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 Replies: 13 / Views: 1,206 |
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Pillar of the Community
United States
1291 Posts |
I was watching the Discovery Channel last night and they had on an episode about coin operated machines and how they work - pay phones, arcade games, parking meters, etc. There was one segment dedicated to coin counting machines. I can't remember the manufacturers name but they claim to have them at thousands of shopping centers although I, personally, have never seen one. People just dump random coins into the machine - all denominations - and it sorts them out and gives them paper currency in return.
They had all kinds of interesting statistics: The average transaction is $38 and the largest ever transaction was in a place in Alabama for $13,000 - and that transaction was ALL PENNIES!
Anyway, I started thinking that there must be an awful lot of neat old coins processed through these machines. Banks won't allow you to bring in your old coffee cans of saved coins and exchange them for currency unless you roll them up first. If you have to roll them up, you're apt to notice if you have something valuable or collectible and keep it. But if you can just dump your coins into one of these counting machines and you're not numismatically inclined to begin with, you're probably not going to bother scanning them.
It would be neat to scan through the coins these machines process. Think about that guy with $13,000 worth of pennies. How far back into time does one have to begin in order to squirrel away 1.3 million pennies....?
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Pillar of the Community
Spain
1361 Posts |
1.3 million pennies? There is a 99.99% probabilty that something valuable is included in there.
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Pillar of the Community
United States
3294 Posts |
At least 1 or two wheats I would imagine.
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Valued Member
United States
290 Posts |
who is going to do the calculation of how heavy it must have been!
I see these machines at the local grocery stores. My bank has a coin machine - for customers only.
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Pillar of the Community
Poland
3201 Posts |
3250 kg assuming they were all Zincolns.
Edited by DL20K
02/10/2009 11:33 am
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Valued Member
United States
377 Posts |
I see these machines all the time, they charge around 9% to accept your coins, My bank won't except rolled coins.
If you roll them they unroll prior to accepting them
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Pillar of the Community
United States
1151 Posts |
I think you are referring to CoinStar machines. I saw a show on these once as well. They have a big metal container inside them that collect the coins and someone comes in with a cart and removes it and replaces it with an empty one. They than take it to a warehouse, via an armored car where the coins are all sorted and rolled. Quote:
3250 kg assuming they were all Zincolns 3250 kg = 7165.023 lb OR 7165 lb and 0.37 oz Edited by collect4fun
02/10/2009 11:44 am
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Pillar of the Community
 United States
1291 Posts |
My wife works at a bank and they only accept rolls from their customers - and only if their account number iswritten on the roll.
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Pillar of the Community
United States
1291 Posts |
collect4fun - I don't think that was the name (I think I'd get it on multiple choice) but the rest of what you said was right on.
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Pillar of the Community
United States
2520 Posts |
Coinstar has been around for several years. There might be others. They are found in grocery stores. After feeding the machine your coins it gives you a receipt (minus Coinstars %) to take to the cashier to get your $$$.
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Pillar of the Community
United States
858 Posts |
I used to hate it when tellers asked you to put your acct # on the roll. I always felt it was a security issue. They dont rewrap the coins or cross out the numbers. I know it is requested mainly to deter miscounts in the rolls, but I think it is ridiculous.
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Valued Member
United States
79 Posts |
I search rolls, and when I return rolls to banks,some banks require your phone # and other banks run them into a counting machine.
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Bedrock of the Community
United States
20753 Posts |
When you hear about someone dumping a large amount of coins in those machines it is usually due to a few reasons. One is they go to banks and acquire $50 bags of pennies. Lately the banks will no take them back so they are dumped into those machines. Second reason is when a coin collection is robbed, the crooks don't take chances with them so they dump them into those machines. And too there are always those that have been saving coins for a long time and now need the money. Around me those machines charge 12% for that service.
Most banks are getting away from accepting coins in bulk or rolls. Some, Bank of America will take them, send them out for counting, enter the amount in your account, charge for this service from 7 to 10%. No account, the rate goes up and you must wait for them to send them out and your amount is then sent to the bank and you have to go there to collect minus the charge.
You really can't blame banks. With this coin collecting boom way to many people go to banks, acquire as much coins as they can, then just return them. This cost the bank money and someone has to pay. ROLLS? The latest scam is to short every roll by one coin. With hundreds or more rolls, this adds up so banks are asking for your info if you do bring them in and if they accept them.
Many banks around me have told me that if they do have a coin couter and it breaks down, it will not be replaced. All rolls must have the account number on them or your social security number. All the banks I used to get halves from no longer carry them, will not order them, will not accept them. Yes it is supposed to be unlawful to refuse US legal coins but there are all sorts of loop holes to that law.
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Valued Member
United States
462 Posts |
Wow, my bank will not accept rolled coins. They count coins in the back of the building, towards the end of the day, and charge NOTHING for it. If I bring in 2,000 pennies, that night will show $20.00 deposited into my account. It is a rip off for a bank to charge you for depositing money of any type.
My bank? Wells Fargo.
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Replies: 13 / Views: 1,206 |
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Posted 02/10/2009 11:22 am
