First box of halves and newbie questions

[Durendal]

Hi everyone!

Thought this could be a fun hobby to get into so last week I ordered a box of half dollars from my local bank to go through looking for silver. Results were 10 40% Kennedys, 2 Franklins, and 1 1943 walking liberty. Might be beginners luck but this has got me wanting to go back for more, so I'm thinking of ordering 2 boxes next week. When I had ordered the box the teller mentioned that someone else comes in every week to that bank to pick up halves so I guess they're used to ordering boxes regularly and don't mind it. Brought the clads to a different branch of the same bank on the other side of town to deposit and made the lady behind the counter laugh when she saw I had a box of halves, and man those things make a lot of noise going through the coin machine.

So here's my newbie questions. I'm seeing that a lot of you guys have accounts with multiple banks for as supply and dump banks, is this to make sure you don't go through the same coins or so the bank employees don't get tired of you coming in there every week to pick up/dump coins? Are multiple bank accounts necessary or will multiple branches of the same bank have the same results?

Also is there generally some limit to how many boxes you order from one bank at a time? Say I want to go through 4 boxes a week, would you order all 4 from the same bank, 2 boxes at 2 different banks, or 1 box from 4 banks?

One last thing, if you guys could point out some things to look for besides silver while going through halves it would be much appreciated. I hear talk of proofs but am not sure what to look for besides a really shiny coin :P I just read through the beginners sticky and noticed that halves post 2001 should be keepers and I remembered seeing a 2004 in the box which I threw back, wishing I had found this forum and read that sticky first.

Anyway any help would be appreciated and good luck to everyone on the hunt!

 

[SeaninNH]

Welcome to the madness. You are now about to turn your life over to finding silver.

2 or 3 bank accounts are for a pick up and a dump.

Pick up from 2 and dump at 1.

I was picking up 2 boxes a week from 2 different banks that used 2 different suppliers.

I dump at a bank that uses a completly different service than they use and a customer run counter so I can dump as much as I want as ofter as I want.

I'm down to 1 pick up bank for now, but that will change soon.

If you pick up from a bank and dump at a different bank you still chance getting your coins back if you don't make sure they use 2 different suppliers.

Never bring back to the same bank you buy from. Other branches isn't really a good idea either.

Use a different bank all together. Your transactions are all registered in your account so if they see you buying then returning you may get cut off.

Good luck in your search and Happy Hunting!

 

[Durendal]

Thanks for the quick response and good tips!

Question about the suppliers now, how do you find out what supplier each bank uses? Would seem kinda odd to just walk in and ask a question like that, especially right before opening an account at a new bank.

 

[SeaninNH]

I ask. I tell them I collect coins and was wondering who they get their coins from.

I've never had any problems.

 

[Durendal]

Ok, think I'm getting it now.

Ask around local banks to find 3 different coin suppliers, order coins from 2 of them and dump in the third?

Thinking I might pick up a box of dimes and pennies too for the fun of it.

 

[SeaninNH]

That's how I do it.

I get 2 boxes of halves and a box of dimes. They come in on Thursday. I get a box of halves Thursday, another Friday and the dimes on Monday. I stop at random banks on Tuesday and Wednesday, then do it all over again on Thursday.

Although right now I have 1 pick up and 3 dump banks. I have not been dumping at 1 of them so I'm going to turn them into a pick up bank soon seeing that I lost a pick up bank last month due to them wanting to charge a .15 fee per roll they order.

 

[fistfulladirt]

Some have multiple accounts. Good luck if there are no fees. Some of my accounts now charge fees unless there is direct deposit activity, maint fees, make sure you go electronic statement, blah, fees, blah blah.
I've found enough this year to more than cover any fees i might incur, so, have fun!

 

[ArkieBassMan]

Hi everyone!

Thought this could be a fun hobby to get into so last week I ordered a box of half dollars from my local bank to go through looking for silver. Results were 10 40% Kennedys, 2 Franklins, and 1 1943 walking liberty. Might be beginners luck but this has got me wanting to go back for more, so I'm thinking of ordering 2 boxes next week. When I had ordered the box the teller mentioned that someone else comes in every week to that bank to pick up halves so I guess they're used to ordering boxes regularly and don't mind it. Brought the clads to a different branch of the same bank on the other side of town to deposit and made the lady behind the counter laugh when she saw I had a box of halves, and man those things make a lot of noise going through the coin machine.

So here's my newbie questions. I'm seeing that a lot of you guys have accounts with multiple banks for as supply and dump banks, is this to make sure you don't go through the same coins or so the bank employees don't get tired of you coming in there every week to pick up/dump coins? Are multiple bank accounts necessary or will multiple branches of the same bank have the same results?

Also is there generally some limit to how many boxes you order from one bank at a time? Say I want to go through 4 boxes a week, would you order all 4 from the same bank, 2 boxes at 2 different banks, or 1 box from 4 banks?

One last thing, if you guys could point out some things to look for besides silver while going through halves it would be much appreciated. I hear talk of proofs but am not sure what to look for besides a really shiny coin :P I just read through the beginners sticky and noticed that halves post 2001 should be keepers and I remembered seeing a 2004 in the box which I threw back, wishing I had found this forum and read that sticky first.

Anyway any help would be appreciated and good luck to everyone on the hunt!

Thats a really great first box! I've only had 2 or 3 boxes better than that in my lifetime.

Ideally it is indeed better if you can dump into a different coin service than from where you buy. However, its not an absolute necessity - especially if you're just going to do a few boxes a week. The odds of getting your dumps back only doing a few boxes is probably pretty slim. I don't have that option. Every bank within an hour's drive of me uses Loomis. I've been doing this for well over a year now and I've seen a bunch of marked, holed, gold-plated, etc coins that would be easily recognizeable should I see them again while searching. Never once have any of these coins returned to my boxes. Of course that doesn't mean that I haven't gotten any of "my" coins back. What I'm trying to say is that while I would rather dump "out of system", and would if I could, I wouldn't let it stop me from searching if I couldn't.

If you have the option to do it, just deal in cash. Every week I pay for my boxes in cash, and I receive cash when I dump the rejects. No money gets deposited or withdrawn from any account nor does my name appear anywhere on any type of transaction. While CRH is not illegal, several deposits and withdrawals totalling several thousand dollars every month can draw the attention of bank auditors that could inform government agencies of "suspicious activity" and lead to you receiving a visit from one of those agencies. Again, CRH is not illegal and you shouldn't be in any kind of trouble, but it couldn't be a pleasant experience. It has happened before - just something to think about.

I get a total of 4 boxes a week - 2 boxes each from 2 different banks. Now these boxes get delivered on the same day by Loomis, and they even come on the same truck. The reason I split it up between the 2 banks is that occasionally your boxes won't get ordered from a particular bank. Sometimes the person that orders goes on vacation, gets sick, forgets, etc. By splitting it up, I figure that if one bank forgets, the other probably won't and at least I'll get 2 of my 4 boxes. Also, should one of my order banks decide that they no longer want to order for me or want to start charging a fee, I already have another bank used to ordering for me and it'll probably be no problem to just double my standing order and never miss a beat.

You need more than 1 dump bank. Sometimes banks will cut you off from dumping. Also, coin counting machines sometimes break down. You need a backup plan if this happens. Currently, I split my dumps down the middle at 2 banks (~$1000) at each every week. I also have 4 or 5 more banks that have coin counters that I'll use in case of emergency and/or if I decide to do a little extra searching that week. You can't have too many dumping options. The more you can split it up between banks, i.e. the less your dump banks see of you, the less likely you are to get cut off. From my own experience, you'll never have a problem at some banks. I have a great dump bank that I think I could take thousands of dollars worth of coins to every day and it would never be a problem. I also had one cut me off after dumping about $500 a week there for a couple of months, and I was even given "permission" by the branch manager to do so. The more options you have, the better prepared you'll be for any situation that arises.

As for what to look for other than silver, well that's entirely up to you. Since 2002, half dollars have not been made for general circulation. Those are known as NIFC (Not Intended For Circulation). The 1987 was NIFC as well. Personally, I don't save them, but some folks do. Let me rephrase that. I don't save all of them. I have kept 1 or 2 of each date and mintmark for my personal collection, but I don't keep every one I come across. We have debated the future value (or lack thereof) of NIFC coins numerous times on this forum. If you're interested, go back and read the old posts on the subject, and you can make your own decision on whether or not to keep them. Another thing you will find are proof coins. All non-silver proofs have an "S" mintmark. These are coins that have been taken out of proof sets for whatever reason and have found their way into circulation. These are known as "impaired" proofs. Some folks keep them, some do not.

 

[SeaninNH]

We well as there clad proofe there are also silver S proofs.

 

[Durendal]

Thanks for all the help Sean and Arkie! The more I read the more eager I am to go on the hunt again even though most boxes probably won't be near what that first one was. Seems like this hobby is a big numbers game. Biggest problem I see myself having is bank hours being 9-5 on the weekdays and I work 9-6, guess I'll just use my lunch to pick up once or twice a week and dump on Saturdays. Went back to the bank I picked that first box from to order another today but the lady that orders them wasn't in today (apparently there's only one person that can?). Gonna call and put an order in for 2 boxes Monday.

Thanks for the write up Arkie, looks like I've got a bit of scouting to do for source and dump banks. One more question for you, if you're paying in cash do you still have an account at the different banks or do they let anyone order boxes regardless of being a customer of that bank or not?

Edit: Just realized that two of the Kennedy's I found were 1964, so that box was 8 40% and 5 90%! Again, jaw-drop

 

[mlayers]

Ok this is what I do. I order 4 boxes from 2 different banks now. I dump $1000 at a time and I dump at 4 different banks. The banks that I order from will let me pick up 2 boxes at a time. So I have started picking up on Thursday, Friday, Saturday and Monday. If I could find a bond that cold get coins on Monday I could do this everyday of the week. But so far all the banks around here get their coins on Thursday and Friday. So I figure this way it will not get them upset with me for dumping so many coins at the same bank.......Matt

 

[ArkieBassMan]

Thanks for all the help Sean and Arkie! The more I read the more eager I am to go on the hunt again even though most boxes probably won't be near what that first one was. Seems like this hobby is a big numbers game. Biggest problem I see myself having is bank hours being 9-5 on the weekdays and I work 9-6, guess I'll just use my lunch to pick up once or twice a week and dump on Saturdays. Went back to the bank I picked that first box from to order another today but the lady that orders them wasn't in today (apparently there's only one person that can?). Gonna call and put an order in for 2 boxes Monday.

Thanks for the write up Arkie, looks like I've got a bit of scouting to do for source and dump banks. One more question for you, if you're paying in cash do you still have an account at the different banks or do they let anyone order boxes regardless of being a customer of that bank or not?

Edit: Just realized that two of the Kennedy's I found were 1964, so that box was 8 40% and 5 90%! Again, jaw-drop

Some banks have very limited vault space and do not like boxes of halves taking up what little space they have for days at a time. Other banks do not seem to mind at all. Just talk to the person at the bank that will be doing the ordering, tell him/her your work situation, and you'll probably be able to figure something out that works for you both.

I have an account at all my dump banks as most here charge a 10% fee to use the coin counter if you do not have an account. I have an account with one of my two order banks. At the one where I do not, I have known the branch manager since high school, and my grandfather has a fairly substantial account with them. I would imagine you'll need an account to order on a regular basis. On that note, I feel like you should have an account with any bank that supports your CRH activities. We as CRHers should support the banks that support our hobby.

 

[CHAINCHOMP]

nice 1st box! congrats! keep it up and hh! [R.I.P. Rich Hartford]

 

[SeaninNH]

Well... It depends on the bank.

I am not a member of my pick up bank. I stopped in there 4 or 5 times asking for halves and eventually the woman that orders the coins said she could order me a box.

I started ordering 1 box a week from them picking up half the box at a time. About a month into it I asked if I could up the order to 2. A few weeks later I asked to add on a box of dimes.

I usually take a full box at a time, but there are the days that I'm broke and have to get less. I o however make sure I go through what I have them order every week. That way they don't sit in their vault and I don't chance them cutting me off.

Now this is not the norm. Most banks won't order for you unless you are a member, but the tellers at this bank are really nice people so I guess I lucked out.

Now I bring them donuts or muffins every couple of months to keep them happy which in turn keeps me happy and my pile growing lol.

 

[Durendal]

Thanks for all the help guys I really do appreciate it.

So I'm looking online at various banks around me to see what kinds of checking/savings accounts they offer and it seems like there's always a monthly fee unless you have a minimum daily balance or meet certain activity requirements. Do you guys keep the minimum balance in each of your accounts all the time or just a small amount and have the monthly fee? Guess I'll just have to have a few hundred dollars locked in extra bank accounts.

Will start calling on Monday to find out where various banks get their coins from.

 

[fistfulladirt]

Will start calling on Monday to find out where various banks get their coins from.

Good luck on that one D, for security reasons they may not volunteer that info, unless it's "we get them from the fed"

 

[ArkieBassMan]

Thanks for all the help guys I really do appreciate it.

So I'm looking online at various banks around me to see what kinds of checking/savings accounts they offer and it seems like there's always a monthly fee unless you have a minimum daily balance or meet certain activity requirements. Do you guys keep the minimum balance in each of your accounts all the time or just a small amount and have the monthly fee? Guess I'll just have to have a few hundred dollars locked in extra bank accounts.

Will start calling on Monday to find out where various banks get their coins from.

Luckily, all the banks I deal with for my CRH activities still have the good old-fashioned free checking with no fees.

 

[kb4iqm]

Luckily, all the banks I deal with for my CRH activities still have the good old-fashioned free checking with no fees.

Same here for personal free checking, but the business checking accounts at two of my banks still have minimum balances. I don't mind, I just leave those minimum funds there and forget that they exist. I cash checks, make deposits, and use the debit/check cards to maintain activity on the accounts. But all coin buys/sells at the banks are done in cash.

Bob

 

[fistfulladirt]

I have accounts at 4 diff banks and 2 diff CU's. The CU's are the BEST, no fees whatsoever. All my banks charge non-activity fees, (make a dep. quarterly), min deposit fee ( must do direct dep.), paper invoice fee (just do online statement), and coin counter fee (avoid by min direct dep.). Most fees, if any, can be avoided.

 

[Durendal]

Found one local bank that still offers free checking accounts, $50 minimum balance so that's not bad. All of the big chains like Chase or Bank of America are wanting minimum of $1500 for checking or $300-500 for savings accounts. Did find one chase branch that is open until 8 pm during the weekdays though.

Yeah, they may not tell me where what company they get their coins from but it can't hurt to ask right. Is there a way to tell from the box/wrapper where the rolls come from or is that pretty standardized across the board?

Side note: Was at walmart today and they have a bank that's open 7 days a week in there so I asked if they had any halves. Only had 3 of them and no silvers but the teller offered to save any that he sees for me, his idea not mine. I do some of my grocery shopping there anyway so no extra trips involved