Worth it to buy a Ryedale?

JasonB · May 20, 2008

I've been selling currency on eBay recently that I pull from circulation and have done quite well. Uncirculated notes, consecutive notes, and star notes all seem to do well along with fancy serial numbers (low, radar, ladder, ect).

I'm now thinking of sorting some pennies and selling them. I picked up a few rolls today and did a survey, 20% well copper (1982 or earlier). My questions are:

-Can I reasonable expect this return on a large number? More? Less?

-Can I make a profit running coins through the Ryedale and selling on eBay? Anyone out there doing it now and want to share some experience?

-Anyone have any general comments on using the Ryedale? Is it a good product?

Thanks all,
Jason

jim4silver · May 20, 2008

JasonB said:
I've been selling currency on eBay recently that I pull from circulation and have done quite well. Uncirculated notes, consecutive notes, and star notes all seem to do well along with fancy serial numbers (low, radar, ladder, ect).

I'm now thinking of sorting some pennies and selling them. I picked up a few rolls today and did a survey, 20% well copper (1982 or earlier). My questions are:

-Can I reasonable expect this return on a large number? More? Less?

-Can I make a profit running coins through the Ryedale and selling on eBay? Anyone out there doing it now and want to share some experience?

-Anyone have any general comments on using the Ryedale? Is it a good product?

Thanks all,
Jason

Jason,

I would not sell pennies (US one cent coins). Maybe I am a bit over-cautious and/or paranoid, but the fact is that there is a law prohibiting the melting of one cent pieces, as well as against sending them out of the country (if over a certain amount). See this article. http://abcnews.go.com/Business/story?id=2725597

You might wind up sending them to a buyer who is melting them, which could potentially make you part of a "conspiracy" or otherwise an accomplice to a Federal crime.

Not worth the risk in my opinion.

Jim

JasonB · May 20, 2008

Thanks, Jim. That's a good way of thinking about it.

I think I may sort some and hold. If the fed lifts the ban, the prices may increase and I wouldn't have any liability. I appreciate your input.

JB.

seattleMD · May 20, 2008

JasonB said:
Thanks, Jim. That's a good way of thinking about it.

I think I may sort some and hold. If the fed lifts the ban, the prices may increase and I wouldn't have any liability. I appreciate your input.

JB.

Or study metallurgy, figure out how to create your own forge, and then melt down and refine the coins into copper bullion yourself in a secret lab.

JasonB · May 20, 2008

More creative thinking, although somewhat less practical. Still, all positive input is appreciated.

cyberdan · May 20, 2008

JasonB said:
A - Can I reasonable expect this return on a large number? More? Less?

B - Can I make a profit running coins through the Ryedale and selling on eBay?

C - Anyone out there doing it now and want to share some experience?

D - Anyone have any general comments on using the Ryedale?

E - Is it a good product?

Jason let me explain with just my opinions.

A - Yes, but when I can not say. I have run over 500,000 cents through my ryedale.
I get a steady 19.5% CU For now I am just hoarding. Also got 4200 wheats so far, that is eyeball sorting.

B - Some are making a small profit (100%) right now not counting all the fees.

C - no exp yet.

D - the ryedale is a well designed rugged machine. It will sort pretty fast, if I remember correctly a $25 box in 10-15 min. At times it will jam but most of the time it is caused by bent or cruddy cents. Mine jammed once it was an early 1800's 1/8th real from Mexico. Yes, there is a melt ban, there is not a selling ban to fellow copper loving Americans. buy - sort - hoard - sell to your delight.

E - see E above.

LJ · May 20, 2008

My husband bought one about 6 months back and loves it!! Although he is not selling the copper....just hoarding for the time being. I couldn't tell you the average percentage of copper he gets from a box....no idea, but I do know it is pretty fast. He has slowed down on the quantity he sorts lately.

The last time he mentioned it to me he had a little over a thousand Wheat's and still looking for his first Indian Head. I sure hope one makes it way into one of his boxes soon....then he will get back to sorting like he did when he first got it.....lol.

I know I wasn't much help here, but the point I wanted to make was he really likes the machine.

JasonB · May 20, 2008

Good input. I hope he finds that first indian head also. Good luck and thanks for responding. :wink:

TxTim · May 21, 2008

The Rydale is a superior, work horse of a machine that is a whole lot of fun to play with.
I know that Andy has a backlog, so you better order one soon.
I recently hit a milestone of 1,000,000 pennies through the Apprentice model and found 1,328 lbs. of copper, 6000 wheats, 6 IH's and a silver 6 pence.
Very durable - will pay for itself in a week!

JasonB · May 21, 2008

Txtim,

1,328 lbs., how many total coppers is that for 1,000,000 pennies, if you don't mind sharing?

6000 wheats is an awesome number! Very nice. Imagine how long it would take to dig that many.

Jason

TxTim · May 21, 2008

JasonB said:
Txtim,

1,328 lbs., how many total coppers is that for 1,000,000 pennies, if you don't mind sharing?

6000 wheats is an awesome number! Very nice. Imagine how long it would take to dig that many.

Jason

At approx. 145 coppers per lb. 1,328 = 192,560 - 19.256%.
I got lucky on 2 bags of pennies and scored over 3000 wheats someone had dumped.

JasonB · May 21, 2008

Nice percentage. I can see how this is profitable; the numbers work. I'd like to see more demand but that should increase over time.

Thanks for all the info.

warwagon72 · May 21, 2008

Re: Worth it to buy a Ryedale? (okay, dumb question)

Where is the profit. One guys says you can't melt them. So who would buy?

Sorry did not mean to steal your post about the sorting machine.

coinmojo · May 21, 2008

Re: Worth it to buy a Ryedale? (okay, dumb question)

warwagon72 said:
Where is the profit. One guys says you can't melt them. So who would buy? Sorry did not mean to steal your post about the sorting machine.

Were probably talking about future projected profit if this and that were to happen.

But there is the speed and convenience factor, which than allows you more time, to buy more coins, to search more coins. And find all those Wheaties, and what nots

Mojo

TxTim · May 21, 2008

Re: Worth it to buy a Ryedale? (okay, dumb question)

warwagon72 said:
Where is the profit. One guys says you can't melt them. So who would buy? Sorry did not mean to steal your post about the sorting machine.

Check out ebay-
No need to melt them.
Bags of copper pennies are selling for over 2 cents per penny and wheats are going for 4 cents +.

JasonB · May 21, 2008

You didn't steal anything, logical question.

There's a market for them on eBay, Craigslist and others. It's speculation that they're going to be rare and that copper is going up.