Shocking turn of events for dumping

jewelerdave · Feb 29, 2008

Well I went into a different branch of where I have been dumping my rejects of late where they have a coin counter, I have not wanted to be too much of a pest at one of there locations so I decided to do another.

I went in and was Greeted by a man and he said, "Sorry, the counter is broken."

"OH CRAP" I said, I had just lugged in about 200lbs of coin.
he said he was just kidding.

So I started to Run the coin and he started asking questions, Oh Crap I thought. I am probably costing them too much money etc and they have to limit yada yada yada but no.
He started telling me about a guy with a car wash that comes in with lots of quarters. And then proceeded to tell me a story about how last year a guy came in with a couple Monex bags filled with Silver quarters, and most of them were barbers.
Yikes I thought, "How long ago was that?"
"Last year" he said.
Damn I thought too myself
He told me the guy had $4000 at least in face value of them.
My god I thought, what a score, I guess this bank manager informed him they were worth a lot more. And today they would be worth a whole lot more!!!

I got to talking too him and asked him what it cost the bank to run the coins and did this cost them money? I informed him I had had other problems with other banks etc.

He shook his head and said
"The Coin machines for us are a gold mine. They bring in so many customers and it shows good will and we end up doing a lot of business because of it."

the type of counter they used did not bag them, it just tossed them into a bin where they were wheeled off and taken away my loomis.

"they come by every Friday and take the coins out, no matter how many or how little we have, its all the same cost too us."

SWEET I am thinking to myself. Why cant more banks have a policy and machine like this, granted I cant buy bags from them but for disposal, what a wonderful thing!

Well I had brought in enough that I filled the machine, they rolled out the huge box of coin that probably weighed 500lbs and put in an empty one. I finished my halves. thanked him and went on my way.

Today was a bum day though. No silver halves as usual.
But I did fine a Rosie and A 45 merc. I have been getting about a merc a box of late, I cant complain about that.

photogame · Feb 29, 2008

hello, yes it is nice when you run into no hassle for dumping coins. was a crazy last week so only had 1k to dump , missed order deadlines. but have 5k coming in next week. hope my machines arent down

. if i was you i might start looking more quarter rolls. hit that batch of barbers and we would never hear the end of it. HH. take care

Silver_Fox · Mar 1, 2008

They want you to dump JD. I never kissed a man but that might have been the first time..........LOL

Scott (Mich) · Mar 2, 2008

I was just at a bank in my state's capital city picking up some hand made rolls and I got to talking to the teller(side note - one lone '68 out of $320). I asked her if she knew of any place that had a coin counter machine for public use and also if her bank was ever going to get one. She told me that she knew of no such place and that they would never ever get one because they were "very very expensive to purchase and the maintenance cost is too high". ummm okay.

She was an older lady that seemed to have been a teller for a while. It may be that her bank was quoted a high fee for a maintenance contract or something.

JD I believe what you were told by your counter man was totally true - coin machines for public use are a money generator for a bank. The trouble is that in my area there are too many banks with old school "never think outside of the box" managers unwilling to take a chance.

My main bank still has their counter in the basement but I have not dropped my dumps there in two months. My banks policy is that it is a free service to deposit all of the change I want, but it is for deposit only. The only drawback is that they may take up to a month or more to credit my account. In fact a week before Christmas I still had not received credit for the three previous dumps I made. I was beginning to think someone made off with my halves, but just before I was going to call them and question them my account was credited. I am guessing that they only run the coins through the machine when they have time and that the coins may sit in the vault or wherever for a long time until someone gets time to run them.

Luckily my son had a credit union account and I was looking at their holiday flyer and it said right on the first page "New coin counter, bring in your coins, etc.." So now I can do what I was almost doubtful of it existing - run coins through a machine and actually get money back at the same time. The funny thing is that this credit union is in a town of less then 1,200 people. As long as I am an account holder the machine use is free. It is pretty messed up with the cities close to me not having any coin machines but a city way out in the boonies having one.

This same credit union is now building a new branch building in my home town and I am keeping my fingers crossed hoping that they also get a coin counter. If they do I may just have to go see if I can buy from their machine.

Happy Hunting,

Scott (MI)

GMan00001 · Mar 2, 2008

Scott (Mich) said:
My main bank still has their counter in the basement but I have not dropped my dumps there in two months. My banks policy is that it is a free service to deposit all of the change I want, but it is for deposit only. The only drawback is that they may take up to a month or more to credit my account. In fact a week before Christmas I still had not received credit for the three previous dumps I made. I was beginning to think someone made off with my halves, but just before I was going to call them and question them my account was credited. I am guessing that they only run the coins through the machine when they have time and that the coins may sit in the vault or wherever for a long time until someone gets time to run them.

I thought if you deposited cash it was required to be credited to your account immediately. I know mine always is.

Silver Stripe · Mar 2, 2008

Scott- I don't blame you for not dumping at your bank if it takes that long for credit- thats BS! Thing about coin counters- make sure it counts halves, some do not, the one at my CU does not. Also my CU says they can't sell the coin bags, they have to be shipped off- hope you have better luck. HH Mark