Searching & Dumping Dimes

[SilverFace]

Searching & Dumping Dimes

I've just started searching dimes again for a change but I noticed yesterday that one of the coin counters I use counted a couple of dimes as cents. Fortunately I wasn't dumping that much and I did find a keeper from those dimes I searched so I still came out ahead but this is a rather high cost for searching and dumping dimes. I'm sure this happened because I wasn't dumping any cents and I was at least a couple short in my dime count.

So I suppose if I'm going to be searching dimes I'm either going to have to re-roll them if they are string or just search the brinks clear wrap rolls without opening them (unless I find a keeper) and just dump that way. I spoke to a vault teller earlier this week who said another crh'er searches boxes and brings them back to exchange them for more and she said she didn't have a problem with that but I probably won't pick up and dump at the same bank but I am going to have to be dumping my dimes in rolls at the bank to avoid losing money in the machines.

I don't know how many other crh'ers here use coin counters for dumping dimes but if you do you could be losing more money in the coin machines than you gain from finding keepers. It's interesting how the machines never count cents as dimes though - not surprisingly.

HH

 

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[Piledriver]

Re: Searching & Dumping Dimes

Silverface,

Are you serious? A couple of dimes?

Almost every day I do CRH, I get shorted from 1 to 10 DOLLARS in an exchange of coin for cash.
For me, it is just an acceptable expense of doing business.

Let's see...the price of silver is what....about 32.40? That means in order to buy an ounce of generic silver at my LCS, I would pay $34.50.

But when I find junk silver, all I pay is gas, coin face, and a few little "transactional deficiencies".

If I couldn't tolerate losses of up to $20 per day on CRH, I couldn't afford the hobby at all.

My advice is to consider the cup half full.

Keep on Rollin' !

 

[SilverFace]

Re: Searching & Dumping Dimes

Silverface,

Are you serious? A couple of dimes?

Almost every day I do CRH, I get shorted from 1 to 10 DOLLARS in an exchange of coin for cash.
For me, it is just an acceptable expense of doing business.

Let's see...the price of silver is what....about 32.40? That means in order to buy an ounce of generic silver at my LCS, I would pay $34.50.

But when I find junk silver, all I pay is gas, coin face, and a few little "transactional deficiencies".

If I couldn't tolerate losses of up to $20 per day on CRH, I couldn't afford the hobby at all.

My advice is to consider the cup half full.

Keep on Rollin' !

I suppose I should have clarified what I meant when I said it was a small dump. I only dumped $50 (10 rolls) in dimes with some quarters and halves. The ticket showed $49.50 in dimes and $.02 in cents. So either the machine ate 3 dimes and only gave me $.02 credit for the other 2 or 3 of the rolls I searched were short and the machine just screwed me on 2 dimes.

But I'm not really complaining so much about this small loss. I'm actually fortunate I discovered this before losing a lot more money in the machines. Based on the small amount I dumped yesterday if I was dumping an entire box of dimes I could be losing at least $2.50 or more on each box I dump plus I know dimes are the worst coins for being short to start with. So if I'm only finding one keeper per box (average) then I would be losing money searching dimes over the long term.

I know there are costs to this hobby but losing money over the long term is just too high a cost for me. It just doesn't make any practical sense.

I guess I'll have to Keep on Rollin' if I'm going to keep on searchin' dimes.

HH

 

[fistfulladirt]

Re: Searching & Dumping Dimes

Simple solution. Find a quality counter that issues a receipt. It will show exactly what was counted. My coin counter does just that...shows cents counted as dimes, and I am credited the difference.

 

[SilverFace]

Re: Searching & Dumping Dimes

Simple solution. Find a quality counter that issues a receipt. It will show exactly what was counted. My coin counter does just that...shows cents counted as dimes, and I am credited the difference.

If the bank was willing to do that then that would certainly be fine with me. I'd just have to make sure to never dump dimes and cents at the same time. I didn't even think to mention the problem when I was at the bank yesterday because I didn't figure out what had actually happened till I left the bank. At first I just thought I got the $.02 for free by mistake and lost $.50 in dimes either in the machine or just had 5 short rolls before I dumped. For some reason I didn't realise till I left the bank that the two mistakes were related.

I guess I'd just have to ask and find out if they would trust me about this. But it seems rather unlikely to me that they would.

 

[Diver_Down]

Re: Searching & Dumping Dimes

When I dump dimes, I only dump dimes. I separate the transactions by denomination. Also, I always separate a small known quantity ($50) and dump them first. If the counter checks out, then I let the rest rip (usually a couple of boxes). If there are problems on the known quantity test transaction, then I bring up the transaction to a teller to ensure it is corrected. Once they see that I'm only dumping dimes and if there are other discrepancies, then it is easier to reconcile.

 

[SilverFace]

Re: Searching & Dumping Dimes

When I dump dimes, I only dump dimes. I separate the transactions by denomination. Also, I always separate a small known quantity ($50) and dump them first. If the counter checks out, then I let the rest rip (usually a couple of boxes). If there are problems on the known quantity test transaction, then I bring up the transaction to a teller to ensure it is corrected. Once they see that I'm only dumping dimes and if there are other discrepancies, then it is easier to reconcile.

That sounds like a great solution to me. I'll just have to find out if the bank will comply. I always know for certain what coin denominations I have when I dump - I'll just have to find out if the bank is willing to trust me on this and if they are able and willing to give me a credit for the difference.

Thanks DD and FFD - you both may have just solved my dime dilemma!

Although searching and dumping clear-wrapped brinks rolls without even opening them still seems quite temping and probably an even easier method and solution to this problem. I could probably even use this method for searching brinks quarter boxes if I had a mind to and as long as the bank was jake.

 

[Piledriver]

Re: Searching & Dumping Dimes

It DOES make sense to try to limit losses whenever possible.

Maybe it's simply a matter of being selective about which banks to dump at.

But....aaarrrrrghhhh!.....I even hate to think about re-rolling.

But, I guess CRH'ers do whatever it takes.

 

[SilverFace]

Re: Searching & Dumping Dimes

I agree Pd, the idea of re-rolling doesn't appeal to me either - esp. since I've been using coin machines as my sole means of dumping the last few months. It's been nice not to have to re-roll coins anymore. And the machines I use do seem to work great - except for dimes apparently.

But the idea of searching & dumping brinks rolls at another bank without even having to unroll or re-roll at all does appeal to me the more I think about it. I know I've read where some others have stated that's what they do as well but I haven't been searching dimes much lately so I haven't given it too much thought. But if I am going to be searching dimes this is probably the most efficient way of doing it. Plus if I get some short rolls from the bank then the bank will just get them right back - although I know that's just a minimal amount and not a major concern but if the finds are minimal then even that is a cost worth considering.

I have a $100 in brinks dime rolls that I've already searched (skunked but I did get a Canadian teaser) and a brinks dime box that I bought on Fri. and haven't even opened yet. On Mon. I'm going to dump the $350 in brinks dimes still rolled as I got them at a different branch of the same bank and dump some nickels. cents and halves at one of my dump banks that has a coin counter. But maybe when I get to my regular coin counter dump bank I'll ask them about giving me credit for dimes that get counted as cents as a possible future alternative for dumping dimes.

 

[$nack-Money]

Re: Searching & Dumping Dimes

I search 1K in dimes each week (4 boxes). I dump them all at once into a "QuickCash" coin counter at my bank. Each time I'm shorted 2-5 dimes. I consider that simply the cost of doing business, especially since I'm averaging 1.8 silver dimes per box this year so far . - $nack

 

[madwest]

Re: Searching & Dumping Dimes

As a number of members have indicated, dimes can be a problem with machines.

If it is a self service machine, dump in multiples of $10-$20, let the machine catch up on the count and then keep going so long as its only missing a few coins here and there. If the loss gets to the intolerable point, stop and take your coins home to roll. Just figure out the value of not having to roll them and use that as you tolerance point.

 

[db23]

Re: Searching & Dumping Dimes

Just figure out the value of not having to roll them and use that as you tolerance point.

I use this same thought process when choosing which machine to dump in. I can dump in a machine that will count ~ 1-3 dimes as pennies per $1000. This machine will take between 30-45 minutes to process the $1000. CRAZY SLOW!

I can dump in the Penny Arcade, which will generally count 7-10 dimes as pennies, but will take about 7-10 minutes to dump $1000. This usually requires 3 bag changes, but the time savings is well worth it for me.

I will usually pick the Penny Arcade and take the tiny extra loss. I usually come out ahead anyway, like today I dumped $1500 in dimes, 8 of which were counted as pennies and 1 as a nickel. I found 2 Susan B Anthony $1 coins in the reject tube...

 

[fistfulladirt]

Re: Searching & Dumping Dimes

Having searched dimes for a few years now, I thought anyone crazy that would re-roll. The last year I've done only cust rolled and I've re-rolled at the same time. Someone on here (wish I could remember who, to give credit) mentioned to me that it doesn't take much more time, and they were right. I dump a $500 bag of re-rolled over the counter and grab my cash at the same time. This setup works for me only as long as I'm only searching the cwr's.