Ever considered buying your own machine?

[Customx_12]

Have any of you ever thought to buy your own commercial coin sorting machine? I looked into it a few years ago and it seems like it'd be easy to make money. Not only do you charge the percentage off the top but you also get dibs on all the goodies that get caught in the trap. Plus first crack at cherry picking all the coins.

Has anyone here ever considered this or own their own machine? Aside from the initial cost and maintenance, what might discourage you from doing it? I just don't understand why more people aren't doing it.

 

[mxh5891]

Have any of you ever thought to buy your own commercial coin sorting machine? I looked into it a few years ago and it seems like it'd be easy to make money. Not only do you charge the percentage off the top but you also get dibs on all the goodies that get caught in the trap. Plus first crack at cherry picking all the coins.

Has anyone here ever considered this or own their own machine? Aside from the initial cost and maintenance, what might discourage you from doing it? I just don't understand why more people aren't doing it.

You have to find a place to put it too. I'm sure coinstar has a new exclusive deal with all walmart and lots of national and regional grocery stores.

 

[Customx_12]

You have to find a place to put it too. I'm sure coinstar has a new exclusive deal with all walmart and lots of national and regional grocery stores.

Yes, I'm sure coin star has quite a few contracts. But I'm thinking more along the lines of small town markets and such.

 

[mxh5891]

Gotta find a good spot. I'm sure those machines are not cheap

 

[Nitric]

Yes, I did think about it at one time. I forget all the reasons but cost was the biggest one!! I might be wrong, but they were something like 10 grand? Again, this was years ago, and I may be way off(I'll try to find the cost again and post it here if I find it). But You would have to have a huge turnover and find some good coins to just break even. That same money would go further buying coin collections and reselling them. I could flip that money a bunch of ways and make more than one of those machines. Those machines are usually in places That either cuts the locations cost(like a bank). Or like a grocery store, for the service and people spend the money anyhow, most of the time. So, they usually have a dual service purpose while cutting time and costs, if that's the way to say it. The locations are making more than just the percentage of the machine in the big picture.Kinda like a video game or pinball, they make some money off of it, but they made more selling drinks and food to the people that hung out and played. kind of the same Just different purpose.

Finding a place wouldn't be hard, finding a "secure" place might be!

My thought too, The majority of what went into the machines I knew of were everyone's dumps! So rarely the old lady dumped her coin collection. Mostly coin roll searchers, resorting might not be much fun!

Here are some links to check out.

http://www.cumminsallison.com/us/en/products/coin-counting-machines/money-machine

http://www.magner.com/index.php/self-service-coin-centers

http://new-phoenix.com/product/scan-coin-cds-830-lobby-coin-counter/

 

[mxh5891]

Yes, I did think about it at one time. I forget all the reasons but cost was the biggest one!! I might be wrong, but they were something like 10 grand? Again, this was years ago, and I may be way off(I'll try to find the cost again and post it here if I find it). But You would have to have a huge turnover and find some good coins to just break even. That same money would go further buying coin collections and reselling them. I could flip that money a bunch of ways and make more than one of those machines. Those machines are usually in places That either cuts the locations cost(like a bank). Or like a grocery store, for the service and people spend the money anyhow, most of the time. So, they usually have a dual service purpose while cutting time and costs, if that's the way to say it. The locations are making more than just the percentage of the machine in the big picture.Kinda like a video game or pinball, they make some money off of it, but they made more selling drinks and food to the people that hung out and played. kind of the same Just different purpose.

Finding a place wouldn't be hard, finding a "secure" place might be!

My thought too, The majority of what went into the machines I knew of were everyone's dumps! So rarely the old lady dumped her coin collection. Mostly coin roll searchers, resorting might not be much fun!

Here are some links to check out.

Coin Counter Machines & Coin Sorters - Money Machine 2 | Cummins Allison

Self-Service Coin Centers

Scan Coin CDS-830 Lobby Coin Counter - New Phoenix Inc.

Don't forget that you will also have to find a place willing to give the customers cash for the ticket they receive from your machine.

They way I see it, unless you have your own business set up somewhere that you can place the machine and have your employees reimburse the tickets, then it's not worth it.

 

[Customx_12]

Yes, I did think about it at one time. I forget all the reasons but cost was the biggest one!! I might be wrong, but they were something like 10 grand? Again, this was years ago, and I may be way off(I'll try to find the cost again and post it here if I find it). But You would have to have a huge turnover and find some good coins to just break even. That same money would go further buying coin collections and reselling them. I could flip that money a bunch of ways and make more than one of those machines. Those machines are usually in places That either cuts the locations cost(like a bank). Or like a grocery store, for the service and people spend the money anyhow, most of the time. So, they usually have a dual service purpose while cutting time and costs, if that's the way to say it. The locations are making more than just the percentage of the machine in the big picture.Kinda like a video game or pinball, they make some money off of it, but they made more selling drinks and food to the people that hung out and played. kind of the same Just different purpose.

Finding a place wouldn't be hard, finding a "secure" place might be!

My thought too, The majority of what went into the machines I knew of were everyone's dumps! So rarely the old lady dumped her coin collection. Mostly coin roll searchers, resorting might not be much fun!

Here are some links to check out.

http://www.cumminsallison.com/us/en/products/coin-counting-machines/money-machine

http://www.magner.com/index.php/self-service-coin-centers

http://new-phoenix.com/product/scan-coin-cds-830-lobby-coin-counter/

I think the one I saw was closer to $2000 but was not quite as big as a coin star.

I live in California and we have a ton of casinos out here. I reckon that would be a good place to set up if they'd let you. I know the cashier cages sometimes takes in coin collections and this would save them time. Plus, the users are just going to gamble it all back anyway. Win win for everyone.

 

[mxh5891]

I think the one I saw was closer to $2000 but was not quite as big as a coin star.

I live in California and we have a ton of casinos out here. I reckon that would be a good place to set up if they'd let you. I know the cashier cages sometimes takes in coin collections and this would save them time. Plus, the users are just going to gamble it all back anyway. Win win for everyone.

If you can find a casino willing to let you put your machine in there then that's a good idea. I haven't been to a casino in a while but I know they used to have there own coin counters in the cages. If that's the case then it would be pointless to set up a coin machine. Nobody is going to pay whatever percent you charge, when they can just goto the cage and have them counted for free.

You are really going to have to do your research and go talk to the casino cages and see if they have a coin counter. Maybe you can ask them if people come in with lots of coins too. I imagine that most people just come in with cash or atm cards. Most Slot machines only take cash now too and pay out with slips of paper that need to be redeemed so there is little need for a coin counter.

Even if you do find a casino that still has machines that pay out in change, there is a 100% chance that casino already has free coin machines in the cages.

 

[Nitric]

I think the one I saw was closer to $2000 but was not quite as big as a coin star.

I live in California and we have a ton of casinos out here. I reckon that would be a good place to set up if they'd let you. I know the cashier cages sometimes takes in coin collections and this would save them time. Plus, the users are just going to gamble it all back anyway. Win win for everyone.

Ya, I can't remember the price's, but I do know the small table top machines or counter top machines are over a grand for the better ones. They are just counters/sorters though.
https://www.pbsoffice.com/semacon-s-500-coin-sorter.html?gclid=CK3R5YHolcwCFcQjgQodwYYBrQ
I'm sure there are many kinds, at the time we were looking for the big cent sorters too, that sort zinc and copper. The real ones are very expensive. My uncle ended up building his own, and it worked out pretty good.

I think coinstar may do that. They have a plan of what they want and someone may build it for them? If your creative? You may even be able to do that! I'm sure that would be fun!

I would guess something cheaper wouldn't hold up to a thief either. Remember they are kind of like safes too.And you wouldn't want something someone could kick the front off or just pick up and run with it. Happens with the small atm type machines all the time if not in a secure spot. So, I guess there is a lot that plays into price depending on how secure the location and what machine is needed.

Better off getting used vending machines, pinball, arcades, then go through the change! I'll bet you even have to have a permit/license to set up the coinstar type machines for the location.

I bought one of the old sorters/counters for about $100 bucks, everything has to be done manually and it sounds like a spaceship winding up when you turn it on. On those, you start out with the smallest coin and work up. dime, penny,nickel, etc...Or you have to have them pre sorted. If you forget and set it to quarter all the quarters and anything smaller end up in the bag counted as quarters.


Here is another thing to consider......People complaining that your machine isn't paying right! Thought this article was interesting.

http://www.bizjournals.com/philadel...k-penny-arcade-coin-counting-stole-money.html

 

[Beans]

The local casino had a coin machine which charged a percentage. Never seen it used. It was there about 3 months then gone. Casino probably charged more than it made.