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Question On Searching Bank Coins

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Pillar of the Community
USArmyParatrooper's Avatar
United States
1283 Posts
 Posted 01/25/2008  04:53 am Show Profile   Bookmark this topic Add USArmyParatrooper to your friends list Get a Link to this Message Number of Subscribers
I noticed a lot of members buy tons of change from banks and search through them.

Are you pretty much searching general circulation coinage, just like you'd find in a cash register? Don't banks normally receive new coins fresh from the mint?

Can you decide if you want normal, circulated coins in rolls... or if you want a roll of fresh, unopened 2007-2008 coins?

I guess what I'm asking is, what are the choices? And if you could please dummy it down for me. So I walk into my local bank, and then what exactly do I ask for?
Pillar of the Community
arthrene's Avatar
United States
1713 Posts
 Posted 01/25/2008  07:01 am  Show Profile   Bookmark this reply Add arthrene to your friends list Get a Link to this Reply
Banks get both. Some bank boxes are circulated others are fresh from the mint and all new and shiny (great if you're into error coins (possibly die cracks and the like) but not so great if your looking for the old stuff).

You can ask your bank for circulated/new but there is no guarantee that they will have it. They can always look though.

Ask for a box/rolls/bags of whatever coins you'd like to search for. I'd personally recommend cents (aka pennies), nickels and halves (bank may have to order them).
Valued Member
jbakic's Avatar
United States
251 Posts
 Posted 01/25/2008  09:24 am  Show Profile   Bookmark this reply Add jbakic to your friends list Get a Link to this Reply
It really is a shot in the dark as to what you get. I have talked to my bank, and they can not guarantee any specific type (New or circulated) coins in a box or bag. In general however after searching through $1000's of coins, I have noticed the following trends in halves and cents I have searched.

Bags off the change counter tend to be mixed, but mostly circulated. I have had the best luck finding silver in these, but they are harder to get from the bank. They always want to count it out, and some say its an audit issue)

Boxes tend to be mixed as well, some rolls heavy on newer stuff, some not. I have never found silver in a box.

I usually go into the bank and ask for the denomination I am looking for. (Have any halves?) They usually ask how many I want, I ask how much you got? That usually gets around to I'm a collector...

Also, a lot of this depends on where your bank gets its coin from. Some tend to get newer stuff, others tend toward more circulated. About the only time I can get new coins, full rolls are within a week or so of a new one being released.

Jim
Bedrock of the Community
United States
20753 Posts
 Posted 01/25/2008  1:20 pm  Show Profile   Bookmark this reply Add just carl to your friends list Get a Link to this Reply
Most banks know people do collect coins and want rolls, boxes, bags of coins. If your bank(s) will give them to you, you may find that there is a return policy. In other words you may be charged a fee for excessive coins returned. This is done to stop people from just getting coins, looking through them and returning them. Very expensive for the banks, holds up lines of real customers, wear and tear on machines to count them, irritates the tellers no end. If you want to start this you should first find out if you can find a place to get rid of the excess coins. Counting machines in stores charge a fee. Many stores will refuse excessive coins unless they know you since there are so many people that use the short roll system to make money. Reroll coins and leave one out.
The best thing to do is first do some research as to how to acquire the coins from a bank and then how to dispose of them.
Or find a relative that works in a bank, marry a teller, get a job in a bank yourself.
Valued Member
United States
439 Posts
 Posted 01/25/2008  1:44 pm  Show Profile   Bookmark this reply Add TSOTL to your friends list Get a Link to this Reply
Being on the good side of a teller helps. I try to use the same ones when I do anything at the bank and chat them up. Ask for odd stuff and sooner or later they'll ask why then you explain you collect and let them know what you're looking for. If you're lucky they'll keep you in mind when they come across anything odd and ask if you're interested when you come in. If you're not lucky their husband collects and he gets any goodies. heheh

From what I understand some of the best roll searching is done from rolls others have brought in, particularly around the holidays, when Gramma is cashing in all those old coins that grandpa had hoarded since, like, forever, so she can score some extra cash for Christmas presents for the grandkids. I've never really found much of anything roll searching but I have happily killed a lot of time looking and filling holes in cheap albums with the kids.

I think it's kinda like lottery tickets, you're not really expecting anything but the potential is there for who knows what and that expectation keeps you going.
Pillar of the Community
USArmyParatrooper's Avatar
United States
1283 Posts
 Posted 01/25/2008  10:31 pm  Show Profile   Bookmark this reply Add USArmyParatrooper to your friends list Get a Link to this Reply
Thanks, guys for all the great feedback! Very enlightening. I think I'm going to have to give it a shot.
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arthrene's Avatar
United States
1713 Posts
 Posted 01/26/2008  01:21 am  Show Profile   Bookmark this reply Add arthrene to your friends list Get a Link to this Reply
May you have many wonderful finds!
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j_h_s's Avatar
United States
1934 Posts
 Posted 01/26/2008  05:06 am  Show Profile   Bookmark this reply Add j_h_s to your friends list Get a Link to this Reply
Just a FYI: I searched a total of 30 unopened rolls (acquired long ago) of 1972 cents recently and found nothing but one or two common minting anomalies, not even qualifying as "errors." Right now, there's a bid for 10 of those rolls on ebay at 1.2 cents/cent.

In searching as many casually received/collected coins of all varieties, (like the 50 or so pounds of pennies I have in a box from over the years) I have far better luck finding coins worth more than 1.2 cents/cent.

Heck, a month ago I went through the change jar on my refrigerator and found an IHC in F-VF condition. I kicked myself for a few days for not paying attention to where I got that change.

Jim



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CoinHunter53562's Avatar
United States
2049 Posts
 Posted 01/28/2008  12:56 am  Show Profile   Bookmark this reply Add CoinHunter53562 to your friends list Get a Link to this Reply
From what I understand some of the best roll searching is done from rolls others have brought in, particularly around the holidays, when Gramma is cashing in all those old coins that grandpa had hoarded since, like, forever, so she can score some extra cash for Christmas presents for the grandkids. I've never really found much of anything roll searching but I have happily killed a lot of time looking and filling holes in cheap albums with the kids.
---
That's a good thought so I guess I am a month late. :( Right now might not be bad either though, as the country falls deeper into the recession. Desperate people may bring their coins in to the bank because they need the cash.

If you want to take it a step further, advertise on craigslist that you are buying coins and you might have some luck there too without feeling weird about requesting large quantities of rolls from the bank. Good luck!
Valued Member
chevrolet454ss's Avatar
United States
314 Posts
 Posted 01/28/2008  05:49 am  Show Profile   Bookmark this reply Add chevrolet454ss to your friends list Get a Link to this Reply
I do large scale roll searching all time. I did over 10k this monlth and have 5 bank accounts and deal with 10 to 15 banks all the time. My tricks are find locol banks with free coin counting machices and open up an free checking account with no monthly maintance fees. It cost maybe 50 bucks per account to get an account with bank.
1. I quit rolling coins its for birds. I have 3 banks I dump coins into there machices. Dont dump all your coins into one bank spread it around . I learned the hardway after dumping over 5k worth halfs, and eveything esle in into one bank branch. I tryed to get them special ordor an large shipment of coins. I think they afraid I would dump there again. It cost them money to deal with it.
2. Dont ask for cash back or ask fresh boxs of coins at dump banks. I put money into account. I go next branch and withdraw cash or get fresh boxs coins from them. Those bank tellers hate when want money back or fresh boxs from dump banks.
3. Dont use coinstar they charge 9% on dumps. Open banks acounts with coin machices to get rid of them free.
4. Dont ask teller for two many boxs at one bank unless you call them or have them special ordor it.
5. No banks have Half dollars it seems. They are all special ordors same on two dollar bills. You will need to talk with head bank teller on all special ordors . Its takes around 1 week on all special ordors from banks I learned. You need buy 1000 dollars per time on halfs since the cash service company dont want deal with 500 dollar ordors on halfs.

6. On brand new coins its luck of the draw. The feds will send used coins first and then new coins later. Banks cant special ordor those unless they are the new dollar coins or 50 State Quarters. Pennys or nickels or dimes to get brand new is like playing the lotto game. I bought over 25 boxs of pennys last year and onley got luckey twice on geting 2007 denver brand new pennys. Those are tough for sure. I dont open them and I will save to sell on ebay an few year later for huge profit on new penny boxs. I got luckey this monlth and scored 4 boxs of 2008 denver pennys. 2008 is last year on them since they are replacing them in 2009. My 2008 boxs will be put in safe place for an few years.

7. Dimes and quarters are an waste on time to search unless you building clad set . Its tough to find pre 64 silver coins. If you luckey you buy 5 boxs of dimes at 250 each and find 2 junk wore silver coins. They are waste on time on silver.
8. Pennys boxs can be fun if your building set. 1941 thru 2007 folder. Out of 2500 coins per box. I onley get less 10 wheats per box or less. 1968 thru 74 s mints are hard aslong with 1982 small dates. Most wheats found are common date 1940 or 1950 stuff. I spent 1000 bucks last year and found less 4 rolls of wheat pennys.
9. Nickels can be fun finding pre 1960 stuff. You cant fill an 1938 thru 1961 folder withour spending thousands of dollars . All semis or key dates are gone. 62 thru 2007 are easy set builds. Sometimes 1913 thru 1938 no date come in those boxs. They super rare.
10. To tell you truth onley boxs worth searching are Half dollar boxs. I still find silver , 2002 thru 2007 coins, proofs coins in there. That set is easy to build since I find lots brand new looking coins there. My last two boxs I found 11 1965 thru 1969 silver coins. Last year I found 8 proof coins, 30 or 40 silver coins after looking at 7000 dollars worth. Those are best boxs to buy to search these days since I find silver and sometimes those bens before jfk.
12. Baby dollar coin boxs are an waste of time unless you like looking at susan dollars or junk sac dollars where the gold come off.
13. Ike dollars they cant ordor them I think. I never found any out there. Most bank tellers try keep ikes for them self and not sell them. Tough but I get two rolls of them last year.

Have fun and good luck

Chevrolet454ss
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