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Replies: 67 / Views: 17,345 |
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Pillar of the Community
United States
687 Posts |
I'll worry when Coinstar starts pulling silver.
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Valued Member
United States
314 Posts |
I thought coinstar machines rejected the silvers anyway?
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Valued Member
United States
364 Posts |
This would not surprise me. I just posted in the JFK roll search thread my most recent results. The last month or so my box roll searching has completely fallen off. In my last 20 boxes (20,000 coins) I have found only 1 silver half dollar. Given my experience prior, the fall off is amazing. I use Garda. Let us hope they are not following Loomis' lead.
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Moderator
 United States
188620 Posts |
I am actually surprised they had not done this sooner. Someone in the organization has to know about roll searching.
It was probably a cost-benefit analysis. With the recent trend of silver going up, I am sure it cross a threshold to make this worthwhile to the corporation.
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Pillar of the Community
United States
2602 Posts |
And this is why I have largely avoided getting any boxes of halves. I think I should stick with trying to find customer-deposited rolls. My success rate at finding silver the last two years was 1-2% of the coins being 40% silver. Obviously, the drawback is finding any rolls at all at the bank and getting to those rolls before another roll hunter gets to them.first!
I have expanded away from my home bank this year because there just wasn't enough halves coming into the bank from customers. Every once in awhile (maybe 1 out of 7-8 banks) they will ask me if I have an account. Usually I start out by asking if there are any halves at the branch and then say I give them out to kids as gifts and at that point, most will nicely go out of their way to find them among all the tellers.
Edited by mycrob 01/04/2011 1:04 pm
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Pillar of the Community
United States
508 Posts |
That's a good one mycrob. Due to my age, I cannot use a line like that. Mostly they tell me flat out "No" or "We never have halves". I don't even stop at any banks to ask anymore, not once did I ever come across a teller willing to search in the trays for me.
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Pillar of the Community
United States
625 Posts |
Quote: I'll worry when Coinstar starts pulling silver. Coinstar and many other coin sorters reject silver already. Thats why so many find silver just sitting in the reject tray.
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New Member
United States
45 Posts |
I know that the DeLaRue machines in the banks don't reject silver. I was dumping halves at a bank I rarely visit and filled the bag after about $400. When they changed the bag I saw at least a dozen 40% halves in the bag. I asked to buy the bag back. They would not sell.
I also know some armored car services do pull the silver. It may just be some of the smaller companies. If Loomis, Garda , or any other large company was pulling, I would think it would be national.
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Pillar of the Community
United States
4333 Posts |
Non of the couriers are pulling silver. This rumor has been circulating the last couple years since I've been roll hunting. Shoot it down. Not happening. They are not in business to cull silver, they make WAY too much money delivering currency. Until someone provides solid proof of this, it's rumor plain and simple.
When I listen to LED ZEPPELIN...so do my neighbors... Roll hunting since '77 Dirt fishing since '72
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Moderator
 United States
188620 Posts |
Quote: They are not in business to cull silver, they make WAY too much money delivering currency. Which is why I mentioned the CBA. They have to know it is being done, and they have to know at what point it becomes worth their effort. Quote: Until someone provides solid proof of this, it's rumor plain and simple. I have to agree. I am skeptical until real proof (not "a friend of a friend) comes in.
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Pillar of the Community
 United States
623 Posts |
Guys...why is it so inconceivable for an armored car company to be pulling silver? They make contraptions that separate silver from clad. I doubt they pay the people who sort the coins much money and putting it through a silver sorter wouldn't slow them down much. I guess I am going to have to try and call Loomis. Even if there official answer is no, it's still not definitive.
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Pillar of the Community
United States
687 Posts |
Quote: Coinstar and many other coin sorters reject silver already. Thats why so many find silver just sitting in the reject tray. I know, my point was that if CoinStar puts an extra little bin inside to catch the silver (and the associated electronics and mechanics to seperate it) instead of kicking it out, that's when I'll worry. Those things are ubiquitous. I don't think any of the armored services are filtering out silver. They don't even run a magnet over the coins to remove the foreigns!
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Pillar of the Community
United States
4989 Posts |
What is probably happening is that consumers, at $30 per ounce silver, are pulling more coins out of circulation. I've got my wife looking for silver at the bank and she regularly finds me 40% Kennedy's, the occasional 64, occasional Franklin, and recently even 3 US Silver Eagles that someone deposited for face. Also got a 64 quarter and 60 dime in high mint state.
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Valued Member
United States
137 Posts |
My percentage silver has consistently been, over time, in the range of 2.3% to 2.5% silver for more than two years, during which time I have searched about 20 partial bags, totaling some $ 3,500 in half dollars. On top of that I get a lot of Canadian two dollar coins, Mexico ten peso coins, car wash tokens, and other junk. Plus two large cents. (Go figure. How did that happen?)
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Pillar of the Community
United States
880 Posts |
I still think silver searching is not worth the time unless you get one of those rolls that 50% of the coins are silver. Usually the ones that people take to the bank. Just basing this on how much you can make an hour vs how much silver you find and how long it takes. I feel like the longer you search for silver the less money you actually make off of it. I did buy 6 rolls of nickels yesterday and got 2 War Nickels from it. So not saying I'm against this completely, but something I'd rather just do a few at a time rather then designate 2 hours of my night to searching.
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Replies: 67 / Views: 17,345 |