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This seems like a great idea to cut down on all the pennies I have lying around. Can you tell me how you go about getting bulk pennies from the bank and then returning the zincs? Do the banks give you a hard time? I've been curious about this.
I just ask for a box of pennies. If you say a box of cents you will see they arent the brightest penny in the roll.. $25 box and go thru every one of them and then keep the copper aside till I have enough to sell. Then return the rest. You can either roll them up of put them in their coin counter (if they have one) or coinstar for 9.9% of your money
Last edited by kloccwork419; 08-25-2012, 06:50 AM.
I use palette racking and store via skids and large 400,000 coin count size bins.
Chugly gave good advice. It may be a good thing to suggest you attempt to collect via bags instead of boxes. You can cause wrist damage cracking rolls on a large scale. At one point or another I was messing around with rolled coin and invented a mini roll opener which solved the problem which cost $5 to make.
The most important and critical advice I would offer is to create a real value to your time. Your time has a monetary value and you may wish to calculate it out so you make sure you are efficiently maximizing your time for maximum return on money. For example, if you want to do this in a relatively medium size level and say sort $50,000 in pennies. Would it make sense to pick up a box or two at a time at the bank? Nope. So if you pay a small premium, someone like me could hook you up with a common courier freight shipment of them via skid and make it pretty cheap without you taking on long term risk of getting deals I've set up (I can get you bags rather than rolls/etc/etc).
There are quite a good volume of people who literally just do truck pick-ups of skids of penny bags from one of my warehouses.
Anyway, the point I really am trying to make is, to each their own. And make sure to monetize your time to make sure you are ensuring you are making the right choices for you. Everyone is different and it takes time to figure out the value of your time.
I use palette racking and store via skids and large 400,000 coin count size bins.
My jaw would probably drop to the floor if I had even the slightest glimpse of what your operation is like. Way to seize the bull by the horns!! You also make some excellent points. Locking away a large face value shipment now, especially while copper is still hovering above 20% in most areas, not only ensures easy searching for years to come, but also a nice store of value in the copper. Also, just think how many trips to the bank that would save! It is also humbling to think that just one of your 400,000 count bins would take me 9 months to search at my current rates! Unbelievable!!
My jaw would probably drop to the floor if I had even the slightest glimpse of what your operation is like. Way to seize the bull by the horns!! You also make some excellent points. Locking away a large face value shipment now, especially while copper is still hovering above 20% in most areas, not only ensures easy searching for years to come, but also a nice store of value in the copper. Also, just think how many trips to the bank that would save! It is also humbling to think that just one of your 400,000 count bins would take me 9 months to search at my current rates! Unbelievable!!
Thank you for the kind words! Timing really is everything. And bulk makes things unbelievably cheaper and easier. It is beyond simpler to load 4 tons of bags by hand on a skid than to box up two bags a time in medium flat rate boxes. Probably something obvious but when doing this kind of operation, obvious can easily get overlooked if it isn't a day-to-day already doing thing.
Here's a photo of one section of palette racking as an example. I know a lot of people tend to use canvas bags, but frankly, there is much greater demand for these type of bags so the coin can actually be viewed and visualized. Each bag would be $50 (34 pounds). Those are copper ones.
Now mixed bags are a whole different conversation.
There are also a lot of people who offer insured storage. That has it's own draw back regarding fees and that you technically don't physically hold your own assets.
In respect to the Opening post: What does your situation look like for practical storage? House, apartment, warehouse, garage, basement, etc.
The more detail provided, the better advice that can be given. It's nice when someone posts like this. Numismatics I'm not the best at giving advice, but these kind of questions I think I can hit a home run on!
Chugly - If you have a large quantity of coin sitting around - give me a call if you want your coin mechanically processed by me. The distance could pose an issue, however, if you have huge volumes of coins hanging around, I could process 400,000 coins in less than a day for you. (302) 265-3677.
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$25 box and go thru every one of them and then keep the copper aside till I have enough to sell. Then return the rest. You can either roll them up of put them in their coin counter (if they have one) or coinstar for 9.9% of your money
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