Formal way to get loads of coins?

[mws_1984]

I was just thinking how when I was younger my grandmother had this ceramic owl that was filled with coins. Back then I wasn't into coins obviously besides monetary value. I remember getting it and having all those coins. But it got me thinking, wonder how could I formally find people with large quantities of coins. I could buy them off them to search thru and then turn the rest in. Hopefully they would be unsearched coins as well.

Anyone ever thought of this?

 

[Goldmanford]

Sounds like a neat idea. How you would let folks know of your intentions is another thing. Perhaps you could run an ad in the local newspaper.

Someone in our town has actually started a "Yard Sale" page on Facebook where folks post their treasures they want to sell orthings they wish to buy. Maybe something like that is in your area, too.

Good luck on your search for those older, unsearched collections.

One thing that happens around here every few months is those darn "roadshows" that come through and scre.... folks. I bet a lot of older collections have gone to them over the last few years.

 

[Gilmore Happy]

Yes, just last week. I live in a retirement community for the most part.

Was thinking about sending out a newsletter, "Cash for Coins" or some spit like that.

Has to be SOMEONE in my neighborhood with coinage.

 

[Immy]

You could promote yourself as Coinstar without the fees. Craigslist would be one avenue. Great idea!

 

[mws_1984]

You could promote yourself as Coinstar without the fees. Craigslist would be one avenue. Great idea!

Yeah just would be tough to figure how to set it up. Do I get them from the person, count them and return the cash or what? I know some people could think your being dishonest. I know I wouldn't want to take someones word on a count # just for fear of being cheated.

Wonder if something like a set price you'll pay for a certain weight in coins? But then that gets into scales and stuff. I'd almost want to do it as secretly as possible, because once you get into oh what you going to look for then people will just keep them.

 

[Gilmore Happy]

Play guitar on the businest street of your city, guitar case wide open, TIPS HERE handwritten on 8x12 computer paper.

Along with, "struggling coin collector"

 

[madwest]

I tried to think through this one myself.

You would want to have a suitable coin sorter/counter so that you could deal with mixed coin. Advertise on Craigslist that you will come to them and pay cash for their coins - no fees if local and over $200 of coin. Otherwise, a trip charge of $xx applies.

Run the coin through the counter in front of them and empty the roll holders into separate bags as each one fills. They get to see the accumulating count so there is no chance of cheating them. Pay cash on the spot and have them tell their friends.

Figure out how to word the ad so that you can put it in multiple craigslist categories (especially the "free stuff" one). If enough people see the offer, someone will call you.

For $90, here's the coin counter to use:http://www.samsclub.com/sams/shop/product.jsp?productId=133336&navAction=. It would probably last for many thousands of dollars face. By that time, you could decide if it is worth doing and could invest in something better if needed.

 

[kennedyfan]

I was actually trying to convince my kid to do this. Seems like it would be more interesting than a lemonade stand, and there is the silver potential. He didn't go for it, but I'm sure that this would be a cool idea for kids of CRHers who are looking for a new way to find some silver. I was suggesting he charge a modest fee per roll (like 15 cents per roll - high fees on the pennies balanced by dirt cheap on the larger denominations). Well, maybe in a year or two he'll give it a try....

 

[mws_1984]

I tried to think through this one myself.

You would want to have a suitable coin sorter/counter so that you could deal with mixed coin. Advertise on Craigslist that you will come to them and pay cash for their coins - no fees if local and over $200 of coin. Otherwise, a trip charge of $xx applies.

Run the coin through the counter in front of them and empty the roll holders into separate bags as each one fills. They get to see the accumulating count so there is no chance of cheating them. Pay cash on the spot and have them tell their friends.

Figure out how to word the ad so that you can put it in multiple craigslist categories (especially the "free stuff" one). If enough people see the offer, someone will call you.

For $90, here's the coin counter to use:http://www.samsclub.com/sams/shop/product.jsp?productId=133336&navAction=. It would probably last for many thousands of dollars face. By that time, you could decide if it is worth doing and could invest in something better if needed.

Right now I'd have to figure how to do it without a sorter. Thats the tough part, can't afford one of those right now. I wouldn't even bother rolling them as my dump bank won't take rolls. To get a sorter would be more to just count the coins. I know I wouldn't want people at my house either. Unless that is battery operated, I had a Brookstone one that took one roll of each denomination, it miscounted though. Thus it got returned. Still have the giftcard from when I returned it. Maybe I can save it up to get the more expensive one and hope for the best.

I'm trying to figure a craigslist ad now, but it's difficult

 

[kennedyfan]

I think the big questions to answer are (1) location - where do you do your counting? Your place or theirs? -- And (2) Trust. Would somebody want to invite a stranger into their living room to go through their coin jar? Or send a stranger away with their coin jar of unknown value? Both of these are tricky issues to get past.

Ideally you would have a coin sorter/counter machine that was portable and nearly instantaneous, so you wouldn't have to invade their privacy; you could just dump coins and getting an instant total right there on their front porch. But not even CoinStar machines are that fast!

 

[madwest]

Right now I'd have to figure how to do it without a sorter. . .

. . . I'm trying to figure a craigslist ad now, but it's difficult

>>>>FREE<<<< Cash for Coin Service - Like Coinstar, but without the FEES!!!!!!!!!!!!

I search circulated coins for errors and key dates. It is a time-consuming, tedious hobby requiring a lot of knowledge about coins. It is not for everyone, but I enjoy it.

As a way to gather coins for my hobby, I will pick up your loose change and pay you cash for it.

If your coin is sorted and pre-counted (rolled preferred) I will pay you cash on the spot for it.

If it needs to be sorted and counted, I will do that and pay you within 3 days. For this method, I will provide you with the transaction slip from my bank that shows the total.

 

[mws_1984]

Right now I'd have to figure how to do it without a sorter. . .

. . . I'm trying to figure a craigslist ad now, but it's difficult

>>>>FREE<<<< Cash for Coin Service - Like Coinstar, but without the FEES!!!!!!!!!!!!

I search circulated coins for errors and key dates. It is a time-consuming, tedious hobby requiring a lot of knowledge about coins. It is not for everyone, but I enjoy it.

As a way to gather coins for my hobby, I will pick up your loose change and pay you cash for it.

If your coin is sorted and pre-counted (rolled preferred) I will pay you cash on the spot for it.

If it needs to be sorted and counted, I will do that and pay you within 3 days. For this method, I will provide you with the transaction slip from my bank that shows the total.

I always check my pocket change now to see if I have anything good, not yet, wonder how much has slipped by me. Hopefully nothing good. You can have them give you a transaction slip at the bank?

I just have to figure the best route. I know people try to cheat the bank by putting pennies in dime rolls(not sure how they fit it) But to keep it simple and hassle free is the key. Not sure I want to spend $100 on a sorter right now.

 

[madwest]

Right now I'd have to figure how to do it without a sorter. . .

. . . I'm trying to figure a craigslist ad now, but it's difficult

>>>>FREE<<<< Cash for Coin Service - Like Coinstar, but without the FEES!!!!!!!!!!!!

I search circulated coins for errors and key dates. It is a time-consuming, tedious hobby requiring a lot of knowledge about coins. It is not for everyone, but I enjoy it.

As a way to gather coins for my hobby, I will pick up your loose change and pay you cash for it.

If your coin is sorted and pre-counted (rolled preferred) I will pay you cash on the spot for it.

If it needs to be sorted and counted, I will do that and pay you within 3 days. For this method, I will provide you with the transaction slip from my bank that shows the total.

I always check my pocket change now to see if I have anything good, not yet, wonder how much has slipped by me. Hopefully nothing good. You can have them give you a transaction slip at the bank?

I just have to figure the best route. I know people try to cheat the bank by putting pennies in dime rolls(not sure how they fit it) But to keep it simple and hassle free is the key. Not sure I want to spend $100 on a sorter right now.

Some banks will have a slip that shows the number/total of each coin for the transaction. Otherwise, just ask for a cash receipt. They will write the total and the date on it and it will be on one of their forms.

If you do get separated or rolled coin, just dump it into a clear dish and put in on a gram scale set to count. You can get one of those at harbor freight for $12. Just tell the scale how much one item weighs and it tells you how many there are. If the coin is separated, you can get a very close count this way and you could see if there are any cents in the dimes.

 

[madwest]

The digital scale at HF. I have this one. It seems accurate and reliable.

http://www.harborfreight.com/1000-gram-digital-scale-97920.html

 

[mws_1984]

First attempt on Craigslist failed. Put it under free stuff.

Got flagged almost immediately.
Here was my posting.

Got alot of coins just laying around and don't want to deal with them? Let me take them off your hands. I can give you cash value for them and you don't get stuck paying bank or coinstar fees to have them sorted. Please only on larger amounts of coins.

 

[kennedyfan]

Flagged because it isn't really free stuff? Maybe file it under services?

 

[mws_1984]

Flagged because it isn't really free stuff? Maybe file it under services?

Maybe because it involved money changing hands, but it's more of a tradeoff. I'll try services.

 

[madwest]

Flagged because it isn't really free stuff? Maybe file it under services?

Maybe because it involved money changing hands, but it's more of a tradeoff. I'll try services.

Also post in "wanted" section. That one sees more traffic than "services" and, ppl looking there are thinking about getting $ not spending it.

 

[kennedyfan]

Also post in "wanted" section. That one sees more traffic than "services" and, ppl looking there are thinking about getting $ not spending it.

Great idea! Of course this makes sense because you WANT people's coins!

 

[K]

I've also thought of this way to get coins in hand to search through with the small budget I have right now.

I was actually trying to convince my kid to do this. Seems like it would be more interesting than a lemonade stand, and there is the silver potential. He didn't go for it, but I'm sure that this would be a cool idea for kids of CRHers who are looking for a new way to find some silver. I was suggesting he charge a modest fee per roll (like 15 cents per roll - high fees on the pennies balanced by dirt cheap on the larger denominations). Well, maybe in a year or two he'll give it a try....

Have you taught him the value of the silver coinage? If I was in his position I would have jumped on this!

Instead of charging per roll or it being counted and payed for on the spot. I was thinking of looking through it and picking out the good things and paying face value plus 50% (more or less) of total value. When you say "PLUS" to people they think "ooooh goodie" but in reality it's about a quarter to a couple dollars depending on the amount taken. I am in no way trying to get people ripped off but I think of it as a better strategy vs. any competitors. For example $4 in fv + 2 (plus or minus depending on %) for just taking the coins I need/want instead of taking their whole coin jar. But the "Plus 50% deal" would soon become a problem for higher amounts of coins for me anyway. Also only taking some coins will wise the people up to the valuable coins, but wouldn't they have looked them up or gone to their local coin shop before I came to search through them? I don't know, I think it would depend on the person. But any method you choose, I think it would depend on the individual, but in any case it is a new perhaps better route to get to maybe better coins if you are on a skunk streak. The next thing is where would you post the ad? The newspaper sounds reasonable, since a lot of old timers still read the newspaper then again Craigslist could be another route as one of the posters have already posted on. But as I said before it's another way to search coins if you are on a skunk streak and need a new route or have a low budget like me to have a better (or worse) chance to find silver/older coins!!!!