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 Replies: 13 / Views: 2,172 |
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New Member
United States
47 Posts |
Have coin machines (coin counting machines at banks) negatively impacted coin collecting over the past few years? The bank I use has a coin counting machine and no longer accepts "rolled coins." *** Edited by Staff to clarify topic title. Titles are important! *** |
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Pillar of the Community
United States
3499 Posts |
newtocoinbuying- I wouldn't necessarily say so since the coins thrown in the machine will just end up being put into rolls. It is true that it does cause many foreign coins to be filtered out, but I have found some weird stuff even in Brinks boxes.
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Pillar of the Community
United States
731 Posts |
newtocoinbuying- I would think not. I believe they've actually made my life easier. Just last week I found quite a few keepers from rolls I got from the bank (which originated from coin counters), including a Panama Medio-Balboa, a nice Franklin half-dollar, and multiple silver-clad Kennedys.
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New Member
 United States
47 Posts |
So the company that picks up the bags of coins, rolls the coins then sells them to other banks? Wow, that's interesting.
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Pillar of the Community
United States
2520 Posts |
The free Coinstar at my bank helps me trmendously. I would never be able to go through the volume of nickels that I have been through if I had to reroll the suckers! Plus other people dump their change into them and that puts more good stuff in the rolls.
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Bedrock of the Community
United States
14454 Posts |
I don't think it impacts the hobby in a negative way because if my bank only accepted rolled coins or didn't have a counting machine then I would either find another bank or my whole house would be full of coins in containers because there is no way I would sit there and roll a 5 gallon bucket full of coins. Maybe I could pay my kids to do it for me or something but thank GOD I don't have to worry about that because when the bucket gets full I just carry it to the bank and they dump it in and give me bills to carry out
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Valued Member
United States
195 Posts |
The coin counting machines at banks make coin roll hunting SO much easier for me! Before I got an account at the credit union with the coin counting machine, I had to count and wrap up all of the cents I searched!  You can also find silver or foreign coins in the reject slot.  |
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Pillar of the Community
United States
731 Posts |
->ratman4762 - That's what I was alluding to. Folks who have no clue what they've got (nor necessarily care) dump their coins into those machines.
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New Member
United States
45 Posts |
I think they are wonderful. I had 3 5gal buckets of pennies that I needed to dispose of. $700 in pennies is way too much to roll.
newtocoinbuying, the armored car picks the bags up and just dumps them into their machines to get rolled and boxed. When a bank orders coin, they send them a box. The the cycle starts all over again.
I think it allows more desired coins to be rolled instead of saved by the person dumping. If they rolled by hand they might pull out that silver dime or wheat. Since they are just dumping their coffee can that they have been throwing their pocket change in, there is a better chance of getting something good in a roll.
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New Member
United States
47 Posts |
Now I understand. I worked as a teller about five years ago, so I always wondered if coin collectors hated coin counting machines. My boss used to keep all the foreign/silver coins that went into the reject slot.
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Valued Member
United States
462 Posts |
On The History Channel, one episode of "Modern Marvels" covers "Coin Vending." Part of that episode was just on "COIN STAR" machines. It was very interesting. Machines like Coin Star make it much easier for folks to dump that "old jar of coins" as some folks are too lazy to roll them and too embarrassed to bring a jar of coins into the bank (not me, I brought a 5 gallon jar of pennies into the bank once). So coin jars that may have been started by grandpa in 1924 may be dumped into a Coin Star machine now. The Coin Star Warehouse in Los Angeles was amazing, millions and millions of coins, stored loose in crates.
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Valued Member
United States
81 Posts |
And these coin star machines can make the company some 20 dollars per hour depending on what they are counting.
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Valued Member
United States
292 Posts |
I personally think coin counters have been an excellent tool for our hobby... it allows us to roll search a much greater quantity of coins at one time. Since rolling coins can be such a pain the use of counters makes it much easier. I am often too lazy to sit there and roll coins.
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Bedrock of the Community
United States
17884 Posts |
In the short term they will be a benefit as they will cause a lot of better coins that are hiding in hoards to be returned to circulation where collectors can find them. In the long term they will be a bad thing because they will cause the drying up of hoards, and those that do remain will be even less likely to have anything worthwhile in them. They, in effect, move those things that would be found in the future into the present and thus leave the future even more barren than it would have been.
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Replies: 13 / Views: 2,172 |
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Posted 02/10/2010 1:07 pm
