Gold & Silver Forum - MSN Article on Prospecting in Circulating Coinage

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HomesteadHarry

05-07-2009 08:50 AM

MSN Article on Prospecting in Circulating Coinage

Greetings GIM--

Sometimes, I click on things. Today, it was on an article on 10 ways to make money in a downturn, via MSN. Point three had me alarmed.

Quote:

3. Search circulating coinage
Susan Headley, the "guide to coins" on About.com, is a lifetime coin collector who has been boosting her income by searching through circulating coinage for the past six years. In 2008, she made about $2,500 and so far in 2009, she has earned approximately $500 from coins she's found.

People who search circulating coinage successfully for a side income do so in very large numbers, she says. They buy rolls of coins from banks, typically in whole boxes, and sort through it to find stuff that just doesn't belong, Headley says. Half dollars, for example, were no longer made from 90 percent silver after 1965, but they still had 40 percent silver in them until 1970; either of these turn a nice profit. Presidential dollar errors can be worth $50 to $5,000 each; uncirculated state quarters can sell from $10 to $50 per roll; and rare error coins can value up to $35,000.

Luckily, the numbers that they quote are very low. Also, it's hard for people who are cash-strapped to pony up enough loot to get a box of coins, and to scrounge enough gas money. Furthermore, there's more reliable things to prospect than silver coinage, most Ag was pinched from circulation long ago.

Check it out for yourself.
http://msn.careerbuilder.com/Article...n-Extra-Money/

Regards, Harry

ME CO

05-07-2009 09:58 AM

Re: MSN Article on Prospecting in Circulating Coinage

The real problem with that is they make it sound so easy and they don't tell the whole story. There will be some dumba$$es buying coin, searching them and taking them right back into the bank to exchange for more coin instead of taking the coin to another bank to dump. Common sense is lacking in the general population. I lost my best bank due to this! When that happens it won't take long for the banks to see this as a huge expense and will quickly implement fees and only coin for business acct holders. HH Mark

HomesteadHarry

05-07-2009 11:13 AM

Re: MSN Article on Prospecting in Circulating Coinage

Quote:

Originally Posted by ME CO (Post 1712091)

Common sense is lacking in the general population.

General population is small time, and we know the banks look differently on the small timers. Prospecting out of a few rolls? Give me a break.

Quote:

Originally Posted by ME CO (Post 1712091)

When that happens it won't take long for the banks to see this as a huge expense and will quickly implement fees and only coin for business acct holders.

Already going on in my neck of the woods. My branch wants $6 for each $25 box of pennies, and they'll only order for you if you hold a business account. They even charge you a fee for paper!

Most people won't have the dedication it takes to make the numbers that were mentioned in the article, and they'll quickly figure out how tellers treat sloppy prospectors.

I learned the box of chocolates trick from you! :ok:

ME CO

05-07-2009 12:58 PM

Re: MSN Article on Prospecting in Circulating Coinage

Quote:

Originally Posted by HomesteadHarry (Post 1712211)

General population is small time, and we know the banks look differently on the small timers. Prospecting out of a few rolls? Give me a break.

Already going on in my neck of the woods. My branch wants $6 for each $25 box of pennies, and they'll only order for you if you hold a business account. They even charge you a fee for paper!

Most people won't have the dedication it takes to make the numbers that were mentioned in the article, and they'll quickly figure out how tellers treat sloppy prospectors.

I learned the box of chocolates trick from you! :ok:

Glad the chocolate trick is workin for ya. Sorry to hear about your fees, that is how the banks get out of all this extra coin business. Not even chocolates would keep my best bank with 10 other prospectors buying and dumping there. They set a fee of $7.50/box, my 12 boxes there would then cost ME $90 premium a week. Game over at that bank. I heard someone say they were gonna start taxing paper, is that what they're doing? HH Mark

HomesteadHarry

05-07-2009 01:23 PM

Re: MSN Article on Prospecting in Circulating Coinage

Quote:

Originally Posted by ME CO (Post 1712397)

I heard someone say they were gonna start taxing paper, is that what they're doing?

I have the documents around here somewhere. I was opening a business account at the RBC Centura and on banded bills they were charging about the same as for the box of pennies.

Still think the pennies would have been a better deal. :biggrin:

ME CO

05-07-2009 01:47 PM

Re: MSN Article on Prospecting in Circulating Coinage

Quote:

Originally Posted by HomesteadHarry (Post 1712444)

OK thats different from what I hear. What I heard they were gonna try was you could deposit money and spend it with debit/credit cards but if you wanted foldin money they want to tax it or fee it or something. Glad to hear that hasn't started yet, that is another game over scenario for ME. HH Mark

Buyingsilvers

05-07-2009 03:11 PM

Re: MSN Article on Prospecting in Circulating Coinage

I dont mind posting on forums too much even though some consider it to be "spreading the word", but a MSM type of article is no good. This particular article's been circulated everywhere. Not only MSN.

Anyways, I expect that J6Ps trying it out would quickly find that it's no walk in the park.

My concern is MECO's... a lot of people have no common sense. Creating problems for a bank is a quick way to get the plug pulled on any prospecting at that bank.

AGRO	05-07-2009 03:17 PM

Re: MSN Article on Prospecting in Circulating Coinage

Silvers, Yes that is bothersome. Like ME CO said though many people are stupid.
Thus, won't have any idea what it takes and give up (hopefully)

Buyingsilvers

05-07-2009 03:18 PM

Re: MSN Article on Prospecting in Circulating Coinage

Quote:

Originally Posted by HomesteadHarry (Post 1712211)

Already going on in my neck of the woods. My branch wants $6 for each $25 box of pennies, and they'll only order for you if you hold a business account. They even charge you a fee for paper!

If penny ban gets lifted, this will happen at all banks IMO.

ME CO

05-07-2009 05:41 PM

Re: MSN Article on Prospecting in Circulating Coinage

Quote:

Originally Posted by Buyingsilvers (Post 1712650)

If penny ban gets lifted, this will happen at all banks IMO.

My opinion is the melt ban won't be lifted till money goes all digital, and all cash and coin will be confiscated from the banks. Better get the good stuff now so the guvmint can't have it haha. Dam shoulda got some pennie boxes while I was out today. HH Mark

Ag_man

05-07-2009 06:23 PM

Re: MSN Article on Prospecting in Circulating Coinage

Quote:

Originally Posted by ME CO (Post 1712397)

They set a fee of $7.50/box, my 12 boxes there would then cost ME $90 premium a week. Game over at that bank. I heard someone say they were gonna start taxing paper, is that what they're doing? HH Mark

With those kind of fees, can you guys come out ahead?

Buyingsilvers

05-07-2009 07:59 PM

Re: MSN Article on Prospecting in Circulating Coinage

$7.50 is harsh if the boxes aren't paying. You're looking at 3-4 40% or 1 40% & 1 90% per box just to break even.

ME CO

05-08-2009 12:01 AM

Re: MSN Article on Prospecting in Circulating Coinage

I don't pay fees- I just spend money on chocolate. HH Mark

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