logistics of commerical penny sorting?

[kaiser613]

hello all considering very strongly setting up a commercial penny sorting operation in florida ( but right now funding is keeping this hypothetical for now) and I wanted to ask those with experience about a few logistical nightmares I would run into. first off, if I was to get 5-10k in pennies every week how would I go about acquiring them? im thinking go directly to brinks rather than banks, but then would they deliver to me or would I have to pick them up at the truck depot? also 10k in pennies is about 3 tons. would this be delivered in one truck? I think not, would it be multiple trucks at once or a bigger truck or multiple deliveries throughout the week? and on the other end of the equation what about returns. I sure as hellfire aint gonna re roll 10k a week, im looking at coin deposit bags but I don't know what banks accept them, and then theres the issue of they have to send the bags off to be counted, how long of a delay will that put on my deposit, also would you recommend returning to a bank or to brinks?

I just thought about that number about 6500 pounds in pennies! they would have to bring like 4 of those regular size armored cars to move that! which brings up another question. what kind of fees am I lookin at with brinks. thanks for any info you can give!

 

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[Coppercrazy]

Ummm...good luck with that.

But in all seriousness if you ordered directly from brinks they would charge you a large fee per box. My credit unions get charges $40 a box, and good luck dumping that much, once again good luck with that.

 

[sjlund]

Ummm...good luck with that.

But in all seriousness if you ordered directly from brinks they would charge you a large fee per box. My credit unions get charges $40 a box, and good luck dumping that much, once again good luck with that.

Your credit union gets charged $40 per box for a $25 box of cents? That seems awfully high.

 

[uncubano13]

yeah i think its like $40 per normal order for however many boxes they order. maybe additional $40 for anything more than normal up to a certain amount....this sounds more logical to me, just guessing here tho...

 

[Omega]

Thats what it is ^

 

[kaiser613]

okay that's more reasonable than what I was thinking. anyone have any experience with coin deposit bags? Ive seen some really serious sorters use them for dumps but I don't know which banks accept them

 

[Joe777Cool]

How would we know what banks in YOUR area will deal with bags? Its a case by case thing and ur gonna need to do alot if work to find out what banks will do what.

 

[Iamrussell]

okay that's more reasonable than what I was thinking. anyone have any experience with coin deposit bags? Ive seen some really serious sorters use them for dumps but I don't know which banks accept them

Youll have to do the leg work for the bag dumping- I have yet to find 1 in my area who will take them so hoping you have better luck than me

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just keep stacking, just keep stacking, stacking stacking stacking

 

[ArkieBassMan]

It can be done, but I'm guessing that even if you had an immediate cash buyer at 1.5 cents per copper cent (which is VERY optimistic), it'd be so expensive that it would be a losing endeavor. Assuming average returns, $10K face value in cents will produce ~$2000 face value in copper. Again assuming that you can immediately sell for 1.5 cents each thats $3000 total, $1000 in "profit."

I seriously doubt Brinks would charge less than that $1000 to deliver 400 boxes. Maybe if you signed a 1+ year contract, they might. But, you're going to be "on the hook" for a long, expensive contract if and when you're little business venture fails miserably. If you safely pay by-the-box, I bet the fee is more than $2.50 per. There went all your profit. They probably charge you again to take back the rejects. I do not believe coin couriers will deliver to a residence. You'll have to have a business address.

No single bank is going to order you 400 boxes and/or take ~160 $50 bags of zincolns as a deposit weekly without fees - big fees - if you can even find a willing bank. (One of my dump banks charges its business customers 10% to process their coin deposits). There goes more of your profit, if you have any left. You might be able to scatter the boxes and bags out over several banks. 10 here, 8 there, 4 here, etc. However, you'll be running around all over burning a lot of fuel. Your normal passenger vehicle won't carry 3 tons worth of cents, so thats even more miles driven. Fuel expense will eat up more of your profit...if you have any left.

Also, you won't be able to immediately sell for 1.5 cents per. I think you'll find that, right now, its closer to 1.25 - and it won't be immediate cash. Your $1000 profit is now $500, and you still have to pay Brinks and the fuel man. It just can't be done as a profitable business IMO.

 

[Dozer D]

I think your shooting a little too-high right off the bat . Have you tried on a small scale, sorting equipment, copper buyers, usable funds, market for WHEAT CENTS, and desire to finish. Is this going to be a full time job. Look on u-tube about a guy who is doing this full time in a warehouse, capital equip, employees, etc.?

 

[Spizzerinctum]

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[50cent]

I've ordered $200 in cents before at a single bank without any repercussions but I have since terminated my relations with that said bank.