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 Replies: 5 / Views: 2,465 |
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New Member
United States
48 Posts |
I could use a little help.
I'm still very new to coin hunting, and have been lucky enough to find a bank willing to sell me a box of halves a week. And, thankfully, my dump bank has a coin counter in all its branches. But, that got me thinking. What do they do with these coins, and could I purchase them?
Knowing I shouldn't purchase coins from my dump bank, I called another bank with coin counters, and was told that these aren't for sale, but instead are "sent out" when the machines are serviced. Coinstar does the same, and businesses with these machines in them don't have access to the coins to sell them. Even my dump bank said they send their coins out, and aren't able to sell bags.
So, my question is, does anyone know of any place where you are able to purchase $500 or $1000 bags of half dollars? I feel that customer-dumped bags might have more keepers than boxes order from banks. I just have to ask how often the bags are changed (1-2x/wk likely means collector dumps, less often could mean un-searched coins)
Thanks for any input, and happy hunting.
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Pillar of the Community
United States
4333 Posts |
The number one reason they will not sell bags, is because of those that have bought bags previously have come back and complained the bags were short.
When I listen to LED ZEPPELIN...so do my neighbors...
Roll hunting since '77
Dirt fishing since '72
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Pillar of the Community
United States
840 Posts |
Each bank chain manages their coin differently.
At my area banks only one bank chain has coin counters. This bank chain literally cannot access the coin counters in their lobbies, so obviously they cannot sell the coins from inside the machines.
The coin counting machines are 100% serviced by a local coin courier similar to Loomis. I know this is true because a couple different times I have talked with coin courier employees while they were servicing a coin counting machine. These coin counting machines do not even have bags inside them, instead just a large, heavy duty, lock-able plastic bin. All coins dumped into the counter (sans rejected coins) go into the bin. The "used" bin is removed from each machine every 2-3 weeks when an empty bin is installed. The "used" bins are taken to the local coin processing center, run through a coin sorting machine and bagged by denomination, then each bag is run through a coin rolling machine, rolls are boxed, and boxes are placed on a pallet to await the next order...First in-first out.
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Pillar of the Community
United States
729 Posts |
I buy $1,000 bags of half dollars once in a while. Only one CU sells me bagged coin. I know there have been many half hunters out there that dump where I buy them from. The CU I use to dump at will not sell them to me. One time when the tellers had to change out the bags, the bag was laden with SILVER! but they would not sell it to me.
Anyhow, ask the tellers how often they empty out the half dollar bags, if they take a while then you may have some luck. At that point I would dump there once with 1K work and buy the bag that you partially filled, there may be some nice finds in there. I would normally dump at the place that sells them to me every few months and let others dump into it.
Also one thing I forgot to mention. When you buy bagged coin, you run the risk of being short at times. I have been $90 dollars short once in a bag of dimes. Half dollars have been okay for me maybe a few dollars here and there that I do not mention to them. If you want to keep buying then you just have to suck up the potential loss.
Good luck.
Edited by carloscoria
11/06/2020 10:38 pm
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New Member
 United States
48 Posts |
The coin counters at my dump bank appear to only hold ~$1000 in halves, so when I dumped my $500, it filled the bag and stopped the count. The manager then came, opened up the machine, pulled out a large clear plastic bag filled with halves, sealed it, and put in a new empty bag.
That was when I asked him about purchasing these bags from the bank.
I guess it's not an access thing here, but likely more of what fistfulladirt had mentioned. These bags are likely not a precise count, and the bank can't charge $1000 for a bag when it may be below/above that amount in actuality.
Are bags always sold in $1000/bag, or can you buy partial bags, or smaller bags?
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Pillar of the Community
United States
4333 Posts |
Quote:
I guess it's not an access thing here, but likely more of what fistfulladirt had mentioned. These bags are likely not a precise count, and the bank can't charge $1000 for a bag when it may be below/above that amount in actuality.
Are bags always sold in $1000/bag, or can you buy partial bags, or smaller bags? The bags of halves that I bought off the machine were always over count. The last bag I bought held no silver but the count was over by at least $20 (and flat pennies, guitar pics and a micro SD chip for a digital camera). At the time, my wife was a vault teller for a different CU. I asked her about the overage on the bag, should I notify my CU, she said there's no way to balance the books. The interesting thing is that the courier such as Brinks normally picks up the bag, and I was told they go by bag weight and allow a certain percent over/under. I sometimes had to top off the bag in the machine with spare halves to get a full $1k bag before the CU would sell. When I listen to LED ZEPPELIN...so do my neighbors...
Roll hunting since '77
Dirt fishing since '72
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Replies: 5 / Views: 2,465 |
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Posted 11/06/2020 3:28 pm
