilitate the hobby - consider opening them in your son's name with yourself signing as guardian. Generally kid's accts are fee free, pay interest, and often come with other benefits (newsletters, money tracking tools, free passbook, prizes, contests etc).
Kids accounts provide a great excuse to buy coin to sort for a kids coin collection, and no one is going to complain about a 6 year old depositing sorted nickels or pennys into his account. A kid acct is also a great learning tool for the child to learn about managing money, the value of money, not overdrawing his acct, etc. He will learn that the ATM does not just spit out money you did not deposit into the acct already (a lesson a few adults need to learn!)
There is great benefit to your son learning first hand about commodities, inflation, money supply, banking services, history on the coins (commemertives, various images), exchange rates, precious metals, chemistry, etc. Also as you sort you will be slowly building a sizable international coin collection for a penny or a nickel each. Over time as he can handle it, your son can do research to discover more about the countries that issued those coins, the people and things depicted, what they are worth in Canadian dollars, and how those values change over time. Some coins will be demonitized (I got a demonitized UK farthing for example) and he can discover why they can't be spent.
Might even spark an interest in international travel or a future career in banking, international trade, or economics for your son. |
“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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plastic CWR are short: Ottawa/Canada
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