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Pretty New To Roll Searching. Looking For Advice....

 
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Valued Member
United States
79 Posts
 Posted 10/03/2019  08:32 am Show Profile   Bookmark this topic Add Webs to your friends list Get a Link to this Message
As a kid, I looked through the coins in my Dad's safe at work on a regular basis (he owned a filling station, and I began looking around the time Memorial cents began showing up in circulation).

I had an ok collection doing this (he sold the business in the late 60's) and between college, marriage and raising a large family, I put it aside for the most part for decades.

I decided to get a box of pennies a few years ago, and I was hooked all over again. But only now am I seriously working at it, since we are now both retired.

I live in a smallish town in Ohio and have gotten a couple boxes of pennies so far from Fifth Third Bank. One commercially rolled, and the other hand rolled. Only 5 wheats in $50. hmmmm.

I am thinking of expanding the search to other banks & sources. So I am wondering a couple things.....

1) Have you all found that one kind of source is better (or worse) than others for finding wheaties, uncirculated rolls, etc?

2) Do most sources require you to have an account with them to BUY boxes/rolls of pennies (or other coins)? (I am aware about asking them to order boxes if they do not have any available at the time.)

3) Do most sources require you to have an account with them to CASH IN boxes/rolls of pennies (or other coins)? I am mainly concerned on this point, because I want to keep my sources for GETTING coins separate from my sources from CASHING coins.

4) Do most tellers have loose coins like halves and dollar coins that they are only to happy to get rid of if you only ask?

5) Are most places positive or negative to see you walk in after you have been there a number of times?

6) Does it help or hinder to identify that you are a coin collector? Have some of you built up good working relationships with people at banks, and how did you best establish those relationships?

7) Am I overthinking it all? LOL.

Thanks in advance!
Pillar of the Community
Canada
1732 Posts
 Posted 10/03/2019  10:29 am  Show Profile   Bookmark this reply Add ace_ftw to your friends list Get a Link to this Reply
I have done some searching in the USA, I would have to say that CWR are usually better than machine wrapped rolls. if you do not have an account with the bank then they have every right to refuse you if you ask for boxes, if you have an account they will likely be more accommodating but still may not be able to help you out.

I don't think any financial institute will allow you to come in with a box or more of coins and exchange for bills unless you have an account with them.

for the rest of your questions the answer is yes, go in and be honest, say you are a collector, ask if they have any odd, old coins etc, some tellers know to look for silver so you may not get anything.

but if you can find a branch that is happy to help you out then you are in luck.
Valued Member
United States
79 Posts
 Posted 10/03/2019  9:12 pm  Show Profile   Bookmark this reply Add Webs to your friends list Get a Link to this Reply
I will probably open a savings account at a second bank in town. The reviews for that bank were 4.8/5 AND they only accept loose coins to be run through their counter, not rolls. This is a perfect solution for where to return coins when I am done. As long as I have $300 in savings, no monthly charge for the account, and no charge for having my coins counted.

And if I find out that the coins that are counted go somewhere else in bags to be rolled & NOT returned back to the bank for use, I can also get new rolls from the same bank as a second source. Hoping that I can buy rolls from numerous banks here so I can determine the average percentages of customer-rolled vs machine rolled & the distribution percentages for bronze vs zinc, diff decades, wheats, etc.
Valued Member
United States
160 Posts
 Posted 10/04/2019  4:08 pm  Show Profile   Bookmark this reply Add ijn1944 to your friends list Get a Link to this Reply
Thoughts based on my experience over many, many years:

1) ...source better (or worse) than others? Commercially wrapped rolls tend to contain more BUs when new coins are issued/released annually--some are solid BU/date rolls or very close to it. Customer wrapped in my area tend to have a little more diversity. About 70% of the foreign coins I've found (~250+) were in customer rolls. Wheat cent counts are consistently low for me--about evenly split between commercially wrapped and customer wrapped. Did get a few solid rolls of customer wrapped wheats a few wears ago, however. My best find ($$$), a 1976D bicentennial quarter DDO which I had slabbed through PCGS, came in a bank wrapped roll. Very cool.

2-3) ...sources require you to have an account? That's becoming the case as time goes by. I'm fortunate in that I have many different banks with many branches close by. I have accounts at two banks--one bank used for ~90% of my roll purchases, the other bank for dumps. They know me pretty well so I don't have to produce evidence that I have accounts. I do stop in now and then at a third mainstream bank for small amounts of rolls--never pushing for large volumes. If I did, I'm sure they'd ask if I had an account with them.

4) ...most tellers have loose coins like halves and dollar coins that they are happy to get rid? Yes, usually. For those tellers who know me, it's simple to ask. I do keep an eye on teller trays, if they're out and can be seen. To keep relationships positive, I never ask a teller to do any drawer searches, or make any demands that could be viewed as unreasonable. If they volunteer to do so, great.

5) ...most places positive or negative to see you walk in after you have been there a number of times? For those banks where I have accounts (and tellers know me), it's never been an issue--always positive.

6) ...help or hinder to identify that you are a coin collector? I've only brought up the fact that I'm a collector after establishing good relationships--can take many, many visits. Plain old courtesy and respect for the teller's time is key. A little humor and friendly chit-chat works too. Anything close to an unreasonable demand or an attitude on my part will kill the relationship very quickly. There are those who'll say to bring donuts or other goodies in, on occasion. I haven't done that. Good manners and very reasonable requests work well.

PS -- I don't treat roll hunting as an industrial endeavor--amassing several boxes of anything daily/weekly. Putting that kind of burden on a bank could--in my opinion, with the banks I do business with--weaken the positive relationships I've built up and sustained. If I had a business account of some nature, maybe that would be less of an issue.

Edited by ijn1944
10/04/2019 4:10 pm
Valued Member
United States
79 Posts
 Posted 11/02/2019  12:47 am  Show Profile   Bookmark this reply Add Webs to your friends list Get a Link to this Reply
So.....if you have a bank that you typically take loose coins to that has a counter, is it pretty much a guarantee that those coins are rolled there and go right to the tellers? Or is it more likely that the coin counter simply sorts them into bags, and those bags get sent out to be rolled and redistributed elsewhere?

New Member
United States
8 Posts
 Posted 11/04/2019  09:21 am  Show Profile   Bookmark this reply Add dannyc1976 to your friends list Get a Link to this Reply
I am fairly new to this myself. That being said in answer to your question it probably depends on the bank. I took back loose coins to my drop bank the other day. Was talking to the teller. They don't re-roll there (US Bank). The bags from the coin machine get picked up by a service. It is taken back to a facility somewhere and the rolled, boxed, and sent back out. Knowing this I still won't make it a practice of buying rolls from my "dump" bank, but knowing this I have a feeling that same service picks up from every other branch of this bank in town. So when those rolls go back out they are going back to all of the US Bank locations in town. I maybe wrong. Just my thought. Hope that helps.
Valued Member
United States
79 Posts
 Posted 11/05/2019  08:16 am  Show Profile   Bookmark this reply Add Webs to your friends list Get a Link to this Reply
Thanks Danny! It helps me understand further, but does not help me to be sure how it works here. I guess as I get to know people better at my collect & dump banks, I can probably figure that out.

Here is a follow-up question: what is the collective experience here as to differences in getting rolls, boxes & orders cared for in banks vs savings & load vs credit unions?

A second new question: What other sources do any of you have for coins: e.g. can you get coins directly from Brinks, Coinstar, etc (and with no charge)?
Pillar of the Community
United States
3798 Posts
 Posted 11/06/2019  05:57 am  Show Profile   Bookmark this reply Add fistfulladirt to your friends list Get a Link to this Reply
My best advice would be avoid banks at all costs, and stick with credit unions.
When I listen to LED ZEPPELIN...so do my neighbors...
Roll hunting since '77
Dirt fishing since '72
Valued Member
United States
79 Posts
 Posted 11/06/2019  10:06 pm  Show Profile   Bookmark this reply Add Webs to your friends list Get a Link to this Reply
Fist.......

Your answer brings up several more questions....

1. Why do you hate banks so much?

2. I am part of Navy Federal Credit Union, but the branches are not real close to me. However, there are other federal credit unions nearby. So it brings back the whole subject about being able to go in and ask for rolls/boxes without an account at that specific credit union. I have lived in several places now where I can use my NFCU card to withdraw funds, but because they are both federal credit unions, there is no charge. So.....are they ok with asking for coins if they are a federal credit union but not NFCU?

3. Same thing goes with using one to turn in coins that have been checked.
Pillar of the Community
United States
3798 Posts
 Posted 11/07/2019  06:05 am  Show Profile   Bookmark this reply Add fistfulladirt to your friends list Get a Link to this Reply

Quote:
Fist.......

Your answer brings up several more questions....

1. Why do you hate banks so much?


Because of their greed. I was driven away by fees. No matter how I complied, more fees. I held multiple accounts with many banks, found they are all the same. As if they can't make enough $ charging close to 30% interest on loans? Greed.
When I listen to LED ZEPPELIN...so do my neighbors...
Roll hunting since '77
Dirt fishing since '72
Valued Member
United States
79 Posts
 Posted 11/07/2019  08:36 am  Show Profile   Bookmark this reply Add Webs to your friends list Get a Link to this Reply
ok....I totally get the greed aspect, but did you do roll hunting at banks? That should not be affected by that greed aspect.
Pillar of the Community
United States
3798 Posts
 Posted 11/07/2019  6:17 pm  Show Profile   Bookmark this reply Add fistfulladirt to your friends list Get a Link to this Reply
at Webs - yes I roll hunted at banks...since the 1970's. Held dozens of accounts.
Not sure what you mean by 'not affected by greed' when all banks are the same, they make stockpiles of money charging fees.

I'll relate a story from the past. My father had an account at X bank. He received a bonus when I signed up for a an account, free $50 for both of us. I kept the account active and within 6 months there was a zero $ balance, yes, fees consumed the $50.
When I listen to LED ZEPPELIN...so do my neighbors...
Roll hunting since '77
Dirt fishing since '72
Edited by fistfulladirt
11/07/2019 6:28 pm
Valued Member
United States
79 Posts
 Posted 11/07/2019  11:00 pm  Show Profile   Bookmark this reply Add Webs to your friends list Get a Link to this Reply
What I meant by "not affected by greed" is that I do not get charged any kind of fee for getting rolls of coins regularly at a bank.

Plus....I make sure I know what the rules are for free checking and free saving accounts. I have found a local bank (WesBanco) who has a combo checking/savings for Seniors. Yes, there is a minimum balance, but that is no problem, because there are no monthly fees if I maintain the minimums. And the only reason I would open those accounts would be so I have a bank where I can take a large bag of coins that has built up from the boxes of rolls of coins I have checked from one or more other banks and put them through a sorting machine. I do not have to waste my time counting coins or putting them into rolls. We have our main bank account in town where we have our mortgage and I get my rolls there at the moment. They have another 12 branches within 45 miles of here, the closest being about 20 miles away, but I would do a 3-4 branch run for coins to maximize my travel. I want to gauge how many have a good cross-section of customer-wrapped rolls regularly available, since it appears that those have a little better chance of finding out of the ordinary coins. I do have a Navy Federal Credit Union account, but the nearest branch where I could get rolls is 44 miles away.

We are snowbirds. So we spend part of the year in California. I have an NFCU branch fairly close there, and my wife has an account in town at another credit union that has a coin changer. I will spend most of my time there selling stuff on eBay (mostly NOT coin-related), so I do not need a variety of locations. In those months, I will not have nearly as much time to go through rolls
Pillar of the Community
United States
3798 Posts
 Posted 11/08/2019  05:58 am  Show Profile   Bookmark this reply Add fistfulladirt to your friends list Get a Link to this Reply
Webs, what I found was that the banks just changed their rules at any point in time. Don't like it? They tell you to find a new bank. I was never hassled about coin ordering costs, and I was ordering up to $3,000 in dimes at a time, same with halves. I was roll hunting up to $125,000 per year, not a large amount compared to other hunters at the time. Bank personnel were always friendly.

My advice to new roll hunters would be to:

Never dump where you buy.
Always buy them all, even when you believe the coin is someone's dump.
Return or dump your rejects out of district, to help avoid searching the same coins over and over.
Even though I have gifted in the past, I'm not big on treating the tellers. Once a year maybe on a holiday.
Never educate a teller about collectible coins, treats and education are the best way to see that your finds dry up.

Last but not least, watch out - for the attractive tellers, I ended up marrying one!
When I listen to LED ZEPPELIN...so do my neighbors...
Roll hunting since '77
Dirt fishing since '72
New Member
United States
12 Posts
 Posted 11/08/2019  5:42 pm  Show Profile   Bookmark this reply Add stang1968 to your friends list Get a Link to this Reply
I second what fistfulladirt says -Never buy and dump at the same branch, and always take all the coins the tellers offer you even it's clear they are junk.
I had one teller years ago who started setting aside coins for me. Best find from him was a 1906 IHC.
Edited by stang1968
11/08/2019 5:45 pm
New Member
United States
1 Posts
 Posted 11/10/2019  6:32 pm  Show Profile   Bookmark this reply Add AshKLA to your friends list Get a Link to this Reply
Great topic. As a new roll hunter, I'd been wondering many of the same things...and sitting on a bag of spender pennies that is, at this point, too heavy to pick up. Still waiting for the right time--and place--to dump them.

(My supply bank offered to take them but when I mentioned the hoard needed wheels, the teller told me they had a wagon and would come out to the car. LOL I may not be the first penny searcher they've met...)
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