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#1117790 - 01/28/09 03:20 AM Ideas for 'cashing in' 5 gallons of pennies?
Milburn Drysdale Offline
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Milburn Drysdale
Joined: Jun 2003
Posts: 15
Southeastern PA
I have a bucket full of pennies.

I recently weighed the bucket, both full and empty. And then I weighed 100 US pennies on a postage scale. I think I have about $270.

I'm looking for good ideas for converting all the pennies to bills? I have these ideas from BankRate.com.

I live in southeastern PA, a local bank that has no charge coin counting in the lobby is TD Bank (formerly Commerce Bank). I've seen and also heard their lobby machines break down frequently. And that's just with some kids (and adults) dumping in a coffee-can full of coins. Not 5 gallons of coins.

The 152 pound bucket -- this is the weight when full -- would be unwieldy to carry into a branch, I'd realistically need a hand cart. And I suppose I'd draw the line at having to do that. So I'm looking for good alternatives.

Being a cheap skape, I want to avoid all transaction costs associated with this, i.e., no Coinstar, no 2% conversion fees as the bankrate write up mentions, and no paying a fee for the bank to sort and wrap. As a retail customer, how do I easily convert 150 pounds of pennies to clean, crisp, easy to fold bills?

It's maybe wishful thinking on my part, ... there is a federal mint and a federal reserve bank in center city Philadelphia. Do either of these institutions have a program to take in large amounts of pennies like I have? Or do large banks have some means other than lobby coin counting machines to handle something like this?

Any good ideas appreciated!

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General Discussion
#1117825 - 01/28/09 01:04 PM Re: Ideas for 'cashing in' 5 gallons of pennies? Milburn Drysdale
1 Peter 5:7 Offline
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1 Peter 5:7
Joined: Jun 2001
Posts: 1,339
TX
If you have a little time, consider sorting out the wheat pennies first. They may be worth triple their face value unless they are badly damaged or unusually worn. Of course, some key dates are worth much more. You can get that information online.

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#1117863 - 01/28/09 02:05 PM Re: Ideas for 'cashing in' 5 gallons of pennies? 1 Peter 5:7
HappyGilmore Offline
10K Club
Joined: Jun 2004
Posts: 19,844
Pulling people out of the ditc...
find out if your bank will let you deposit it and they will count it and credit to your account. Some banks require it to be rolled to do this, others will take it in bulk. If in bulk, it could take up to a week for them to count and credit.
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#1117937 - 01/28/09 03:25 PM Re: Ideas for 'cashing in' 5 gallons of pennies? HappyGilmore
Ray_ Offline
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Joined: Aug 2006
Posts: 879
Dallas, TX
I think the article original poster quoted was pretty good.

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#1117983 - 01/28/09 04:04 PM Re: Ideas for 'cashing in' 5 gallons of pennies? Ray_
QCL Offline
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QCL
Joined: May 2002
Posts: 6,259
NW IL
My idea would be to take a little at a time at your local bank.

Agreed - the coin counters that we have jam. But customers and the coin (etc.) that they bring in causes this. Our machines a delicate. Foreign objects cause them to go haywire. This can be prevented by sorting the coin (removing pocket link, paper clips, safety pins, buttons, etc). This is the biggest reason that many banks are getting away from providing this free service - the cost to repair the machines is HUGE.

If you must do it all at once, you may also want to call ahead. Be a courteous customer. Call the bank and let them know your plans. This would allow them to have the coin counter machine available (tellers in our bank also use it to wrap coin for distribution to other offices).

We credit immediately, but a phone call in a situation like this sure would be welcomed. Also our location has a hand cart (we have to take our mail to the post office), so who knows? Your bank may be able to, and willing to, help you more than you know.

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#1118016 - 01/28/09 04:25 PM Re: Ideas for 'cashing in' 5 gallons of pennies? QCL
Milburn Drysdale Offline
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Milburn Drysdale
Joined: Jun 2003
Posts: 15
Southeastern PA
Two good ideas Queen, thanks. I thought of calling the local branch manager myself.

But first wanted to see if anyone here has any more insights. For example, what do owners of car washes (coin operated), or the typical small and medium-sized towns that have coin operated parking meters do with their coins? There are thousands of these across the country. I presume some (municipalities and business owners) invest in coin sorting/counting equipment, but I also suspect some banks provide this service to attract the business?

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#1118022 - 01/28/09 04:29 PM Re: Ideas for 'cashing in' 5 gallons of pennies? Milburn Drysdale
Mint Julep Offline
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Mint Julep
Joined: Oct 2007
Posts: 1,152
Tennessee
The carwashes we bank have their coin delivered by armored car and we count it in our vault coin machine.

Have you considered taking the pennies into the branch in smaller amounts over a few days?
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#1118380 - 01/28/09 08:00 PM Re: Ideas for 'cashing in' 5 gallons of pennies? Mint Julep
Rocky P Online
Power Poster
Joined: Jun 2003
Posts: 7,650
Florida
See if there is a local coin collector. If the coins are from an old enough period, they may offer to buy, in hopes of finding a rare coin.

Get paid in cash.
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