Coin counter at stores

[creilly]

I know someone who is selling their business. They have coin counters at the grocery stores. I was thinking of buying one or two.. What do you all think? He wants $20K for a pair at the two stores closest to me. Like 1 block north and 1 block south. Do you think it would be worth the hassle? I really could care less about the profit. He said that he gets about $5000 in coins a month. Thats a lot of horded pennies.

[coop]

Catherine: I think you could do better buying Boxes of Cents. The ones from the coin counters go to a place to be wrapped and returned to circulation in Boxes. So why spend $$ on something that you can get at a Bank for $25 and sell the ones back at $25. Seems like a better deal. What would probably happen in the other method is that soon you would be buried in coins that all of us here couldn't keep up with. A lot of searching/rolling/lugging that you could control when you get boxes. Besides find stuff, you need another 50% of your time to identify (if you can) what you find. No use cornering the market on them. You could get a hernia just moving a landslide of coins that may come your way and never have time to search everthing you may get.

[Dick]

Catherine, I read your comment, and then read Coop's. Then I read his again, with two very different lines of thought. Maybe I mis-interpreted what you were implying, and maybe not. I thought you were thinking of buying the Machines, and taking them home, NOT leaving them "en-situ"! The latter would explain all the lugging, and risk of getting a hernia. (Let "hubby" do the lifting!!!). No, That wouldnt be right, either. Just rent a fork-lift! OR, since you said the "owner was going out of business", then where to put the machines? Take 'em home.
Coop, I don't think she would corner the market, I think Chuck has already done that
Dick

[eagames]

Hmm let me understand this?

So you would own the coin counting machines.

Here I think they are all owned by Coinstar, I never saw an independent one. I think they charge .7% fee on cents to the person bringing them in.

Gosh! You might make profit just selling the coins for metal by the pound at todays prices. Think of the endless piles of searching pennies!!! I'd be so so happy!!!!

But I think thats a good idea as long as it comes with:

Contract that allows them to stay in the stores for some period so they don't wind up in your garage.

Links you up with someplace that will take the hoards of coins that you get turned in.

One caution... If they discontinue cents you might be stuck with those machines and nothing to use them for.

[creilly]

The machines would stay where they are!! Coop does have a point... I didnt think of the lifting.
And alsa I did get buried in grandpa's coins.., we had a silver avalanch and I got caught under it. Broke my ankle I did, still have the cast on. But I did learn my lessson. Never stack more than 2 25 gallon tubs at a time!!
I think Ill pass this time!