Penny sorting is a great hobby. In fact, there is more than a hobby to some. The financial reward of this hobby intrigues new comers to the sport, one of which is a precision sport. In the beginning it's important to make goals. Collecting coins is a process that requires research. Copper is the value to penny sorting. However, do not forget nickels that could be worth something due the silver value in older coins. Below are some tips for collecting …
1. Collect pennies before 1982. These are kept for their copper value. After 1982, pennies were made with zinc instead of copper.
2. Always keep those 1909-1959, wheat pennies.
3. Canadian pennies before 1997 are keepers for the copper
4. Indian head pennies are rare. If you find one, consider it luck!
5. Foreign finds are something worth just keeping for potential value. It'll take research, but they could be worth more than a regular copper penny.
6. S mint coins. Enough said.
It can be a time consuming hobby. The process requires you to visit local banks or monetary institutions to collect “loose bagged coins”. Simply ask the teller if they are willing to sell $ 50 bags of loose coins that eliminate the time consuming task of unwrapping coins. Sometimes, banks will hand over bags with no grief others are not so willing. It just depends on the bank and the relationship established between the institution and yourself.
Another option to gaining coins is to buy customer wrapped rolls (CWR). This can be a hit or miss upon visits to financial institutions, some banks have them and others do not. By being patient, you'll be surprised how helpful tellers can be.
A common question: do I have to sort them by hand? You can, or you can use a sorting machine, which I highly suggest.
A sorting machine helps sort through loose bags of coins, for example. Using a reference coin, also known as a compare coin, sample coin, or master, to determine whether the coin is authentic or not, sorting will be completed in no time. If a coin is not authentic, the reference coin will send the appropriate measurement and the coin will be rejected.
Returning unwanted coins, the ones that the machine has returned, can be a potential process. However, try returning them to the bank and see what they say. They may take them; they may not. There is always the option to look into self-service coin returns. Using the term “dump bank,” this bank should be separate from the bank you pick up coins from. The dump bank is ideal for relieving unwanted coins.
Coin sorting is a great time consuming hobby. Utilizing a coin sorting machine is the ultimate way to speed up the money making process.