| Author |
 Replies: 14 / Views: 6,934 |
|
|
Valued Member
United States
344 Posts |
Hi I'm 17 and been collecting coins for a while now. I heard about coin roll hunting and I want to give it a shot. I was hoping someone could tell me the basics. Do I go to my bank and ask for rolls of pennies, half dollars ect? Is there a way to avoid coins straight out of the mint? If I don't get anything do I just give the coins back? Also what are tips that could help me with this.
|
|
|
|
Pillar of the Community
 United States
2843 Posts |
If you are not addicted yet, don't start.
|
|
Valued Member
 United States
344 Posts |
I'll become addicted either way. I'm just trying to find out the best way to be  |
|
Pillar of the Community
Canada
5246 Posts |
This topic came up in another thread-someone can surely find it.
You need to maintain a friendly relationship with your bank as it may be a nuisance for them. Selling rolls to you is a service of convenience, not a money making process. Definitely don't give the coins back if you get a batch fresh from the mint.
|
|
Pillar of the Community
United States
4333 Posts |
Welcome Alex. I see you are the same age I was, when I started roll hunting back in the late 1970's. Good luck, I've found that there is still as much collectible coin in circulation as there was over 30 years ago. All I can say is, this is a great forum to get your info from, all you have to do is read.
When I listen to LED ZEPPELIN...so do my neighbors...
Roll hunting since '77
Dirt fishing since '72
|
|
Valued Member
United States
446 Posts |
Hi Alex,
Welcome to neat obsession, excuse me, hobby.
Start out with the denomination that you're most interested in. If you're not particular, then pick cents. Depending on what you're after, you may go through ten rolls before you find what you like, although that may vary. If you're looking to fill album holes, the keep rate at first is high, but goes down as you fill those missing slots. This would work with other denominations.
Boxes may be a bit tempting, but when I was 17 my budget wouldn't have allowed for boxes, so you may be doing onesy-twosies for a while. Don't sweat it; all that means is that's less that you have to roll up and take to another bank branch.
Notice that I said another bank branch. Use one bank for your source and another for your sink. That's especially true if you're going to do large volumes. Alternatives are Coinstar, which I don't recommend because those guys want 7% or something like that, or spending them. Yet another alternative is self checkout machines. One supermarket nearby accepts half dollars in their self checkouts, so if I have to make a stop there and it's early enough in the morning to where I don't make a line form behind me, I'll ditch $10 worth of halves into one.
As to what to keep, my answer is this: collect what you like. It's all about the simple pleasures.
As to what you might find, well read the threads here, and you'll know that there are some goodies out there that are looking for a good home.
If you have questions, please ask them. The knowledge base of the community here is awesome, plus folks here will make use of any opportunity to go out of their way to help.
|
|
Pillar of the Community
United States
4809 Posts |
Depending how fast you search your coins, you might be able to dump where you pick-up. I usually take 2-3 weeks to search a box of cents ($25) so by the time I pick up my next box, they have moved my last box (either passed it out or sent it to Brinks).
Establish a good relationship with the bank manager. The manager will normally direct you to a particular teller who will help you with the picks and drops (if you use the same bank to dump). If you get a solid box, I suggest you just take it and roll with the punches. If you are inclined, you can search it for varieties and BU specimens. On return, explain to the teller that if possible, pull the box with mixed coins (i.e. shiny and dull peaking through the holes). If they know what you need, they may be able to oblige you. Note that they haven't any control over what is delivered to them, so they may only have shiny, new pennies for the taking. It happens, but generally not too often.
I suggest searching for varieties. Searching only for LWCs, IHCs and BU cents might not enrich the hunt. But as noted above, search for what you like. You're in charge. Also, consider whether you are hunting...or hoarding. Saving every common coin might eat up your budget...albeit slowly if cents or nickels, but it'll ramp up with dimes, quarters, halves or dollars. And my advice on keeping copper; there are better metals to hoard with a much nicer return. Save your cents to buy these metals instead.
Bottom line: have fun!!
Edited by Rackster
06/19/2016 10:03 pm
|
|
New Member
United States
38 Posts |
Be careful to note which account you use in those banks, some banks only allow you to make so many withdrawals from a savings account before you incur a fee
|
|
Valued Member
United States
449 Posts |
Depends on how many coins you're wanting day/week/month. If it's on a couple rolls a day probably about any bank you have an account with would oblige you. If you're wanting several boxes a week it can be done, but you're really going to have work hard on doing everything you can for the tellers, be kind/polite, do as much of the coin lifting/carrying as they will allow, and every couple months it doesn't hurt to bring them in a box of chocolates or other treat.
I suggest finding out who the head teller is at your bank. Of the banks that order coin for me all I had to do was ask the head teller if she could help me, both banks have now been ordering for me for close to 1.5 years. My dump bank is also one of pick up banks. They order me $2K a week in coin, another bank orders me $1K in coin and the first bank takes all my dumps. Usually if I'm in just to pick up or dump coins, if the tellers are extremely busy, I'll take a seat in the lobby and wait until things slow down for them so I'm not interfering with other business costumers. Lots of times I'll take the coins in drop them off, and while I go about other business in town they can count the coins in their spare time and I come back to pick up the cash. I've got a good enough relationship established with the tellers that they allow me in the employee areas, so I'm able to carry my dumps to withing 5' of the coin counter for them and when I pick up coins they allow me in the vault so they have to handle my change very little.
|
|
Moderator
 United States
56855 Posts |
|
|
Valued Member
United States
344 Posts |
Thank you for all of these tips. I'll probably start with pennies and nickels. My only worry is dropping them off at the bank. My bank used to have a coin counter however they removed it a couple months back, I'm not sure why.
|
|
Pillar of the Community
United States
814 Posts |
Quote:
My bank used to have a coin counter however they removed it a couple months back, I'm not sure why. Probably because CRH. They are expensive, both in service maintenance, and in manpower to change the bags, and in vault space to store full bags. Now imagine people coming in to dump what can be many many times the average common-man's change jar (which is what those machines are for). It adds up. |
|
Valued Member
United States
277 Posts |
I wish you all the best in starting out.
The best advice is to be honest with your bank that you are a young coin collector and this is the only way you can fill your hobby without costing a fortune. Smile and always be nice to all tellers (even if they give you an attitude). I have had great success with a bank that some tellers know Silver and keep it, others have no idea of what is Silver and do not care.
I got a Morgan this year from a Teller that saved it for me, because she knows I collect.
The best advice is to have fun and keep smiling, it will pay off.
|
|
Valued Member
United States
261 Posts |
When I get a shiny new box, my favorite convenience store buys them from me. They won't take customer rolls but will take bank rolls.
|
|
Pillar of the Community
United States
2915 Posts |
Develop a good relationship with the tellers... if you do this, they will usually bend over backwards for you. If you get bank wrapped coins, I've found that you can use your fingernails to get the rolls open. Then you can just re-roll them in the same roll... I count the number of coins I pulled from the roll and then just make up the difference with coins from my "junk box." I don't have any banks around me with machines, so this is the only practical way, and I refuse to use Coinstar. As many others have pointed out, use different banks for pickup and dumping if at all possible... get accounts with two completely different banks if you can. Also, some banks such as Bank of America, don't like to give you immediate cash for your rolls (unless they have a machine). This can be a problem if you're on a budget or lacking income. Nickels are probably the best place to start as you have a better chance of finding something in them than anything else... if you can get halves, try those too (provided you can afford it and/or you can find a bank that you can get them from). Pennies are usually pretty steady in terms of fun. You'll probably find a Wheat cent around every 250 coins... Dimes and quarters can be frustrating as you're unlikely to find much silver unless you go through a lot of coins... Most of all, just have fun... this is very addicting as I've gone through over 142,000 coins in my 4 months of searching. Good luck! CRH Nickeloholic. 1,600,000 nickels searched in eight years! Have found FOUR complete Jefferson sets!
|
| |
Replies: 14 / Views: 6,934 |
|
Posted 06/19/2016 7:18 pm
