buying junk silver from rolls from teller - and says Garda "owns" the CC's

[Ben Cartwright SASS]

I was dumping at the bank today and filled the bag on the CC. Got talking to the teller who changed the half bag and asked about buying the bag. He says that they contract with Garda for the machine and they own the bags. That sounds logical, they are providing a service for their customers.

Anyhow he asked if I culled out all the silver 90 and 40%ers and I said yes, he showed me a couple that showed in the bag but even he couldn't get them. But he did say he culls any silver the customers bring to the tellers and he has about $40 face and asked me where to sell it. I mentioned a local coin store but then knowing that the store is paying $5 a half (10x face) I offered him 10x for the 90% i.e. $5 and $1.50 for the 40% saving him a trip to the store.
He agreed and I will buy his stash tomorrow. I will also strike a deal with him to buy whatever he gets from customers in the future at the price the dealer is getting.

Have no idea what he has but it will be interesting.

The big thing is that I COLLECT JUNK SILVER and am currently having to pay $7.50-$8 per half from the dealers, so I am saving $2.50 to $3 per half. I have been getting junk silver for years in fact put together a set of Franklins from junk and Walkers (except for several key dates) from junk silver. It is good because if you have a couple extra bucks you can get some silver to put away.

I will let you know what I get.

 

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[galenrog]

It may be that the cash management contractor owns the coin counter, and owns the bags. That is sometimes the situation. Welcome to the wonderful world of coin hunting.

Time for more coffee.

 

[Zomotion]

Buying at 10x face is a decent price you offered. Bonus if you get better dates.

 

[Johnnybravo300]

Can't beat that!

 

[Ben Cartwright SASS]

I talked to my two coin dealers who I have been buying from for 30 years each and asked what they are paying right now, that is how I came up with the 10x, it was a normal person I might have offered 8x but for a teller especially as I want to suggest he continue to cull silver and I will buy it all I will offer what the dealers are paying, saves him a long drive.

 

[Ben Cartwright SASS]

So he had 26 90% including a 1951 and 1959 Franklin and 38 40% I paid $5 for the 90% and 1.50 for the 40% around here the 90s are selling for $8 and the 40% around $3 so I think I did ok

even better is he is going to watch for silver for me and save it and I will pay dealer price for it. He is also going to ask Garda if he can buy the half bag off their machine, we would split whatever we find. But I don't hold out much hope for that as the person is just a courier from Garda. I wonder if I could contact Garda themselves and see if they will sell unopened bags?

Since I also buy/collect junk silver I am happy with the transaction.

 

[Ben Cartwright SASS]

Oh if there is no pic it didn't happen, here is the pic

 

[Ben Cartwright SASS]

Oh if there is no pic it didn't happen, here is the pic

The teller they all came from an older lady who was dumping her husbands coin collection into the coin counter, she dumped all but these when he was able to stop her.

He said he is going to pay more attention to looking for silver. He has been hanging onto this for a while now

View attachment 1540810

 

[FormerTeller]

I guess I'm a little confused here. Who changes the bag - the bank or Garda? If it's the bank, it should be a simple matter for them to swap clad for silver while changing the bag. A similar action frequently takes place during the changing process, when the bag is ripped or coins accidentally fall out of the bag and the teller throws them back in. I had a manager tell me last year he couldn't sell me the bag, despite the fact that I was buying them from other branches. I did talk him into pulling the silver from the bag and swapping it out for me with clad. I think you just need to talk to the right people at that bank, maybe grease the wheels a little...

 

[Ben Cartwright SASS]

it is the teller changing the bags, what I have seen around here is at every bank, they pull out the drawer, seal the bag and then remove it from the drawer. At a couple others their machine has a container that they put into a bag pull it out leaving the coins and then seal it.
You would have to be there when they fill it to pull the silver, also they don't want to get the customer who filled the bag and is waiting to count more coins upset. I supposed they could leave it unsealed and then after changing it check it in the back room, but you would have to be there at the time. When the teller changed the bag for me after sealing it he tipped it from side to side and we thought we could see a couple silvers, but it was sealed already. He was saying they get a full bag every 18 months or so, but that was until I decided to dump there, I put in $500 myself in one trip.

However all that being said I will talk to the teller and suggest maybe on the bags he should try to check them and see if he sees anything obvious and then could take it to the backroom, he could keep some coins or call me to bring some coins to replace them. It never hurts to ask.

of 20 banks around here that have coin counters none will sell bags.

 

[fistfulladirt]

Ben, many of the big-name online vendors have been selling junk 90% at spot lately, I recently loaded up at $6.25 per half.

 

[Ben Cartwright SASS]

Ben, many of the big-name online vendors have been selling junk 90% at spot lately, I recently loaded up at $6.25 per half.

That is not a bad price, I have been paying $8 per half around here, but that is cherry picking the coins, Walkers and Franklins, a local shop has been going out of business for about 2 years now and is putting better dates and for Franklins uncirculated Franklins into junk silver! same with Dimes and Quarters. paying 15x face and you can cherry pick. they are paying $5 per half which is how I got 26 halves for $5 each, happy with that score!

One thing I always like about junk silver is you can build up quite a bit a little at a time, If you have $10 you can get a half and a dime and if you do that every week it adds up.

 

[Ben Cartwright SASS]

Update, they can't buy or search bags from Garda. But

My teller called me, a lady had come in today to dump some Kennedy's in the coin machine but didn't know how to use it so asked him. Since I had told him what to look for he bought them from her and called me.
She had 40 40%'s and 12 90% including 4 Franklins and a Lexington Concord Commemorative in about VF/XF. Paid $5 for the 90% and 1.50 for the 40%. He made money and I did ok.
I paid him $5 for the Lexington as it looked beatup when we first checked them. Now looking at it I would say the reverse is VF and the Obverse is XF, I see them going on Ebay between 20 and 30, most closer to the $30. So I will call him tomorrow and tell him that it was better than I thought and offer him an extra $5 or $10, so I will pay $10-$15 total, don't have to but it will probably make him happy and he may watch for more commems. I know dealers usually pay about 50% of what they hope to sell it for.

 

[rcs]

Love old commemoratives!

 

[Dozer D]

Ben: what year is that Lex.commem? Is it silver?

 

[Ben Cartwright SASS]

1925 and 90% silver, I like the look of it, slightly darker fields and lighter devices, although I would like the devices a bit lighter