Would you be willing to pay a fee to cull?

[Senor]

In 2011 Coinstar processed more than $3,000,000,000 worth of coin. Since Coinstar's inception 20 years ago, they have process 533,100,000,000 coins.

If Coinstar reset their machines to not exclude silver, would anyone here be willing to pay a 1% fee to go through their bags of coins prior to them depositing the bags in the bank?

Since their current gross revenue is only 8% (which is before machine cost, maintenance, coin transportation, etc.), then a 1% fee would represent a 12.5% increase in revenue without wear and tear on their machines.

Any other ideas are welcome.

 

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[TimZim]

Why not i would try it.

 

[kfs]

$3,000,000,000 in coins is going to be really expensive to deal with. I would not pay them 1% for access to the supply unless they deliver and then pick them up. This is going to be more than 12,000,000,000 coins a year. Probably a lot more than 12,000,000,000 in coins actually

 

[Wilmingtonsilver]

I would pay it in a heartbeat!

 

[FormerTeller]

Do the math. If you typically find 1 silver dime per box (average for most people here), that's $2.50 you'd be paying in fees. I usually average 1-2% on halves and dimes. No way in heck would I pay anything, either for boxes at the pick up bank, or to dump. Just not enough profit margin.

 

[Wilmingtonsilver]

But Coinstar is the primary dump coin machine of the country. If they didn't kick out the silver and allowed you to pay 1% ove the bag price, the chances of a bag having a large amount of silver would be greatly increased.

 

[namster]

Coin stars in my area do not kick back silver.

 

[Dark]

I totally would.
Just remember when you people drop off coins at the machine they don't have tellers cherry picking.
100% automated.
I am willing to bet the coinstar machines would have a much greater amount of silver compared to banks.

 

[SilverForBrains]

yep I'd do it

 

[GarouLady]

I would pay it. especially since in the last 6 months I have seen our store's coinstar useage go up 200%. The poor machine has to be dumped out twice a week and I am constantly hearing the sweet music of silver clanking around. Heck there has been times where I want to put signs up offering people money for all their reject coins. Here in michigan that would mainly be canadian and if lucky, silver. I would pay face value for the coinage, even paying for casino tokens. I once got a casino metal token from NV that is worth 10 bucks. Not bad for a casino token I only paid a dollar for.

Hugs and Smiles,
Garoulady

 

[gordon and tanner]

Here is something to think about. Coinstar rejects silver. Think of what has happened to all that silver that has been rejected. Tons of it has been thrown in the garbage can next to the coin star machine. Some of it is recovered by kids looking for change and eventually returned back into circulation, I bet half is tossed into the garbage.

Keep on Searching
Dad and Tanner

 

[Rushfan]

I'd do it on a trial basis ... and see my silver results vs. fees paid...

 

[MrSchulz]

My coinstar kicks backs wheats, ihc's, canadians, and other foreigns.. Haven't tried with Silver yet though.

 

[kfs]

Here is something to think about. Coinstar rejects silver. Think of what has happened to all that silver that has been rejected. Tons of it has been thrown in the garbage can next to the coin star machine. Some of it is recovered by kids looking for change and eventually returned back into circulation, I bet half is tossed into the garbage.

Keep on Searching
Dad and Tanner

I have to disagree with the idea people throw out silver dimes/quarter or what have you, because a coin star machine did not accept it.
Do you throw out an old worn dollars that a vending machine will not accept or do you put it back in your pocket.

On the topic of the 1%. You all must be in this imaginary coin star world were you are going to pay Coin Star 30 million dollars a year theoretically to go through their bags of coins. How much are you going to have to pay Brinks or Loomis to transport the coins.

Or is this a hypothetical situation were every coin star machine has its own representative standing by available to sell bags to passerby as they get filled up. This would be do able for the average person it certainly is not going to be something coin star is going to consider.

While the idea of having access to a huge source like all the coin star machines sounds intriguing the logistics are not workable. The 1% fee is only the start of your costs you would have transportation fees, security fees, heck you would have to hire someone or buy a machine to search the minimum of 12,000,000,000 in coins a year. There better be a lot of silver in those Coin Star machines.

 

[Plug]

coinstar already sorts for silver, they showed how on a discovery or history channel show not that long ago

 

[Senor]

I have to disagree with the idea people throw out silver dimes/quarter or what have you, because a coin star machine did not accept it.
Do you throw out an old worn dollars that a vending machine will not accept or do you put it back in your pocket.

On the topic of the 1%. You all must be in this imaginary coin star world were you are going to pay Coin Star 30 million dollars a year theoretically to go through their bags of coins. How much are you going to have to pay Brinks or Loomis to transport the coins.

Or is this a hypothetical situation were every coin star machine has its own representative standing by available to sell bags to passerby as they get filled up. This would be do able for the average person it certainly is not going to be something coin star is going to consider.

While the idea of having access to a huge source like all the coin star machines sounds intriguing the logistics are not workable. The 1% fee is only the start of your costs you would have transportation fees, security fees, heck you would have to hire someone or buy a machine to search the minimum of 12,000,000,000 in coins a year. There better be a lot of silver in those Coin Star machines.

I agree it sounds far-fetched that people would throw coinage away, but in 1989, many people thought that paying upwards of 10% to spend your own change was also crazy as many of us still do.

Or that a company could gross $240,000,000 in 2011 by providing a change counting service.

I don't believe that banks are the only places where coin collections are dumped. Having the anonymity of a coin counting machine when dumping a collection is one aspect that Coinstar is selling.

We have CRHers on this website who go through tens of thousands of coins in a month. I imagine that Coinstar has processing facilities where they process the pickups from the machine. In my mind, I could see CRHers pick up the coinage at the sorting facility/distribution center and exchange unsearched bags for searched ones.

It is my opinion that the silver that is currently found in banks' boxes is what is intermingled from coin counting machines with the occasional collection dump at a bank thrown in.

 

[kfs]

I agree it sounds far-fetched that people would throw coinage away, but in 1989, many people thought that paying upwards of 10% to spend your own change was also crazy as many of us still do.

Or that a company could gross $240,000,000 in 2011 by providing a change counting service.

I don't believe that banks are the only places where coin collections are dumped. Having the anonymity of a coin counting machine when dumping a collection is one aspect that Coinstar is selling.

We have CRHers on this website who go through tens of thousands of coins in a month. I imagine that Coinstar has processing facilities where they process the pickups from the machine. In my mind, I could see CRHers pick up the coinage at the sorting facility/distribution center and exchange unsearched bags for searched ones.

It is my opinion that the silver that is currently found in banks' boxes is what is intermingled from coin counting machines with the occasional collection dump at a bank thrown in.

I would not dispute your assumptions about silver coins and there origins. However I do not think Coin Star send it collected coins to a center coin star processing facility. I do not know this but I would guess like ATM machines, Coin Star has armored car companies pickup and handle the coins and coin bags, while contracted service people do maintenance on the machines.

If this is the case to get your hand on even a small portion of Coin Stars processed coins would require considerable transportation cost. You could do it in one town but that would be a far cry from the national take that you said I believe was 3 billion dollars. You could not pay coin star 1% and the sort through 3 billion in coins from all over the country and make money. Sorry it is not going to be a money making proposition.

They are not going to let you go through the coins and then just give them back in any event. They would have to be recounted re-bagged and then transported back to Coin Star or who ever is handling their ultimate processing. A 1% fee I do not see it being feasible.

Could you get a lot of silver yes very possibly especially if Coin Star did not kick it out but would it be profitable, I can not see how

 

[kfs]

A better idea would be to be a subcontractor for the armored car companies and handle the coin sorting for them and let them bring the coins to you and then bring the rolled coins back to their storage facility minus the silver of course. If you could work out such a deal

 

[GarouLady]

coinstars do spit out silver and I have seen people take the coins out of the reject bin. Some of them check them before throwing them away, others just chuck them into the garbage without looking. More often then not its teenagers or twentysomethings doing this. Kids younger than teens love to go through the reject section, hopping around like on a sugar binge over the smallest penny or nickel that fall down. =) Ah to be that easily pleased. LOL. when no one is looking I have actually gone into the garbage, making it look like I was changing it. I hit it against the floor several times to make the coins go to the bottom, walk to the garbage dumpster in the back. Then I open a small hole in the corner, slip out the coins and right into my pocket. I go into the bathroom to wash my hands, go over my newest stash and if they are worth it, I keep. if its just common money, I actually throw it into our spare change holders at our lanes.

Hugs and Smiles,
Garoulady

 

[Senor]

Since there is some discrepancy as to whether Coinstar's machines actually reject silver, is everyone using an actual Coinstar machine or are the using the term "Coinstar" as a generic term.

Coinstar machine is in the first picture followed by a couple of other brands that you can actually purchase.