Dumping mass volumes of cents? Ryedale?

Coppercrazy · Apr 3, 2013

Ok, so I'm go to sell my error coins I've found and get a Ryedale I think. :thumb_up:

As much as I love searching cents by hand, I would like to just sell copper cents on ebay and find more wheats and indian heads. I would be going through $1,000 in cents a week because I want to put the machine to good use. Sorting that much won't take too long with the machine maybe 5 or 6 hours? I'll get over $250 a week in copper cents, which will mean about a $100 profit every week from copper sales. With this much profit I could just buy the error coins I want really. I just don't know how on earth I can dump $750 a week in cents. I have one bank that says they will take $50 bags. But I obviously can't give them 15 bags each week, plus I would have to count that out because they won't let me weigh it, then deduct or add the difference to my account. I have not yet asked other banks if they could take bags only that one. There is a bank in the area with a coin counter behind the counter. 3 branches in my hometown have them, and only 1 I have an account to. Anyways, any ideas? Any ways that I could count the zincolns as the ryedale sorts them? I want a game plan before I buy the machine obviously and list my error coins. I need to have this all figured out. If I do get it, and fail at selling the copper cents and dumping, I could just resell the machine used on ebay I guess and take $100-$150 hit. But with doing this much volume and selling the copper cents, I would have the machine paid for in a month? :dontknow:

thripp · Apr 3, 2013

You can dump in bags at banks that let you put "Subject to Count" on the total. Or just weigh them and pretend there is exactly $50 in the bag even when it's a few cents off...

I still have my Ryedales from my cent-sorting days since I haven't gotten around to selling them. Let me know if you are interested.

Owassokie · Apr 3, 2013

Coppercrazy,
I think you've figured out why paying to buy a sorting machine isn't all about 'how much coin can it process'. The biggest headache isn't the machine sort speed, but rather dealing with the massive amount of coin. Whether it be handling, counting, selling or dumping.

I will say that the bank that is offering to take the dumps in $50 bags has no way of knowing if you weighed it or counted it. And I would contend that you'll be as accurate, and maybe more so, if you weigh it. Imagine counting 5000 cents by hand or machine. There's a good chance you'll be off by a few cents. Same as doing it by weight. The bank/courier will either weigh it or roll it to confirm the amount. Either way won't affect you much. Maybe a small adjustment to your payout if the count is off.

Just remember to take in account that $50 of zinclons weighs less than mixed or copper. You can find the exact conversions on the net.

OO

ArkieBassMan · Apr 3, 2013

All you can do is ask. Even if you find banks that say, "Bring on the bags!", there is the risk that it might not last. When I first began to CRH a few years ago, I sought out dump banks before ordering the first box. At one of the few banks in my area that had a coin counter, I had a sit-down with the branch manager. I told her what I was doing and that I wanted to run up to $1000 per week in halves through their coin counter. I also told her if they would do that for me, I'd move my main checking account to her bank as well as a sizable CD when it matured in a few months. She told me that would be just fine. After just a few weeks of dumping only $500 per week through their coin counter I was told that I could no longer bring in "large amounts" of coin. According to her, someone at the corporate office had noticed that her branch was shipping out more bags than normal and inquired what was going on. When she told them about me, they told her to cut me off.

By dumping regularly, all CRHers are constantly in danger of being cut off. The higher volume you do, and/or the frequency that you dump at any particular branch only adds to your odds of being cut off. If you have limited dumping options to begin with, you have to ask yourself if the risk of greatly increasing your volume is worth it. It might not be a problem, but there is always the chance that you end up losing most/all of your dump banks and you won't be able to CRH at all. Thats the main reason I haven't been searching volume that would make TimZim jealous - not enough dump banks. I have a grand total of 2 dump banks that I feel comfortable showing up once a week with up to ~$1500 and all will be well. Both have told me on multiple occasions that I can bring in unlimited amounts and it will be fine. However, being that my very first bank cut me off in a few short weeks over $500 a week when I had prior approval from the manager to bring in twice that amount, and that those 2 banks are the only others in town that have a coin counter (no banks in my area will take bags), I chose to play it safe.

You might be thinking that your 15 bags of cents is "only" $750. Compared to the dollar amounts that half dollar seachers usually dump, thats not an absurd dollar amount. And its not. However, I think you'll find that to most banks, a bag is a bag. A bag of cents is just as much of a nuisance as a bag of halves in most cases.

If you have the ability to scatter your dumps, you'll probably be ok. But, all of that driving around is going to eat into your expected $100 per week profit. Plus, as I stated above, you run the risk of losing some to all of your dump banks. Just something to think about. Good luck!

archertiger3 · Apr 3, 2013

ArkieBassMan said:
All you can do is ask. Even if you find banks that say, "Bring on the bags!", there is the risk that it might not last. When I first began to CRH a few years ago, I sought out dump banks before ordering the first box. At one of the few banks in my area that had a coin counter, I had a sit-down with the branch manager. I told her what I was doing and that I wanted to run up to $1000 per week in halves through their coin counter. I also told her if they would do that for me, I'd move my main checking account to her bank as well as a sizable CD when it matured in a few months. She told me that would be just fine. After just a few weeks of dumping only $500 per week through their coin counter I was told that I could no longer bring in "large amounts" of coin. According to her, someone at the corporate office had noticed that her branch was shipping out more bags than normal and inquired what was going on. When she told them about me, they told her to cut me off.

By dumping regularly, all CRHers are constantly in danger of being cut off. The higher volume you do, and/or the frequency that you dump at any particular branch only adds to your odds of being cut off. If you have limited dumping options to begin with, you have to ask yourself if the risk of greatly increasing your volume is worth it. It might not be a problem, but there is always the chance that you end up losing most/all of your dump banks and you won't be able to CRH at all. Thats the main reason I haven't been searching volume that would make TimZim jealous - not enough dump banks. I have a grand total of 2 dump banks that I feel comfortable showing up once a week with up to ~$1500 and all will be well. Both have told me on multiple occasions that I can bring in unlimited amounts and it will be fine. However, being that my very first bank cut me off in a few short weeks over $500 a week when I had prior approval from the manager to bring in twice that amount, and that those 2 banks are the only others in town that have a coin counter (no banks in my area will take bags), I chose to play it safe.

You might be thinking that your 15 bags of cents is "only" $750. Compared to the dollar amounts that half dollar seachers usually dump, thats not an absurd dollar amount. And its not. However, I think you'll find that to most banks, a bag is a bag. A bag of cents is just as much of a nuisance as a bag of halves in most cases.

If you have the ability to scatter your dumps, you'll probably be ok. But, all of that driving around is going to eat into your expected $100 per week profit. Plus, as I stated above, you run the risk of losing some to all of your dump banks. Just something to think about. Good luck!

you should have asked to sign an agreement before you got the cd with the first bank so they wouldn't cut you off, and if they wouldn't then i wouldn't deal with them