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Free Money 101 Turning Change Into Profit

Updated on December 7, 2015

Free Money You Say

The term free money is often looked at as an oxymoron. (That means two things that don't really go together, not an angry cow.) I do have a confession to make in regards to this article. We will not be looking at free money in terms of money that is just laying around or money you can create out of thin air. Although if you can create money out of thin air please give me a call. This method will actually be dealing with taking one amount of money and turning it into a bigger amount. I know right now it does not make a whole lot of sense but it will real soon.

You will need some seed money. Just an amount to start out with. I will be using $50 for this example. You also want to get a nice big jar. Once again this will all make sense shortly. The great part about this method is you will either keep your original starting money or gain more. With this method there is no losing money. That is why I dubbed it the free money 101 method. The key to this method and the major plan is pocket change.

Silver Coins

Silver coins are huge profit makers and are usually easier to find than you think!
Silver coins are huge profit makers and are usually easier to find than you think!

Silver Is The Key

The American coin is a part of our everyday lives. We see it, spend it, heck pass by it on a street corner from time to time without even thinking twice. That change may very well be the secret to some instant cash. Let me elaborate. Prior to 1965 quarters and dimes were made using 90% silver. That's right sweet precious metal. Nickels minted between the years 1943 and 1945 are also made with a significant amount of silver. That makes these coins very valuable. There are other coins minted in silver but for our method we will focus the bulk of our attentions on nickels, dimes, and quarters.

Before we get to deep in the method we need to go ahead an examine any coins we have laying around the house or in the car. Remember free money can hide anywhere. I must also express a thought here. Don't just look for silver coins. Remember that coin collectors are crazy for coins. Look for ones that draw some buying power. Bicentennial quarters, buffalo nickels and the like really pull in some collector money. You also want to sit aside any older nickels you find. I recently sold 2 1940 nickels for $2 each so there is money in non silver as well.

Go ahead and stick that change that is not silver or collectable into the jar. We will be using it much more very very soon.

Silver Potential

There could be tons of silver lurking in these coin rolls.
There could be tons of silver lurking in these coin rolls.

Let's Up The Search

Now comes the time to turn our seed money into free money. Go to your bank and hand them that nice $50 bill. I will give you some advice. Quarters are worth more but they are also much harder to find then their dime and nickel counterparts so I usually don't recommend getting to many quarters. Go ahead and get $10 in quarters, $20 in dimes and $20 in nickels. Be very mindful that is a ton of coins. This is where that jar comes in handy. Any coins that are not silver or collected we will just toss in the jar. That is not where they will stay long though.

Keep those eyes peeled for that sweet silvery goodness. Free money takes work and this will get boring real quick I am afraid. I always take a small break after each roll of coins that way I don't burn myself out doing the search.

One thing I like to do is buy the paper coin holders you can find at a hobby store or online and make sure to put all my collectible coins and silver ones in these holders. Not only will they keep your coins safe they will also make it much more appealing for dealers to buy. Even though the melt values of silver coins is usually not determined by coin condition the resell value to collectors is greatly influenced by such matters.

Where Can I Sell My Treasure

Selling these coins can be a task. I like to use several outlets first as far as collectibles go. Coin stores and hobby shops are great sources to sell these treasures for pretty good prices. You can also try card and comic shops but in all honesty as far as collectible coins go the best market I have found for them is the flea market. Flea market dealers are very keen to buy up silver coins in hopes of reselling them later. You can usually get a little bit more from these face to face transactions then you can from the online market. This is because processing and shipping fees do not play a factor in the end price.

Sadly not all flea markets will yield such great results in our pursuit of free money. The online market is usually the best bet for selling silver coins. The real trick is finding the best prices for the silver you have obtained. I have found the average price online for a silver quarter is about $3 to $5. That is a pretty good investment if you really think about it.

The going rate for silver nickels can run between $1.50 to $2.50. Dimes can net you $1 to $2 depending on the market at the time. That does not sound like a great deal of money but let's say you find a silver dime in your bank haul. You paid 10 cents for that dime. If you sell it for $1.50 that is a profit of $1.40. That is a serious increase and now we see that free money coming on ion to our pockets.

The best thing to do is shop around with online retailers. Find one that pays for the shipping and does not have a minimum amount you can send and you will be better off in the long run. I find that selling silver is easy and really it may not be free money in the sense of you had to do some work for it but in the end the amount of money you can make it epic.

I tested the waters by buying $10 in dimes and $10 in nickels recently at my bank. I searched through them and found a buffalo nickel that I have already had offers on from co workers and there it was a silver nickel and a silver dime. 2 pieces of silver from one haul, now that is good times right there.

Recycle The Coins in the Jar!

You can keep this method going as long as you want!
You can keep this method going as long as you want!

Recycle and Other Sources of Silver

Here is the awesome part. Take that money in the jar back to the bank and get it cashed in. Now take your money home and wait a few days. Simply return to the bank and get some more change. Just keep doing this and in no time you will have a good amount of silver. The key is you can just keep recycling the change over and over again. You never really spend anything.

This method is very effective for getting smaller amounts of silver for quick resell. It won't make you rich but it will get you some good free money.

Another great way to get silver is to find it online and resell it for profit. I find a lot of silver passing through the pages of listia. This site usually has a few silver pieces on it's pages daily. Free money lurks everywhere so be mindful. Another great source is eBay. You search for older coins and sometimes you can find pounds of them on eBay or amazon that people have no idea what they are selling. I have known people to find 5 or 6 silver pieces in these types of lots not to mention the other collectible coins that may be in this type of lot.

Conclusion

I hope that you will give this method a try. You have nothing to lose and so much to gain from this free money method. Silver prices seem to continue the climb skyward so why not get in on that action. We live in an economy that merits we find ways to put more money in our pocket and silver is the fast way to make that happen.

As I said you won't likely get rich and you may go several trips without getting one silver piece but in the end your resilience will make this method worth the trouble.

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