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theo
Penny Hoarding Member
USA
588 Posts |
 Posted - 02/02/2009 : 18:42:27
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I'm fairly new to the idea of building a store of nickels. I have about 21 rolls right now (small potatoes I know). Not wanting to stick out; I started by just asking for a roll of nickels with my cash once or twice a month; then I started asking for two. Today I asked for $10 in coins (4 rolls of nickels an four of pennies). Again I'd rather the bank personnel not notice I'm hoarding coins so I'm rotating bank branches. Anyway I guess I have two questions:
1. What will the banks do when/if they realize some coins are being pulled out of circulation for their metal content despite the anti-melting law? Would they even care? I could envision banks starting to limit to amount of coinage they can hand out.
2. This one is obvious - How do I continue to build up my stash without raising too many eyebrows?
Thanks
Theo
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fb101
Administrator
USA
2856 Posts |
Posted - 02/02/2009 : 19:34:11
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| I tell people I'm a coin collector chasing wheat pennies and buffaloes. I pull $200 in nickels from one bank and $100 each from two different banks every week. Once in a while I bring in a buffalo or nice wheat penny to show someone. I pull pennies from everywhere, and generally no one cares. You're being way too cautious. If you don't want them to know you're hoarding, don't tell them. But don't worry about picking up coins, because they really don't care. Be nice though and try to avoid dumping where you pickup, that sometimes offends people. |
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oober
1000+ Penny Miser Member
USA
1304 Posts |
Posted - 02/02/2009 : 20:07:27
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FB is spot on here, I wouldn't worry about it... And never ever dump where you pick up... I don't even dump at branches of my pickup bank... Tellers do switch between branches on occassion...
They will (if they are a good bank) will order you as much coin as you want. My pickup bank asked if I wanted nickels ordered with my 1/2's last week when I asked if they had any nickels...
I have an awesome pickup bank... |
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fasTTcar
Penny Hoarding Member
Canada
573 Posts |
Posted - 02/02/2009 : 20:20:19
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Theo:
Welcome to the forum.
The question you should ask yourself is this. What are you hiding?
It is not illegal to own coins.
As long as you treat the bank staff with respect and do not ask them to jump through hoops for you, you can get whatever you want.
Happy hunting. |
www.londongoldbuyer.com |
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theo
Penny Hoarding Member
USA
588 Posts |
Posted - 02/02/2009 : 22:15:23
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Thanks for the insight and good advice. I guess there is tug of guilt in that if our practices became wide spread, it would cause a nickel shortage; which would force the mint to either supply more coins or discontinue the nickel. However, the fact that the nickel's metal value will probably soon eclipse its face value is not our doing. We are simply recognizing that value before most others do (Gresham's Law?). It is no different than identifying a good company and buying its stock before the price goes up.
Its important to keep in mind that as inflation pushes commodity prices higher and certain coins start to become scarce the press will likely demonize what we are doing even though it is perfectly appropriate. You can always count on the mainstream media to not let reality get in the way of good story.
BTW How many rolls can I pull from a bank without making them order for me? I like to avoid that for now at least.
Also I've pulled six rolls of pennies over the last week. I'm getting about 30% copper and I've gotten three wheat pennies. Is that consistent with what you guys are getting?
Thanks
Theo |
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HoardCopperByTheTon
Administrator
USA
6807 Posts |
Posted - 02/03/2009 : 00:16:35
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quote:
Originally posted by theo
BTW How many rolls can I pull from a bank without making them order for me? I like to avoid that for now at least.
How do you "make" banks order coins for you?
Usually you can't get more than 1 or 2 boxes from a bank without preordering.. depends on the branch. They generally order once or twice a week and try to keep just enough on hand to satisfy what they expect their needs to be. Some banks are really nice and will order you lots of coins, some don't want to get any coin for you. That is why there is a bank on every corner. If one doesn't treat you right, just walk across the street.  |
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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AGgressive Metal
Administrator
USA
1937 Posts |
Posted - 02/03/2009 : 01:26:52
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quote:
Originally posted by theo
We are simply recognizing that value before most others do (Gresham's Law?). It is no different than identifying a good company and buying its stock before the price goes up.
Exactly.
quote:
Originally posted by theo
Also I've pulled six rolls of pennies over the last week. I'm getting about 30% copper and I've gotten three wheat pennies. Is that consistent with what you guys are getting?
30% is roughly what I get but I don't keep track very well - I just buy a $25 box if I have nothing else to do that afternoon. Three wheats every six rolls is pretty lucky, but not unsual.
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And he that hath lyberte ought to kepe hit wel / For nothyng is better than lyberte / For lyberte shold not be wel sold for alle the gold and syluer of all the world.
-Caxton's edition of Aesop's Fables, 1484 |
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Mikep2020
Penny Collector Member
USA
402 Posts |
Posted - 02/03/2009 : 08:13:53
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| Getting a box or two of pennies and a box of nickels is not going to raise any eyebrows and if they ask, just tell them you search for old and rare coins. Just don't go to the same bank every day, spread around to different banks. They may ask you if you have an account there, so, I recommend getting large volumes from a bank you have an account with, and small batches from banks you don't have an account with. Most banks that i've dealt with, have over 20 boxes of each coin in stock, so as long as your not clearing them out, they won't care that you want boxes of coin every now and then. If you get friendly with the teller manager, you can schedule a pickup of all their customer wrapped rolls so they don't have to pay to have them sent out for re-rolling, win-win for everybody. |
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theo
Penny Hoarding Member
USA
588 Posts |
Posted - 02/04/2009 : 00:50:13
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| Thanks. That was helpful. Stupid question; how many rolls in a box? 20? |
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NotABigDeal
1000+ Penny Miser Member
USA
3890 Posts |
Posted - 02/04/2009 : 06:07:12
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50 rolls, $25. Bags are $50 loose. I've never seen over 20 boxes on hand at any of my banks at one time, unless they were preordered....
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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NotABigDeal
1000+ Penny Miser Member
USA
3890 Posts |
Posted - 02/04/2009 : 06:08:45
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Oops, we talkin' pennies? I was.
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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n/a
deleted
5 Posts |
Posted - 05/07/2009 : 23:37:08
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| Well, i'm collecting a certain type of coin of my country. The composition is 92% of Cu, 2% of Ni, and 6% of Al. These coins deserves hoarding? Please, explain me. I'm a newbie in the forum and in the penny hoarding world. Thanks. |
Recycling and investing is life!!! The rest is just details... |
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Obtaining Nickels
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