Quick CRHing Binge ... Your thoughts

[baddbluff]

So I have $100k+ sitting in a company 401k with a previous employer that I have been meaning to rollover to an IRA for some time now. According to IRS rules, I have 60 days to deposit it in the IRA once I get a distribution check to avoid tax penalties. Know where I'm going with this? That's 200 boxes of halves in one turnover. Based on this year's numbers so far, I should be able pull about 400 silvers in one swoop. I'm just wondering if the IRS would be knocking on my door or if my bank would shut me down after trying to deposit that much coin in a week or so? It would be a crazy week or so, but I bet I could get/dump 100 boxes at least with my pickup and dump banks I already have. Your thoughts?

 

[DeepseekerADS]

The IRS is actually looking for people that are trying to avoid reporting deposits that add up to more than $10000 in a day. Making cash deposits between $5000-$9999 is the red flag!

Excellent advice which no one here had considered!

Just throw in the land mines life puts in our path, and this plan would become potentially disastrous.

 

[baddbluff]

And this is one of those examples that make CRHers look bad!!! Just my opinion though. It's your money, do whatever you want with it. It's funny how most people in here want to fly low, under the radar....but you see a post like this and everyone is like "go for it dude"! I have a family and responsibility so to me that is more important then playing around with a 401 and my future. But like I said it's "your money"

If you are worried about me making CRHers look bad, don't stress. I literally have dozens of banks in my town at my disposal who would order me 6 boxes each without batting an eye, and that many more who would (and have) taken my coin bags, 4 at a time ($2k) with open arms. I like to CRH just as much as you, and wouldn't jeopardize my hobby. If I was worried about that, this idea would be dead in the water. I used to do 12-16 boxes every week for two years. I do about 6/month now. I have never had any pushback even when I was doing higher volume. My only concern is trying to deposit too much at once. As others have stated, 10k/day could pose a problem. I was thinking of dumping $4-6k/day (2-3 dumps) - that would be about $25k/week. I would dump it all gradually, over a month or so. The more I think about it, I'm thinking $50k would be more sensible. That way, it would be searched & deposited in 2 weeks.

 

[SFBayArea]

Just my 2 Cents,

I have been CRHing for a long time. I have tried the higher volume approach. More orders doesn't equate with the same ratio of keepers as less orders. I noticed when I did higher volume, the finds become less and less. The well runs dry and the coins just get recycled. I've had it where I hit a skunk streak, took a week or two off and let the system replenish itself. I've also hit large skunk streaks when I continued to do larger volume. Just a lot of manual labor in my opinion. I'm sure you know that the keepers end up in boxes when people bring them to a bank and it gets passed the tellers to the sorting facility. I've been keeping track of the numbers and I do notice a correlation between ordering more not equating to the same ratio of keepers per box compared to less orders. Also beware if the banks doesn't have the quantity on hand to fulfill the orders, it gets them from the FED which can also send out boxes of new coins stored in the vaults for years. Years ago, I got strings of 2001-D boxes which sucked. But then again, I've never ordered 50k worth before.

You can try it if you'd like. Order like 20 k worth, see what happens. If you like what you get, then go 50K. I know I can do it too but would rather not. Doing large quantity of CRHing can burn me out too. I experimented with larger quantity before too and it turns it into an all day job which is not so fun.

 

[TroutBumDave]

^^ Boom!

 

[IceePirate]

If he were doing this just for the money, finding an average of about 1oz of silver for every box. That's approx. $3200 worth of silver in halves. I'd say if you have it all planned out then go for it. What I suggest doing though if you live close to the edge of a district. Drive a bit of a ways in order to tap into a different supply, take a pick-up and a blanket or something if you want; while ordering on the phone with a large bank.

 

[LooseChange]

It is so funny that someone actually believes that your risk here is an all or nothing risk.

Anyone capable of logical thought would recognize that 60 days should be plenty of time to begin the process, work the process, and end the process. What is more significant to the argument though is that this is in no way an all-or-nothing risk proposition. If you begin the process and realize 15 days in that it is not going to work out the way you intended, you pull the plug.

Pulling the plug in this case might be to dump prematurely - possibly dump unsearched rolls, maybe take a cash advance from CC or HELOC, or absolute worst case would be to dump to out-of-network banks for the non-customer fee (or even to coinstar @ 9.8%). In reality, it would be some combination of those bail strategies.

There is nothing fantastical about this idea. It would just require courage and commitment. Most people do not have those and they project their inadequacies onto others with their condescending "advice".

 

[statch]

Baddbluff, You should do it. You are an experienced CRHer and know what you're doing. Just like some of us, we all know how quickly the search and dump process takes when doing large volume. I used to do around 22-26 boxes a week for a very long time before my wife laid down the law with the amount of time I spent on coins...

I actually met with Dunbar and had a contract and everything ready to be signed for $15k half deliveries (1k bags!!)twice weekly when i had to cut back. lol.

This what I'd recommend doing:

You'll need to find a bank or two that can provide the coin to the courier service. You'll also obviously need to have to open business account with that bank. Then call around to loomis, brinks, dunbar, garda, etc and see what it will cost to have the coin delivered. It shouldn't be too much. Dunbar quoted me $125 per month for 15K in halves twice a week (And I operate really far away from them).

I actually called Dunbar first and the account manager I worked with actually arranged a contact with a rep at one of the bigger banks in my state and she was able to offer me 1k half bags in the quantity I wanted. I just explained what I needed to Dunbar and the guy was great and did all the footwork for me. I feel bad for not signing the contract.

Anyways, once you've gone through all the coin, you can have the same courier pick it back up and deposit it with your bank. No tellers, no hauling tons of coin, no gas spent spent nor wear on your vehicle. Obviously there will be some costs doing it this way but it may be worth it if you're dealing with such a large volume. This would allow large volumes to be done quickly with a few large deliveries and pickups rather than arranging with all your banks and running all over town (you know the drill).

Thought it was worth mentioning. Life is about taking risks and this one is not that big of a risk if you're smart and know what you're doing. Let the nay sayers have fun sorting their cents and nickels.

 

[IceePirate]

Yo, chill out guys. Coin roll hunting is supposed to be a fun hobby to do, there's no need to argue about that. Lets just all agree that there is some level of risk and some level of reward and leave it at that. I personally would think it fun to see what banks do/ the government does when you turn in thousands of halves at once. I would find it cool to get the door knock and laugh about it after.

-Sent from an interesting place in the future.

 

[Treasure_Hunter]

Please read our rules, it violates our rules to talk down to any member, insult or imply someone is less than you in intelligence, or child like in their understanding or intelligence or in a condescending tone......

Treat all members with respect!

 

[Argentium]

It may be worth talking to a financial "guru" about the possibilities that may /may not exist for making a better investment
that $ 100,000 could offer you - I think there may be some far more certain ways to realize a short term gain , with less
work involved . If you do go ahead with this plan , you might want to speak with all the bankers you'll be involving
before you begin -