Beginers Explanations For Coin Roll Hunting!!!

Let it go on record that I'm melting cents. Plated ones though; they're fun to play around with using a torch!

 

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I"m gonna check with a Bank of America tomorrow and see what they say to me. It's really crappy if they treat their customers that way. They get plenty of money from us that they can make change.

 

They don't have legislative powers. This is NOT a law. It's a rule.

The Secretary of the Treasury has the power to issue this rule under section 31 USC 5111(d) of the US Code.

http://www.law.cornell.edu/uscode/31/usc_sec_31_00005111----000-.html

The ban on melting is codified in the Code of Federal Regulations here:

http://www.usmint.gov/downloads/consumer/FedRegNotPDF5111(d)Regulations121106.pdf

Congress is not involved. This is a power of the Executive branch of the government.

 

BOA will NOT accept roll coins or large loose deposits of coins in my area. They say they do not have a counting machine in house. They 'send them out' for counting then credit your account in three to five days. This is common practice for the large 'chain' banks around here. There is a regional bank that will accept coins in rolls or loose and count them while you wait.

 

If you find an organization that just wants to change coinage for more coinage, and is happy doing that, do it while you can. Your fooling yourself if you think banks are happy just playing the coin in coin out game. And the worse parts comes with people that do this during busy hours. You may think it's thier job to stop and play coin in, coin out with people but it costs them time and money to play that game. Banking is a buisness and none that I know of like playing games with coin in, coin out for collectors. And for thoes standing in lines due to someone wanting thier coins counted, they too are NOT HAPPY.
Another little thing causing problems is that game of short rolls. People take out rolls, check for valuable coins, return the rolls with one or two short. Sounds petty but when done continuosly, banks loose again.
If your finding a bank that allows you to play the coin in, coin out game, use it while you can because they really are NOT HAPPY ABOUT THAT.

 

That is one of the biggy problems with that melt price. Just where do you get that much for those coins? Coin dealers will not give you melt prices since that is what they want when they sell melt types of coins. Banks sure don't give you what is called MELT prices on coins either. Try the internet and again, you may find it is not easy to sell for that so called MELT price.
Now one method is to take bulk quantities to a metal recyler. Those place massively melt Copper wire all the time and usually the individuals that bring in that Copper wire also throw in Copper coins. However, they too don't get exactly MELT prices since the recyler too wants to sell for those prices. I know many people that want to sell thier hoarded Copper coins for MELT but so far can't find buyers for MELT prices.
It is so easy to say a cent is really worth 2 cents but who will buy it for that?

 

Where did the Secretary of the Treasury obtain this power? In other words, who wrote section 31 USC 5111(d) of the US Code? Was it Congress?

Furthermore section 31 USC 5111(d) reads as follows:

The way this reads to me is that the Secretary of the Treasury can make the rule, but in order to enforce it, the government needs to show that the individual "knowingly" violated the order. That indicates that they must give you a warning before they prosecute you. However, they can & will seize your coins/metal on the first offense. That is a good warning system I think.

 

Regarding the big banks, my experience has been that it really depends on the branch and how well you get to know the tellers. I have a Bofa that will order boxes whenever I want and a Wells Fargo that will take my loose unrolled coins in a bag. So far, this arrangement has worked out really well. The tellers at the WF branch know me by sight and they know that I am a collector. But I do make an effort not to wear out my welcome. So I only bring 1bag a week and always fill out my deposit slip before I get to the counter. So far they have not given me any grief. Probably I should consider myself lucky on this one.

Coinstar has also worked out quite well though I limit it's use. If you use the prepaid service option there is no counting fee. I'll dump a box of nickels on a starbucks card where you get even money. My other boxes, at least recently, have been converted into amazon credit, again no counting charge. It's been great for getting presents this Christmas.

 

Great idea's there mrak.
Thanks for sharing.

 

Most people dont take the coins that they get from "A" bank back to "A" bank. They would take the coin to "B" or "C" bank. I, for instance, take my coin that i get from a certain bank branch to a totally different bank. Not just down the street to a different branch of that bank. I could see a bank getting annoyed by someone bringing the coin they get from the bank back to them the next day. The bank i get my halves from made sure i knew that they wont take them back after i am done with them, so therefore i deposit them to a different bank.

 

My experience has been a mix between Ryan625 and mrak's; the tellers at my bank know who I am and know that I am a collector, and we have little problem with one another. Then, when I am done searching, my girlfriend exchanges the coins at her bank (which also helps to ensure that my bank doesn't reroll the coins I've gotten and give them to me multiple times). On the few occasions that I have brought the coins back to my bank, I have made sure to put a good chunk of time between my last pickup and the date of the exchange, so as not to give the impression that I am merely abusing their services.

As for the short roll problem that Just Carl mentioned, several of the banks in my area have begun to ask that customers don't pre-roll the change they bring in; I assume it must be for this reason. I have not heard of many banks outside my area that have this rule though, so it might just be a local thing.

 

Bottom line for me is this-if a bank wants my business(including my accounts) then they damn well better give me whatever legal tender I ask for, and they damn well better accept whatever legal tender I give them. Granted I'm incredibly nice to my tellers and bring them gifts from time to time on the holidays, etc.

 

If people think that banks aren't happy to exchange coins for people, I can just imagine how upset they get when some of the people buying the Presidential Dollars and Sac's under the bulk shipping program decide to turn in their dollars. I think I recall someone reporting their largest transaction was over $77,000 in dollar coins.

 

FYI,
I went in...talked to my favorite teller and ordered my halves box's no probelem today.

 

This is my first year searching for coins and i am now addicted!
Heres what I have found so far this year.
Half dollars: 280 silver 3 1987 and countless 2002-2009 and 1 roll of Franklins from a bank visit!
448 silver dimes
34 silver quarters 1 dateless barber
4 silver nickels
Cents - lots of wheats 3 nice error coins and a 1998 WAM

Its been a fun first year for me - Happy searching :mouth:
I got this in my first bag of nickels I searched!

 

one night after my mom told me i could look through her boyfriends change jar (btw im 11 for those who are confused) so i looked though it and among all the other coins i found to fill my coin folders i found a 1943-p nickel. the next day i had my mom bring me to the bank to get some rolls of nickels, and in the last roll i found a 1945-s nickel, so i am a big fan of coin roll hunting

 

You don't have to, there are people on ebay buying pre-82 pennies in large lots. http://www.ebay.com/itm/5000-Copper..._Individual&hash=item4abb40105d#ht_500wt_1414