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 Replies: 11 / Views: 3,798 |
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Valued Member
United States
314 Posts |
Its been good year on roll searching and want to roll search this year at an larger scale. I have over 5000 dollars to buy large amounts of coins from armored trucking companies or banks each week . I cant decide on how to do this and get coins I need to search. I dont an want armored trucking company at my house. If people see it will invite break ins and stuff. My bank will maybe go nuts if tell them I want ordor 5000 dollars in coins each week. Banks will freak out if try cash in 4000 to 5000 dollars worth coins all same at same. I already have 4 bank accounts already .
My question is does those armored trucking companies sell coins to the general public and will let me pick the coins up in my truck each week. Does anybody know what companies to deal with and how much does it cost to deal those guys.
On 5000 dollars I am dreaming about all the silver halves I can get or all the pre 64 nickels, wheat's , 59 Thur 82 copper pennies , silver coins I can find at face value. I wish I had an 1000 dollar face worth of pre 1964 half dollars to add in my collection or hoard.
I got to build my hoard if want to open an coin store in 2009 or 2010 after I go Thur and try to build it up to open an retail store someday. I will need coins to get started and was thinking spending one year just going Thur bank boxes and not selling anything to build my hoard of coins for that day I open an coin store.
If my 5000 dollars keeps geting put back in bank each from selling rejects back to bank. I think I can go Thur 250,000 dollars worth coins in next year. Its going be tough this year to do it.
So do you have any ideas on how to do something like this at large scale like I am talking about. I never went large scale like this before on roll searching. I been thinking about for months before I did anything. I will talk with my banker Jan 2, 2008 to see what they can do for me.
Thanks Chevrolet454ss
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New Member
United States
11 Posts |
I'm pretty sure this would be a costly venture. every time you take coin into the bank to return they have to pay to ship it back to the central bank (armored car co., bigger bank, fed). and then when they are ordering coin they have to pay a premium for their order. I'd say if you were to deal directly with the security co's you'd be paying the same premiums which would really eat into your profits. I'd say stick to using banks. If you hate banks like I do, think of it as making them take your coins and getting charged for it. if you want to boost your coin roll searching, try hitting up casinos, the usually carry coin of all denoms, even halves.
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Valued Member
United States
264 Posts |
Most casino's if not all in the US don't carry coins and such anymore. They have converted all the machines to electronic. I was sadden to find this out. I remember my trip to Vegas and searching coins over and over pulling out any silver I found. Glad I brought home a few of the $1 casino coins since they don't have them anymore either. Sad sad day.
If you plan to open a coin shop or other such buisness I'd go ahead and check with your local truch companies. You can go ahead and get rates, contract info, etc. For the bank setup a commercial account. Most banks have seperate tellers for commercial transactions. They may not frown upon you cashing in so many coins that way. I'd also talk to any other local coin dealers or such and see what they do. Some of those dealers still search large amounts of coins each week. Or they will cash in large amounts of coins from collections they have purchased and cherry picked.
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Pillar of the Community
United States
2335 Posts |
What do the guys that own vending machines do with their coins? With any size vending business they would be depositing large amounts of coins weekly. There is a bank in every town that has to be handling this. It might be worthwhile to call the service number on local vending machines & ask what they do with all their coins. It might even be an alternate source of rolls for searching.
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Pillar of the Community
Canada
965 Posts |
I don't know about the US, but up here you can get Brinks to visit you once a week for a flat rate monthly fee. don't know if they'll let you pick up and drop off. You'd need to call them and ask. Worse thing they can say is "no".
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Valued Member
 United States
314 Posts |
My banker this afternoon is going to try get me 10 boxes of Half dollars from Loomis trucking company. They said they will try but unsure if Loomis will send them in there order. My bank put an hold on my check since it was out of town check to pay for 10 boxes. I will get to pickup 10 boxes of half dollars next wednesday. Reason I picked Half dollars is that less boxes of coins to deal with. In pennies that would have been 200 boxes, nickels would be 50 boxes of coins. Way to many boxes of coins to deal with. The head bank teller said she will try but unsure if Loomis will have them in there stash . Reason they claim very few people ever turn them in to banks for dollars. I dont know if loomis will even have them or do they ordor them Federal reserve banks. I hope they have them. The other bank from same company I deal with on buying fedboxs of pennies. The pennys I buy from are Fedboxs and sometimes I get brand new boxes of brand new coins from them. The way I understand new bu coins only come Federal government since USA mint sells them to federal reserve banks . I am concerned this order will go Thur without no problems. My last time I bought 1000 dollars worth half boxes was from an diffant bank. That bank was one day late and bank teller had lots problems getting them. It took them over an weak to get them. I think she had problems buying from cash companies. They had stashed in the bank and I think they open the vault maybe only once an weak or something. After she told me I cant get anymore from wells Fargo. Wells Fargo is no good to deal with . On other websites I read about guys buying 20000 thousand dollars per week on half dollars and Us government minted over 1 billion of those halves or more on them. There is no way the people in USA could hoard up that many halves since they are not worth much money. One company in Ohio bought over 14 million dollars worth halves last year to search for silver coins. I thinking the us government has vaults all over the USA federal reserve banks just collecting dust like they did with Morgan and Peace dollars they sold in 1960 Thur 1970 in GSA sales. I heard rumors they did that on 1979 and 1980 Susan dollars. It took them intill 1999 intill they were all gone from banks. I dont know on that one. One last thing I hope my order comes with no problems. I will work checking out more stuff like your talking about in your post. Thanks For advice wish me luck on finding proof coins, 40% silvers, bu coins, walkers, bens or any 90% silver coins. I am going need it since I think its long slot on finding any cool coins in those 10 boxs. Chevrolet454ss |
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Valued Member
United States
314 Posts |
Madmartigan,
Some of those dealers still search large amounts of coins each week. Or they will cash in large amounts of coins from collections they have purchased and cherry picked.
You were talking about dealers dumping coins. I never heard that before. Why would do they that? Pay over face and dump them in banks. I would have thought they would try to sell the old junk before doing that. Are those same dealers who toss proof coins, 2002 and up half or sac dollars back into banks after and person paid extra for them from us mint website since they quit selling halfs to banks in 2002. You would will amazed on what those guys find in those half boxs. Last time I checked an person found intire roll 2007 proof coins in half dollar boxes. Got me thats stuff that can be sold in coin shops.
Chevrolet454ss
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Valued Member
United States
251 Posts |
Cheverolet there is a coin roll hunting forum on Treasurenet. Someone on there posted a thread a while ago about just that, pickng up coin from an armored car company. I don't remember the details, but I do remember they did it and were charged a fee to pick up and drop off. One other thing was that someone asked about the employees there sorting the silver out, they determined it would be impossible due to the volume they see.
I don't know if I can post a link or not, so I'll say google "Treasurenet coin roll hunting" and the forum will be the 2nd link from the top.
Good luck. Keep us posted on your results!
Jim
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Valued Member
United States
314 Posts |
Hi and thanks for advice. My bank came thru with 10 Half dollar boxs like I ordored. I amazed after spending 2 days going thru 10000 half dollars. I hurt my back and was sore all last night moving those big heavy boxs. My banker told me she worked for there for over 10 years and never seen another person ordor so many half dollars in all time she worked there. My car tires almost went flat and caused my air ride light to come on in my car. I made it home with no car problems but that extra weight could messed up my car. Those Half dollars are so heavy.
My first 7 boxs were hand wraped with coins roll searchers wrote on them. No silver found in them. The last 3 boxs had silver that machice wraped.
My finds were.
1. 1987 mint set coin.
2. Proofs, 1972s, 2007s, 1983s,1995s
3. 3 1964 halfs.
4. 19 1965 thru 1969 40 silver coins.
5. 2007 d bu , 2005, serval others not sold to banks past 2002 thru 2007.
Tons of unc 1971 thru 2001 coins in those boxs. Brand new unused coins. To bad I cant keep them all will cash them into bank. It would be an set builders dream they could maybe build roll set of bu 1971 thru 2001 coins. There are so many I cant keep them all and will sell to banks. I am building 4 sets and filling folders with the best ones. I will keep all 1982 thru 1983 bu coins since they are not mint set coins that year.
I amazed this was my first time ever doing this before on halfs at large scale. I amazed the us goverment even minted those coins since nobody wanted them or ever used them. I see why they quit selling them banks in 2002 since the goverment has billions of brand new 1971 thru 2001 coins all in half boxs. What was point to make them if public never used them or wanted them ?
I was unhappy about the first 7 boxes but the last 3 did I get something. Beter than nothing. Ow well maybe next time I get 10 boxs full of silver becides nothing intill the last 3. I hated looking at those 7 skunk boxes and was thinking why I am wasting time doing this.
Off to work on selling 10 boxs of them to banks.
Chevrolet454ss
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Valued Member
United States
246 Posts |
yikes...10 boxes!! I can't even carry two. Good luck w/ your searches..your penny posts have got me keeping all pennies pre 82.
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Moderator
 United States
187702 Posts |
"What was point to make them if public never used them or wanted them"
Because the government made the mistake of leaving some silver in the 1965~1969 circulating pieces when they took it out of the quarters and dimes.
People knew this and hoarded them along with the pre-65 pieces. As this went on, and halves became scare, people adapted by using two quarters. The government realized they made a mistake and switched to Cu-Ni clad in 1971. But they also minted way more than were needed.
The real question, and what you might have actually been asking, is why they waited until 2002 to finally give up!
The answer to that, IMHO, is that this is our federal government we are talking about. The same one that insists on trying to circulate a dollar coin along side the dollar bill. The same one that does not see the futility of minting the cent.
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Pillar of the Community
United States
2270 Posts |
Try calling the carriers yourself. I'm sure the bank would provide the phone number if it's not in the book.
It's hard to believe you can find enough material to open up a coin shop. Many experts say you shouldn't try it with your collection or you'll soon have no shop and no collection.
I don't want to discourage you. I know how much fun it is to search rolls.
Time don't fly, it bounds and leaps.
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Replies: 11 / Views: 3,798 |
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Posted 01/02/2008 09:25 am
