I just put about $15 in wheats in my local Coin Star machine!

WaterSport

So I dropped off a bunch of Wheat cents..about $15 worth in my local coin star machine. And the machine kept spitting out the same 6 wheat’s so I will spend these wherever. It should make someone feel lucky as they were nothing but a pain to me. You see I have a roll collection, and these were the ones that exceeded 50 coins per tube. My only option was to list them on Ebay for a fee and getting no takers as most people just want the coins but do not want to pay the high shipping cost to get them So they were more valuable to me in time, money and effort as cash. Was I crazy for doing this?

WS

TorinoCobra71

Were ya crazy for doing it? Nah. Its your coins do with them as you please! Hopefully some Wheat cent collector will get them! They will be real happy!

TorinoCobra71

UtahCoin

Yes, you netted less than face after the fees. Most coin shops would have given you 1.5 - 2 times face.

STONE

I'm sure he did it on purpose to inspire young collectors everywhere to get involved in the hobby.

Way to go WaterSport

ziggy29

<< <i>Yes, you netted less than face after the fees. Most coin shops would have given you 1.5 - 2 times face. >>

I think he probably knew that. It might not have been worth the hassle to find a buyer, and perhaps he's hoping to draw some interest in the hobby by letting someone find these.

Coxe

<< <i>So I dropped off a bunch of Wheat cents..about $15 worth in my local coin star machine......Was I crazy for doing this? >>



Crazy? No. Stupid? Yes. Anyone who gives coinstar their accumulated change even is a complete idiot. That's money. Why effectively pay a tax to a private company for a very dubious service? Should have just dropped them off at your local coin club or your local scouts or similar. Coinstar is worse than buying water bottled by a major soft drink company.

ziggy29

<< <i>Anyone who gives coinstar their accumulated change even is a complete idiot. >>

Not everyone. My credit union allows us to use Coinstar machines without a fee for members who are either under 18 or have more than $5,000 on deposit.

And, some of these machines allow you to get gift certificates from Amazon and other places with no fee. So if you're going to shop there anyway, it costs you nothing.

StrikeOutXXX

<< <i>Coinstar is worse than buying water bottled by a major soft drink company. >>



I like it - I cash-out with Amazon gift certificates, so it doesn't cost me a thing. This week, my bank put in the first counting machine in my village (of the 2 banks). It costs 3% and no gift certificate option

Watersport - Too bad you don't live around me, wheaties are selling anywhere between 7-10cents each at auction here.

Coxe

<< <i>

<< <i>Anyone who gives coinstar their accumulated change even is a complete idiot. >>

Not everyone. My credit union allows us to use Coinstar machines without a fee for members who are either under 18 or have more than $5,000 on deposit.

And, some of these machines allow you to get gift certificates from Amazon and other places with no fee. So if you're going to shop there anyway, it costs you nothing. >>



OK. You know what I meant then. Anyone who actually gives Coinstar a cut is an idiot. Nonetheless, I would guess that even the free ones aren't entirely free but are like credit cards where the merchant pays perhaps a fraction of the retail fee impacting the consumer in the end anyway.

tmot99

Coxe, do you spend your entire life in your house? Just about everything has service fees. Ever go out to eat? You're an idiot if you do. It would cost you a lot less to eat at home. In fact, it would likely cost you more to eat out than the "loss" that WaterSport took cashing in at CoinStar. However, he may have started a new YN who gets a few of his wheaties in change some day.

Way to go WaterSport!

fc

i put 3 bucks in a coinstar machine, they were not wheaties,
but i felt i had to share since it was so informative and entertaining.

cmerlo1

I like CoinStar. I was in the video arcade business for 17+ years, and every bank we ever did business with hated us bringing in the huge number of quarters we did. CoinStar charges a lot, but it's worth it to me to not have to a) find a bank that will process my coins for free, and b) wait there for it to be done. I, too dumped a huge quantity ($20 face) of 1950's wheats into one once, because the lot didn't sell on eBay with a face value minimum bid, and I doubted any dealer would even consider buying them. It didn't bother me that they went for less than face, and I hope they made their way into circulation and eventually into some YN's Lincoln Cent folder.

--Christian

cmerlo1

Also, I don't feel I'm an idiot for doing so....

topstuf

I wish they had a ... BILLstar... machine.
You know, for those pesky ones and fives.
You could put in 12 ones or 3 fives and get a nice ten.

Tootawl

My credit union has a coin counting machine that its members can use for free. The last time I used it I know people were getting a little pissed off at me. I had close to $275 in change. That does make a little noise going into the machine!

AskRaq

Okay Watersport... just exactly where is this coinstar machine located?? I need to start buying rolls at the surrounding banks now...

I never seem to see low-end items like that on the BST, been looking for some wheatie rolls for the kids... finally went to eBay (argh).

sinin1

you could have netted about $50 more on eBay

$10 flat rate box USPS shipping

09sVDB

Because you were so nice I'm going to send you a PCGS graded 1888 & 1909 Indian Cent!

AskRaq

<< <i>Because you were so nice I'm going to send you a PCGS graded 1888 & 1909 Indian Cent! >>



Can you post a pic of the 1888 cent please??

mrpotatoheadd

<< <i>you could have netted about $50 more on eBay >>

I don't know- that seems a bit optomistic to me. A quick look at closed auctions shows mixed rolls going for about $1.50 each in groups, so... $15 in wheats = 30 rolls = $45.00 final bid. Subtract about 5 bucks for eBay/PayPal fees and you're left with $40 (assuming that you charge exact shipping), which is a $25 profit- better than a poke in the eye with a sharp stick, but it's not likely to be $50. Plus, you have to take the time to pack the darn things so they don't break their way out of the box (this is more than just a 5 or 10 minute operation) and then drive them to the post office and wait in line to drop them off. So, the question you have to be asking yourself is... is it worth the work?

Disclaimer- I sold rolls of wheats on eBay at one time, so I do have some experience in this area...

Shortgapbob

Some coin shops are currently paying between $1.50 and $1.70 per roll for wheat cents. I think I would have taken them to a dealer, even if he did pay less than the figures I gave......plus CoinStart got 8%.

oxy8890