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3 Posts |
 Posted - 10/22/2008 : 23:25:16
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Hello,
Just registered today but I've been reading the site for a while now. Tons of great info. I have collected coins off and on for years. During the latest off time, I am sad to say, I had to sell my bulk coins due to financial problems. Raising a family and two kids in college at the same time, so I have to have my priorities right. Anyway, I was reading about collecting half dollars on the web, that is what I normally collect and I ran across this site. I got to reading about pennies and nickels values and decided that was something I could do with little effect of the family budget and if I manage my money right I could be able to collect a large amount of potentially worthwhile coins for my efforts. I went thru my change jug and found 3 wheat pennies, with about 20% copper coins. Today, I got my first $50.00 penny bag from the local Credit Union. So far after sorting/counting $12.00, 22% copper and 2 wheat pennies, two dimes. I am gonna take it one bag at a time and not get too excited, but I enjoy the distraction so far. I forget about the economy and my ever shrinking 401K.
I think a coin seperator would be great but it would change the whole concept of the (HOBBY) of "coin diving". My plan is to buy a bag of pennies every two weeks, cause that is when I get paid. Find me a dump bank where I can change the zinc pennies into without risking going thru them again. Then use that money to buy nickels. Search thru them and look for bison. I plan to keep all the nickels, bison or not. I would love to have a ton of pennies and nickels as an emergency savings in case of total meltdown of the economy. Regardless of the current drop in metal prices I see the potential for preserving my principle and even possibly a profit. I am gonna take it one bag at a time and try not to get burnt out to quick. I do business at a local bank and a Credit Union. Both said I can get all the pennies and nickels I want. Neither has to order coins in from the feds. The locals bring in enough that they have to send in a few thousand worth to them a few times a year. Both require the coins to be rolled upon deposit. They then open the rolls and put them in bags for shipping to the Feds. Go figure? I think it would take just as long for them to put the coins in their counter as it will to open each roll and put the coins in a bag. Anyway, I am thinking about opening another account at a bank in the next town and cashing in my zinc pennies there. I am gonna try to find one that will take them in bulk form. I asked and both banks said nobody is searching our area. They said a little old lady used to search for silver dollars but she stopped a few years back. I have been honest with the tellers about what I am doing with so many coins, and they seem really willing to help, so far. I tell them I'm hunting for wheats, indians and buffalo too. $50.00 a pay period, 26 pay periods a year, should take almost 6 years to reach my 2 ton goal. Any advice is greatly appreciated.
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Interest is up, the stock market is down, you only get mugged if you go downtown. |
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Nickelless
Administrator
USA
5580 Posts |
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misteroman
Administrator
USA
2565 Posts |
Posted - 10/23/2008 : 01:40:15
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| Welcome and make sure you are extra nice to the teller ladies.They are your lifeline!!! |
Buying CU cents!!!! Paying 1.2 unlimited amounts wanted. Can pick up if near Ohio area. |
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jadedragon
Administrator
Canada
3788 Posts |
Posted - 10/23/2008 : 02:51:48
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Welcome. A couple points... in the nickels look for Canadian Ni Nickels to 1981, and US Silver War nickels. That is where the real profit is in nickels, other then the long term CuNi play of course.
If the tellers have to unroll the rolled coin, you might be able to talk the bank into taking loose coin in bags directly. There is no way the tellers enjoy breaking rolls for the FED bags. Consider getting a portable high speed counter like a CS-10. You might take it to the bank and count the loose pennies in front of a teller until they just start trusting you. You could also buy/beg fed approved coin bags. Then you can just deliver cointed bagged coins to the bank and they have pretty much no work to do. For an example filled with copper check out You must be logged in to see this link. (he is a member here) |
“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
3 Posts |
Posted - 10/23/2008 : 19:27:05
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I am located in West Tennessee.
War Nickels? I need to study up on them. |
Interest is up, the stock market is down, you only get mugged if you go downtown. |
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jadedragon
Administrator
Canada
3788 Posts |
Posted - 10/23/2008 : 19:33:10
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| 1942-1945 with a big S, P or D above Montecello. They often look really "dirty" because of chemical reactions. Check coinflation.com silver section for more info. |
“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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moboman
1000+ Penny Miser Member
USA
2555 Posts |
Posted - 10/23/2008 : 21:24:09
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Check with your banks and ask them if you can bring in bags of pennies. Tell them you have a counter and will ensure there is exactly $50 in each bag. If they trust you and all goes well, they will probably let you bring in bags.
They make you bring in rolls so that they can verify that they are putting $50 in. All the banks around here do this as well. They are very happy when you offer to take the rolls and break them into bags for them! |
"99% of all lawyers give the rest of them a bad name" 
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Nickelless
Administrator
USA
5580 Posts |
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NotABigDeal
1000+ Penny Miser Member
USA
3890 Posts |
Posted - 10/24/2008 : 06:30:39
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Psycho, welcome. Multiple banks with multiple accounts works the best, at least for me. I would definitely try and buy all the bags you can from your bank/s. Not sure about being completely honest with the tellers about the copper mining you are doing. Just telling them you are a penny collector, and that they will never see the pennies again after you do them a favor by taking their bags should do. I say take up the old ladies place and search at least their halves for silver. Take care and good luck in your searching.
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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