Seems doubtful that the return expressed as dollars per hour would amount to enough to make the effort worthwhile. There's also going to be substantial bother to get rid of them after the searching. Let's say it takes you 9 months to get through them and cash in the remains. At least one online bank (Synchrony) is paying 5.5% on a 9-month CD with no minimum balance. The 10K you tie up would yield $412 in interest. Hope the findings are good.
@telephoto1 said:
I was weeding out old bookmarked threads and came across this one. @jmlanzaf I take it you never bought the deal?
No. Once we got a good look at cents, they weren't shotgun rolls. It's very hard to sell rolls that aren't shotgun rolls because people assume they've been searched.
A million cents is $10,000. You said you would get them a little over face so lets assume $12,000.
$12,000 just invested in a CD will get you 6%, investing in the S&P 500 will net you (on average) 7.5%
SOOO doing nothing your $12k will earn you $900 a year just by not doing anything.
With the cents you need to include:
Storage Costs
Cost of doing business (ebay)
Mailing costs
Mailing material
Transportation costs
Time value of money costs
Salaries.
I'm assuming you also need to get paid
And finally you have to take into account the not insignificant risk that a fire or flood will ruin the coins.
To make this worthwhile you are looking at having to sell the cents for x times costs (I would assume 3-5X).
And it will take you a LONG time to sell 20,000 rolls. So your time value (or holding cost is losing value @ 3/3.5% per year). This means that in 5-10 years (probably how long to sell off the cents) you would make significantly less than today’s $12,000. You also need to assume that you will deposit some of the cents as the value to sell isn't worth it (but assuming you have $2.5K you need to deposit, that's 2.5K today in 5 years, $2.5K will be worth ~ $2.2k in today's dollars.
This too me just sounds like a losing proposition, you can make more buying and selling higher value items without all the storage and transportation costs.
A million cents is $10,000. You said you would get them a little over face so lets assume $12,000.
$12,000 just invested in a CD will get you 6%, investing in the S&P 500 will net you (on average) 7.5%
SOOO doing nothing your $12k will earn you $900 a year just by not doing anything.
With the cents you need to include:
Storage Costs
Cost of doing business (ebay)
Mailing costs
Mailing material
Transportation costs
Time value of money costs
Salaries.
I'm assuming you also need to get paid
And finally you have to take into account the not insignificant risk that a fire or flood will ruin the coins.
To make this worthwhile you are looking at having to sell the cents for x times costs (I would assume 3-5X).
And it will take you a LONG time to sell 20,000 rolls. So your time value (or holding cost is losing value @ 3/3.5% per year). This means that in 5-10 years (probably how long to sell off the cents) you would make significantly less than today’s $12,000. You also need to assume that you will deposit some of the cents as the value to sell isn't worth it (but assuming you have $2.5K you need to deposit, that's 2.5K today in 5 years, $2.5K will be worth ~ $2.2k in today's dollars.
This too me just sounds like a losing proposition, you can make more buying and selling higher value items without all the storage and transportation costs.
Decimal errors aside, there's a lot of assumptions in there that aren't really valid.
Decimal errors aside, there's a lot of assumptions in there that aren't really valid.
I was trying to be be nice and answer your question, the truth is that I’m not your target audience and I wouldn’t buy from you either so buy 7000 lbs of cents and move them to your basement, it’s not really my circus or my monkey what you do with them.
A million cents is $10,000. You said you would get them a little over face so lets assume $12,000.
$12,000 just invested in a CD will get you 6%, investing in the S&P 500 will net you (on average) 7.5%
SOOO doing nothing your $12k will earn you $900 a year just by not doing anything.
With the cents you need to include:
Storage Costs
Cost of doing business (ebay)
Mailing costs
Mailing material
Transportation costs
Time value of money costs
Salaries.
I'm assuming you also need to get paid
And finally you have to take into account the not insignificant risk that a fire or flood will ruin the coins.
To make this worthwhile you are looking at having to sell the cents for x times costs (I would assume 3-5X).
And it will take you a LONG time to sell 20,000 rolls. So your time value (or holding cost is losing value @ 3/3.5% per year). This means that in 5-10 years (probably how long to sell off the cents) you would make significantly less than today’s $12,000. You also need to assume that you will deposit some of the cents as the value to sell isn't worth it (but assuming you have $2.5K you need to deposit, that's 2.5K today in 5 years, $2.5K will be worth ~ $2.2k in today's dollars.
This too me just sounds like a losing proposition, you can make more buying and selling higher value items without all the storage and transportation costs.
Decimal errors aside, there's a lot of assumptions in there that aren't really valid.
Did you count them?
I would hate to get them home and find 20 of the pennies missing.
Decimal errors aside, there's a lot of assumptions in there that aren't really valid.
I was trying to be be nice and answer your question, the truth is that I’m not your target audience and I wouldn’t buy from you either so buy 7000 lbs of cents and move them to your basement, it’s not really my circus or my monkey what you do with them.
My question is months old. But since you're testy, I'll just leave it alone. Happy holidays.
A million cents is $10,000. You said you would get them a little over face so lets assume $12,000.
$12,000 just invested in a CD will get you 6%, investing in the S&P 500 will net you (on average) 7.5%
SOOO doing nothing your $12k will earn you $900 a year just by not doing anything.
With the cents you need to include:
Storage Costs
Cost of doing business (ebay)
Mailing costs
Mailing material
Transportation costs
Time value of money costs
Salaries.
I'm assuming you also need to get paid
And finally you have to take into account the not insignificant risk that a fire or flood will ruin the coins.
To make this worthwhile you are looking at having to sell the cents for x times costs (I would assume 3-5X).
And it will take you a LONG time to sell 20,000 rolls. So your time value (or holding cost is losing value @ 3/3.5% per year). This means that in 5-10 years (probably how long to sell off the cents) you would make significantly less than today’s $12,000. You also need to assume that you will deposit some of the cents as the value to sell isn't worth it (but assuming you have $2.5K you need to deposit, that's 2.5K today in 5 years, $2.5K will be worth ~ $2.2k in today's dollars.
This too me just sounds like a losing proposition, you can make more buying and selling higher value items without all the storage and transportation costs.
Decimal errors aside, there's a lot of assumptions in there that aren't really valid.
Did you count them?
I would hate to get them home and find 20 of the pennies missing.
A million cents is $10,000. You said you would get them a little over face so lets assume $12,000.
$12,000 just invested in a CD will get you 6%, investing in the S&P 500 will net you (on average) 7.5%
SOOO doing nothing your $12k will earn you $900 a year just by not doing anything.
With the cents you need to include:
Storage Costs
Cost of doing business (ebay)
Mailing costs
Mailing material
Transportation costs
Time value of money costs
Salaries.
I'm assuming you also need to get paid
And finally you have to take into account the not insignificant risk that a fire or flood will ruin the coins.
To make this worthwhile you are looking at having to sell the cents for x times costs (I would assume 3-5X).
And it will take you a LONG time to sell 20,000 rolls. So your time value (or holding cost is losing value @ 3/3.5% per year). This means that in 5-10 years (probably how long to sell off the cents) you would make significantly less than today’s $12,000. You also need to assume that you will deposit some of the cents as the value to sell isn't worth it (but assuming you have $2.5K you need to deposit, that's 2.5K today in 5 years, $2.5K will be worth ~ $2.2k in today's dollars.
This too me just sounds like a losing proposition, you can make more buying and selling higher value items without all the storage and transportation costs.
Decimal errors aside, there's a lot of assumptions in there that aren't really valid.
Did you count them?
I would hate to get them home and find 20 of the pennies missing.
I'd have bought them and then melted them myself poured them into molds and sold the bars on ebay. Possession being 9/10's as they say
will the ban on melting cents be lifted ? There are people driving to car dealerships cutting catalytic converters off brand new cars and selling them and no one is doing anything. People filming shoplifters who are never prosecuted .
People shooting others in broad daylight never go to jail but some are worried they might be arrested for penny melting.
congresscritters trade stocks of companies with inside info but don't melt those pennies!
Comments
Lets do a little math here.....
1 million coins taking 2 seconds each to look at a coin is 555 hours
just sayin ;-)
Seems doubtful that the return expressed as dollars per hour would amount to enough to make the effort worthwhile. There's also going to be substantial bother to get rid of them after the searching. Let's say it takes you 9 months to get through them and cash in the remains. At least one online bank (Synchrony) is paying 5.5% on a 9-month CD with no minimum balance. The 10K you tie up would yield $412 in interest. Hope the findings are good.
Coinlearner, Ahrensdad, Nolawyer, RG, coinlieutenant, Yorkshireman, lordmarcovan, Soldi, masscrew, JimTyler, Relaxn, jclovescoins
Now listen boy, I'm tryin' to teach you sumthin' . . . . that ain't no optical illusion, it only looks like an optical illusion.
My mind reader refuses to charge me....
No. Once we got a good look at cents, they weren't shotgun rolls. It's very hard to sell rolls that aren't shotgun rolls because people assume they've been searched.
I would never search them. CRH never pays off except for certain specific years. And even then, it's often not worth the time.
I did some quick calculations.
A million cents is $10,000. You said you would get them a little over face so lets assume $12,000.
$12,000 just invested in a CD will get you 6%, investing in the S&P 500 will net you (on average) 7.5%
SOOO doing nothing your $12k will earn you $900 a year just by not doing anything.
With the cents you need to include:
Storage Costs
Cost of doing business (ebay)
Mailing costs
Mailing material
Transportation costs
Time value of money costs
Salaries.
I'm assuming you also need to get paid
And finally you have to take into account the not insignificant risk that a fire or flood will ruin the coins.
To make this worthwhile you are looking at having to sell the cents for x times costs (I would assume 3-5X).
And it will take you a LONG time to sell 20,000 rolls. So your time value (or holding cost is losing value @ 3/3.5% per year). This means that in 5-10 years (probably how long to sell off the cents) you would make significantly less than today’s $12,000. You also need to assume that you will deposit some of the cents as the value to sell isn't worth it (but assuming you have $2.5K you need to deposit, that's 2.5K today in 5 years, $2.5K will be worth ~ $2.2k in today's dollars.
This too me just sounds like a losing proposition, you can make more buying and selling higher value items without all the storage and transportation costs.
My current registry sets:
20th Century Type Set
Virtual DANSCO 7070
Slabbed IHC set - Missing the Anacs Slabbed coins
Those calculations must have been awfully quick...
>
Those decimal points can get you every time!😂
Oops updated 😳
My current registry sets:
20th Century Type Set
Virtual DANSCO 7070
Slabbed IHC set - Missing the Anacs Slabbed coins
I would offer 50% of face. They might actually take it. Second worst thing that could happen is they say no.
Doggedly collecting coins of the Central American Republic.
Visit the Society of US Pattern Collectors at USPatterns.com.
Decimal errors aside, there's a lot of assumptions in there that aren't really valid.
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Oops updated 😳> @jmlanzaf said
I was trying to be be nice and answer your question, the truth is that I’m not your target audience and I wouldn’t buy from you either so buy 7000 lbs of cents and move them to your basement, it’s not really my circus or my monkey what you do with them.
My current registry sets:
20th Century Type Set
Virtual DANSCO 7070
Slabbed IHC set - Missing the Anacs Slabbed coins
Did you count them?
I would hate to get them home and find 20 of the pennies missing.
My question is months old. But since you're testy, I'll just leave it alone. Happy holidays.
You weigh em. You don't count them
Makes cents.
I learned something today.
Some of us are envious.
Paper money eventually returns to its intrinsic value. Zero. Voltaire. Ebay coinbowlllc
I'd have bought them and then melted them myself poured them into molds and sold the bars on ebay. Possession being 9/10's as they say
will the ban on melting cents be lifted ? There are people driving to car dealerships cutting catalytic converters off brand new cars and selling them and no one is doing anything. People filming shoplifters who are never prosecuted .
People shooting others in broad daylight never go to jail but some are worried they might be arrested for penny melting.
congresscritters trade stocks of companies with inside info but don't melt those pennies!
Not for me
Buy them and pay for them with Nickels.
That would only be 200,000 nickels. You will reduce the guy's storage space by 80%.