Weighing vs Counting Quarters

[lland]

I want to track revenue by maching type, so I am going to start counting quarters. My inclination is to weigh since it seems faster, but would think that counters would be more accruate. Does anyone have an opinion?

[Anonymous]

I have a cheesy scale that I bought for $50, and it is accurate to within probably 2 quarters when weighing a $400 bag.

Close enough for me and way, way faster than counting.

A quarter is exactly .2 ounces, so pounds * 20 = dollars.

(.2/16) * 20 = 25 cents.

My scale weighs in pounds and ounces, so I take
(pounds + ounces/16) * 20 = dollars.

Real quick with a calculator.

- John (Off to hawaii tomorrow morning :) )

[smellysocks]

1# QUARTERS = $20, i used it all the time it is really acurate within a $1 EVERYTIME. so if you have 1.25x20= $25 try it it is much faster. i love bags of quarters.

[Anonymous]

This is the one I use and, while cheap, works fine:

http://www.americanweigh.com/product_info.php?cPath=22&products_id=301
Tell them you saw their link on Coinwash.com
- John

[William]

I just use my fluff and fold scale. I take them to the bank in bags as well. Never a dispute on my deposits.

[MichaelCa]

Re: Bags

Don't your banks make you pay a Fee for depositing bags, instead of rolled quarters ?
Every bank i checked with here (& that was many) does.

*

Aside from that, i find that there is an equilibrium between the "bank" of coins in my Changer, and the amount of Bills exchanged - so much so, that i prob. deposit coins only about every 1.5 mos.

[DaveLevenson]

In my payphone business, about 60% of my revenue is coin - three denominations. I spent a year or more shopping for a bank that accepts coin deposits without imposing a fee. Here in NJ, the answer is Commerce Bank. They offer a coin-counter in each branch that accepts small amounts of coin for deposit or for conversion to bills at no charge to the customer.

I use a counter/sorter to package individual denominations in full bags that meet Federal Reserve standards. These "Fed Bags" (as bankers call them) are accepted at most branches of this bank without charge. They credit my account same-day and then post small adjustments several days later if their count differs from mine. The most frequent adjustment is nine cents on a $1,000 dime bag, where an occasional out-of-spec dime gets counted as a penny.

Check with local vending-machine or payphone operators. If there is a bank with similar policies in your area, they've probably found it.

[Anonymous]

I have a vending machine co. also. We bank at Bank of Amercia They take bag of change free if you deposit in your checking acct. 100 dollars in nickles 500 dollars in dimes and Quarters.There is a small fee for the checking acct. We also deposit lots of bills too.

[Anonymous]

As Dave suggests, Commerce is a good solution for you. I deal with a local bank that has about 9 branches and they too have counting machines in the lobby for anyone to use for free. You dump all your coins of any mixed denomination in and it prints out a receipt which you take to the teller to eithe deposit or get cash -- no charge.

[fluffy]

I use Wells Fargo and there is no fee for the depositing coin bags. You must not have checked very many banks Michael is you didn't go to Wells, there is probably one on every corner by you! Or perhaps you don't have a business checking account?

[MichaelCa]

Your right, i did Not go to Wells... because i'd previously gone to the well with them. Not going back there.

[PeterH]

Count me in the counter column. I want each quarter counted with no variation because one might be thinner, have a gouge out of it, or have gum or tar stuck to it. Plus, now that I'm used to the sound, I can easily pick out all silver quarters and foreign coins that make it into the bunch. I can count $2,500 in about 15 minutes. I have a Klopp, and I count by machine type.

[troy]

Do your banks charge for cash deposit over certain amount a month?

Bank of America charges .002% for anything over 10k cash deposit a month.

[Bob]

I collect by machine type. I have seven bags and it takes me no more than seven minutes to collect. I then take the seven bags that I have lined up in a laundry basket into the back room and I weigh them on a scale that I paid about $150 for. It counts the exact number of coins. I devide that number by four and record that amount. This process also takes no longer than seven minutes. I then dump all of the quaters into the changer and take the cash out, count it and record the difference so that I can track the amount in the changer. I only take about $100 per month to the bank. This is a very simple process and very accurate.

Bob

[pete f]

Do your banks charge for cash deposit over certain amount a month?

Bank of America charges .002% for anything over 10k cash deposit a month.

I use BOA and thery do not charge me to deposit. They also supply wrappers, coin tubes, etc. I bring qtrs wrapper, but have deposited a bag, no extra charge.

[fluffy]

I think the deposit fees depend upon the type of account you have. I know with Wells there are many different types and different fee structures. Maybe I shouldn't say this, but I have the basic business checking account which charges a nominal fee for anything over $5K in deposited cash per month...so I opened a basic savings account and deposit everything over $5K into that (with no fee) and transfer online when I get home. Works for me - I get free bags and wrappers, etc. too.

[mjwalsh]

For about 2 1/2 years now we have been counting by machine category with a Cummins Sorter Counter 2000. We have been using a RS232 interface from the counter to our computer. As we count we press "end" sub batch after each category & it automatically puts in the right amount. We have to make sure we count in the same sequence so we don't have to position the focus of the cursor. The computer program (input form) automatically tabs into the proper category. We also have the Standard 600 bill changers audit handshake into the computer so we know how many quarters to fill into the bag which auto stops for the amount we set on the Cummins. I am hoping to tweak this even better some time down the road. It does prevent typos vs entering by hand into a database. It is nice to be able to generate timely & categorized reports from a database. I wouldn't mind collaborating with a dot net programmer who might be on this board. Right now it is all written with VBA within MS Access 2002. I would prefer to have it in Visual Studio.Net. but we might have to be patient for that.