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 Replies: 27,977 / Views: 2,310,069 |
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Pillar of the Community
United States
830 Posts |
Halfhunter,
I was aware of the $10,000 limit so,
I never ordered over 10 boxes at a time.
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Pillar of the Community
United States
713 Posts |
I only do 3 boxes a week, and I have never had any problem with either getting my boxes or dumping them at a different bank.
I try to dump them at different branches of my two dump banks. I also try to drive them out of my area, so there's less chance of getting my own coins back.
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Pillar of the Community
United States
530 Posts |
Yeah none of us are doing anything wrong, the law is in place for people trying to avoid paying taxes on income....etc...there is nothing wrong with coin roll hunting.
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Pillar of the Community
United States
4333 Posts |
Quote:
Yeah none of us are doing anything wrong, the law is in place for people trying to avoid paying taxes on income....etc...there is nothing wrong with coin roll hunting. Except for the part where the suits come knocking at your door, and you have to prove that you are just a roll hunter...no one needs that kind of hassle, but it happens. When I listen to LED ZEPPELIN...so do my neighbors...
Roll hunting since '77
Dirt fishing since '72
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Valued Member
United States
89 Posts |
Even if it is less than 10k on a transaction, they can and will file a SAR. They're on the look out for structuring ( http://en.wikipedia.org/wiki/Structuring). The 10k mark requires a Currency Transaction Report (CTR), not a SAR. Disclaimer: I'm a Wells Fargo employee, but I dont work in a branch. |
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New Member
United States
15 Posts |
I'm pretty sure a SAR has to be filed for any transactions over $3000.
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Pillar of the Community
United States
787 Posts |
I think there are a lot of laws that are good in nature but the people enforcing them are often
just a bit dense.
I also think a lazy teller could file an SAR to avoid a little inconvenience. All this being said, I do
understand the law and it's foundation is actually a good one.
Hopefully, once things are explained, the problem will be better. Personally, I have not had this problem but
I only did about two boxes each week with my biggest being four boxes over a two week period as I recall.
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Valued Member
United States
125 Posts |
The SAR's aren't much to be concerned with. They most likely have been filed on anyone here ordering over a couple 1K's in coin/currency weekly. It's just within the bank.
The CTR is an IRS based form and probably is a good thing to avoid. Still you shouldn't be concerned just as long as your money is clean. If you're a mob affiliate you may want to limit your CRHing to amounts below 10k :)
Edited by CWS
08/23/2012 12:26 pm
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Pillar of the Community
United States
713 Posts |
Great information here on CCF, as usual, thx guys.
On vacation now. 3 boxes from this week waiting, and next week's 3 I will have to enjoy when I return.
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Valued Member
United States
297 Posts |
Box # 32
2002 P
2003 D
2005 D
1971 S
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Pillar of the Community
United States
861 Posts |
The way to avoid the hassle is not to deposit the cash if they don't ask you to. I never deposit, just cash in. The less the paper trail the better. Its not that you are doing anything wrong its just to avoid having the bank question all of the large deposits/withdrawals. A CTR is no big deal, if you have nothing to hide. I used to fill out a few every week when I worked for a branch. The bank is required complete these forms by the Treasury to watch for money laundering and illegal activity. The best way to dump is to pay your mortgage, car loan or other with the halves.
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Valued Member
United States
339 Posts |
ive gone roll hunting on halves once and spent 100 dollars on 10 rolls, found a lot of bicentennials and 71's, a few 2000,s and up, lots and lots of 71's-80's
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Pillar of the Community
United States
787 Posts |
I hope to stop by a few banks today and see if I can find some halves. Let report if I find anything good.
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Pillar of the Community
United States
4113 Posts |
Fnally, something decent to post! it's been pretty slow the past month. 2 day total from 8 boxes: 17 coins. 4 @ 90%- A 39D Walker, 60D Franklin, 63d Franklin and 64P JFK. 12 @ 40%. 1- *Bullion Coin- A 1/2 Troy Ounce .999 Pure Silver,Sitting Bull Obverse/ Buffalo Reverse. *This is a first for me as I've never found any bullion only coins searching rolls before this one* Pics below. 1-1971D Doubled Die Obv- 1971D-102- Coneca DDO-006 Ref: CherryPickers Guide 5th Ed. Vol II, Pg. 318. Pics below. All in all, a very nice week!  Good luck hunting to all, and hopefully I'll be able to post something good again next week!       |
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Pillar of the Community
United States
1023 Posts |
awesome buffalo find. still looking for my first bullion coin in rolls.
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Replies: 27,977 / Views: 2,310,069 |
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Posted 08/23/2012 01:28 am
