Roll Searching

Two questions. First, I've recently started hunting through rolls that I pick up at my local bank. I prefer quarters, but also search through pennies as well. Regarding this, do you guys have any suggestions about the denominations that are most likely to yield good finds? for example, it seems like quarters wear pretty hard (probably b/c they're used more than say, pennies, which tend to be hoarded). am i wasting my time with general washington? also, any tips on the best way to get rolls? my local tellers are pretty reluctant to accept a request for ten rolls at a time, despite infrequent visits/trips to more than one branch (and a sweet disposition).

Second, can someone explain why purchasing mint bags is a sound investment? is it error hunting? cherry-picking nice examples of unc? it seems like a steep premium to pay.

thanks in advance for your responses.

v.

 

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thanks for the tips. you're right about the silver -- i've only ever found 'em in circulation, and never from roll searching. i've never tried halves, though. maybe i'll give that a whirl. even if i don't find anything great, though, it's fun.

as to the mint bags, it seems like a good bit of cash to sink into a single denomination and MM. is this a common purchase?

v.

 

Quarters are my favorite for searching for just the reason you say: These coins
wear hard. This means that the older coins in nice condition are tough. I also
look for examples that were well made. Many the of clads lack a lot of detail even
in unc because of weak strikes and worn dies.

There are numerous varieties including several which are quite rare.

Any of the denominations in circulation can be fun to collect and all you really need
to get started is a $3 folder and access to some rolls. I usually ask for four or five
rolls at a time and don't ask for any when I return the rejects. None of the banks
around here seem to mind.

 

thanks, cladking. do you mind if i ask what you keep an eye out for when you search through your quarters? varieties, etc.

 

this could be a long post! CladKing in very well versed in the varieties in the modern clad coinage (especially the quarters) and has done a ton of searching for quality specimens.

 

I know you guys already cleared up the "good" denominations to search through, but I'd also add that if you have a little patience, you can still find great stuff in rolls of nickels and pennies. I have found things like Indian Heads and Buffalos (no, not the 2005 ones... the older stuff!) in circulation. For example, my 1904 and 1907 Indians in F12 and EF40 both came from cent rolls, and my 1920 Buffalo Nickel in VG came from a nickel roll last month, along with about 2 rolls worth of silver nickels.

I'd also like to add that tellers give odd looks at me for this, but it's actually easier for them, and it gives you a MUCH better chance of finding great old coins: BUY BY THE BOX (if you can afford to....). A sealed box from the bank's vault likely came from a shipping distribution center that simply collects all the old coins from banks that people have turned in from a wide area, as well as things like the "CoinStar" counting machines. The center counts and re-wraps (all by machine) the coins, and seals them in special containers (now they've switched to plastic containers that shrink to fit the coins). I love this method because then since the coins are all mixed together by the machine, the wheaties, silver nickels, etc., all stand a fairly equal chance of being found. I usually get about 2 War nickels per box, A total of 20-30 nickels below 1960 per box, 10-40 wheat cents per box, and 2-10 silver dimes/quarters per box.

Just for reference, here are the amounts you'd pay for each denomination by the box:
Pennies: 50 rolls per box: $25
Nickels: 50 rolls per box: $100
Dimes: 50 Rolls per box: $250
Quarters: 50 rolls per box: $500

If quarters are too expensive by the box (they are for me), I'd suggest buying between $200-$300 worth when you go in. The teller usually has to break into one of those boxes to get them anyway, and you get the "good" rolls!

Anyway, I hope this helps some, and I hope you won't count out nickels and pennies as good sources to find old coins! After all, dealers pay about $1.50 per roll of wheaties from 1909-1940, and about $2.75 per roll of nickels 1938-1959.

~AJ

 

There are '65, '67, '70-D, '76-D, and '81-P DDO's. These are easy to see and most
are quite rare. The PUP (pickup point) for the '81 is the second "1".

There are '66, '67, '68-D, '71-D, and '72-D DDR's which are also easy to see and these
are all scarce or rare.

There are some '65 to '72 coins struck with a type "b" reverse (most are Denver issues). The '74 P & D appear with the reverse appear with the reverse of 1972.
The '74-D also appears with the reverse of 1973. This last one is rare and very tough
to spot. Look between the eagle's legs at the marking. All 1977 to '84 quarters except for the '82-P appear with a type "d" reverse. None of these are rare but the
early issues are scarce and may not exist in unc. Look at the "N" in Unum. The right
side is much farther from the eagle's head on the type "d". There are many differences
but this is the best one to spot it the first time. These are common on the 1984
issues so look here first. The differences are also a little more dramatic on later issues.

There is a 1984-D/D (repunched mintmark).

There is an '85-P with a small bust. This one is also dramatic. Look at the gap be-
tween the "E" in LIBERTY and Washington's head. It is much larger on the small bust.

There are '65, '66, '72-D, '85, '88, '89, and at least nine states issues with rotated
reverses.

There are also quite a few interesting errors. Most are one of a kind but among my
favorites is an '83-P with an obverse and reverse cud and '70-D, '71-D, and '72-D
quarters struck on dime stock. These were created when strip made to the thickness
of dimes was inadvertantly used to make quarter planchets and then struck as quar-
ters. The '70-D is nearly common.

Always keep your eyes open since these are still pooly researched and there may be
some rare varieties not yet reported.

 

AJ,

Since you seem to buy coins by the box often I would like to know.......what do you do with the coins that have no interest to you?? Do you re-roll them and return them to the bank??? My bank, Wachovia, won't take rolled coins. They tell me they have to be counted out before they will accept them.

The coinstar machines seem to charge a very high premium, 8-10%, so that doesn't seem like a great idea. I'm curious if I am missing something. I did buy 2 rolls of Sac/SBA dollars to look through but have been spending the ones I didn't want to keep. And one or two rolls wouldn't be a problem, but boxes of 50-100 rolls seems like it would.

Thanks
Carmella

 

Yeah, cashing in large quantities of coins can sometimes be an inconvenience. My bank used to hate it whenever I showed up with another bag of rolled halves to cash in. That's because it's an inconvenience for the bank - since halves aren't normally used in everyday commerce, the bank usually just ends up having to get rid of them by shipping them back to the Federal Reserve - which involves time and money on their part. But since I'm a customer, they always took my rolls. With any bank I've ever dealt with, as long as you're a customer and you put your account number on every roll, they will always accept them. But if your bank really refuses to take your rolled coins, that's not normal, so I would say find another bank to do business with.

 

I would add that you should find a different bank to return the coins to, so that you won't be getting the same coins and so that the vault manager of the bank doesn't realize that they are ordering you coins that you just return to them.

 

Do Not Return Rolls To The National Chain Banks. I tried to return a box of nickels to FNB but they said it would take too long. They were not even busy. I return my coins to small banks its saves them time anyway.

 

I would like to add that some banks have a coin machine for members in thier lobby. I found one and this makes things a lot easier.

JD

 

If you return rolls to banks, go to Wells Fargo or Bank One. I've NEVER had a problem with that at those banks!

~AJ

 

Carmella, yes, I re-roll and return all the coins that I don't want IN THE BOX I GOT THEM IN back to the bank. I usually take out between 1-2 rolls per box for myself, and then I put back that amount in nickels from my change to make the full box of $25 for pennies or $100 for nickels. The bank brings out some metal trays, we put the coins on there to easily and quickly count them, and we dump them back into the box. It makes it a lot easier for the tellers, and I've never had a problem with it. And like I said a second ago, DON'T JUST GO TO ONE BANK EVERY TIME! I am always switching banks. I have a system where - each week - I go to one particular bank to get the coin wrappers to re-roll my coins, I go to a different bank to cash them in for paper money, and then I go across the street to another bank to get a new box. The next week, I switch which banks I go to for each purpose. This way, nobody really even seems to care what I'm doing.

BTW, if Wachovia banks are being morons about it, switch it up, and go to Bank One or Wells Fargo or even Bank of America. I've never had any problems with them, as long as I am not doing ALL my business right there.

~AJ

 

Do you guys know if NLSB Bank or Lasalle Bank has the boxes?

 

I find Halves produce the best return in regards to the search! On returning coins...I find it best to make friends with the bank manager. Be up front and let them know what you are doing, how frequently, and how much your are returning in advance (especially for Halves. Most other denominations are ok, but being courteous is always a plus)

 

Thanks for the info to bad we dont have them in this area

 

This must be a branch-by-branch, or person-by-person thing at Wachovia. I bank at Wachovia in North carolina, and have not had any problem getting rolls at the three branches I bank at (depending on where I am when I need to hit the bank). I usually get ten rolls of nickels at a time, and I never have a problem.

While I have not returned nickels yet (I have a box of about 200 rolls), I know they will accept rolls from customers, as the tellers have pointed out the way the other collectors mark their returned rolls (to insure they don't get the same rolls back).

While I don't think I ma getting special treatment, I usually only ask for rolls when I am making deposits (either to my personal, or business accounts), so the tellers know I am a customer.