1200 pounds of coin up for bid.

[teklord]

Here in Florida the Orlando Orange County Expressway Authority is selling off 66 bags of coin rejected by their counting machines. Dirty and bent US coin, foreign coin, tokens, ect. Total of 1200 lb of stuff. Sealed bids due by Dec 29Th. See the article by Dan Tracy in the Orlando Sentinel from Dec 20Th. I wonder if other roadway systems also do this ?

Teklord

 

[G.I.B.]

Thank you for finally admitting it wasn't simple math. I was feeling extra stupid about halfway through the exercise.

 

[BBcardsRI]

Don't mind Gman, Elf... he enjoys math almost as much as going through penny bags and writing down what each and every penny he found was dated. =)

~Dave

 

[mistergee]

Gman....you freak me out......in a good way ....always admired you human calculators

 

[GMan00001]

What can I say....I'm an engineer....math always came easy to me....

The simple part was the first few lines....(all I was originally intending to write)

 

[maine_Jim]

Hey GMan - good work there. I think I'd recalculate that though and take out the halves from the average since they are so rare in circulation so it may get too much weight here. The pennies on the other hand...people toss those in the buckets to spite the system pretty often so that may also send the average up a bit. Sure would be fun to look through the bags...

Maine_Jim

 

[XX]

My guess is the lot will sell for $2 to $4 per pound and will retail at $8 to $10 per pound.

Their value as scrap metal is very low, much lower than spot values due to the whole lot being commingled and there being no simple "automated" method to sort the metals (short of smelting, but then that wouldn't be simple).

While there will be some US coinage in there, I would not count on any silver. Think about it. Once the coins are in the system, the system's best interest is served by accepting and bagging as much coin as possible. Therefore, are you going to buy the $10,000 coin sorter with the EM sensors that rejects as much as the local coinstar machine, or are you going to get the high speed $2000 coin counter that mechanically sorts the coins and only uses a magnet to pull out rejects.

What that also means is that there will be a low percentage of 35% nickel coins and your foreign coins will be mostly (and in order of my guesses)

1. Canadian
2. Mexican
3. Euro
4. British

I am basing this guess based on my experiences with various coin counters and what I actually see them reject/accept.

 

[jrf30]

When do the results come out on this?

:-)

 

[Scalper]

Best of luck Tek with your bid and thanks Gman for the figures on breaking down the lot very interesting , thanks Ed

 

[kestrelia]

Here's a story on NPR that might give you some idea of what you'd find. It's about a guy who routinely buys the rejected coins from NYC's parking meters.

Sounds like great fun to me ... if only my wife would give consent for the purchase (and we lived in FL)

I would guess most foreign coins come from Canada, Mexico, UK and Europe. If you regularly traveled to these places it'd be pretty easy to unload the stuff.

Brian

 

[teklord]

The bids had to be in by noon today. My guess is it will be awarded tomorrow as then it would show as a receivable for year end accounting. If I don't hear anything I'll call in a few days and try to find out what the lot went for. May be a matter of public record somewhere also.

Tek

 

[treasurefiend]

Cool, good luck!!!

 

[coolpix9]

The Suspense is Killing Me !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

 

[silvercop]

good luck i hope you won

 

[GPURS]

Well,,,, any word?? Gpurs..

 

[silvercop]

i was wondering as well....if he wins i hope he will post some pics

 

[BBcardsRI]

If he won I will MAKE him post pics, lol.

~Dave

 

[treasurefiend]

Yea, whats the good word?

 

[coolpix9]

$4321 is the winning bid!!!!!!

 

[treasurefiend]

Wow thats a lot higher than I thought it would be...

 

[pepperpump]

After reading this, I think I may ask what they do with coins at a particular tollbooth I work near. I have access to the vault room, i just have to remeber to ask. It would have been nice if you won though.
Pepperpump