What if the bank had a Ryedale?

[Engineer]

As an engineer, I'm very lazy interested in efficiency, and always trying to find ways to simplify my life.

Instead of all of us going to the bank, making the tellers record transactions, carrying boxes to the car, wasting gas, carrying boxes in the house, storing them, eventually dragging them back out, sorting, counting, carrying them back out to the car, wasting gas, hitting multiple dump sites, etc. Wouldn't it be more efficient to ask a small local bank to sort for us for a fair price?

For those of you worried about the banks competing with us for pennies, remember there's always opportunity in this sort of change. I wouldn't mind leasing them the Ryedales and servicing the machines at a decent profit. Flipping the coins could be a second source of revenue.

Has anybody thought about this or tried it?

[NHsorter]

Sorry to be a doubter, but I don't see any bank going for this. There is not enough money in it for them, it's loud, it's a finicky machine that no teller would want to run. I just don't see them wanting to have anything to do with it. If you have a great relationship with a manager it might not hurt to ask, but I just don't see this working out. Having said that, I wish you the best of luck. That would be a sweet hook-up.

[everything]

Generally banks may allow the tellers to sift out silver they find. I could see an employee being allowed to do this while on duty, maybe! IF the boss likes you and all. If your relatives own a bank or CU branch it could get a little easier. Still, it would seem the kind of thing they might prefer off-site. But most banks that I know of care about dollars and interest, getting you to open another credit line, etc.

[fasteddy]

HD-DADDY had a listing for five CTU's at a $155 shipped each...that's a fair price, I wont sell any of mine for that....You need to find a bank that deals in bags...not many in my area do bags. I know the bank will not unroll and then reroll the zincs, unless they are on this forum....

[Dinero2005]

That's a little too far removed from a bank's core practices. It would have to be contracted out or hire additional personell, build additional facilities for processing and storage. It would make more sense for a company like Brinks or Loomis because they probably already have secure storage and other processing equipment. I could see banks contracting through them if theres' money in it.

I can see what you're trying to do. If time = money then it certainly would make more sense to pay a fee for processing and/or a monthly fee for secure storage. I can definitely see a value there.

Tell you what, I'd be happy to do the processing and storage for you for the right price.

[tinhorn]

Tell you what, I'd be happy to do the processing and storage for you for the right price.

There ya go. No way a bank is gonna hire someone to babysit the Ryedale, and as much as I Iove 'em, they do require constant babysitting.

[HPMBTT]

As an engineer, I'm very lazy interested in efficiency, and always trying to find ways to simplify my life.

Instead of all of us going to the bank, making the tellers record transactions, carrying boxes to the car, wasting gas, carrying boxes in the house, storing them, eventually dragging them back out, sorting, counting, carrying them back out to the car, wasting gas, hitting multiple dump sites, etc. Wouldn't it be more efficient to ask a small local bank to sort for us for a fair price?

For those of you worried about the banks competing with us for pennies, remember there's always opportunity in this sort of change. I wouldn't mind leasing them the Ryedales and servicing the machines at a decent profit. Flipping the coins could be a second source of revenue.

Has anybody thought about this or tried it?

I wouldn't want to encourage any bank to go this route. After all, if they have the knowledge that they are pulling copper from the system, then they will learn that they can pull silver from the system. The silver/copper needs to go in MY pocket, NOT theirs. They have screwed us for 99 years, which is already enough.

[Engineer]

I wouldn't want to encourage any bank to go this route. After all, if they have the knowledge that they are pulling copper from the system, then they will learn that they can pull silver from the system. The silver/copper needs to go in MY pocket, NOT theirs. They have screwed us for 99 years, which is already enough.

True enough. It seemed like a good idea this morning, but that was before I'd finished my first cup of coffee.

[TwoAndAHalfCents]

How about setting up the Ryedale in the back of a truck along with a coin counter and a roll wrapping machine. Go from bank to bank and sort, count, and rewrap the coins in the parking lot.

[JadeDragon]

I still think we should buy a bank. Some of them are going for free (and the government will kick in some cash).

[HPMBTT]

How about setting up the Ryedale in the back of a truck along with a coin counter and a roll wrapping machine. Go from bank to bank and sort, count, and rewrap the coins in the parking lot.

Now THAT is a neat idea. You get five stars for creativity.

[henrysmedford]

How about setting up the Ryedale in the back of a truck along with a coin counter and a roll wrapping machine. Go from bank to bank and sort, count, and rewrap the coins in the parking lot.

My kids have edge sorted half dollars when we drove from one bank to the next and then dumped them.

[TwoAndAHalfCents]

Not just any old truck. Get an armored truck.

http://cgi.ebay.com/ebaymotors/ARMORED-TRUCK-/290658132867?pt=US_Cars_Trucks&hash=item43ac932383

[Engineer]

How about setting up the Ryedale in the back of a truck along with a coin counter and a roll wrapping machine. Go from bank to bank and sort, count, and rewrap the coins in the parking lot.

Working out of the back of a truck just doesn't seem right...especially when you can write off a toyhauler-type trailer for the task. We could use 2 1/2 cent's armored truck to pull it around.

If someone worked out the right approach to sell the idea, it might be possible to get people to bring their penny hoards in for you to sort. Something like the free shredding days at Credit Unions might work, or you could just sell the idea yourself and park outside of county fairs and the like. Even if you just took a percentage of the zinc, you could do pretty well. Other people might like the idea of selling you their copper at a little above face. The key would be to set it up to where you were happy either way and let them make the choice.

[Robarons]

If it ever was made worthwhile to search cents you know either Brinks or their coin suppliers would do this before the banks even got their coin. Or would do it at their off site locations and vaults (because if you sorted at a branch where do the coppers go? zincs?)

The Canadian Banks flat out did not care and ignored .999 nickel (the govt program didnt help) but as front line receivers they could have done some sorting themselves if they wanted to Also as far as I can tell banks did not care about silver in 1964 and years after as well in terms of sorting. I could see pre-1964's lingering into the 1970's and the 40% Halves into the 80's. Keep in mind a 40% half was only worth .89 cents when silver was $6/oz.

[cesariojpn]

How about setting up the Ryedale in the back of a truck along with a coin counter and a roll wrapping machine. Go from bank to bank and sort, count, and rewrap the coins in the parking lot.

Private Property Laws might kill the idea in some cases.....

[Dinero2005]

Has anybody tried doing something like that at a flea market? I know some of the folks on here have coin businesses established. Would make sense for a coin shop or pawn shop to have a setup where you bring in your cents to have sorted.

[TXBullion]

Has anybody tried doing something like that at a flea market? I know some of the folks on here have coin businesses established. Would make sense for a coin shop or pawn shop to have a setup where you bring in your cents to have sorted.

In this type of setup, I believe there is opportunity to be had

[jacer333]

Yes, not a bad idea at all. If copper pennies gain more steam, a ryedale service could be profitable.

[TXBullion]

Im not sure of the profitability of offering it as a service but I think the attention factor and possible new business could be justified at least for a trial and then see what type of results.......

[NHsorter]

If I had a storefront, I would offer a free or very cheap coin counter. Could drive up traffic. Would provide me with a supply to sort. All you zinc dumpers would be banned though!!

[hobo finds]

Has anybody tried doing something like that at a flea market? I know some of the folks on here have coin businesses established. Would make sense for a coin shop or pawn shop to have a setup where you bring in your cents to have sorted.

Set it up at the swap meet right buy the beer booth. But do it like a coin star and keep all the coin for you to sort out later. Charge 5% fee to process the coin. Only problem would be getting out of there with the coins. LOL

[cesariojpn]

Has anybody tried doing something like that at a flea market? I know some of the folks on here have coin businesses established. Would make sense for a coin shop or pawn shop to have a setup where you bring in your cents to have sorted.

Set it up at the swap meet right buy the beer booth. But do it like a coin star and keep all the coin for you to sort out later. Charge 5% fee to process the coin. Only problem would be getting out of there with the coins. LOL

Stepvan or similar van.