# Canadian bank question



## markmopar (Dec 28, 2010)

I know we have quite a few Canadian members here so I was hoping one(or more) could tell me how your banks deal with coins.

Down here in my area we have TD Bank, owned by TD Banknorth in Toronto. They have a coin machine called the Penny Arcade. You bring in your coins, dump them in, and the machine counts it all and gives you a ticket you cash out at the counter. Free for account holders, 6% fee if not. 

Since almost all of our money is not magnetic, they have a magnet that pulls all kinds of other currencies out of the hopper as it's poured in. It also spits out silver coins with the exception of our half dollar coins. I've found a number of silver dimes in the reject tray that other have left behind.

Anyway, how do banks up there handle large coin deposits? Does it all have to be rolled? Is there an equivalent of the Penny Arcade machine?


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## wrecker45 (Dec 29, 2010)

all our coins have to be rolled never heard of a machine like that in ontario


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## joem (Dec 29, 2010)

Banks want rolled. But everywhere in the big food stores have machines call coin star. They take a small portion of the change and give you a ticket you use as cash in that store. A few shopping malls have these machines and give the portion to charity and give you a voucher you can use anywhere in the mall.


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## markmopar (Dec 29, 2010)

We have the coinstar machines here, too.

Thanks for the replies. What I'm trying to do here is figure out a way to cash in a pile of Canadian coins I have accumulated.


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## joem (Dec 29, 2010)

In that case take them to a money exchange center. U.S. coins here are exchanged at par in banks. But exchange centers (check a tourist area or airport) will give proper exchange.


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## markmopar (Dec 30, 2010)

The problem with that is that so far, I have been unable to find anyone that will take coin. They only want the folding kind.
Well, I did find a place in NYC that would take coin but at only half value.


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## joem (Dec 30, 2010)

How many coins do you have?
Can uou just pass a few along when you buy anything with change?


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## Harold_V (Dec 31, 2010)

markmopar said:


> The problem with that is that so far, I have been unable to find anyone that will take coin.


That's likely not true. Coins are legal tender---they have an obligation of sorts to accept them in payment for goods or services sold. If nothing else, use them to fill your tank with gas. What choice would they have but to accept payment? What would they do? Seems to me calling the cops isn't exactly the thing to do when you're doing your best to make payment. 

Harold


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## markmopar (Dec 31, 2010)

Harold_V said:


> markmopar said:
> 
> 
> > The problem with that is that so far, I have been unable to find anyone that will take coin.
> ...



True-if I was in Canada. I'm in the US.

I found a place in Philadelphia that pays 75% for Canadian(so I can get $450 for the $600 worth that I have). That's not too bad considering I got them for free over a year. 
They also buy a lot of other countries' coin so I've been sorting out the rest. I already was keeping Euro(at .80ea) and Mexican in their own containers. Now we're sorting out 3 cans full of 'other foreign' we have collected.
This is their site: http://www.sansomcoinexchange.com/


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## Harold_V (Jan 1, 2011)

markmopar said:


> Harold_V said:
> 
> 
> > markmopar said:
> ...



Chuckle!
Well, yeah, that does make a difference! :lol: 

Harold


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## Oz (Jan 1, 2011)

markmopar said:


> I found a place in Philadelphia that pays 75% for Canadian (so I can get $450 for the $600 worth that I have). That's not too bad considering I got them for free over a year.


There is a simple solution to this that will cost you less than a 25% deduction from value (only shipping cost). Buy some gold or silver from a trusted member here on the forum that lives in Canada. The exchange rate is dead flat right now between the US and Canadian dollars. You mail coin, they mail PM, if you wish cash sell the PM locally.


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## joem (Jan 1, 2011)

ok you can do two things;
1 send them to me and I'll pay 87% of face value.
or
2 get an inexpensive plastic battery operated coin sorter (check wally mart) and roll the coins and bring them to the bank.
:idea:


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## rusty (Jan 1, 2011)

I would do it for 10% if the coins were already rolled, you can use paper or plastic cartridges from any US bank. Return payment via paypal in USD.

You can check my ebay user id gustavus1 feedback and have one GRF forum member that will vouch for my integrity and honesty, email [email protected] for details.

Best Regards
Gill


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## joem (Jan 1, 2011)

joem said:


> ok you can do two things;
> 1 send them to me and I'll pay 87% of face value.
> or
> 2 get an inexpensive plastic battery operated coin sorter (check wally mart) and roll the coins and bring them to the bank.
> :idea:



I don't need rolling. I also have a 100% rating on ebay (joethegoldman) and have paypal.


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## rusty (Jan 1, 2011)

joem said:


> joem said:
> 
> 
> > ok you can do two things;
> ...



Easy to have 100% feedback when your mostly a buyer, I've been selling since June of 1998 my feedback is 967 with a potential of 1179 these were either multiple purchases or repeat customers. Plus many of my buyers who wish to maintain privacy never leave feedback.

Edited, cant do 5% so I hold at 10%. Paypal rips me on funding my account from CDN bank account into USD even though the money is at par.

Best Regards
Gill


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## joem (Jan 1, 2011)

100% percent feedback talks integrity wether you are a buyer or a seller. I only made an offer and I don't knock others over to get a purchase. You can have it if he will sell to you. 
:|


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## rusty (Jan 1, 2011)

joem said:


> 100% percent feedback talks integrity wether you are a buyer or a seller. I only made an offer and I don't knock others over to get a purchase. You can have it if he will sell to you.
> :|



I didn't think that I was knocking you, just stating the obvious facts.

I'm sure there are plenty of American GRF members who live close enough to our borders that could act as an agent for this simple transaction with out the high cost of postage to Canada for cross border shipping plus possible delays with customs, loss or theft of the package.

ttys
G


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## markmopar (Jan 7, 2011)

So, after looking at the price of shipping and the customs issues, I ended up going to the guy in Philly. I got $506 for all the Canadian coin plus a bunch of other foreign stuff at $2/lb.


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