Any advice?

[Treetop]

I have had silver for years, a small amount since I was a kid. still kicking myself that I "invested" in baseball cards as a kid instead of coins. I still remember the owner of a coin/baseball card shop coming over and telling me the baseball cards were for the rubes. he told me to buy these rolls of morgans and peace dollars instead. Id thank him later etc.

So a few years ago I happened onto coinflation, and found this forum through there. I decided copper was a great no risk investment, with huge potential upswing, if we continued on our financial track as a country which we did.

So I started sorting. I live in a small town, there are 3 banks. I had accounts at all three, and one had a free coin counter for customers. so all seemed great. I started off hand sorting 50 dollars of pennies, and 100 in dimes a week. (only ever found a single silver dime) but it was short lived. there was one other guy who sorted coins in town, he/she did pennies and nickels. I had many tellers tell me this. so 3-4 weeks into it ALL the banks shut me down. no more coins for people who do not own businesses. I was told I was messing up the banks ability to keep businesses stocked with change. I asked all of them on different day with different tellers, if they could order me them, all of them said no, none offered to do it even for a fee. not that I would pay the fee.

Ive went back a few times every few months, and it seems their stance stands. Nearest other towns are an hour away, and we rarely go, and when we do, we try to leave ASAP. not a city guy......

Are there any options for me? Im guessing not, but thought someone here might have some trick I didnt consider.

[Treetop]

ultimately Id like to have 2-300 face of copper. (sorry everyone who sells it, I dont want to pay for it)

[Copper Catcher]

Treetop you might try talking to business owners you know and explain what you are trying to do and see if they wouldn't mind helping you get a box of pennies once or twice a month...

[Joogaler]

I'll redirect you to this thread, because I ran into a similar problem.
viewtopic.php?f=7&t=995

One of the last comments should really help you out, seems like it wouldn't be too hard just start a business as a sole proprietorship

[Treetop]

Treetop you might try talking to business owners you know and explain what you are trying to do and see if they wouldn't mind helping you get a box of pennies once or twice a month...

thanks both of you. I actually know a guy I can ask. He owns a video rental store. thanks for the idea.....

[horgad]

The bank that owns the coin counting machine pays someone to haul those coins away. You might want to let them know that you would be willing to take their excess loose coins away for free. That would still leave you with the problem of dumping zincs.

The other thought is to bundle your buys and dumps into larger lots to make it worthwhile to drive the hour to the bigger town. If you only had do it once a month or even less, it might be worth the drive.

Repay the local bank that wouldn't sell to you, by dumping all you zincs there. Tell them you are just trying to make sure that they have enough pennies for their business customers.

[AGCoinHunter]

Setting up a business is fairly easy. Get a tax id and open a business account. Then they cant give you that line. But, I would make damn well sure they can supply your coinage needs before you opened any type of business account. I would first go in and tell them what you need on a weekly basis and make sure the business account you open doesnt cost you any fees. Then put $100 or so in there and just leave it. Pit one bank against each other if they try to start charging you. If one bank says they are going to charge, tell them you are moving to their competitor down the road. Being in an area where you dont have a lot of options does suck but you can make the best of it. If they ask why you need so much coinage tell them your into vending and you would like the ability to deposit large amounts of coin without rolling.

[Lemon Thrower]

starting a biz will not solve anything because they'll just charge you for the coins like they do biz customers.

try buying the bags from the machine. i would focus on halves and cents.

try buying loose/bagged coin from walmart.

[Lemon Thrower]

another thing to consider - its not the end of the world if you can't search coins.

if you have a rydale, you can do a few boxes in an hour. with acquisition time, say $100 raw in 2 hours. if 20% is Cu, and you can sell it for 1.4X, you have a 40% profit on $20. You made $8 but it took you 2 hours.

you are better off starting a busienss or getting a second job and buying Cu from folks here with your earnings.

[Treetop]

Well im not intending to do enough to make a job from it. Id just like to have 2-300 hundred face in copper. If I was to pay over face, Id just get a few ounces of silver instead. Im really a silver bug. even if I had the cash to buy a bunch of gold, Id still be mostly in silver.

It has it all imo. Long time usage as a currency. industrial usage, that is expanding all the time, and weve used up a lot of it. so relative to gold, I wouldnt be surprised to see it back to the 20 to 1 range.

[Lemon Thrower]

yes, but say if you get a job delivering pizzas. you'd make enough money faster to buy more silver or copper than fooling with these banks and sorting.

[Treetop]

I have an income.

[Rosco]

Back at first of year Copper was down an I bought $100 face or 68# at about $130 in some auctions an that is less hassle than sorting.

That said sorting by hand is OK an I have about 200 sorted, Walmart may be an answer for me also

[Joogaler]

try buying loose/bagged coin from walmart.

Has anyone ever done this? Cause this is the first I'm hearing about it.