Stupid or Smart? Hmmmm......

[Omega]

I am often faced with the same question when picking up or dropping off halfs, "Why do you need so many halfs!" and "Why do you have so many halfs!". So I though, and though about what to tell them without giving away to much information about what I actually do. After talking to some friends, I decided to tell the nosy tellers that I have a coin recycling business and need the coin/ have the coin from my business. This is great, because 80% of the time the tellers just smile, and shake their heads. But the other 20% of the time they try to get up in my business and start interrogating me on my business. When I tell them that I'm not at liberty to talk about what "we" do, they get all suspicious and doubtful. So I decided to have a few of these made to show those super nosy tellers and get them to shut up as well:

I'll be getting them in the mail on Tuesday, and well see how they work later next week haha. What do you guys think? Smart or stupid move? Curious to hear how you guys get around these question firing tellers.

I just so happen to live in a prime hunting area, San Diego, and have had huge silver scores from CWR periodically. I started thinking about all the great CWR finds and how many I must have missed, because I rarely go on CRH road trips. Of course, some banks take my name and number when I ask for halfs, but most don't, so this sparked another brilliant idea (at least I think so). I had some other cards made that look like this:

to leave at banks. Because honestly, I have over 100 banks in a 15 mile radius from my house, and these is no way I could possible check them regularly. So I think if I go in and leave this card, with my coin recycling business story, the banks may call me when people bring in halfs. And hopefully I'll be able to get some more big scores. Again, smart or stupid move?

I paid like 10 bucks + 3 for shipping for 500 of each of these cards haha.

On a side note, I did 28 boxes this week, and after 51 skunk boxes, my last box of the week gave up 4 40%s, maybe things are turning around. We've had a lot of new 98, 00, 01 coins down here in socal.

I look forward to hearing what you guys think of these ideas, thanks for all your support and criticism!

Happy hunting!

 

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[sagittarius98]

I think it's a neat idea, let's see how it turns out.

 

[cooper36]

sorry to tell you most tellers know what you are doing.

 

[fish on!]

I have learned that the best policy is honesty. All of my pickup and dump banks know what I am doing. I tell them I am a coin collector. I never specifically mention silver unless they bring it up first, but I will say: "I collect coins. I search for NIFC's, proofs, errors, low mintage coins, etc". For starters, anything other than the truth is going to sound completely shady and unbelievable and they are going to think you are up to no good.

The absolute worst part of your plan is using the word "business". As soon as you say the coins are used in conjunction with a business you are likely to get cut off and/or charged fees if you are doing all this with personal accounts. In my experience, banks don't mind doing favors for personal account holders when those favors involve a personal hobby. Their ears will perk up as soon as you say you are doing a bunch of laborious transactions through a personal account for a business and they are not making any money off of it.

I'm not an expert, so I could be wrong, but that's the way I see it.

 

[DeepseekerADS]

It is absolutely impressive you are using your brain and ingenuity to make better gains. I salute you for that.

Two things come to mind:

1) If I'm not mistaken, it is against federal law to scrap or "recycle" United States coinage. Thus, we cannot yet melt copper cents (Pre '82) which when last I looked were worth $0.025 each.

- thus your use of the term "recycle" on your intros.

2) You're going to have more clad half dollars than you can dump, spend, etc. You could essentially run out of cash to purchase more.

3) As stated above, just be one of two things - quiet, or honest.

Best of luck!

 

[Omega]

"sorry to tell you most tellers know what you are doing."
I find a lotttt of tellers are quite stupid when it comes to this hobby haha. I had a teller once say, some old lady brought these in, I'm pretty sure they are all silver, are you sure you want them? 2 solid silver rolls haha!

"I tell them I am a coin collector."
Problem with this, is that if I tell them I am a coin collector, they can shut down my business accounts, and I wont be able to dump. I have told some pick up banks that I collect, and that works great for pick ups, but dumping a whole other story.

"a business and they are not making any money off of it"
I have business accounts at the banks I use heavily. And they all think my business is coin recycling. It just when they want to know more and more it becomes an issue.

"It is absolutely impressive you are using your brain and ingenuity to make better gains."
Thank you !

"it is against federal law to scrap or "recycle" United States coinage."
There are many ways you could see a coin recycling business. I have had tellers think I melt them haha. But I tried to avoid that on the card by saying Need coin/ Have coin well deliver, or something like that. Also it is a federal law that you cannot melt pennies and nickels, dimes, quarters, and halfs are all fair game as far as melting is concerned.

"You're going to have more clad half dollars than you can dump, spend, etc. You could essentially run out of cash to purchase more."
I've dumped over 30,000 worth of clad the past 3 weeks, I like to think I have things down to the science now, but I'm still learning haha. 28 boxes this week and another 28 or 32 next week .

"- quiet, or honest."
Being quiet is always my first choice, but when they start to interrogate me, I need to shut them up before they find out to much haha. One person found out exactly what I was doing (no idea how), and now I cant dump at that bank. Oh well, I sill have my account at the bank so I can dump at other branches, If they had canceled my account, I would have been out of the game haha.

 

[Joe777Cool]

You are making all of this waaaay too difficult.

 

[Dozer D]

You say that your in the "business" of recycle of coins. Be aware that local/state/federal agencies could be looking for a "business License" to conduct as such. Opening the door to tax reporting and taxes, etc........ So goes your CRH as a hobby, now it's a business enterprise with the Feds. As others have said, keep it honest and above board, just say you are a coin collector looking for missing dates in your folder collections.

 

[Omega]

You say that your in the "business" of recycle of coins. Be aware that local/state/federal agencies could be looking for a "business License" to conduct as such. Opening the door to tax reporting and taxes, etc........ So goes your CRH as a hobby, now it's a business enterprise with the Feds. As others have said, keep it honest and above board, just say you are a coin collector looking for missing dates in your folder collections.

Its hard to just say that when I'm dumping 12k+ a week in halfs....

 

[Infowarrior]

Why? Thats what I say...

 

[Omega]

Why? Thats what I say...

Why what? haha

 

[DeepseekerADS]

Alas my friend, if your mind is made up, why did you request suggestions?

You've received nothing but honesty here, a real view of what we each face.

 

[Joe777Cool]

We are all trying to point out that you are going to end up with more issues and headaches than any possible benefits. When you hold yourself out as a business and not a hobbiest, you WILL open yourself up to all sorts of liabilities.

hope you didnt use your main cell phone number, that gets into the hands of your competition and you will be chasing your tail all around town with false leads and maybe even set-up for robbery.

Good luck with your new business.

 

[Omega]

We are all trying to point out that you are going to end up with more issues and headaches than any possible benefits. When you hold yourself out as a business and not a hobbiest, you WILL open yourself up to all sorts of liabilities.

hope you didnt use your main cell phone number, that gets into the hands of your competition and you will be chasing your tail all around town with false leads and maybe even set-up for robbery.

Good luck with your new business.

Well it seem that some people like the idea, some don't, and Joe really doesn't haha. Thank you for all your comments guys

 

[CW3(ret) US Army]

"sorry to tell you most tellers know what you are doing."
I find a lotttt of tellers are quite stupid when it comes to this hobby haha. I had a teller once say, some old lady brought these in, I'm pretty sure they are all silver, are you sure you want them? 2 solid silver rolls haha!

"I tell them I am a coin collector."
Problem with this, is that if I tell them I am a coin collector, they can shut down my business accounts, and I wont be able to dump. I have told some pick up banks that I collect, and that works great for pick ups, but dumping a whole other story.

"a business and they are not making any money off of it"
I have business accounts at the banks I use heavily. And they all think my business is coin recycling. It just when they want to know more and more it becomes an issue.

"It is absolutely impressive you are using your brain and ingenuity to make better gains."
Thank you !

"it is against federal law to scrap or "recycle" United States coinage."
There are many ways you could see a coin recycling business. I have had tellers think I melt them haha. But I tried to avoid that on the card by saying Need coin/ Have coin well deliver, or something like that. Also it is a federal law that you cannot melt pennies and nickels, dimes, quarters, and halfs are all fair game as far as melting is concerned.

"You're going to have more clad half dollars than you can dump, spend, etc. You could essentially run out of cash to purchase more."
I've dumped over 30,000 worth of clad the past 3 weeks, I like to think I have things down to the science now, but I'm still learning haha. 28 boxes this week and another 28 or 32 next week .

"- quiet, or honest."
Being quiet is always my first choice, but when they start to interrogate me, I need to shut them up before they find out to much haha. One person found out exactly what I was doing (no idea how), and now I cant dump at that bank. Oh well, I sill have my account at the bank so I can dump at other branches, If they had canceled my account, I would have been out of the game haha.

Your answers here covered most of the possible sceniaros. I just tell them I'm a coin collector (which I am) looking for coins I don't have in my collection. I don't mention the word silver & say I'm looking for 2013 halfs that only just came out as a example. It works for me.

HH
Gary

 

[Omega]

That's what I was doing but it becomes a bit unbelievable when I bring in 12k a week

 

[CW3(ret) US Army]

That's what I was doing but it becomes a bit unbelievable when I bring in 12k a week

Just tell them you are a serious collector.

HH
Gary

 

[Omega]

Hahahaha Good thou

 

[50cent]

Great idea, you'll have tellers calling you for other reasons though if you leave your phone number.

If you really want to look respectable, add Esquire or Esq. at the end, so they think you practice law. One of the few titles you can use without actually being one(Just don't offer legal services or you're facing time for impersonating and legal malpractice)