OT: cashing in coins

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Just curious what others are doing with their jars of coins. I used to roll these annually and deposit them at the bank, but now my bank doesn't trust me in that regard. Thinks I might be trying to sell them a roll of washers.
They did offer to take my coins, and send them out to a coin-counting company for a mere 1% of the value, then credit my account. That seems reasonable, at least compared to the supermarket rip-off machines. I wonder whether I can trust them, though. Maybe the coin-counting company takes 1% plus 1 fat handful.
Last year I just decided to buy lunch with them until I'd used them up, but that gets tedious.
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Smitty Two wrote:

My local US Bank has a coin counting machine in the lobby; dump in the coins, and you get a voucher. The last time I went in (about a month ago), I ended up with about $150.
They do not charge for this service.
Jon
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snipped-for-privacy@yahSPAMhoo.com says...

ago),

My credit union does the same thing. And it is a really fast counter, much, much better than the Coinstar machines. Looks like a small washing machine, you open the lid and dump the coins in. $100 in mostly small coins took a few seconds to count.
--
DT



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*Time for a new bank. TD Ameritrade bank in NJ has free coin counting machines for customers and non-customers. The machine spits out a ticket which you give to the teller and he/she gives you cash. No charge. If you guess the exact amount that the machine counts they give you a prize.
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On 3/9/2011 9:32 AM, John Grabowski wrote:

How do they know you are guessing and didn't count it first?
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On Wed, 09 Mar 2011 09:50:41 -0500, Tony Miklos

The operative words are "the exact amount that the machine counts". If you can perfectly count $100 in change and the machine matches that number I would be amazed. The real question would be, what keeps you from rat holing a handful of change and feeding it until you hit the magic number.
The prize is probably a bank calendar or a pen anyway.
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On 3/9/2011 12:45 PM, snipped-for-privacy@aol.com wrote:

You see, I used to count quarters for a living. In between repairing pinballs, jukes,... I would collect the money and count, sometimes by hand and sometimes with a portable coin counter machine. After making a $10 roll of quarters you wouldn't believe how easy it became to feel if it's short a quarter or has one extra. And well I've worked on quite a few coin counting machines, and they are accurate.
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On 3/9/2011 5:45 PM, Tony Miklos wrote:

Back in the stone age, when I was a kid and then college student in southern IN, every bank branch had a counting machine, and as long as you didn't come in when the tellers were swamped, would happily cash out coffee cans full of change. It was a rude shock when I was exiled to SW MI in 1980, and tried to do the same thing, and they looked at me like I was an alien. I did just sort them into jugs for several years, but after having my apartment robbed and several 5 gallon water jugs of pennies poured out into all my luggage so they could carry it (thankfully they missed the pyrex liters of dimes sitting on the shelf 2 feet away), I switched to rolling them. The pile is getting pretty heavy, though. I probably oughta wheel all the boxed rolls into the credit union down the street, and open another account to use for on-line. Just fill out the forms, hand them the boxes, and tell them I'll be back in a few days to learn the balance.
Lately, though, I have been trying to spend it as fast as I accumulate it. Grab a fistfull out of the container on the kitchen counter as I leave the house, and if total at cash register is $x.75 or less, pay the odd amount with coins. Unless of course there is a line behind me- people do get cranky.
Yeah, on principle, I won't pay a premium to cash out coins. If I never get around to cashing them out, I'll leave them to whoever my youngest living relative is.
--
aem sends...

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wrote:

Same with "cutting chips" when a dealer in Las Vegas. You can "cut" a stack of 20 chips every time 100 times in a row. That is what gets you from the dollar learners table to the better tables.
I had five bars in Harris and Galveston County, Texas over the years.
We had pool tables, juke boxes, cigarette machines, etc. in our bar, provided by the local "Dixie Mafia", although the Justice Department declared there was no such thing. (I wonder which state they were checking, but it wasn't Texas, and I wonder which state of consciousness they were operating under.) You can get pretty good at "cutting" a $10 stack of quarters in a short time. And if you're off a little, no matter.
Our count went something like this:
Pile all the money on the pool table.
A small handful ($15 or so) in a cup kept at the register to keep the juke box playing, and to reimburse anyone who had ANY problem with a pool machine, etc. And to go back and put some quarters on the pool tables and pinballs for "fun money."
A GREAT BIG handful split two ways: one for the route collector, and one the bar owner. Whatever you could scoop in two hands.
What was left was divided by 2, and that's what went down on paper as "income" for the IRS.
It was a sweet deal.
Steve
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I saw a program about companies that cleaned enormous amounts of coins. Fountains, grottos, wishing wells, etc. It was mentioned that this company, the one you see in lobbies of grocery stores, etc, (the owner, that is) has the largest coin collection in the world. There are automatic scanners that will kick out any foreign or old or unusual coin, and can be programmed to recognize any coin to be pulled out of the stream.
Steve
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On 3/10/2011 11:42 AM, Steve B wrote:

Great idea! Long ago I did think of a penny machine that sorted the mostly copper ones from the newer ones, but the machine was probably made before the new pennies even came out.
In most older 25 cent coin acceptors/rejectors there is a magnet to catch canadian coins. What most don't know is that it also has another more important purpose. A coin with a lot of copper in it will not stick to the magnet, but it will slow it down as it rolls past! Slugs made of pot metal or other stuff not copper will roll faster past the magnet, and if properly adjusted, it will reject them.
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Canadian quarters and dimes 1965 and older are mostly silver, and will be accepted by such a contraption.
--
- Don Klipstein ( snipped-for-privacy@misty.com)

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On 3/10/2011 9:33 PM, Don Klipstein wrote:

Well yes! Who would turn down silver!? Now wait, actually it would reject an all silver quarter if properly adjusted. I don't know how much copper it takes to work.
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On Wed, 09 Mar 2011 17:45:26 -0500, Tony Miklos

The problem is, the machine may reject a few coins and screw up your perfect count.
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On 3/10/2011 10:34 AM, snipped-for-privacy@aol.com wrote:

Then they will be right there in the coin return.
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Tony, I used to do that too for 7 years. Know what you mean. Never seen a counting machine be inaccurate. If they were broke they just didnt work at all. The bank finally got where they would accept bagged coins, that made life a little easier for me.. I dont know how they verified the count. I think they weighed them.
Jimmie
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Just wanted to know if anyone in the US knows what the "TD" in TD Ameritrade stands for.
Canadians are disqualified from answering.
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Toronto Dominion Bank
--
Best regards
Han
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Right on. Based in Toronto, Ontario, Canada.
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EXT wrote:

Hmm I thought Touch down in football.
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