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deleted
16 Posts |
 Posted - 12/18/2008 : 17:45:44
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What do you folks look for in a good "buy bank"? How about the best in a "sell bank"?
Do I want customer-wrapped, or bank loose coin bags when I buy to get maximum copper?
Every time I brought coin in to sell to a bank, they wanted them rolled, with account number on each roll! I hope it's different with thousands of pennies! Hopefully they'll take loose bagged coin and run them through a coin counter, right?
Thanks!
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highroller4321
1000+ Penny Miser Member
USA
2648 Posts |
Posted - 12/18/2008 : 18:15:29
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If you are using the same buy bank over and over than you what you need to look for is nice tellers, nice tellers mananager, and possible but not always a nice bank president/manager. If you can get close with the tellers and teller manager that can help you out a LOT!! Also if you are using the same bank you need to find a bank that DOESNT charge you fees for the coin that you order. If you are going to be using many many buy banks than it really doesnt matter becuase you are dealing with a differnt bank almost every time.
As for a sell bank you need to find a bank that can easily handle the volume that you anticipate bringing in. You should talk to the bank and see what they have to say about your plans, before you chose them as a dump bank. Also as far as a know MOST banks dont want your coins rolled, becuase the armor car servives wont take them rolled. So if your bank wants them rolled with an account number on each roll...than fine a new bank!!!
Just my two cents.... Others can give you more advice than I can
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Copper Penny Investing
www.portlandmint.com |
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fb101
Administrator
USA
2856 Posts |
Posted - 12/18/2008 : 19:23:45
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| pickup bank with the best percentages. |
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NotABigDeal
1000+ Penny Miser Member
USA
3890 Posts |
Posted - 12/18/2008 : 19:29:39
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Establish an excellent relationship with the highest ranking member of the branch. Bribes to them and the tellers are definitely a must. A substantial amount in an account, or at least an active account in good standing gives you a little leverage. Same goes for buy and dump branches. Take all the pennies they offer you. Order if they will let you. Try and get their bags if they have a machine that sorts and counts coin. Dumping loose is definitely the goal if you can do it. Take care and good luck with your addiction....
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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Kurr
1000+ Penny Miser Member
2906 Posts |
Posted - 12/18/2008 : 20:05:32
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In my main town I go to, there is 2 banks with counters. One has a 3% fee the other I think is free. I use the 3% one. Lunacy you say? Not at all.
MOST business/people that dump use the free one so that institute has the highest volume. I don't dump there I keep it pure. Because it's the only free counter I guess in town, I can get usualy 1-2 bags a day there at times.
I dump at the 3% because it's 8% for non account holders and 3 if you have one. MOST people don't use it much. Bags from there are erratic. So I dump.
As for the cost, I used to apologize for bringing in so many coin, they have to change bags every $100 worth. The head teller smiled and nicely informed me no need to worry it's just another way of banking. They make .75 a bag off me to handle my zinc coin in bulk, smile when I come in, and won't cut me off on dumps, cause the more I bring the more they make. For that 3% seems reasonable.
And I haven't got a bank to order for me yet, I'm a drive by kinda guy. |
The silver [is] mine, and the gold [is] mine, saith the LORD of hosts. Hag 2:8 [/b]
He created it. He controls it. He gave it to us for His use. Why did we turn from sound scriptural currency that PROTECTS us?
KJV Bible w/ Strong's Concordance: http://www.blueletterbible.org/
The book of The Hundreds: http://www.land.netonecom.net/tlp/ref/boh/bookOfTheHundreds_v4.1.pdf
The Two Republics: http://www.whitehorsemedia.com/docs/THE_TWO_REPUBLICS.pdf
Good reading: http://ecclesia.org/truth/government.html
A number of people are educated beyond, sometimes way beyond, their intelligence. - Tenbears
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Computer Jones
1000+ Penny Miser Member
USA
1112 Posts |
Posted - 12/18/2008 : 20:26:17
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| What Kurr said!!! |
There's profit if you melt things!!
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knibloe
1000+ Penny Miser Member
USA
1066 Posts |
Posted - 12/19/2008 : 06:41:50
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quote:
Originally posted by highroller4321
Also as far as a know MOST banks dont want your coins rolled, becuase the armor car servives wont take them rolled. So if your bank wants them rolled with an account number on each roll...than fine a new bank!!!
I have looked hard in my area for banks with counters. I came up with one about an hour away that I dump about $100 at per month and another about 2 hours away that I use as a source for bagged pennies. My goal is to sort $100 per week, so my needs aren't as big as others in the forum. I would sort more if I could dump easier.
Most of the other banks in my area want them rolled. When they get excess rolls, they unroll them by hand and put them in bags to send to the fed. The other day I hand wrapped $100 in pennies and nickels to take to a new branch of my main bank. They informed me that they have a counter and can't take rolled change. Now I need to decide if this should be another source bank or a dump bank. They were super nice the first time, but probably won't be if I show up with $100 every week. |
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Mikep2020
Penny Collector Member
USA
402 Posts |
Posted - 12/19/2008 : 08:07:25
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| I've only been sorting for two weeks or so, and I have well over a hundred banks within 10 miles of my house. What i've been doing is just buying $10 in pennies from each bank and getting a feeler for each bank, talking to the teller & manager to see what their coin volumes are for that particular branch. A couple i've been to complained that alot of customers come in for coins and it costs them to order it, ship it, hold it, etc.... because they don't have a lot in stock. Others are overflowing with coin and are happy to get rid of it. So i'm going to start picking up boxes from overflowing banks and dumping them at banks that need coin. Win - win for everybody, which is good because my zinc's will be going out to businesses to get redistributed to the public to avoid any full zinc boxes from being moved around between banks. The pattern i'm starting to notice is that large established branches that have been in the same spot for decades are overflowing with coin and small new branches are looking for coin. |
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goodcents
Penny Hoarding Member
USA
504 Posts |
Posted - 12/19/2008 : 15:45:09
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| You know I'm starting to notice that too. Sounds like you have a good game plan. I've noticed a few major banks around here have a great supply of CWR's and brinks boxes. Now I've got to get the Ryedale to work when it comes next week so I can dump some zincs. |
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n/a
deleted
16 Posts |
Posted - 12/19/2008 : 17:12:50
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What I'm hearing is you want a "buy" bank that offers coin in rolls, because that's usually the best copper yield. And they happily supply as much as you want, fee-free.
The "sell" bank however, would love to use their counter on all the loose (bagged) zinc you can bring them. I think I'm getting the picture!
Mikep2020- Same here- Must be a hundred banks within 20 miles. Time to go buying! :) |
www.shooterstechnology.com |
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Kurr
1000+ Penny Miser Member
2906 Posts |
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jadedragon
Administrator
Canada
3788 Posts |
Posted - 12/28/2008 : 21:23:00
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quote:
Originally posted by Mikep2020
I've only been sorting for two weeks or so, and I have well over a hundred banks within 10 miles of my house. What i've been doing is just buying $10 in pennies from each bank and getting a feeler for each bank, talking to the teller & manager to see what their coin volumes are for that particular branch. A couple i've been to complained that alot of customers come in for coins and it costs them to order it, ship it, hold it, etc.... because they don't have a lot in stock. Others are overflowing with coin and are happy to get rid of it. So i'm going to start picking up boxes from overflowing banks and dumping them at banks that need coin. Win - win for everybody, which is good because my zinc's will be going out to businesses to get redistributed to the public to avoid any full zinc boxes from being moved around between banks. The pattern i'm starting to notice is that large established branches that have been in the same spot for decades are overflowing with coin and small new branches are looking for coin.
I agree look for balance.
Smaller/new branches of banks often carry very little coin, so they are good to sell smaller batches of coin too. I have a bank that has a vending company as a customer. They always have lots of coin.
The perfect dump bank is the one that complains to you they have to save coin for the customers that really need it.
Here we have no coin counters and must unroll and reroll everything. If you can deal in loose coin - regardless of the percentages - that is WAY better. |
“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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Lemon Thrower
1000+ Penny Miser Member
USA
1588 Posts |
Posted - 12/29/2008 : 05:26:13
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my source bank is a CU that sells me 6-8 bags a week from their counter. I befriended the vault manager (head teller usually), told her my 5 year old and I sort coin, etc. she calls me the day she's packing everything up for the brinks truck and I come by on my lunch hour - usually just after brinks picked up her other bags.
my dump bank accepts 6-8 bags a week from me. its the largest bank in town and they are used to accepting commercial deposits. there is one teller who is in charge of the vault etc so i have to wait for her line to become open. |
Buying:
Peace/Morgan G+ at $15.00
copper cents at 1.3X
wheat pennies at 3X
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