Penny liquidation advice

[Dug]

Hi. Serious question. My father just passed away and he left behind an ammo can full of pennies in rolls. Damn thing feels like it weighs close to 90 pounds. I need to sell them off to put the proceeds in my brother's trust fund. Not familiar with coin star machines. Would my best bet be to sit down and write my name and address on each roll then try to take them to a bank or simply unroll them into a container for a coinstar?

 

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[GB1]

Hi. Serious question. My father just passed away and he left behind an ammo can full of pennies in rolls. Damn thing feels like it weighs close to 90 pounds. I need to sell them off to put the proceeds in my brother's trust fund. Not familiar with coin star machines. Would my best bet be to sit down and write my name and address on each roll then try to take them to a bank or simply unroll them into a container for a coinstar?

first i would make sure it wasn't a collection of wheats or Indians and depending on what bank you take it to you might just leave it rolled

 

[Diver_Down]

Are they pre-1982 copper memorial cents? Then sell them on eBay and ship using the flat-rate box. If they are just zincolns, then dump them at a coinstar. Select gift card to avoid the fees and then deposit the reciprocal amount in the trust account. I would not bother with recording your info on the rolls to deposit at the bank.

 

[Dug]

Are they pre-1982 copper memorial cents? Then sell them on eBay and ship using the flat-rate box. If they are just zincolns, then dump them at a coinstar. Select gift card to avoid the fees and then deposit the reciprocal amount in the trust account. I would not bother with recording your info on the rolls to deposit at the bank.

Only way to know is for me to unroll them. My dad had been accumulating them since the mid 60s. Thanks for the advice.

 

[Kantuckkeean]

I’m sorry for your loss. Personally, I’d count the rolls and put that amount into the trust. Then I’d search them to see if there was a reason that he was saving them. As gold boy and Diver_Down suggested, they may be full of wheats, IHs or coppers and might be worth more than 1 cent each. Then you could sell to a collector or on eBay and split the overage with your sibling(s).

Kindest regards,
Kantuck

 

[Holt0222]

Defiantly do not just deposit or use coin star. I would start by looking at the ends of the rolls to see what kind of dates you have. If you are able to just use your own money to put in the trust unless it was stated that you have to sell the pennies.

 

[Greastart]

I’m sorry for your loss. Personally, I’d count the rolls and put that amount into the trust. Then I’d search them to see if there was a reason that he was saving them. As gold boy and Diver_Down suggested, they may be full of wheats, IHs or coppers and might be worth more than 1 cent each. Then you could sell to a collector or on eBay and split the overage with your sibling(s).

Kindest regards,
Kantuck

What he said! Easy, clean, honest.

 

[TwoYewts]

As Kantuck said, sorry to hear about your loss Dug. I would suggest (if you haven't done so already) going to your local bank and simply talking to the head teller. He/she may turn around and say no need to write your info on all the rolls, here is a penny box...fill it with the rolls and mark the box or maybe they will provide you with a coin bag for pennies. Doesn't hurt to ask first than deal with the hassle of Ebay or the $$ loss of using a Coinstar (if you don't want to convert to gift cards). Also, credit unions tend to have coin machines for their members use. Not sure if you belong to one but if you have one in your area it couldn't hurt to stop in and see if they are open to public membership. There are a couple near me that allow you to open an account for just $5 I believe and limit you to $400 coin deposit dumps at a time before they charge fees.

 

[LooseChange]

Do not pay Coinstar. Coinstar preys on the reckless, lazy, and/or uniformed (fee-free gift cards are an exception).

In most parts of the country, most banks allow you to deposit coin or exchange coin for cash if you are a customer of that bank - no fees.

If the funds are going into your brother's trust fund, go to the bank that holds that account. They will either have a self-serve coin machine or will have a teller operated coin machine. Either way, the coins should be loose, not rolled.

I'd crack them, search them, and then take them, loose, to the bank.

 

[Dozer D]

If they are all cents, at 90 lbs x $1.53 copper cents per lb, = about $135-$140, figure what the FV is then if you can fund the $135 do so into the trust, then take your time to examine the coins later. Don't underestimate what your dad had put in the ammo can, could be some value to those coins.

 

[Dug]

Sorry to get back on late, my hair is on fire at the moment. Thank you all for your wise advice. I am going to count the rolls and pay the face value into the trust. At a much later date when things have slowed down I will go through them penny by penny while soaking up some good wine knowing that I'm handling coins that my father so lovingly set aside for my brother's trust. Will segregate by pre and post 82 Lincolns and any wheats as well. Will likely sell the pre 82 Lincolns, turn in post 82 Lincolns to the bank, and save the wheats in rolls. Already have more than a dozen rolls of wheats now.

 

[port ewen ace]

clips, Lams, greasers, O/C's, WAM's, '92 CAM, '84 DBL ear, blanks, clashes, rotators, RPM's, DDO's & DDR's----

MS/RED Wheats & all their errors, key dates & varieties---- GET TO WORK makin' real money

turnin' copper into paper is EASY!!

 

[Dozer D]

Your doing good Dug, I hope my wife & kids do the same with my collection when I die.

 

[rcs]

clips, Lams, greasers, O/C's, WAM's, '92 CAM, '84 DBL ear, blanks, clashes, rotators, RPM's, DDO's & DDR's----

MS/RED Wheats & all their errors, key dates & varieties---- GET TO WORK makin' real money

turnin' copper into paper is EASY!!

Rich! Missed you around here.

 

[fistfulladirt]

Not too sure about turning in rolls with name/address. I can’t count the times I’ve even received rolls with customer’s bank account number still on them.