Return Pennies to same bank?
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4 posts in this topic

Folks, I need some advice on this one.

I am interested in penny roll hunting.  I went to a bank.  I told them I was a penny collector and would like to buy two boxes of pennies.  They were very helpful and willing to help even though I don't have an account.  They came back with two boxes; I paid for them and left.  I got them home and opened them.  All of the pennies seem to be new, uncirculated 2019 pennies.  I didn't open them but all of the enders seem to be the same.

What should I do with the pennies?  Should I bring them back to the same bank or a different one?  I have not opened the rolls.  Do you think I should open the rolls anyway?  It seems to be a waste of time given what it looks like.

Any suggestions appreciated,

Bruce

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Not much you can do with the pennies but convert them to cash.

If you want to do penny roll hunting, I have a different suggestion: don't look for rolls. Go to your dealer, who probably has a laundry soap bucket of wheaties in back that weighs enough to rupture the unwary. He has no idea how to get rid of them, less'n he hauls them to the copper people or ships them out. He knows they are worth more than a penny, and so do you, but not that much more. Ask him if he would sell you a whole bunch for a little above the melt value, which is right now about 1.85c per coin.

Since he's not going to get money for these without having to schlep them or ship them, this is his great chance to re-convert some of his massive backstock into actual capital with someone else doing the haulage. Plus, since he probably paid the seller 1c apiece (or maybe 1.1c if he wanted to look like a really swell guy) for them when the seller brought in grandpa's (massive, and mostly low value) coin collection, he's guaranteed a great profit because he'll get 1.9c per coin.

Yeah, you'll pay a little more than with rolls, but everything you get will have at least some potential to be interesting. And if you are dead set on getting your money back, you yourself can take them to the copper buyers after you've picked through them.

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9 minutes ago, JKK said:

Not much you can do with the pennies but convert them to cash.

If you want to do penny roll hunting, I have a different suggestion: don't look for rolls. Go to your dealer, who probably has a laundry soap bucket of wheaties in back that weighs enough to rupture the unwary. He has no idea how to get rid of them, less'n he hauls them to the copper people or ships them out. He knows they are worth more than a penny, and so do you, but not that much more. Ask him if he would sell you a whole bunch for a little above the melt value, which is right now about 1.85c per coin.

Since he's not going to get money for these without having to schlep them or ship them, this is his great chance to re-convert some of his massive backstock into actual capital with someone else doing the haulage. Plus, since he probably paid the seller 1c apiece (or maybe 1.1c if he wanted to look like a really swell guy) for them when the seller brought in grandpa's (massive, and mostly low value) coin collection, he's guaranteed a great profit because he'll get 1.9c per coin.

Yeah, you'll pay a little more than with rolls, but everything you get will have at least some potential to be interesting. And if you are dead set on getting your money back, you yourself can take them to the copper buyers after you've picked through them.

Thanks for the quick response and the suggestion.  The coin shop that I frequent does have such pennies.  I will shlep my pennies back to the bank and hopefully they will not be too annoyed with me.

Bruce

 

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40 minutes ago, bwolper said:

Thanks for the quick response and the suggestion.  The coin shop that I frequent does have such pennies.  I will shlep my pennies back to the bank and hopefully they will not be too annoyed with me.

Bruce

 

They'll get over it.

If your dealer wants more than 2c per penny for wheatbacks, it's a legit question whether you want to pay what he asks. Knowing what I know of their economics, though, I think he'd be stupid to push it when he has a chance to get rid of them that way at an almost sure profit. I suppose it's possible he was really cool to the sellers and paid them more, but most coin dealers who stay in business a long time do so by 'buying right.' That means 'not overpaying.'

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