I've done a bit of half dollar searching, but I generally prefer nickles because they're much easier to get rid of and have more key dates. I really wonder though I've read where people do up to 5 boxes of halves a week. Unless you are close to a bank employee how do you do this? Most banks I've been to get real antsy when I turn in a few hundred in halves real quick so I don't do them as often (no I don't return where I buy). How much do you high volume guys return at a time? How do you return so much without the branch manager shutting you down? If you split it up between a bunch of banks I would think the cost of gas to return them offsets what little yield you make. So how do some of you guys do such volume, and not get shut down or not end up losing your yield to fuel cost?
if you are depositing to your own account in a bank they will accept as many as you can bring in. Open an account at a bank or credit union and use that account for deposits only Richard
most people here who do 5+ boxes a week have several bank accounts. They might have two or three pickup banks and possibly 8 or more dump banks. If you are very wealthy, you may be able to get by with two bank accounts. The people in charge at the bank have a hard time saying no to you when you have $50,000+ in your account. As for fuel cost, it depends what you search. Pennies usually don't pay off along with nickels; but I usually average 1 silver per dime box. Multiply that by 9 (number of pick up banks I have), and you have 9 silver dimes on an average day. I'm guessing it would take no more than 1.5 gallons of gas to go to all my banks and back, so with current gas at $3.75? a gallon, I pay $5.63 for gas. Since silver dimes are at $2.43, if I sell them at 90% of melt, that is $19.68. So, I make $14.05 for spending my day searching through dimes. If I wasn't having fun, I wouldn't be doing it.
There's plenty of banks. Start off small see what works and increase and expand over time. It's not rocket science, just be a friendly person and most banks will go along with your hobby.
Thanks for the input. The banks don't notice that as soon as you deposit into your account a day or two later you take it out and roll it over again or do you keep a high enough balance that you're not totally cleaning it out every week?
Even when it goes against "official" policy. I have banks that sell me boxes and don't charge me for them, despite the fact that they got a memorandum a while back that they had to start charging 5% on all coin orders. I also buy up bags of coins from commercial deposits. I have had "good" banks go stinky, and stinky banks go good on me. One bank that was a real stinker to get goodies from all of a sudden turned around and started giving me all sorts of goodies, half rolls, boxes of cents and nickels etc. I surmise it might have been the candy "bribes" that turned them around. I have given out gift cards and hockey and baseball tickets where they are allowed to get them, otherwise candy makes dandy. Oh I have found a couple of coin collectors working in the banks in the mix - we trade stuff. The best is when you know tellers are holding stuff for you and having you rush in to get it before anybody else gets it. It gets better when they "don't have anything" because you haven't come in yet.
I keep about $50 or so in most of my accounts, everything else is cash or in change. It's all about being pleasant and networking... many of the employees that I showed respect to as tellers have risen beyond being tellers and treat me well now as a result.
I like to keep enough in each account, actually a decent amount, in case of "happy emergencies" like the $1000 in Series 1934-1950 $50s comes along.
This morning I found a call awaiting on my cell from my credit union, had to come in and pick up some more goodies that seemingly drop out of the Heavens like Manna. Pays to bribe the tellers with goodies.
i do halves and i return 180 per bank and go to different banks and get harrased and it sucks and the gas i bur geez and do i score silver ha i have thou but its my hobby and i love it,,,,,coinsrus thats me
