Author Topic: Withdrawing Money from the Bank... and re-selling for a profit!?!  (Read 4676 times)

JAYSLOL

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For the past few years I've been stopping in at various branches of my bank when I have time and am headed past their location and asking if they have any old or different coins or bank notes, and I get lucky every once in a while picking up coins and bills for face value that are worth more to collectors.  I've sold lots at auction and some to buyers from Craigslist.  Lately I've been tripling my money, even after paying for my time and expenses.  It takes some researching, and knowing what to look for, but there's nothing like walking into a bank with $100 and walking out with $500 (in collector value that is). 

TomTX

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Re: Withdrawing Money from the Bank... and re-selling for a profit!?!
« Reply #1 on: April 22, 2017, 05:51:18 AM »
Very nice. When I was in High School, I would get rolls of quarters and half dollars to search for silver.

Last week I found a silver dime in the reject slot at the grocery store coin deposit machine.  :D
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JAYSLOL

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Re: Withdrawing Money from the Bank... and re-selling for a profit!?!
« Reply #2 on: April 22, 2017, 06:58:33 AM »
Very nice. When I was in High School, I would get rolls of quarters and half dollars to search for silver.

Last week I found a silver dime in the reject slot at the grocery store coin deposit machine.  :D

I used to do coin roll hunting also, but found it was too time-consuming for the amount of silver I actually found.  Probably would have been more worth the effort 10+ years ago.  The best are those automated coin counting machines, they reject anything that isn't a modern coin and people often leave behind a small fist full of silver and random foreign coins in the tray after cashing in their jars of coins :)

TomTX

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Re: Withdrawing Money from the Bank... and re-selling for a profit!?!
« Reply #3 on: April 22, 2017, 07:05:10 AM »
Very nice. When I was in High School, I would get rolls of quarters and half dollars to search for silver.

Last week I found a silver dime in the reject slot at the grocery store coin deposit machine.  :D

I used to do coin roll hunting also, but found it was too time-consuming for the amount of silver I actually found.  Probably would have been more worth the effort 10+ years ago.  The best are those automated coin counting machines, they reject anything that isn't a modern coin and people often leave behind a small fist full of silver and random foreign coins in the tray after cashing in their jars of coins :)

Coin roll hunting was probably 1987-1991, gave it up after that.

I'm not aware of easy liquidation methods for random fistful of foreign coins, or I would have kept some ;)
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Villanelle

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Re: Withdrawing Money from the Bank... and re-selling for a profit!?!
« Reply #4 on: April 22, 2017, 07:06:24 AM »
Very nice. When I was in High School, I would get rolls of quarters and half dollars to search for silver.

Last week I found a silver dime in the reject slot at the grocery store coin deposit machine.  :D

I used to do coin roll hunting also, but found it was too time-consuming for the amount of silver I actually found.  Probably would have been more worth the effort 10+ years ago.  The best are those automated coin counting machines, they reject anything that isn't a modern coin and people often leave behind a small fist full of silver and random foreign coins in the tray after cashing in their jars of coins :)

Is there a good way to turn foreign coins in to US cash?  I've got a ton of them from our time living in Europe and Asia.  I was able to turn in all the paper bills when we left Europe (except the Russian Rubbles which no one wanted to touch).  But they wouldn't take coins.

Mezzie

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Re: Withdrawing Money from the Bank... and re-selling for a profit!?!
« Reply #5 on: April 22, 2017, 07:09:36 AM »
I did the finding part in the 80s and 90s... but I held on to it all. When my nieces and nephews are old enough to not spend these kinds of coins on ice cream, I'll let them each pick something cool. :)

I haven't seen a rare coin from the bank in ages, though. I never thought of just asking!
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JAYSLOL

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Re: Withdrawing Money from the Bank... and re-selling for a profit!?!
« Reply #6 on: April 22, 2017, 08:25:04 PM »
Very nice. When I was in High School, I would get rolls of quarters and half dollars to search for silver.

Last week I found a silver dime in the reject slot at the grocery store coin deposit machine.  :D

I used to do coin roll hunting also, but found it was too time-consuming for the amount of silver I actually found.  Probably would have been more worth the effort 10+ years ago.  The best are those automated coin counting machines, they reject anything that isn't a modern coin and people often leave behind a small fist full of silver and random foreign coins in the tray after cashing in their jars of coins :)

Is there a good way to turn foreign coins in to US cash?  I've got a ton of them from our time living in Europe and Asia.  I was able to turn in all the paper bills when we left Europe (except the Russian Rubbles which no one wanted to touch).  But they wouldn't take coins.

I usually wait until I have enough to fill a small (fancy looking, but free from a garage sale) jewelry box or old tin or the like and drop off at auction.  Usually somebody pays $5 - $25 for it depending on the amount of coins and how interesting they look.  That still usually doesn't get very close to full exchange rate, but it's something.  Coins that have near or over ~$1 in exchange value (British one pound coins, 1 and 2 Euro coins etc) I keep until I have a bunch of them and either give to a friend who is going to visit Europe or sell on Craigslist/FB etc for a reasonable discount. 

Dicey

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Re: Withdrawing Money from the Bank... and re-selling for a profit!?!
« Reply #7 on: April 23, 2017, 01:12:01 AM »
Oh, I need to follow this! I collect the coin from our library's passive used book store. Patrons chose their books and drop their money in the box. I take the coin to CoinStar once a month. I have an interesting collection of Chuck E. Cheese tokens, lots of foreign coins, occasional slugs, and usually one silver dime or quarter every month.

What's the best way to redeem the silver coins? I probably only have a half dozen or so of each, none in better than average condition.
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nouveauRiche

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Re: Withdrawing Money from the Bank... and re-selling for a profit!?!
« Reply #8 on: April 23, 2017, 09:11:37 AM »
Not to be too dense, but how can you tell if a dime or quarter is silver?

geekette

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Re: Withdrawing Money from the Bank... and re-selling for a profit!?!
« Reply #9 on: April 23, 2017, 09:37:51 AM »
Generally 1964 or earlier.  The Kennedy half was silver in 1965 for some odd reason. 

We got a bunch from my FIL's collection when he died.  Some sold for above face for collectors, some others we sold to the same coin vendor (at the flea market) for melt value.  A few (Carson City Dollars) we kept, plus a few pounds just because.

JAYSLOL

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Re: Withdrawing Money from the Bank... and re-selling for a profit!?!
« Reply #10 on: April 23, 2017, 09:44:39 AM »
Oh, I need to follow this! I collect the coin from our library's passive used book store. Patrons chose their books and drop their money in the box. I take the coin to CoinStar once a month. I have an interesting collection of Chuck E. Cheese tokens, lots of foreign coins, occasional slugs, and usually one silver dime or quarter every month.

What's the best way to redeem the silver coins? I probably only have a half dozen or so of each, none in better than average condition.

The best way to sell junk silver (poor-average condition common date coins) is to find someone who collects them for the silver value.  I've found I can sometimes put a small lot of silver and other coins on my Facebook buy and sell page and actually get more than silver value for them.  Or you can find a private coin dealer or local coin shop that pays full melt value (or at least close to it).  Ask them what they pay in either $/Troy ounce of 90% junk silver, or what multiple of face value they pay for 90% silver coins (if they side-step the question and won't give you at least one measure of what they pay, find someone else, they are likely hoping to rip you off)  If you aren't getting really damn close to melt value, find somewhere else.  Just keep in mind that the coins aren't 99.9% pure when looking at silver price, they are likely 90%, some 1960s half dollars are only 40% silver, and Canadian coins are mostly 80% if you had some of those mixed in.  Hope that helps, if all else fails you can keep them as a tiny % of your asset allocation.

JAYSLOL

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Re: Withdrawing Money from the Bank... and re-selling for a profit!?!
« Reply #11 on: April 23, 2017, 09:59:56 AM »
Not to be too dense, but how can you tell if a dime or quarter is silver?

YouTube is a great resource for videos on finding/testing silver coins.  But as the other poster stated, US dimes, quarters, half dollars and dollars from 1964 and back are 90% pure silver.  Canadian coins 1966 and back are 80% pure.  if a coin is magnetic, is isn't silver (although, just because is isn't magnetic doesn't mean that it has to be silver).  Circulated silver coins are actually more of a whitish-grey colour or have a tarneshed look to them, they don't look like Chrome or nickel which is more what we would actually call a "silver color", ironically.  Silver coins make a distinct "ping" when you drop them or flick them up in the air, but this takes some practice.  I would pull out your jar of coins and watch a bunch of videos on YouTube on how to spot silver coins and see what you got.

JAYSLOL

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Re: Withdrawing Money from the Bank... and re-selling for a profit!?!
« Reply #12 on: April 23, 2017, 10:11:01 AM »
Not to be too dense, but how can you tell if a dime or quarter is silver?

Also, one of the easier ways to tell for US coins is that non-silver coins have a copper ring around the outer edge (rim), while silver coins do not have that copper ring. 

nouveauRiche

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Re: Withdrawing Money from the Bank... and re-selling for a profit!?!
« Reply #13 on: April 23, 2017, 07:21:20 PM »
Thanks all!

bassguitar115

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Re: Withdrawing Money from the Bank... and re-selling for a profit!?!
« Reply #14 on: April 24, 2017, 09:02:47 AM »
Any tips on what to look/ask for or research?

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Re: Withdrawing Money from the Bank... and re-selling for a profit!?!
« Reply #15 on: April 24, 2017, 09:24:37 AM »
Not to be too dense, but how can you tell if a dime or quarter is silver?

Also, one of the easier ways to tell for US coins is that non-silver coins have a copper ring around the outer edge (rim), while silver coins do not have that copper ring.

Just to add to what everyone's said above:  You can hear it.  I can't quite explain the sound, but if I have a silver coin in my pocket mixed with the others, it makes a VERY distinctive sound.  When you hear the sound, dig through to find the coin.
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JAYSLOL

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Re: Withdrawing Money from the Bank... and re-selling for a profit!?!
« Reply #16 on: April 24, 2017, 12:31:55 PM »
Any tips on what to look/ask for or research?

Typically I look for the following types of things

- pre-1965 US silver coins, or pre-1967 silver Canadian coins
- anything not silver that is old (Indian head and 1920s and back wheat cent pennies, buffalo nickels etc or anything older that that)
- older bank notes, the older and better condition they are, the more likely they are to have value.  Also, older notes with a star or asterisk by the serial number indicates it is a replacement note, usually holding more collector value. 

As with selling anything, presentation is important, coin holders and bill sleeves along with proper labels of what the item is and anything special about it go a long way to increasing the collector value.  Just don't jump into trying to number-grade the coins or bills condition, collectors don't tend to like it when something's been graded by a non-professional numismatist.   

I avoid being choosy when I ask about old coins and bills at the bank, and typically take whatever they have, even if some or most of it doesn't have any value over face for me (I can always take it to another bank later for the same that I paid for it).  It saves me wasting their time while I sort through everything, and avoids giving away what types of things I'm really after. 


JAYSLOL

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Re: Withdrawing Money from the Bank... and re-selling for a profit!?!
« Reply #17 on: July 21, 2017, 09:12:56 AM »
Just sold 2 $100 bills, one of which I got for face value at the bank, and one of which I paid a $10 premium for at a garage sale for $190 each at auction.  After auction commission, the $10 premium I paid for the one bill and the $1 it cost to buy nice plastic bill sleeves for them, I made $106 profit.  I also sent in some smaller bills and did ok, made around $150 in total. 

HipGnosis

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Re: Withdrawing Money from the Bank... and re-selling for a profit!?!
« Reply #18 on: July 21, 2017, 10:01:31 AM »
Just sold 2 $100 bills, one of which I got for face value at the bank, and one of which I paid a $10 premium for at a garage sale for $190 each at auction.  After auction commission, the $10 premium I paid for the one bill and the $1 it cost to buy nice plastic bill sleeves for them, I made $106 profit.  I also sent in some smaller bills and did ok, made around $150 in total.
How do you sell them at auction?  Do give the bills to someone, send them somewhere (and how) or physically go to the auction?
If you go, how long are you there?
Oh, and how do you find an auction that can or will sell collectable bills?

JAYSLOL

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Re: Withdrawing Money from the Bank... and re-selling for a profit!?!
« Reply #19 on: July 21, 2017, 05:15:57 PM »
Just sold 2 $100 bills, one of which I got for face value at the bank, and one of which I paid a $10 premium for at a garage sale for $190 each at auction.  After auction commission, the $10 premium I paid for the one bill and the $1 it cost to buy nice plastic bill sleeves for them, I made $106 profit.  I also sent in some smaller bills and did ok, made around $150 in total.
How do you sell them at auction?  Do give the bills to someone, send them somewhere (and how) or physically go to the auction?
If you go, how long are you there?
Oh, and how do you find an auction that can or will sell collectable bills?

I go to my local auction house and drop them off about a week or 2 before they get sold.  My auction place takes a 35% cut, but when selling paper money (not coins), commissions are only paid on the amount above the face value.  I don't actually have to attend the auction to sell it, the auctioneer takes care of everything.  Pretty much any auction house will sell collectable money, the key is looking around for the one that has a good base of regular buyers who spend on old bills, and has reasonable fees which are only on the amount above face.  I would visit some auction places and ask them how old bills sell and what they charge.  Don't forget to put each bill in a plastic sleeve to make them look better

TomTX

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Re: Withdrawing Money from the Bank... and re-selling for a profit!?!
« Reply #20 on: July 22, 2017, 10:02:03 AM »
Just sold 2 $100 bills, one of which I got for face value at the bank, and one of which I paid a $10 premium for at a garage sale for $190 each at auction.  After auction commission, the $10 premium I paid for the one bill and the $1 it cost to buy nice plastic bill sleeves for them, I made $106 profit.  I also sent in some smaller bills and did ok, made around $150 in total.
How do you sell them at auction?  Do give the bills to someone, send them somewhere (and how) or physically go to the auction?
If you go, how long are you there?
Oh, and how do you find an auction that can or will sell collectable bills?

I go to my local auction house and drop them off about a week or 2 before they get sold.  My auction place takes a 35% cut, but when selling paper money (not coins), commissions are only paid on the amount above the face value.  I don't actually have to attend the auction to sell it, the auctioneer takes care of everything.  Pretty much any auction house will sell collectable money, the key is looking around for the one that has a good base of regular buyers who spend on old bills, and has reasonable fees which are only on the amount above face.  I would visit some auction places and ask them how old bills sell and what they charge.  Don't forget to put each bill in a plastic sleeve to make them look better

I need to find a good place to sell off a bunch of old collectable cents - inherited from my grandfather. A couple of them were listed at over $1k when I checked around online.
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JAYSLOL

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Re: Withdrawing Money from the Bank... and re-selling for a profit!?!
« Reply #21 on: July 22, 2017, 05:41:41 PM »
Just sold 2 $100 bills, one of which I got for face value at the bank, and one of which I paid a $10 premium for at a garage sale for $190 each at auction.  After auction commission, the $10 premium I paid for the one bill and the $1 it cost to buy nice plastic bill sleeves for them, I made $106 profit.  I also sent in some smaller bills and did ok, made around $150 in total.
How do you sell them at auction?  Do give the bills to someone, send them somewhere (and how) or physically go to the auction?
If you go, how long are you there?
Oh, and how do you find an auction that can or will sell collectable bills?

I go to my local auction house and drop them off about a week or 2 before they get sold.  My auction place takes a 35% cut, but when selling paper money (not coins), commissions are only paid on the amount above the face value.  I don't actually have to attend the auction to sell it, the auctioneer takes care of everything.  Pretty much any auction house will sell collectable money, the key is looking around for the one that has a good base of regular buyers who spend on old bills, and has reasonable fees which are only on the amount above face.  I would visit some auction places and ask them how old bills sell and what they charge.  Don't forget to put each bill in a plastic sleeve to make them look better

I need to find a good place to sell off a bunch of old collectable cents - inherited from my grandfather. A couple of them were listed at over $1k when I checked around online.

Condition is important with all coins and collectables in general, but when you start talking $1k/ cent the tiniest detail in the coin is extremely important.  If it's helpful, you are welcome to post some close up photos of any coins you are most interested to sell and i may be able to give you a good idea what to expect for them and how to go about selling in the most profitable way

JAYSLOL

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Re: Withdrawing Money from the Bank... and re-selling for a profit!?!
« Reply #22 on: August 11, 2017, 03:40:34 PM »
Just picked up a Canadian $1000 bill from the bank, and a 1928 series US $2 bill.  I think the $2 bill will go into my collection, let's see what I can get for the $1000 at auction, stay tuned.

JAYSLOL

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Re: Withdrawing Money from the Bank... and re-selling for a profit!?!
« Reply #23 on: August 25, 2017, 11:41:17 AM »
If anyone was wondering, I made $160 on the $1000 bill and decided to also sell the $2 US bill i got from the bank which I made $15 on.  I sold a few other things at auction which I didn't lose money on, but didn't set any records either.
« Last Edit: August 25, 2017, 06:46:11 PM by JAYSLOL »

the_fella

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Re: Withdrawing Money from the Bank... and re-selling for a profit!?!
« Reply #24 on: August 25, 2017, 07:02:36 PM »
Oh, I need to follow this! I collect the coin from our library's passive used book store. Patrons chose their books and drop their money in the box. I take the coin to CoinStar once a month. I have an interesting collection of Chuck E. Cheese tokens, lots of foreign coins, occasional slugs, and usually one silver dime or quarter every month.

What's the best way to redeem the silver coins? I probably only have a half dozen or so of each, none in better than average condition.

So you're stealing from your library? >(

JAYSLOL

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Re: Withdrawing Money from the Bank... and re-selling for a profit!?!
« Reply #25 on: August 28, 2017, 09:10:36 PM »
Oh, I need to follow this! I collect the coin from our library's passive used book store. Patrons chose their books and drop their money in the box. I take the coin to CoinStar once a month. I have an interesting collection of Chuck E. Cheese tokens, lots of foreign coins, occasional slugs, and usually one silver dime or quarter every month.

What's the best way to redeem the silver coins? I probably only have a half dozen or so of each, none in better than average condition.

So you're stealing from your library? >(

Waited for Dicey to respond, but here is a quote from them from another thread where they asked me about the same topic..



And hey, since you clearly know more on this topic, may I please ask a couple of questions? 《Pause...Okay then, here goes...》

I collect the coins from the library's passive book sale and dump them in a Coinstar machine once a month. It weeds out the silver coins, which is nice, but also the foreign currency. I've got a pile of random coins from all over the world, including a few euros, plus some silver dimes and quarters. What can I do with this stuff? I'd love to convert it to spendable US currency for the library.


Hope that answers the question :)

Finances_With_Purpose

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Re: Withdrawing Money from the Bank... and re-selling for a profit!?!
« Reply #26 on: August 30, 2017, 04:16:37 PM »
I did the finding part in the 80s and 90s... but I held on to it all. When my nieces and nephews are old enough to not spend these kinds of coins on ice cream, I'll let them each pick something cool. :)

I haven't seen a rare coin from the bank in ages, though. I never thought of just asking!

At most banks, tellers can't buy the currency or take it for themselves w/o getting fired.  Violates policy.  But they can serve it up to customers.  I bet this is particularly effective at smaller banks.