Penny rolls from bank
Discussion in ' Coin Chat ' started by CamrenoMar 5, Log in or Sign up. Coin Talk. How to get pennies from the bank? Ive heard alot of people buying rolls of pennies from the bank to search through, sounds like a load of fun, do they keep circulated rolls or are they all new coins?
This is a very noob question for sure, i was just wondering how this worked, I dont assume you would have to pay more then 50 cents for a roll considering thats the value.
How to get pennies from the bank?
Any advice is appretaited like always! CamrenoMar 5, Log in or Sign up to hide this ad. When you go into a bank and ask for rolls of change, you always pay face value, which is great for us collectors. Usually they are circulated coins, unless your bank has recently gotten more new change from the government or if the rolls have been recently searched by someone else.
The majority of the coins you will get are from businesses who have accounts with that bank. On the other side you should have little trouble getting coins from the mint that were distributed to that bank.
The business coins obviously will be circulated, but those are where you'll find things, because you never know what a customer payed with.
EvilKidsMealMar 5, I just went through the drive through and got a box of pennies for 25 bucks. Me and my girls found over a dozen wheat pennies and lot of cool coins. CoreyMar 5, The drive through at the bank? And what do you mean alot of cool coins, if you buy a penny roll you will get pennies right is there a chance of getting dimes? I'll probably just buy dime and penny rolls the liklyhood of getting a 64 quarter or older is slim to none.
Loads of fun and its pretty much free considering i can take all the coins i dont want to one of those coins to cash mashines at my local supermarket Thanks guys! I normally buy them by the box, and often they are uncirculated. You'll get a mix of both that way.
How much is a box? Oh okay sweet, ill defently buy a couple boxes, should be fun, thanks. Should keep you busy for a little while. Whatever you don't want you can either take back, or to a coin exchange machine. I have found by getting my rolls for searching from several different banks that different methods seem to work better than others. First understand that many tellers are reluctant to empty their drawers and want to keep change on hand for customers. Next, many want you to be an account holder to receive these additional "services".
Some will only order coins to your account. Many tellers do not have access to the vault and must get a manager to do that.Twitter Facebook Pinterest LinkedIn. A few win sometimes, very few win big, and most lose their money when they buy just any unsearch lot, by believing the hype and storyline the seller presents. One aspect of buying unsearched coins depends on what a collector expects when purchasing so-called unsearched coins.
Is one looking for mint errors and varieties or trying to take a chance at finding rare and valuable coins? If looking for rare or valuable coins, the chances of finding them is low. Most of the coins minted by the United States Mint are common dates, and there are literally billions of common US coins in circulation, storage, buried, or in collections, all over America, and overseas.
The vast majority of these coins consist of Lincoln Cents, and all denominations of modern coinage to date. So, most of any unsearched lot or bank wrapped roll will consist of common date and mint coins, and only on occasion a rare date or semi-key date will be found, if that.
You stand a better chance of finding a variety or mint error than a rare date key date. What if you found one of these unsearched stashes?
Would you sell them on ebay unsearched? What about the large dealers who acquire hundreds of collections and thousands of coins? Do they search all the unsearched lots they buy? Just refer to fact 1 above. An experienced dealer knows that most collections consist of mostly common coins, but they also have preconceived notions on which lots might be worth a detailed look.
For example, a jar of silver coins that can be seen to contain possible rare dates, or the story behind the lot, and what time frame the coins where stashed away. Most of these lots are worth searching. However, if a dealer buys a huge lot of wrapped cents then they would look through a few rolls and make a determination, based on time and money, if the rolls are worth searching.
At any given time, ebay has a few hundred auctions for unsearched rolls. I could make well over a thousand dollars in a week! To top it all off, other ebay sellers see my success and copycat my act.
The same example that I used above can be used for collections, lots and hoards of coins. Most will be common and heavily circulated coins, and any seller can buy a few silver coins, and some key dates, mix them in a pile of coins together, then sell the coins in lots of50 or in 1 pound or 2 pound lots.
So they never lose. First, I would check the sellers feedback.The term refers to coins that contain silver, and are collectible only because of their precious metal content.
United States half dollars, quarters, and dimes minted before were made from 90 percent silver, and it is still possible to find these valuable coins in circulation. By buying rolls of these coins from your local bank, you can earn money while effectively paying for nothing except for gas. Drive to your local bank and ask if they have any rolls of coins for sale. You are looking for rolls of circulated coins, so don't be afraid to ask the teller if they know the origin of the rolls.
Uncirculated rolls from the Federal Reserve will not contain any silver coins. Buy as many rolls of circulated half dollars, quarters, or dimes as you can afford. Collectors tend to report better results with half dollars, most likely because many noncollectors do not realize that half dollars minted from contain 40 percent silver. The more rolls you purchase, the more likely you are to happen upon silver coins. Remember that the money you are "spending" is not actually gone -- your nonsilver coins can simply be exchanged for more rolls later.
Bring your rolls home and look through them. Set aside any coins dated and earlier, and half dollars dated With any luck, you will find a few. Reference the spot value of silver using the link in the "Resources" section of this article to determine the value of your silver coins.
These calculations are slightly imperfect, however, because coins lose metal content as they wear. The exact silver content of your coins can only be determined by weighing them. Place the nonsilver coins back into rolls, and either return them to the original bank in exchange for more rolls, or try a different bank.
If you have several banks nearby, establish a rotation to avoid buying back rolls that you have already searched. Don't get discouraged if you do not find any silver coins. People have been hoarding, selling, or melting them for many years, and finding silver coins will be the exception rather than the rule.
Eventually, you will find some. Try purchasing a roll of nickels if you are in the mood for a change. Purchase a coin price guide and learn the nonsilver key dates of the coins that you are searching. You might happen upon a valuable coin with no silver content at all. Jason Artman has been a technical writer since entering the field in while attending Michigan State University. Artman has published numerous articles for various websites, covering a diverse array of computer-related topics including hardware, software, games and gadgets.
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UnbeatableSale, Inc. Include Out of Stock. There's a problem loading this menu right now. Learn more about Amazon Prime. Get free delivery with Amazon Prime.You can't go wrong with searching bank wrapped rolls of coins! You only have to invest your time in using this risk-free methodology.
But it's not as easy as you think. Unfortunately, there's a glitch. Most banks don't like to sell rolled coins to their customers and to get the bank to acquire rolls of coins fresh from the United States Mint is virtually impossible.
Part of the problem lies in the way that the Federal Reserve System distributes coinage to the banks. The Fed charges the banks a fee to place special orders for coin and currency unless the coin qualifies as a " Commemorative Issue " and has a designated Special Ordering Period.
However, even if you can get your bank to special-order rolled coins, there is no guarantee that the Fed will send the banks mint-state coins anyway! The Fed isn't required to honor requests for mint-state what they call "new" coins, but they say they do when inventory levels allow. The Fed always sends out "mixed" circulated or used coinage first. The point here is that even if you found a bank willing to cooperate and order new coins for you, they might not get them!
The result is that the bank fills out a Special Request form, possibly pays fees, and then didn't understand what you wanted anyway, resulting in unhappy customers. If it is an odd denomination, like a half dollar, the bank may be stuck with them for several months or years since very few customers asked for them.
The banks' solution to this problem, typically, is to avoid doing any special ordering for coins at all. Finally, banks in smaller markets may not be ordering directly from the Federal Reserve Bank. The Fed may contract with a large regional bank to do their coin and paper money distribution into smaller markets.
Since the bank is acting as a middleman, this increases the cost of handling the rolled coins. The large regional bank also collects a fee from the ordering bank for handling these special requests. If your goal is to get mint-state coins, your best bet is a smaller, full-service bank that doesn't usually deal with a lot of merchant accounts. Such banks are typically positioned as higher-end "enterprise banks," and don't have the free types of checking and savings accounts. But if you're a hard-core coin searcher or like to lay up a lot of mint-state rolls, a bank of this sort will be the type most likely to order and get "new" coins.
They will most probably pass the fees along to you, too, and having an account at the bank will be mandatory. If your goal is to buy rolls of circulated coins, your best bank type is the big name, broad appeal banks where average small business people do their banking. These banks typically deal in substantial amounts of circulated coinage, as some types of businesses take in more coins than they need, and will deposit them.
Other business types use vast amounts of mixed coinage to give to their customers in change. Banks that do a steady merchant business almost always have plenty of circulated coinage on hand, and will often sell it to non-account holders. If you want to get this type of coinage regularly, especially in large quantities such as boxes of rolls, it's a good idea to open an account with the bank that is supplying you with your coins.
Regardless of the type of bank you go to, you may encounter tellers that are difficult, stubborn, or obtuse. Some of them merely need some genuine hand-holding, but others seem to be contrary just because they can. When you encounter difficult tellers, take a moment to explain things.WE HIT THE JACKPOT!! COIN ROLL HUNTING PENNIES WITH A BANK TELLER - COLLECTION DUMP FOUND, OLD COINS
Tell them that they can order the coins directly from the Fed on your behalf.Rotate image Save Cancel. Breaking news: See More. More Rules New Posts. Search this thread. Which banks give out free coin wrap rolls? I spotted a few piggy banks hidden in storage and was looking to deposit them I've been told by a colleague that banks give out coin wrap rolls upon request.
Was wondering if anybody had any knowledge of which banks offer this, as it'd be counterproductive to buy the rolls for my pennies and nickels considering they aren't worth all too much. Many thanks in advance! I've always just used an 8. Probably not as simple as rolls, but readily available. Toss them all in a drawer all rolled up and marked until I got enough to make the trip worth it. I used to work for TD. We gave them away for free. It was always easier to have them rolled properly in properly labeled wrappers so we gladly gave them out to those who asked.
I also worked for a bank and we just gave out those coin roll papers that were not tube shaped and had to be rolled up like a carpet. Partly cause they were cheap and partly to discourage people from asking since those rolling papers were a pain to use. Get them from a dollar store. Or if you are friendly with the local corner store or restaurant, you can always ask them to save some for you.
Find a TD that has a counting machine.
How to buy Junk Silver From Banks
I'm not sure they have any in Ottawa. The other choice if it is mostly small change use the grocery store counting machines. I find it isn't worth it for quarters and up.