Huge opportunity for halves or huge skunkfest on the horizon: advice welcome

[Zero]

My dump bank is one of the very few banks with a coin counting machine in a 50 mile radius. The last time I dumped some halves, I asked for $500 in dimes. I have done this about three times now with no problems. This time, the vault manager says...don't you think you have gone through them all by now? I was confused by the comment and just replied with my usual ...looking for error coins...san francisco mints...old coins...and what not...avoiding the silver word. Then she shocked me by saying that "this bank rolls their own coins from two locations (two counting machines)". I didn't know about the other machine so that was good news. So, technically, I could be dumping dimes and then going through them again the next week. This was disappointing but no problem...I just need to stop picking up their dimes.

Okay...so here is the opportunity or skunkfest: They don't appear to use a courier service for coins. They have a ton of halves in the back (including a couple 1000 that I have dumped over the past couple of weeks) and they are willing to sell me a bag of whatever size I want. Today I got a $250 bag not knowing whether this was a bad idea or good one. There was no silver but 4 NIFC 2007's (that I definitely did not dump).

Here are the two options I am considering:
1) Stop dumping half dollars at this bank and instead start picking up bags as often as I can turn around and dump them somewhere else. By doing this, I might hit a collection of someone and eventually purge them of my dumps and increase the odds of hitting a collection or two.
2) Just go back to using this as my dump bank and hope they don't cut me off after their back room fill's up with 1971 kennedy's.

I plan on continuing to dump dimes and nickels here, because I just don't think people are depositing silver dimes and war nickels in large enough quantities to pick up anymore dimes from this bank since it is a fairly closed system of coins. They might even appreciate having dimes and nickels from external sources.

An obvious problem is that I would be giving up two counting machines for halves and not another one for 50 to 75 miles. What would you do?

 

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[palidin20603]

you need to find a national bank that will take coin in bags and give you cash now, then switch yor bank to a pickup. That would be the best of both worlds

 

[TheNotoriousA.G.]

I wish my dump banks would let me buy coin with coin. I'd dump 2k in halves and then take 2k in dimes or quarters. They've mentioned that my 2 bags of halves take up space; let me balance that out for ya!

 

[Wilmingtonsilver]

1 question and 1 opinion. Why are you keeping the 2007s? The only thing I can think of is that you are a collector and want 4 of each, other than that they have no value above face. My opinion on your bank situation is to agree with your idea of finding another dump bank and plowing through all the halves they have in their vault. The chances of collections being in that bank and available to you has just increased tremendously.

 

[Zero]

Coin lock deposit...that's a great idea...but the time delay...I've got to think about that...

I have traded halves for dimes a few times but I guess if I did it too often someone might start complaining.

Keeping NIFC's seems like something to do when you are getting skunk after skunk kind of like these per-1960 nickels that seem like a waste of space and unlikely to be profitable but it's something I guess.

Thanks for the encouragement to dive into my former dump bank and see how deep the hole will go. I'll figure out the dump problem. It could be a silver mine.

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[ArkieBassMan]

Coin lock deposit...that's a great idea...but the time delay...I've got to think about that...

I have traded halves for dimes a few times but I guess if I did it too often someone might start complaining.

Keeping NIFC's seems like something to do when you are getting skunk after skunk kind of like these per-1960 nickels that seem like a waste of space and unlikely to be profitable but it's something I guess.

Thanks for the encouragement to dive into my former dump bank and see how deep the hole will go. I'll figure out the dump problem. It could be a silver mine.

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Some members here are able to turn in coin-lok bags for cash on the spot, and their accounts receive a credit/debit if any discrepancies arise. It wouldn't hurt to ask around. However, you must be aware that with a bagged deposit there are big risks. If the courier service takes your bag and then later says that it was $200 short, then you're most likely out $200. The coins are gone. There is no way to prove or disprove what you indeed put into that bag. Whereas if you dump $1000 in halves into a coin counter and the ticket reads only $800, your missing halves are in that machine somewhere. Just something to think about.

By all means talk to the vault manager at your bank that processes their own coins. Ask how you can help them. I can all but guarantee you that if you would relieve them of their non-circulating, crowding the vault half dollar problem, you will be their hero. It might be that they are overstocked on dimes or something else. Help them out by taking them off their hands. It might be that they are understocked on dimes or something else and would welcome you to dump a large amount of them (or trade them for the nuisance halves). There very well may be a way that your CRHing can actually help -not hurt- this bank. If so, you'll score huge brownie points and there is certainly no such thing as having too many banks "on your side" in this hobby.

 

[Zero]

Some members here are able to turn in coin-lok bags for cash on the spot, and their accounts receive a credit/debit if any discrepancies arise. It wouldn't hurt to ask around. However, you must be aware that with a bagged deposit there are big risks. If the courier service takes your bag and then later says that it was $200 short, then you're most likely out $200. The coins are gone. There is no way to prove or disprove what you indeed put into that bag. Whereas if you dump $1000 in halves into a coin counter and the ticket reads only $800, your missing halves are in that machine somewhere. Just something to think about.

By all means talk to the vault manager at your bank that processes their own coins. Ask how you can help them. I can all but guarantee you that if you would relieve them of their non-circulating, crowding the vault half dollar problem, you will be their hero. It might be that they are overstocked on dimes or something else. Help them out by taking them off their hands. It might be that they are understocked on dimes or something else and would welcome you to dump a large amount of them (or trade them for the nuisance halves). There very well may be a way that your CRHing can actually help -not hurt- this bank. If so, you'll score huge brownie points and there is certainly no such thing as having too many banks "on your side" in this hobby.

This is a great idea...thanks

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[Wilmingtonsilver]

Some members here are able to turn in coin-lok bags for cash on the spot, and their accounts receive a credit/debit if any discrepancies arise. It wouldn't hurt to ask around. However, you must be aware that with a bagged deposit there are big risks. If the courier service takes your bag and then later says that it was $200 short, then you're most likely out $200. The coins are gone. There is no way to prove or disprove what you indeed put into that bag. Whereas if you dump $1000 in halves into a coin counter and the ticket reads only $800, your missing halves are in that machine somewhere. Just something to think about.

By all means talk to the vault manager at your bank that processes their own coins. Ask how you can help them. I can all but guarantee you that if you would relieve them of their non-circulating, crowding the vault half dollar problem, you will be their hero. It might be that they are overstocked on dimes or something else. Help them out by taking them off their hands. It might be that they are understocked on dimes or something else and would welcome you to dump a large amount of them (or trade them for the nuisance halves). There very well may be a way that your CRHing can actually help -not hurt- this bank. If so, you'll score huge brownie points and there is certainly no such thing as having too many banks "on your side" in this hobby.

+10!

 

[twiasp]

By all means talk to the vault manager at your bank that processes their own coins. Ask how you can help them. I can all but guarantee you that if you would relieve them of their non-circulating, crowding the vault half dollar problem, you will be their hero. It might be that they are overstocked on dimes or something else. Help them out by taking them off their hands. It might be that they are understocked on dimes or something else and would welcome you to dump a large amount of them (or trade them for the nuisance halves). There very well may be a way that your CRHing can actually help -not hurt- this bank. If so, you'll score huge brownie points and there is certainly no such thing as having too many banks "on your side" in this hobby.

This is a golden nugget that Arkie has offered up for you Zero. I have done this for several banks to rid them of troublesome coins and it scores huge brownie points, they have to operate by guidelines and turn in bags of so much before they can get rid of it, and i do not =) One bank for example said something like, "We have half a bag of halves that have been rotting in our machine since i started working here 7 years ago". Music to my ears so i offered to move them and dump at another bank to get out of their hair, it turned out to be 90 dollars worth of halves and i found about 30 silvers. I moved their gold dollar coins also just to get them out of their hair, but they will order coins for me no problems now and save me old coins they get in from customers.

 

[SilverForBrains]

Option 1!

 

[gmrestoparts]

Do coin lock bags, mark your bags and only get new bags, not the ones you marked...I do this with CWR of dimes at the 5 banks I goto for Dimes, I mark the rolls with a crayon and never go through the same roll twice

 

[Zero]

Well...I went back to the bank and asked for some halves...they said they only had $1273. So, I asked for them all. She said they ship the half dollars back to the Fed weekly (this is new info- the other teller was talking about dimes apparently). It was a skunk and I saw a fellow coin roll hunter dumping his load into the counting machine (he had a little rolling cart and tall plastic dump tubes for directing the coins into the hopper). Seemed like a real professional. So, I'm not as excited about the prospects but I guess the coin collection could still happen.

They also said they had some Ike's, so I'm going back tomorrow and get the big dollar coins. Hopefully some Morgan's or 40% Ike's are there.

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[enamel7]

They don't send them back to the "Fed". They just think they do. Some tellers are uninformed.

 

[Zero]

The $306 in Ike's were a skunk. I might try selling them on eBay. It looks like people pay about $1.30 or more for them.

I've decided to just go back to using them as a dump bank.

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[gordon and tanner]

Hey Zero,

Tanner and I have had one of our best scores from a bank that rolled there own. These banks are hard to come by. The two that I know of are small independent banks in Northern MI. We can only stop by them two or three times a year. We figure that if they roll there own, they roll what customers drop off to them. This seems to be better odds than boxes from Brinks etc.. If you can I would by all the bank rolled coin that you can from this bank and not use it as a dump bank.

Good Luck
and Keep on Searching
Dad and Tanner

 

[blackbeard1717]

If they roll their own coins anyway tellers take the silver

 

[fish on!]

If they roll their own coins anyway tellers take the silver

Some tellers cull silver, not all.

 

[Zero]

Of their two branches, the one closest to me has limited my to $100 in coins a day...oh well...I think I am going to just use them as a dump bank.

 

[uncubano13]

I have done only 2 boxes this year and only 1 box had 1 40% in it, I also got 2 random rolls this morning and no silver, but in place of a half there was a SBA so I made 50cents! lol

 

[GlenDronach]

I have done only 2 boxes this year and only 1 box had 1 40% in it, I also got 2 random rolls this morning and no silver, but in place of a half there was a SBA so I made 50cents! lol

Neat!