Brilliant or Terrible Idea? Old coin vending machine?

[Catcake]

So I've gathered quite a stash of wheat pennies, old nickels, and other assorted interesting but generally not too valuable coins. So I was thinking... Why not drop $100 and buy a capsule dispensing gumball type coin operated vending machine. (like the kind you see at walmart entrances that have capsules with sticky hands, rings, etc). Then stock it full of capsules containing old wheaties, nickels, the foreign scrap that I pull, and an occassional 40%. Place it at a good location, then profit. Assuming everthing works as dreamed, I'd profit about $70 on roughly $4 face in old coinage.

I've been trying to look up the laws, regulations, and ordinances covering an old coin dispensing vending machine to see it would be outlawed as a game of chance, a lottery, or otherwise illegal. I can't find anything on the net. I just wonder why I've never seen such an awesome vending machine. Any info or insight on this crazy idea?

Brilliant or terrible?

 

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[Wilmingtonsilver]

See, the problem with that idea is that kids don't want pennies. That is your target audience.

 

[Xiao en]

I think you have a great idea. my uncle " honest to god uncle" not make believe fictional uncle used to have the coin op candy machines, he did well with candy. There are no laws as it is "at your own risk" for what you buy from a vending machine. Like the crane machines with adult items, or the childrens stuffed animals, it does not matter it is a chance take, set the 90% half at the top an let it whittle down @ .50 or .75 per turn. Great idea go for it an let us know how it goes.

 

[lovewiibrew]

I would ask someone who owns a coin shop if you could put it in their shop. That way you'll have your target audience. You could split the profits with the owner.

 

[Xiao en]

I would ask someone who owns a coin shop if you could put it in their shop. That way you'll have your target audience. You could split the profits with the owner.

Even better idea!! love it.... no pun intended lovewiibrew

 

[OmegaMan]

When going through Texas years back, I saw a gum ball machine like that. I put in my Quarter and got a dateless Buffalo.

 

[gordon and tanner]

I grow up in Metro Detroit, I remember seeing coin gumball machines as a kid. I still have a 1906 V nickle from one. The front of the gumball dispenser would have sample coins that you may get. It might be worth a try. be careful, I had a friend in the snack vending machine business and once in while his whole machine would go missing. Good Luck.

Dad and Tanner

 

[FormerTeller]

I used to own several of similar machines - put a quarter in, get a handful of candy. Yes, if you can find a good location, you'll make far more in actual profits than you'll find in silver or rare coins. As I recall, I grossed about $50/machine/month; standard rule was to give the store owner 25% - 50% of the proceeds each month. However, for high volume locations, vandalism and theft (of the machine) is a problem, for low volume locations you simply don't make any money. I suspect a coin store would be very low volume. Also, when selling anything you have potential liability, which is one reason I got out of it. What happens if a kid buys candy and gets sick, or there's foreign debris in it that you didn't see and he cracks a tooth? Even with your idea of using capsules - what if a kid chokes on whatever is inside it? In this lawsuit-happy society, it could doom you financially. If you do it, I'd at the least advise creating a corporation or LLC, to protect your assets should a lawsuit come your way.

Good luck, and let us know how you do if you go that route.

 

[sagittarius98]

You can have a machine like the one in many gas stations in Virginia. You have a bunch of different coins on a plate, and you have to put in a quarter hoping some of the coins will get pushed over the edge and into the slot where you can get them. I played twice and got nothing, but another time, someone left two quarters in the slot, so I managed to get even for my plays.

 

[Mr. Silver Stash]

So I've gathered quite a stash of wheat pennies, old nickels, and other assorted interesting but generally not too valuable coins. So I was thinking... Why not drop $100 and buy a capsule dispensing gumball type coin operated vending machine. (like the kind you see at walmart entrances that have capsules with sticky hands, rings, etc). Then stock it full of capsules containing old wheaties, nickels, the foreign scrap that I pull, and an occassional 40%. Place it at a good location, then profit. Assuming everthing works as dreamed, I'd profit about $70 on roughly $4 face in old coinage.

I've been trying to look up the laws, regulations, and ordinances covering an old coin dispensing vending machine to see it would be outlawed as a game of chance, a lottery, or otherwise illegal. I can't find anything on the net. I just wonder why I've never seen such an awesome vending machine. Any info or insight on this crazy idea?

Brilliant or terrible?

Catcake - I have seen this exact machine set up in a JoAnn Fabrics or a Dollar Store in my old hometown about 6 months ago. Capsules with wheaties and foreign, and the allure of a potential silver, etc. I think it was $.50 a capsule. There was like a 1944 penny and some other "junk" in the 3 capsules we bought. So it is totally viable and legal, atleast in my state. And hey, I dumped $1.50 in there. I say go for it! - Jonathan "Nothing ventured, nothing gained."

 

[ckrakowski]

i know of a movie theater that has a claw game that only costs a quarter and it is a play until you win type. the prize is candy but there is no set time limit and you could stand there for how ever long it took you to win.

 

[BenVA]

There is one of these in a local restaraunt. Its along the Blue Ridge Parkway close to my home. I got a Buffalo nickel last time I tried it. It looks like there were some folded up silver certificates in there as well. Also foreign stuff and there is supposed to be silver in there as well.

 

[snakeking162]

i think its a great idea i did it in this gas station that had something like cost 75 cents and i got a buffalo nickel... you will make a killing

 

[jeff of pa]

one of the Dealers here in PA Used to do this,
some of the capsules had coins, some Jewelry.
I believe he always put at least one big prize in.
it was a 25c prize machine.
He used to bring it to club hunts.
I used to play it on occasion, to get rid of my dirty quarters

 

[BuffaloBoy]

or the coin shop owner will be greedy, steal your idea by getting his own machine, and reap the profits in the entire area.

I would ask someone who owns a coin shop if you could put it in their shop. That way you'll have your target audience. You could split the profits with the owner.

 

[Catcake]

I'm going to try to get this idea off the ground maybe just for the fun of the project. I might incorporate into a general purpose coin related business to implement some of my other ideas. Also I need the business documentation to access state and federal auctions.

Back in grad school I would import all sorts of stuff including roman coins and meteorites. I would then flip them for a nice profit. I paid for my first year of grad school with my start-up business. Every so often I'll find a stash roman coins in an odd draw. Oh the memories!

 

[enamel7]

I have seen one of those machines here in NC. 50 cent to get 1 coin. Once in a while I go by the store and put a few bucks in. I have gotten silver on occasion, but usually get steel cents.
HH
enamel7

 

[Numismaniac]

When I was a kid (long time ago), a dealer we used to shop at had one. Cost a qtr, we'd get flying eagle cents, three cent pcs, etc. they were very low grade, but it was cool. This was at least 35 yrs ago.... Never seen it since...

 

[MrSchulz]

What a great idea, might steal this one from you..

 

[sax player]

Have you had any luck with that?