Cashing in paper for coins
 

OK so let's say I have a few large pickle jars I would like to put change in. I was thinking of taking paper money... all the bills etc and just going to the bank and getting coins.

First off, I am not losing money exchanging for the same amount and in the the process I am actually getting real metal. I also could get some coins that are worth something. Paper is useless.

Anybody do this often??

If so, what do you ask for the most? Quarters, nickels, pennies??

Re: Cashing in paper for coins
 

Lots of threads on this here....just search "Penny".

I'm probably the biggest of the penny freaks here.....i have hoarded over 6 tons of copper (pre-1982) pennies. They were as high as 4.5 cents in metal content (using spot) last summer....they are just about sound today with the drop in copper prices.

Go to www.Coinflation.com to get the scoop on the value of the clad......they are mostly copper.....and only about 20% as sound as the copper penny.

Since everyone asks....a 55 drum is $3000 face value and is about 1 ton.

If you want to do this you better get moving......banks are starting to become really pinched and are making it difficult to get bulk coins to sort.

Here is the machine that can sort about $180/hour (18,000 coins) copper pennies vs. zinc pennies. www.ryedalecoin.com

Here is a forum for hardcore penny hoarders: http://realcent.forumco.com/default.asp

Re: Cashing in paper for coins
 

If you can find a way to get Canadian pennies there is a higher % of copper coins to be had.

We didn't switch over to copper clad zinc untill 1997,my ratio of copper pennies from the banks is always above 70%

Last batch was 87% pre 1997.

Re: Cashing in paper for coins
 

I bought $300 in change from a guy in the bank who was about to turn it in to paper. Bought it off him on the spot... 3 Benjamins.

Teller made sure to ask what I wanted with so much coin.

Told her I'd rather have metal than paper... and besides there are sometimes good things to be found in a pile of coins...

I'm sure I made someone's list that day.


Ooooohhhh well!

Re: Cashing in paper for coins
 

Re: Cashing in paper for coins
 

:RockOn: :coolbeer:

Re: Cashing in paper for coins
 

Safest bet....hoarding copper cents (I would sort them out and return the zinc ones). Probably the second safest would be nickels (copper-nickel = cupronickel I believe) so as copper goes up, intrinsic goes up, and if nickel goes up as well, same thing. I believe at one time last year nickels had a metal content value of almost 10 cents each. The only downside is that these small denominations can require more space compared to the quarters or even dimes, but this is what I would make the majority of my fiat into.

Re: Cashing in paper for coins
 

Exactly what he said Copper cents are number 1 and nickles number 2. I hoard copper cents and keep all nickles I get in my change