I recently managed to get a box-worth of customer-wrapped nickels from my nearby Navy Federal. It was actually better than my average Bank of America box, with exactly 30 finds, the best of which being a 1960 Canadian nickel and a key date 1938-S Jefferson. That was all the nickels they had. Point being that it's still a possibility (at least in my area) but I haven't gotten the chance to check my other bank. I'll update on that whenever I get the chance.
"Another day, another Collectors Universe forum scrolling session."
- Someone, probably
@cameonut2011 said:
It’s not that hard to push the coin though the Mylar.
How about getting the 2x2 out of the plastic three ring binder page? Can't push through those.
Seriously, though- I don't think it's the physical effort of pushing the coin out, it's the time it takes to do it if there's more than just a few. I recently unholdered a tub of cheap world coins in 2x2s, spent half an hour on the job.
Exactly. He tells the customer what he's charging and why. The customers don't want to spend the time either which is why they sell to him. I fail to see how that makes him obnoxious.
All comments reflect the opinion of the author, even when irrefutably accurate.
@HATTRICK said:
As a coin dealer and as a banker these are the places where people need help with coins. The issue is so many people expect you to do the work for free . As jmlanzaf says, you’re there to make money. Help them and charge an appropriate fee for your work.
God bless America. Land of the free and home of the Capitalist.
I know a dealer who pays face for rolls as a customer service, but he only pays 90% if they are in 2x2s because of the effort to break them out
It’s not that hard to push the coin though the Mylar. He comes off as obnoxious. Just tell the customer no thanks and send them to a bank.
Actually, it is a hell of a lot of work. You have to poke a hole in the mylar with with a pointed wooden toothpick first. Have done thousands if not tens of thousands of coins during slow times at the coin shop.
Professional Numismatist, Retired. 55 year member ANA. Former ANA Senior Authenticator. Winner of four ANA Heath Literary Awards; three Wayte and Olga Raymond Literary Awards; Numismatist of the Year Award 2009, and ANA Lifetime Achievement Award 2020. Winner of the PNG's 2026 Robert Friedberg Award for "The Enigmatic Lincoln Cents of 1922," Available now from Whitman or Amazon.
Or only do 1 or 2 here or there. Do 1000 coins on pages and you'll no longer think it's such a worthwhile public service.
Just tell the customer no. Offering below face value will strike most customers as an insult.
Really? When you tell them why and they accept the offer, that means they were insulted? I guess people use Coinstar machines and are insulted at the 10% convenience charge. The guy has been in business for 30+ years. I think he knows how to handle his customers. [Not sure why I got stuck defending him.]
Have you actually ever run a coin shop? I've seen people ask "you won't offer anything?" when he no bids a lot. I've had people walk away mad when I no bid a stamp lot. I think people's reactions are far more diverse than you might think.
He also buys "foreign exchange" currency at 50% of the value because he has a guy who will buy it (shipped) at 60 or 70% You might be surprised how many people come back and accept the offer when they discover the banks and local foreign exchange "no bid" the currency.
All comments reflect the opinion of the author, even when irrefutably accurate.
@HATTRICK said:
As a coin dealer and as a banker these are the places where people need help with coins. The issue is so many people expect you to do the work for free . As jmlanzaf says, you’re there to make money. Help them and charge an appropriate fee for your work.
God bless America. Land of the free and home of the Capitalist.
I know a dealer who pays face for rolls as a customer service, but he only pays 90% if they are in 2x2s because of the effort to break them out
It’s not that hard to push the coin though the Mylar. He comes off as obnoxious. Just tell the customer no thanks and send them to a bank.
Actually, it is a hell of a lot of work. You have to poke a hole in the mylar with with a pointed wooden toothpick first. Have done thousands if not tens of thousands of coins during slow times at the coin shop.
Are you talking about the cardboard Mylar ones? I haven’t handled as many as you, but I never had to use a toothpick. I’ve typically used both hands to put pressure closest to the coin and used my thumb to push through with pressure causing the coin to fall on a felt line jewelers’ pad.
@HATTRICK said:
As a coin dealer and as a banker these are the places where people need help with coins. The issue is so many people expect you to do the work for free . As jmlanzaf says, you’re there to make money. Help them and charge an appropriate fee for your work.
God bless America. Land of the free and home of the Capitalist.
I know a dealer who pays face for rolls as a customer service, but he only pays 90% if they are in 2x2s because of the effort to break them out
It’s not that hard to push the coin though the Mylar. He comes off as obnoxious. Just tell the customer no thanks and send them to a bank.
Actually, it is a hell of a lot of work. You have to poke a hole in the mylar with with a pointed wooden toothpick first. Have done thousands if not tens of thousands of coins during slow times at the coin shop.
Are you talking about the cardboard Mylar ones? I haven’t handled as many as you, but I never had to use a toothpick. I’ve typically used both hands to put pressure closest to the coin and used my thumb to push through with pressure causing the coin to fall on a felt line jewelers’ pad.
Depends on the size of the coin. It's much easier if you pierce them first. Popping dollars out is easy, even without the pin prick. Dimes are not so easy.
Either way, do a couple thousand and tell me that it's easy and worth your time when the net profit is zero. If you've got cents and nickels, it's probably not worth your time for 10%.
Edited to add: the older ones weren't mylar and they are really hard to push through. Sometimes, the plastic pulls off the cardboard rather than actually breaking.
All comments reflect the opinion of the author, even when irrefutably accurate.
@jmlanzaf said:
Really? When you tell them why and they accept the offer, that means they were insulted? I guess people use Coinstar machines and are insulted at the 10% convenience charge. The guy has been in business for 30+ years. I think he knows how to handle his customers. [Not sure why I got stuck defending him.]
Have you actually ever run a coin shop? I've seen people ask "you won't offer anything?" when he no bids a lot. I've had people walk away mad when I no bid a stamp lot. I think people's reactions are far more diverse than you might think.
I would be surprised to have a large number of takers, and I stand by my assertion that you would risk offending customers. What upside is there? If you buy $100 face at $90, you have a $10 margin there. Is it worth losing a customer for $10? Moreover, you claim it is laborious but does that $10 come close to compensating you? Both questions should be in the negative. Just tell the customer politely that you are not interested. Anything else makes no sense from a business perspective when you are literally haggling over change.
Your comparison to the stamp market is distinguishable. Cancelled stamps no longer
have a viable use. Stamps are also not currency that can be used for any purpose and unused stamps require conversion to cash to be useful most of the time. The lack of liquidity and need to convert to liquid cash is also why stamps often sell for less than face value even on retail sites like eBay even when unused.
The only viable argument you make is the Coinstar argument but you neglect that some banks and many credit unions offer the service for free as they need coins and no longer have to acquire boxes of change at a premium from the Treasury. Near me, grocery stores offer the same and automated check outs accept coins. While there are people that may oblige Coin Star or the dealer, is it worth the risk for less than the cost of a decent dinner? In short, there is no real upside but quite possibly downside. Why anyone would make a business decision like that is beyond me.
@HATTRICK said:
As a coin dealer and as a banker these are the places where people need help with coins. The issue is so many people expect you to do the work for free . As jmlanzaf says, you’re there to make money. Help them and charge an appropriate fee for your work.
God bless America. Land of the free and home of the Capitalist.
I know a dealer who pays face for rolls as a customer service, but he only pays 90% if they are in 2x2s because of the effort to break them out
It’s not that hard to push the coin though the Mylar. He comes off as obnoxious. Just tell the customer no thanks and send them to a bank.
Actually, it is a hell of a lot of work. You have to poke a hole in the mylar with with a pointed wooden toothpick first. Have done thousands if not tens of thousands of coins during slow times at the coin shop.
Are you talking about the cardboard Mylar ones? I haven’t handled as many as you, but I never had to use a toothpick. I’ve typically used both hands to put pressure closest to the coin and used my thumb to push through with pressure causing the coin to fall on a felt line jewelers’ pad.
Depends on the size of the coin. It's much easier if you pierce them first. Popping dollars out is easy, even without the pin prick. Dimes are not so easy.
Either way, do a couple thousand and tell me that it's easy and worth your time when the net profit is zero. If you've got cents and nickels, it's probably not worth your time for 10%.
Edited to add: the older ones weren't mylar and they are really hard to push through. Sometimes, the plastic pulls off the cardboard rather than actually breaking.
You make my point for me. It is not worth the time and effort so why bother? Hard pass.
@jmlanzaf said:
Really? When you tell them why and they accept the offer, that means they were insulted? I guess people use Coinstar machines and are insulted at the 10% convenience charge. The guy has been in business for 30+ years. I think he knows how to handle his customers. [Not sure why I got stuck defending him.]
Have you actually ever run a coin shop? I've seen people ask "you won't offer anything?" when he no bids a lot. I've had people walk away mad when I no bid a stamp lot. I think people's reactions are far more diverse than you might think.
I would be surprised to have a large number of takers, and I stand by my assertion that you would risk offending customers. What upside is there? If you buy $100 face at $90, you have a $10 margin there. Is it worth losing a customer for $10? Moreover, you claim it is laborious but does that $10 come close to compensating you? Both questions should be in the negative. Just tell the customer politely that you are not interested. Anything else makes no sense from a business perspective when you are little haggling over change.
Your comparison to the stamp market is distinguishable. Cancelled stamps no longer
have a viable use. Stamps are also not currency that can be used for any purpose and unused stamps require conversion to cash to be useful most of the time. The lack of liquidity and need to convert to liquid cash is also why stamps often sell for less than face value even on retail sites like eBay.
The only viable argument you make is the Coinstar argument but you neglect that some banks and many credit unions offer the service for free as they need coins and no longer have to acquire boxes of change at a premium from the Treasury. Near me, grocery stores offer the same and automated check outs accept coins. While there are people that may oblige Coin Star or the dealer, is it worth the risk for less than the cost of a decent dinner? In short, there is no real upside but quite possibly downside. Why anyone would make a business decision like that is beyond me.
No, the 10% doesn't compensate me which is why most Pele accept the offer as a convenience and don't take offense at it. You are probably just as likely to make someone angry by refusing to make any offer. It was only 2 or 3 weeks ago that someone yelled at me for refusing to make an offer on their stamp collection. I didn't want it but also didn't want to seem like a low baller by offering them $10 for the entire box. People's reactions, as I said, are much more diverse than you think.
Most of my dealer friends dread answering the phone right now. They've all been yelled at by silver sellers both because they felt $10 back was too low and also because they told them they weren't currently buying. One woman spent several minutes yelling at my friend, insisting that he was legally obligated to pay her spot. Lol.
All comments reflect the opinion of the author, even when irrefutably accurate.
@HATTRICK said:
As a coin dealer and as a banker these are the places where people need help with coins. The issue is so many people expect you to do the work for free . As jmlanzaf says, you’re there to make money. Help them and charge an appropriate fee for your work.
God bless America. Land of the free and home of the Capitalist.
I know a dealer who pays face for rolls as a customer service, but he only pays 90% if they are in 2x2s because of the effort to break them out
It’s not that hard to push the coin though the Mylar. He comes off as obnoxious. Just tell the customer no thanks and send them to a bank.
Actually, it is a hell of a lot of work. You have to poke a hole in the mylar with with a pointed wooden toothpick first. Have done thousands if not tens of thousands of coins during slow times at the coin shop.
Are you talking about the cardboard Mylar ones? I haven’t handled as many as you, but I never had to use a toothpick. I’ve typically used both hands to put pressure closest to the coin and used my thumb to push through with pressure causing the coin to fall on a felt line jewelers’ pad.
Depends on the size of the coin. It's much easier if you pierce them first. Popping dollars out is easy, even without the pin prick. Dimes are not so easy.
Either way, do a couple thousand and tell me that it's easy and worth your time when the net profit is zero. If you've got cents and nickels, it's probably not worth your time for 10%.
Edited to add: the older ones weren't mylar and they are really hard to push through. Sometimes, the plastic pulls off the cardboard rather than actually breaking.
You make my point for me. It is not worth the time and effort so why bother? Hard pass.
Sometimes he does. Sometimes he offers them the service. Again, you've never run a shop. There's sometimes a better deal at the back end and if you send them away, the next shop gets both the good deal and the bad deal. HE KNOWS what he's doing, even if you think he knows better.
I'm more blunt. I would send them away. But, if I'm being honest, I've bought change from him at full gave that i didn't want in order to get the rest of the deal. There is not a one size fits all approach.
He's also bought buckets of mixed change, wheats and silver by the pound, trying to estimate what it would work out to. The sellers don't want to sort it any more than he does.
All comments reflect the opinion of the author, even when irrefutably accurate.
@HATTRICK said:
As a coin dealer and as a banker these are the places where people need help with coins. The issue is so many people expect you to do the work for free . As jmlanzaf says, you’re there to make money. Help them and charge an appropriate fee for your work.
God bless America. Land of the free and home of the Capitalist.
I know a dealer who pays face for rolls as a customer service, but he only pays 90% if they are in 2x2s because of the effort to break them out
What does he pay for slabs?
Andy Lustig
Doggedly collecting coins of the Central American Republic. Visit the Society of US Pattern Collectors at USPatterns.com.
Banks will not accept coins as deposits unless they are pre-counted and rolled. They weigh the rolls to make sure they are counted. Roll hunters are losing money unless they find some "rare" coin or silver mixed in with clads. I saw the videos of the guy opening boxes of half dollars that were all silver. Is that just luck? or what!?
Not true with all banks. Great Northern banks near me take only raw coins(unless bank wrapped) and run them through a coin counter. I took in $500 in wrapped (by me) half dollars and they took them in the back room and dumped them into a coin counter. All three branches that I deal with did this. So, after a while I simply took raw coins in to these banks.
My experience is with Wells Fargo Bank, in an undisclosed medium sized city in California. They only wanted them pre-rolled and counted. To me that is really just lazy.
I think it would be great if all banks counted them for free. That might put coin star out of business though.
We dont have Great Northern banks here, maybe I should try a local bank like the Exchange Bank, Mechanics Bank, or Poppy. Guess where I live.
“When you don't know what you're talking about, it's hard to know when you're finished.” - Tommy Smothers
@HATTRICK said:
As a coin dealer and as a banker these are the places where people need help with coins. The issue is so many people expect you to do the work for free . As jmlanzaf says, you’re there to make money. Help them and charge an appropriate fee for your work.
God bless America. Land of the free and home of the Capitalist.
I know a dealer who pays face for rolls as a customer service, but he only pays 90% if they are in 2x2s because of the effort to break them out
What does he pay for slabs?
80% of Grey to 100% of Grey, except for ultra modern widgets. He's actually quite fair.
All comments reflect the opinion of the author, even when irrefutably accurate.
I'm very close to changing banks -- CapitalOne (where I keep a mid 5 figure business acct bal) won't accept customer rolled coins and makes it painful to get boxes. They take 30 minutes just to give me 10-15K in cash, asking if someone is forcing me to do this, then I remind them that we live in rural East Texas and other than inside the bank I am more heavily armed than most of our police. I really don't like banks and don't want to see them bailed out next time -- and that time will come with all the bad loans and 30 year .5% t bonds they hold.
@Old_Collector said:
I really don't like banks and don't want to see them bailed out next time -- and that time will come with all the bad loans and 30 year .5% t bonds they hold.
That time already came and went. It was 2022. And there were no bailouts, just failures.
@Old_Collector said:
I really don't like banks and don't want to see them bailed out next time -- and that time will come with all the bad loans and 30 year .5% t bonds they hold.
That time already came and went. It was 2022. And there were no bailouts, just failures.
It will come again in the not distant future, don't believe the stories that the banks are telling -- they are far weaker now than they were in 2008 by almost every metric.
Comments
I recently managed to get a box-worth of customer-wrapped nickels from my nearby Navy Federal. It was actually better than my average Bank of America box, with exactly 30 finds, the best of which being a 1960 Canadian nickel and a key date 1938-S Jefferson. That was all the nickels they had. Point being that it's still a possibility (at least in my area) but I haven't gotten the chance to check my other bank. I'll update on that whenever I get the chance.
"Another day, another Collectors Universe forum scrolling session."
- Someone, probably
Exactly. He tells the customer what he's charging and why. The customers don't want to spend the time either which is why they sell to him. I fail to see how that makes him obnoxious.
All comments reflect the opinion of the author, even when irrefutably accurate.
Or only do 1 or 2 here or there. Do 1000 coins on pages and you'll no longer think it's such a worthwhile public service.
All comments reflect the opinion of the author, even when irrefutably accurate.
Just tell the customer no. Offering below face value will strike most customers as an insult.
Actually, it is a hell of a lot of work. You have to poke a hole in the mylar with with a pointed wooden toothpick first. Have done thousands if not tens of thousands of coins during slow times at the coin shop.
Really? When you tell them why and they accept the offer, that means they were insulted? I guess people use Coinstar machines and are insulted at the 10% convenience charge. The guy has been in business for 30+ years. I think he knows how to handle his customers. [Not sure why I got stuck defending him.]
Have you actually ever run a coin shop? I've seen people ask "you won't offer anything?" when he no bids a lot. I've had people walk away mad when I no bid a stamp lot. I think people's reactions are far more diverse than you might think.
He also buys "foreign exchange" currency at 50% of the value because he has a guy who will buy it (shipped) at 60 or 70% You might be surprised how many people come back and accept the offer when they discover the banks and local foreign exchange "no bid" the currency.
All comments reflect the opinion of the author, even when irrefutably accurate.
Are you talking about the cardboard Mylar ones? I haven’t handled as many as you, but I never had to use a toothpick. I’ve typically used both hands to put pressure closest to the coin and used my thumb to push through with pressure causing the coin to fall on a felt line jewelers’ pad.
Depends on the size of the coin. It's much easier if you pierce them first. Popping dollars out is easy, even without the pin prick. Dimes are not so easy.
Either way, do a couple thousand and tell me that it's easy and worth your time when the net profit is zero. If you've got cents and nickels, it's probably not worth your time for 10%.
Edited to add: the older ones weren't mylar and they are really hard to push through. Sometimes, the plastic pulls off the cardboard rather than actually breaking.
All comments reflect the opinion of the author, even when irrefutably accurate.
I would be surprised to have a large number of takers, and I stand by my assertion that you would risk offending customers. What upside is there? If you buy $100 face at $90, you have a $10 margin there. Is it worth losing a customer for $10? Moreover, you claim it is laborious but does that $10 come close to compensating you? Both questions should be in the negative. Just tell the customer politely that you are not interested. Anything else makes no sense from a business perspective when you are literally haggling over change.
Your comparison to the stamp market is distinguishable. Cancelled stamps no longer
have a viable use. Stamps are also not currency that can be used for any purpose and unused stamps require conversion to cash to be useful most of the time. The lack of liquidity and need to convert to liquid cash is also why stamps often sell for less than face value even on retail sites like eBay even when unused.
The only viable argument you make is the Coinstar argument but you neglect that some banks and many credit unions offer the service for free as they need coins and no longer have to acquire boxes of change at a premium from the Treasury. Near me, grocery stores offer the same and automated check outs accept coins. While there are people that may oblige Coin Star or the dealer, is it worth the risk for less than the cost of a decent dinner? In short, there is no real upside but quite possibly downside. Why anyone would make a business decision like that is beyond me.
You make my point for me. It is not worth the time and effort so why bother? Hard pass.
No, the 10% doesn't compensate me which is why most Pele accept the offer as a convenience and don't take offense at it. You are probably just as likely to make someone angry by refusing to make any offer. It was only 2 or 3 weeks ago that someone yelled at me for refusing to make an offer on their stamp collection. I didn't want it but also didn't want to seem like a low baller by offering them $10 for the entire box. People's reactions, as I said, are much more diverse than you think.
Most of my dealer friends dread answering the phone right now. They've all been yelled at by silver sellers both because they felt $10 back was too low and also because they told them they weren't currently buying. One woman spent several minutes yelling at my friend, insisting that he was legally obligated to pay her spot. Lol.
All comments reflect the opinion of the author, even when irrefutably accurate.
Sometimes he does. Sometimes he offers them the service. Again, you've never run a shop. There's sometimes a better deal at the back end and if you send them away, the next shop gets both the good deal and the bad deal. HE KNOWS what he's doing, even if you think he knows better.
I'm more blunt. I would send them away. But, if I'm being honest, I've bought change from him at full gave that i didn't want in order to get the rest of the deal. There is not a one size fits all approach.
He's also bought buckets of mixed change, wheats and silver by the pound, trying to estimate what it would work out to. The sellers don't want to sort it any more than he does.
All comments reflect the opinion of the author, even when irrefutably accurate.
Nope my bag for drive thru still full.
What does he pay for slabs?
Doggedly collecting coins of the Central American Republic.
Visit the Society of US Pattern Collectors at USPatterns.com.
My experience is with Wells Fargo Bank, in an undisclosed medium sized city in California. They only wanted them pre-rolled and counted. To me that is really just lazy.
I think it would be great if all banks counted them for free. That might put coin star out of business though.
We dont have Great Northern banks here, maybe I should try a local bank like the Exchange Bank, Mechanics Bank, or Poppy. Guess where I live.
80% of Grey to 100% of Grey, except for ultra modern widgets. He's actually quite fair.
All comments reflect the opinion of the author, even when irrefutably accurate.
I'm very close to changing banks -- CapitalOne (where I keep a mid 5 figure business acct bal) won't accept customer rolled coins and makes it painful to get boxes. They take 30 minutes just to give me 10-15K in cash, asking if someone is forcing me to do this, then I remind them that we live in rural East Texas and other than inside the bank I am more heavily armed than most of our police. I really don't like banks and don't want to see them bailed out next time -- and that time will come with all the bad loans and 30 year .5% t bonds they hold.
Santa Rosa
chopmarkedtradedollars.com
That time already came and went. It was 2022. And there were no bailouts, just failures.
chopmarkedtradedollars.com
It will come again in the not distant future, don't believe the stories that the banks are telling -- they are far weaker now than they were in 2008 by almost every metric.