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 Replies: 76 / Views: 9,772 |
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Pillar of the Community
United States
858 Posts |
Half Dollar - sounds like a sweet part time job!
You are correct about the volume ordering with armored car services - it all depends on the contract with each bank. Some banks pay per delivery or box while others have a a flat fee they pay and the armored car service delivers whatever the bank orders.
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New Member
United States
17 Posts |
Half Dollar, I am surprised you dump in machines. It is so time consuming when they need to change the bag every 3 minutes. Maybe you are using a different machine?
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New Member
United States
9 Posts |
"Half Dollar, I am surprised you dump in machines....."
I do not want any records ever of my pickups or dumps, so for me cash and coin machines are the only way to go. I've been searching heavy volume for the last 2 years without a nickel of it showing on paper.
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Pillar of the Community
United States
4333 Posts |
HalfDollarBoxes, I'm also concerned about the paper trail, even though I dont' search volume. I know of other CHR'ers that have been questioned by the Feds for their roll hunting activities. I have used the counter also, but there is record of it, as I have to sign for the cash that I receive, and the counter produces a receipt.
When I listen to LED ZEPPELIN...so do my neighbors...
Roll hunting since '77
Dirt fishing since '72
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New Member
United States
9 Posts |
Nearly all the banks I use that have machines do not require a signature, and the as for the very few that do, if they can make out my signature, then I tip my cap to them.
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Pillar of the Community
United States
4333 Posts |
I forgot to mention that, unfortunately for me, my account # is also involved in the transaction.
When I listen to LED ZEPPELIN...so do my neighbors...
Roll hunting since '77
Dirt fishing since '72
Edited by fistfulladirt
07/01/2012 7:35 pm
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Pillar of the Community
United States
622 Posts |
Half Dollar Boxes,
I'm glad you decided to join the discussion. 30 boxes per week producing 13 ounces per week. That would be about 36 90%ers or 88 40% per week. Does that sound about right? If so, congrats on the good fortune. Are you hitting a couple big silver dumps or do you just seem to find a few in most boxes? If I excluded my monster box, I've probably only averaged about 20% what you're averaging.
I'm also curious about your setup for dumping coins? I too am not a fan of having searchable records. If your dump is not associated with a bank account, I assume you are paying some decent fees. If not, please share your trick to pulling it off.
OO
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Valued Member
United States
366 Posts |
I think you all are a bit paranoid about banking records. Whether you like it or not, your bank(s) have probably already filed SAR forms on all of you. This isn't anything bad, as long as your money is clean. I wouldn't be concerned even if you're ordering 10k or more and the bank requires you to complete the CTR IRS form.
Again if you're money is coming from a clean source, like your work income, savings, personal line of credit. I don't see why you should be concerned. The more money you flip for this hobby may draw more attention, which means you should be more vigilant about maintaining proper records of your profits from sales. But other than this I think you're all in the clear.
I think the worst thing we all need to avoid is getting on a banks bad side and getting cut off from ordering / returning coin.
~JobIII
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New Member
United States
9 Posts |
"....I'm also curious about your setup for dumping coins? I too am not a fan of having searchable records. If your dump is not associated with a bank account, I assume you are paying some decent fees. If not, please share your trick to pulling it off."
There's no secret. I walk in to one of the many many banks I use that have coin counters in the lobby and dump in my coins. When I get to the teller window they take the ticket and hand me cash. That's it. Almost all of my dumps are this way, but there are a few banks that require my illegible chicken scratch signature.
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New Member
United States
17 Posts |
Half Dollar, what is the big deal about banking records? We aren't doing anything illegal ... ?
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Pillar of the Community
United States
4333 Posts |
Quote:
Half Dollar, what is the big deal about banking records? We aren't doing anything illegal ... ? That may be, but a visit by the Feds can be quite intimidating. It happens. When I listen to LED ZEPPELIN...so do my neighbors...
Roll hunting since '77
Dirt fishing since '72
Edited by fistfulladirt
07/04/2012 09:01 am
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Pillar of the Community
United States
622 Posts |
HalfDollarBoxes,
In my region, we don't have banks with coin machines available to the public. So you can just go to these machines, regardless of if you have an account, and run change through them without paying a fee?
OO
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Pillar of the Community
United States
4333 Posts |
To use the counter, my credit union charges 8% for a non-member, 3% for regular member, and 0% for a 5-star member (me). Even coinstar machines in the supermarket charge 8-10%.
When I listen to LED ZEPPELIN...so do my neighbors...
Roll hunting since '77
Dirt fishing since '72
Edited by fistfulladirt
07/07/2012 06:32 am
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Pillar of the Community
Australia
7096 Posts |
I have been reading this and other similar threads about "Volume hunting" for a while now.
My take on it is that you blokes have no regard for the coins themselves, It's all about the silver content and what it is worth.
The best I have seen here is 13oz or about $350 a weeks work.
Seems like a lot of work and a lot of peeved bank tellers just to make a DAYS wages.
Give a bit of thought to the other guys that roll hunt for rare dates,errors etc while you are doing this.
I would imagine that the "volume hunters" are the ones creating the need by the banks to impose fees.
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Pillar of the Community
United States
1021 Posts |
@trout
well done, I couldn't agree more. finding good coins is difficult already and to find them being marked/painted is just ridiculous. I have recently been hit with bank fees because of the volume dumps, $12,000/day at one bank sometimes.
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Replies: 76 / Views: 9,772 |
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Posted 06/30/2012 9:23 pm
