The End of a Fun Hobby

[beauanderos]

Well... it had to happen sooner or later. Wish it had been later. Just got my source bank to okay ordering 19 boxes of halves and 20 of cents for me per week. Just set up my 4th Ryedale in the chain and have production running smoothly. Now what happens? Dump Disaster! Doing a dump loop, Bank of America teller confides to me that the contract with Loomis is expiring in a couple of weeks and that the new carrier will be imposing fees, either $6 or $8 a bag, on returns... which the bank intends to pass along to the merchants "after all, they have to earn money." Thanks a lot, Frank-Dodd. This means... since I'm lucky to find one half in every other box, that even if it was only $6 a bag for returns, then halves hunting has now become a losing proposition for me. This means... since I'm limited to $50 of cents (weight limit) in penny bag returns... that they will be charging more than Coinstar (12- 16%). Hell! Crap! [shucks]! Phooey! Rats! Well, guess I'll just have to take up a new hobby, maybe start going to the gym. http://www.youtube.com/watch?v=NeMrttj8Ucg

[Corsair]

Sorry to hear that, Ray. Always a tear-jerker to read these stories.

If penny dumps start to give you a problem, and you need to get rid of one of those extra Ryedales at a bargain-basement price...

[NDFarmer]

Unfortunately I think we are going to hear more of this happening as more people start sorting and banks get hit with huge increases in coin being returned each week.

[slickeast]

Time to hunt a new dump bank. One that doesn't charge fees.

[beauanderos]

Time to hunt a new dump bank. One that doesn't charge fees.

Nope... I'm hanging it up.

[WizardTN]

Granted I do not have as much money invested as most of you here, nor do I turn over anywhere near what you do.
Here is my take on pennies at this time.
I sort out the coppers and reroll the zincs, and stack them both.

There has already been 1 bill that has passed the house recently to do away with the penny. It died in committee in the senate. It wil be just a matter of time and it will happen.

Coinflation:
» A roll of zinc cent(s) has 50 coins and is valued at $0.33 when zinc is at $1.1309 / lb and copper at $4.4423 / lb (exact value is $0.33446467556934).

So 1 2 and/or 3 will happen.
The penny will become a collectable.
The penny content will become even more valuable as metals continue to rise. (66% now)
The treasury will follow Canada and go to copper clad steel.

In any case, it is a small savings program.

"Patience Grasshopper"
Keep stacking.

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[TXBullion]

I dont believe you will be able to walk away......

[cesariojpn]

You just gotta be creative from now on.

Offer rolled coin to some friends in businesses. When a project for around the house turns up, grab the cost in coin, sort, and redeem at coinstar for a GC.

[beauanderos]

You guys are offering remedies for a couple of hundred a week. I was doing ten thousand a week.

[WizardTN]

As was said above, talk to al the big box stores in town, become the "go to guy" for coins when the banks are closed. Weekends, holidays, nights and you deliver!

[barrytrot]

As was said above, talk too al the big box stores in town, become the "go to guy" for coins when the banks are closed. Weekends, holidays, nights and you deliver!

How often does someone need coins when banks are closed? I would think with the advent of "credit cards" not very often.

[WizardTN]

It has been stated many times that the biggest coinage needs of a business are quarters and pennies.

There are still a lot of cash transactions.

[Oakair]

You guys are offering remedies for a couple of hundred a week. I was doing ten thousand a week.

I feel bad for anyone else who tried to hoard in your area

[wagsthadog]

Hi there-

I feel for you Ray- I have kind of gotten deep with coin sorting a little bit too, at my glorious peak I was doing about $5K a week in assorted coins, but at that level it stops being fun, and it becomes like an addiction...you end up blowing off fun things and a lot of gas/time running in circles...now it's all fine and well when you're making 10 silver halves per box, but like, 1 coin per $5K?....NOT cool!!! and, I've been there, too-

Ah, I thought the same with pennies...you'll be back....just do it calmly. Once you accept that no one gets it all, you're cool with like 1K in halves a week.

JMO- wags

[GTOJohn]

as others - i have enjoyed reading your posts.
hope to see ya back soon - maybe just pennies?

[cesariojpn]

As was said above, talk too al the big box stores in town, become the "go to guy" for coins when the banks are closed. Weekends, holidays, nights and you deliver!

How often does someone need coins when banks are closed? I would think with the advent of "credit cards" not very often.

Holiday weekends for starters.

[ardorlan]

Granted I do not have as much money invested as most of you here, nor do I turn over anywhere near what you do.
Here is my take on pennies at this time.
I sort out the coppers and reroll the zincs, and stack them both.

There has already been 1 bill that has passed the house recently to do away with the penny. It died in committee in the senate. It wil be just a matter of time and it will happen.

Coinflation:
» A roll of zinc cent(s) has 50 coins and is valued at $0.33 when zinc is at $1.1309 / lb and copper at $4.4423 / lb (exact value is $0.33446467556934).

So 1 2 and/or 3 will happen.
The penny will become a collectable.
The penny content will become even more valuable as metals continue to rise. (66% now)
The treasury will follow Canada and go to copper clad steel.

In any case, it is a small savings program.

"Patience Grasshopper"
Keep stacking.

spot-zinc-1y.gif

Where do you get these awesome charts?

[ardorlan]

Well... it had to happen sooner or later. Wish it had been later. Just got my source bank to okay ordering 19 boxes of halves and 20 of cents for me per week. Just set up my 4th Ryedale in the chain and have production running smoothly. Now what happens? Dump Disaster! Doing a dump loop, Bank of America teller confides to me that the contract with Loomis is expiring in a couple of weeks and that the new carrier will be imposing fees, either $6 or $8 a bag, on returns... which the bank intends to pass along to the merchants "after all, they have to earn money." Thanks a lot, Frank-Dodd. This means... since I'm lucky to find one half in every other box, that even if it was only $6 a bag for returns, then halves hunting has now become a losing proposition for me. This means... since I'm limited to $50 of cents (weight limit) in penny bag returns... that they will be charging more than Coinstar (12- 16%). Hell! Crap! s--t! Phooey! Rats! Well, guess I'll just have to take up a new hobby, maybe start going to the gym. http://www.youtube.com/watch?v=NeMrttj8Ucg

When I quit one hobby I start another, My Fav thing about coin searching is that it cost very little money and if you can dump for free you make money, My Hobby before coin searching was electronics and ASM coding, I have about 600$ in parts from a 4 month hobby.

What Hobby are you going to go into next?

[barrytrot]

As was said above, talk too al the big box stores in town, become the "go to guy" for coins when the banks are closed. Weekends, holidays, nights and you deliver!

How often does someone need coins when banks are closed? I would think with the advent of "credit cards" not very often.

Holiday weekends for starters.

Are you conjecturing or do you know this to be a fact? I.e. business actually are left in need of more coins on a holiday weekend?

My guess is that you are conjecturing and that you are incorrect. If someone runs out of coins, they don't care any more due to the minute number of transactions requiring coins.

[WizardTN]

Are you conjecturing or do you know this to be a fact? I.e. business actually are left in need of more coins on a holiday weekend?

My guess is that you are conjecturing and that you are incorrect. If someone runs out of coins, they don't care any more due to the minute number of transactions requiring coins.

Methinks the fellow has never been in the retail business.

I used to be general mgr. of a small chain of theatres. Cant tell you the times on a holiday weekend we ran short of coinage on a monday holiday. Especially when mondays were 99cent nights.

[WizardTN]

ardorlan

The Kitco charts are available on their site. they chart all kinds of things.
The performance charts are on a site I linked to in this post:
http://realcent.org/viewtopic.php?f=17&t=6706

I suppose you could call me a "chartist" but it just reinforces the old saying .... "Those that do not learn from the past are doomed to repeat it."

That is why, looking at the 40 and 15 yr seasonal charts for silver which shows the annual end of June low very clearly and then a short runup and pullback, I am waiting till mid August to start buying again when the annual climb till christmas starts.

[beauanderos]

What Hobby are you going to go into next?

Well.... I'm way overweight, try fat pig and you might get the picture. Nothing Eric can describe could make it worse than it is... tho it's not quite this bad:


I might start writing again on the blogsite I have, need to get back to the gym for sure. I won't quit searching, but I guess I'll have to scale down to maybe one halves box a week, and maybe $100 of pennies.

[Pennysaved]

Why don't you switch to dimes? If you can get them clear wrapped, you don't have to re-wrap or bag them; you can just turn them back in the way they are.

[Rodebaugh]

Why don't you switch to dimes? If you can get them clear wrapped, you don't have to re-wrap or bag them; you can just turn them back in the way they are.

Dang Ray, thats no good to hear. I do like pennysaved's idea. Nothing wrong with sorting less too. Don't be affraid to to the "road trip sort". Lots of silver to be had that way. Dude its just slowed, not broken. Peter makes another good point......Find another Dump. Lick your wounds over the weekend then get your lazy butt back up and solve some problems.

[WizardTN]

Ya, monday will bring a new outlook. Just take the weekend off with a few cold ones.

THEN ...

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