Should I Return rolls to the bank?

[teh nzectar]

Hi, I'm new to CRH and have some questions. How should I return large amounts of searched coins for money to buy more rolls? Should I go to coinstar, or roll them and give them back to the bank? If I am going to roll them, should I buy some type of coin rolling machine? If so, what type? Thanks

 

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[BBcardsRI]

Yay I think I am the first to get to respond to this one! =)

You have some very good, common beginner questions that I would be glad to help you out with.

Do NOT use coinstar, as they take a percentage of the coin for themselves... something like 5-8% depending on the machine and such. It might not sound like much but it adds up FAST.

The best thing is to belong to a bank which has its own coin cointing machine that lets its customers use it for free (no percentage fee). I found a bank like that in my area and made an account with them for the sole purpose of using that machine.

The other thing to know is that you should NEVER bring back rolls of coin to the same bank you got them from. It REALLY annoys the tellers, and you will end up looking through the same rolls multiple times. What you need is pickup banks and dump banks. Buy from one, sell to another, etc. Most areas have dozens of banks in a small area, so this isn't a problem.

So... find a NO FEE coin machine, OR roll them and bring them to a DIFFERENT bank than you got them from.

That is the CRH way. =)

Happy hunting!

~Dave

 

[Bean]

My bank only takes unrolled coin, but I'm sure some banks take them rolled.
If you have a very large amount and your bank takes rolled coin then I would get a rolling machine but I couldn't
tell you what kind is the best as I have no need for one. ( I'm sure someone on here will have some info on one)
As for coinstar you could do it that way but they do charge and if you only find a couple of keepers it could
eat up your profit. Some peolpe use coinstar so they don't have to deal with tellers at the bank.
Just don't take them to same bank you got them from.
Good luck
-Bean

 

[BBcardsRI]

Yikes... forgot you asked about a coin rolling machine.

DO NOT get one!

All the cheap ones STINK! They either put too many or too few coins in the rolls, or the WRONG coin all together in a roll. A good one will cost far too much money. If someone says THEY have a good one from a certain company... that doesn't mean that if you get the same one YOUR'S will be accurate as well. They are NOT a good investment. I've talked to LOTS of tellers about this who have gotten short rolls due to coin rolling machines.

~Dave

 

[Bean]

Sorry dave I think we responded at the same time.
Didn't mean to step on your toes
- Bean

 

[BBcardsRI]

No worries... the more help and comments we can get him the better! More opinions the merrier!

Gotta help those newbies out so they don't make the same mistakes we did and such. =)

~Dave