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 Replies: 25 / Views: 3,784 |
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Valued Member
Canada
135 Posts |
Here's what I'm thinking and is based on my situation. (Copper sorting, hoarding Canadian Pennies)
OK, we all know it's expensive to use a "Coinstar", I have never actually used one myself.
In my case, I pick out copper to keep, and then need to exchange my zincs etc and get more coins.
Now, my bank wants to get rid of pennies, so I don't like bring back large amounts of pennies when I get new boxes.
When I get boxes, I like to keep them.
Also, I need to have the coin rolled, which might have a slight investment.
Don't get me wrong, I actually don't mind rolling coins, but if I don't return to the bank, I keep free boxes and rolls and might save some time counting and rolling rejects.
(I do realize that eventually I should have enough boxes and rolls for my collection and returns, I happened to start out with an amount of unrolled coinage.)
If my town had a free counter at a bank, that would be ideal.
So if I put a value of $1 for the box, plus ~$2 for the 2 bags of 36 rolls from the Dollar Store, I might not be doing to bad.
Basically the ~$2.50 spent processing 2500 pennies at Coinstar is offset by my free boxes and higher quality rolls from the bank.
I also would expect I would save a lot of time sorting coins that I don't want to keep and MOST importantly, avoid returning coinage to my bank(s) which treat me well.
As I said, I base this primarily based on a penny sorting situation, I would not dump larger denomination boxes into a Coinstar. Edited by Sixthcents
07/23/2012 11:20 am
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Pillar of the Community
Canada
1177 Posts |
spend an hour of your life rolling your own coins, banks give out free rollers. if you roll 500 rolls of pennies in one hour thats 250$, coin star takes 10%, you'd lose 25$, imagine working for 25$ an hour?
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Pillar of the Community
United States
863 Posts |
buy a coin roller. they are relativly inexpensive when you are talking about 10,000 in coins and 10% to coinstar
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Pillar of the Community
United States
2602 Posts |
I thought most banks give out the coin roll wrappers for free?
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Valued Member
United States
161 Posts |
I've never used coinstar. However, I thought that if you use the cash from the machine right there in the grocery store that there was no fee. For guys who do $100 or so a week in pennies it wouldn't be a bad idea.
Edited by VGRX
07/23/2012 1:54 pm
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Valued Member
 Canada
135 Posts |
Jakedacc, you must have misunderstood my post
**I don't have a good means of disposing boxes of pennies, taking them to my banks may spoil my ability to freely getting new coins. They said they don't mind giving me pennies, even if I bring a few rolls in the get concerned.**
So if I roll my returns, I have to sit on them.
I would rather exchange them constantly for more mixed copper boxes and the potential to find more collectable coins.
There is no way I could manually count and roll 500 rolls of pennies in an hour, that's a roll every 10 seconds.
As far as the jab about $25 an hour, I make a little more then that now and this is a hobby. Just because I can make a quick post on a forum does not mean I am not at work.
I did not realize people could manually count and roll 25,000 coins or 10 boxes of coins per hour.<This person needs a machine.
Silvercoinrn-"buy a coin roller"
Sounds like a plan.
I will look into that for when I do larger volumes. I do have a genuine interest in such machines.
At that point I would have to arrange for a Bank to accept large quantities of pennies anyways.
I will have to "sit" on the zinc and steel though in between large drops.
I admit I don't know what a decent machine costs that counts and rolls, I just assumed it was not cost effective for doing 3 or 4 boxes a week.
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Valued Member
United States
187 Posts |
I know BOA will give you all the rolls you want for free....at my branch coins must be rolled to return them to the bank
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Valued Member
Canada
135 Posts |
"I thought most banks give out the coin roll wrappers for free?"
I keep forgetting to ask for rolls. I just assumed they would just give you 6 or 7 anyways.
Maybe I will feel them out next time.
I just want to walk in, give them $25 or $50 and walk out with a box or two of coin.
Simple as possible, I would hate to spoil a good thing.
I do appreciate the in input though and keep them coming.
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Pillar of the Community
United States
1054 Posts |
My personal recommendation is to open an account at a different bank that would accept large amounts of rolls. It's not worth the money lost by using coinstar.
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Valued Member
United States
125 Posts |
Coinstar isn't a bad idea if you would use the gift cards. Personally I only use my credit cards, so I would not find the gift card option helpful.
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Valued Member
Canada
135 Posts |
Ya I guess I might, I have it all sorted into rolls now anyways, I just left the tops uncrimped for now.
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Valued Member
United States
71 Posts |
I only have 1 bank locally that has a coin counter. As I have a Ryedale and don't want to over load the bank with the coin counter, I dump in the coinstar every time I am purchasing something from Amazon.com. No fees to get an Amazon.com gift certificate. I spent some time dumping at the coinstar when I bought my wife her Kindle Fire. They now have Dell as a fee free option, as I purchased my last laptop from Dell, I might have to purchase the next one with coinstar pennies. |
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Valued Member
Canada
135 Posts |
That's a great compromise!
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Valued Member
United States
349 Posts |
Definitely find a dump bank. I have two different types of banks which gives me four different bank locations to pick up rolls and give them right back.
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Pillar of the Community
United States
2224 Posts |
Most of the banks around me have no problem selling cents even without an account as long as you don't overdo the amount you want. Since I prefer CRW's anyway over boxes, I usually don't ask for more than $10 worth at a time. One of the two banks I have an account has a counting machine, and they couldn't care less how much I bring in; they re-roll it on site to resell. Therefore I know not to buy there. Try other banks in your area to buy from; even without an account you should have enough luck to give you plenty to go through.
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New Member
United States
31 Posts |
Sort of off topic but would a coinstar be able to handle 100$ in pennies at a time on average? I would hate to overload the machine and lose money or be stuck. I'm purchasing computer parts from Amazon so it would be a no loss situation for me or I could use Acme gift cards to purchase groceries. |
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Replies: 25 / Views: 3,784 |
Posted 07/23/2012 12:46 pm
