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.
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.
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.
*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.
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
The prize is probably a bank calendar or a pen anyway.
On 3/9/2011 12:45 PM, firstname.lastname@example.org 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.
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.
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.
Heart surgery pending?
Read up and prepare.
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.
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.
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.
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