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Replies: 23 / Views: 22,335 |
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New Member
United States
15 Posts |
Hello Everybody
This is a very informative site. I'm sure you all probably answer the same questions over and over for us new guys, but I was unable to find an answer when I tried searching.
Is there a limit to what the bank will give you when you ask for penny boxes? Is there a limit to how many you can order? I am assuming from what I've read, most banks will order pennies for you from the Fed.
What were the most boxes you were able to walk away with whether it be just from stopping in the bank of actually having to place an order.
I'm just curious so I have an idea of what to expect.
Thanks in advance
Mike
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Pillar of the Community
United States
3077 Posts |
need to ask your bank think it will vary branch to branch
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Valued Member
United States
318 Posts |
I got $100 worth, $50 in boxes, $50 loose rolls. I asked if I was taking their whole supply, they laughed and said they had plenty and can order more. I've only every done it once, but there you go.
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Valued Member
United States
447 Posts |
Your bank may, or may not, limit the number of boxes you can "buy" at any givin time. For example; If my bank has several boxes in their vault they will let me have multiple boxes. However, if they do not have several boxes in their vault they will only let me have one or maybe none. They like to save them for their business account customers. Some banks will let you place a standing order for boxes of any coin, not just pennies, for you to pick up on a regular scheduled basis. Not all boxes come from the Federal Reserve. Many are from armored car companies like Brinks, Loomis or Garda. They get both rolled coin from the Fed and loose coin from banks, coinstar type companies, stores, etc. They then count and roll it themselves then sell to their customer banks. Brinks in my area gets loose coin from the fed and co-mingles it with loose coin from other sources and rolls it that way. Garda in my area usually gets loose new coin from the fed and rolls it by itself and rolls "used" coin separately. It all depends what bank you use and what armored car company they use and their contacts with the Fed. Boxes of pennies are $25.00 face value. Kind of long winded but hope it helped to explain. And...... 
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Pillar of the Community
United States
632 Posts |
Totally depends on the branch.
One branch cut me off recently after getting $10 every 2 weeks for the past year. I thought this was odd because I was usually getting customer wrapped rolls, and usually tellers will have $10 on hand so it wasn't a pain. But last week when I asked the teller, the branch manager saw me and said no more.
3 other branches order me $25 a week.
I decided to order a bunch from another branch I normally dont use before the 2012 show up. So I ordered $150 at once, and then they said one time only. I think I scared this branch.
Some branches dont like CWR because many business would prefer machine rolled. SO those branches are happy to get rid of CWR.
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Rest in Peace
United States
9104 Posts |
All depends on the office you deal at.
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Pillar of the Community
United States
659 Posts |
most I ever got with an order is 20boxes. Most I ever got by just walking in was 11 boxes.
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Valued Member
United States
71 Posts |
Like previously stated, depends on the branch. I've been doing this for about a month so I am new to this as well, but I have been "feeling" how the tellers react at each branch to my penny purchases to determine what I can probably get from them. As I increase my penny needs at a particular branch they will either be very hesitant to it or very positive to it. Be very nice to them, remember they are doing you a favor as a customer by getting you pennies. They pay a fee to Brinks or whoever they are getting them from to get them for you. I have one branch ordering me 3 boxes each week in their orders until I tell them to stop. I have another branch that I get 2 boxes from each week and the teller says "see you next week". I will probably try to get a 3 box a week order with them as well. I stopped in a new bank today that my wife has an account with that we never got around to putting my name on and asked for pennies. They gave me the $10 they had and mentioned they could order me $50 or $100 if I need. I mentioned it to my wife tonight and will be getting my name on the account ASAP. I like it when they bring up ordering pennies for me they tend to me much more receptive for longer term orders. I also have been to branches that will give me CWR's only and back off quickly when I discuss a box or boxes of pennies.
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Valued Member
United States
78 Posts |
Wow, some of you going through major pennies! I have only ever asked for 1 box at a time. My issue is getting rid of them after I search, I can't find a bank nearby (Oregon) with a machine I can use to dump, so I must take to the counter and they run it through the machine behind the counter. Last time they had to stop and put a new bag in 2 times. I don't mind waiting, but felt bad for the teller to do all that work...how do you feel about this? And about how many do you return to banks at once, do you save up, or try to bring in small amounts?
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Rest in Peace
United States
9104 Posts |
 , tuleja!
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Rest in Peace
United States
9104 Posts |
I can remember a half-dozen times when banks have had a shortage of cents, but not within the last ten years or so. I've had one bank take Canadian cents when their face was 90% of USD, another time I dumped a couple ammo cans of loose cents on one. I've seen them buy cents at 55¢ a roll, and heard of as high at 75¢ elsewhere.
If we have another similar shortage, you better be a retail business if they lose $2.50 a box on every one they provide.
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Moderator
 United States
56855 Posts |
I have called ahead of time and ordered 8 boxes at a time from a small local bank I am a member of with no problems. They can not order from the Fed, they come from an armored car company. Most of the time I order 4 boxes and I call a week in advance. I turn in my rejects rolled to another bank in a near by city. I also go to a different local bank and ask for two boxes every other month and they sell me them even though I am not a member. John1 
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Pillar of the Community
967 Posts |
The most I got was 16 boxes at one time. If you can convince the banks to let you have the bags off of the counting machine, you may able to have better luck. Most small banks around here do not have enough space to order large amount of boxes to keep in a small locked cabinet inside the vault. So they usually have just enough for normal business. I will at times drive around to different branches to pick up one box from each bank.
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Valued Member
United States
97 Posts |
My banks dont have counting machines like some but I just reroll mine(you can reroll a box in less than 20 min). I take $50 in rolled coins to my bank and trade them for 2 boxes of coins. I always get sealed boxes so I never get the same pennies I turned in. That way it's not costing the bank anything to order me boxes. it's an even trade. It's hard for them to complain about that.
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New Member
 United States
15 Posts |
Thanks for all the feedback. I figure I'm going to request 2-4 boxes and gradually increase and see how that works for me.
I did not realize Banks would sell you the penny bags from the counter machines. I'll have to check that out. Any type of feedback on the Bags VS Boxes as far as copper and wheats go?
Penny Man: Wow, 20 boxes, I'm just trying to think the logistics of this. Do you bring in a suit case type thing to take the boxes out or just make a bunch of trips back and forth?
Thanks again for the help. I just got my rydale counter yesterday
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Valued Member
United States
186 Posts |
I'm just curious, why do people like to order boxes of Pennies? Are you looking for the copper ones, wheats, flaws, etc..? Whenever I ordered a box of pennies once, they were all new. No intrensic value in the new ones, right?
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Replies: 23 / Views: 22,335 |