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Unsearched bags and rolls, the ugly truth.

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Pillar of the Community

United States
1048 Posts
 Posted 02/23/2013  3:44 pm Show Profile Bookmark this topic Add jmkendall to your friends list Get a Link to this Message

I see this topic all the time on here. Mostly connected to eBay ads.

Now 99.9 percent of these ads are bogus, in my opinion.

But now for the ugly truth. How do you think quite a few of us dealers make our money?

By buying unsearched bags and rolls from the public. I spend days and days going through bags, and boxes I by from Joe and Jane Public. The usual scenario runs like this.

"Hi, do you buy coins. My Mom/Dad/Uncle/Aunt/Neighbor/Guy down the street, just passed away and he had this bag/jar/box full of old pennies. I need booze/drugs.....er Money for my medicine for my sick Aunt. How much will you give me?"

"(Me) there are thousands of coins here. I don't have the time to go through the whole group to give you a real value. The best I can do is offer you 3 cents a piece ( Or better if I can see indian/large/cents/ect) and run these through the counter. If you would like you can buy one of these Redbooks and search through these yourself"

"No,man, just run these through the counter and give me my money"

Then they sit until I can get the time to sort through them. Most are garbage, some are nice; occasionally you find a key. In a group I'm going through right now; I have found several red 20's and 30's. Also Fed wrapped rolls of early 60's cents.

Now, I don't really mean to say that lots of Customers are shady or lazy. Though I do get more than my share! I get people who can tell you anything you want to know about Glassware or Pottery or Books; but have NO clue about coins and don't want to take the time to learn. All they want is a quick buck on a quick flip.

Sometimes some of these do a quick search on eBay and see the hundreds of ads for "unsearched" bags and rolls and figure they can make some money doing the same. These are obviously NOT the rolls with "vdb"/merc dimes/fecs/ect on them.

Bottom line; do unsearched lots exist? You bet, thats how we make our money. Are the "unsearched" lots on eBay really unsearched? Prooooooobably not. Are ALL "unsearched" lots on eBay bogus? A qualified NO. Though you may go months and years before finding one.

Good hunting, though remember, most all the real lots are going to be local estates from private individuals and NOT eBay!

Oh, and stay away from Auctioneers!

Pillar of the Community
United States
2539 Posts
 Posted 02/23/2013  6:45 pm  Show Profile Bookmark this reply Add Tim Stroud to your friends list Get a Link to this Reply

Quote:
Oh, and stay away from Auctioneers!




I have a roll of unsesarched 1950"s wheat pennies here. Who will start me out $100? $50? how about $25 for a roll of unsesarched 1950"s wheat pennies? I see these selling on eBay for up to $200, now who will go $5 on an unsearched ...........
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Oldest Circulation Find ----- 1897S Barber quarter
Oldest Detector Find -------- 1803 Large cent


Edited by Tim Stroud
02/23/2013 6:45 pm
Pillar of the Community
United States
838 Posts
 Posted 02/23/2013  6:59 pm  Show Profile Check jerseyben's eBay Listings Bookmark this reply Add jerseyben to your friends list Get a Link to this Reply
The scenario you speak of is 100% accurate. I know this because the guy who did not have time to go through these pennies used to sell them to me at the higher end of "wholesale". I pulled many many semi keys from these lots. Most of it was nothing. Finally I think he realized he was missing out on profit by not searching them himself and my supply dried up. Bottom line: They ARE out there - just not in the obvious/easy places. The truest "expression" I have ever heard is "If it sounds too good to be true, it probably is".
Valued Member
United States
210 Posts
 Posted 02/23/2013  7:07 pm  Show Profile Check icollectyoubuy's eBay Listings Bookmark this reply Add icollectyoubuy to your friends list Get a Link to this Reply
Don't even get me started on the eBay sellers that put the reverse of a VDB on the end!
"Life is like a coin collection, you'll find those of all types, marks, and grades. Those of amazement, of value, and of interest. Whom be from all places, pockets, and walks of life. "-icollectyoubuy

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Pillar of the Community
United States
2676 Posts
 Posted 02/23/2013  7:12 pm  Show Profile Bookmark this reply Add fioti to your friends list Get a Link to this Reply
I seem to be missing the overall tone of the OP. So, buying a box from my bank isn't "ugly truth"?
Pillar of the Community
United States
3339 Posts
 Posted 02/24/2013  09:27 am  Show Profile Check rachums107's eBay Listings Bookmark this reply Add rachums107 to your friends list Get a Link to this Reply
jmkendall, what you say makes complete sense. I figure there will be a few people here who will argue with you but all of what your saying is true.
"Once you free your mind about a concept of harmony and music being correct, you can do whatever you want. So, nobody told me what to do, and there was no preconception of what to do."
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Silver War nickels found: 97
Oldest CRH find-1897 V-Nickel
Ignorance is bliss...but knowledge is power.
Pillar of the Community
United States
1048 Posts
 Posted 03/01/2013  01:18 am  Show Profile Bookmark this reply Add jmkendall to your friends list Get a Link to this Reply
Floti, I am being totally serious, but with a humorous bent....or at least trying to!

My intent is not so much to have people buy "unsearched" lots on eBay, but rather to do so, by buying from the general public, or even as you mention; by roll searching.

I have seen so much negative opinion expressed about this subject that I just want people to understand that they really do exist, just not on eBay. Or well.....extremely rarely on eBay. And I am in complete agreement about the salted rolls.

To give an example, I am currently going through a bag of coins that I bought from a customer who's Mom passed away recently. The family is fighting over who gets what and most are selling their Mom's stuff as fast as they can sneak it out of the house.

Now I have to hold it for 72 hours and send in Police reports daily and for good measure I usually wait 21 days.

The customer comes in with cigar boxes full of pennies and plops them down on my counter and ask how much I'll pay. I tell him 3 cents a piece or better if there is anything good in it. Well, to make a long story short he is in a hurry and we dump all the pennies in the counter and end up with a bit over $100 in face value and he walks out happy with his $303.

So what did I get? Well, lots and lots of teens and twenties in VG to AU. Some reds, more red/browns. Some nice 1909 VDB and non-VDB's. Some in AU. Lots of Red 30's and 40's. But nothing really really nice....till today. Today I found a 1914 D.....in........AG. Still, a 14d is a 14d! Strangely not one Indian Head cent. Not one!
Pillar of the Community
Canada
5910 Posts
 Posted 03/01/2013  07:05 am  Show Profile Check SHAFTA9a's eBay Listings Bookmark this reply Add SHAFTA9a to your friends list Get a Link to this Reply
Good read, jmkendall..

And.. nice pick up on the '14D, I guess you can still find those 'unsearched' coins.
True North
Bedrock of the Community
United States
11350 Posts
 Posted 03/01/2013  5:39 pm  Show Profile Check BadThad's eBay Listings Bookmark this reply Add BadThad to your friends list Get a Link to this Reply
There's nothing wrong with what you do, at most dealers this is the process. My local dealer hires old, retired guys to search through the masses of coins because he doesn't have the time. Once in awhile he'll get a nice coin or a key but most of it is common junk.

I've said it many times before, the stuff on eBay and the like has been searched....many times over through the years. I suspect most of it is junk discarded by a dealer.
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Bedrock of the Community
United States
12917 Posts
 Posted 03/01/2013  6:04 pm  Show Profile Bookmark this reply Add just carl to your friends list Get a Link to this Reply
Although in almost all instances large bulk quantities of coins have been searched and researched. However, there are always some old coins in those piles if from banks. The reason is those occational people with that old jar, can, box, etc. of coins laying around and now dumped into a bank. Then too there are those criminals that steal coins and just dump them into a bank since they have no idea what they are nor care.
just carl
Pillar of the Community
United States
1827 Posts
 Posted 03/01/2013  7:14 pm  Show Profile Bookmark this reply Add snowman to your friends list Get a Link to this Reply
My local dealer has a large plastic tub of wheats on the floor of his shop. One day I asked him if they were waiting to be searched. He replied that years of experience had taught him that it wasn't worth his time to search through them. He simply sells them in bulk. I have no reason to doubt him. I've been a customer of his for years and I hardly ever buy US coins. I certainly have never bought anything bulk from his shop.
Pillar of the Community
United States
1002 Posts
 Posted 03/01/2013  10:52 pm  Show Profile Bookmark this reply Add ghostrider to your friends list Get a Link to this Reply
That's interesting but I have a question of a different track on the difference between searched and unsearched packaging. When I do roll searching I seperate all wheats as I get them in empty medicine bottles in quantities of 300.

So I mentioned this to a dealer that I do business with from time to time and I was asking him if I should ever decide these bottles would the the wheats that are in them searched or unsearched. I'm of the opinion that they are unsearched regardless if I decide to pull the 1914d I just found from the bottle or not. He told me that if I were to do that then they become searched coins (just because of that one coin). He went on to say that a soon as I looked at the date and mintmark then they really become searched coins. I told him hogwash, and he got huffy and acted like I wronged him.

Now I understand why I wronged (?) him. So who's correct him becasue he wanted to buy low and sell high after searching them himself, or me who wanted to keep a few coins for himself.

I think that it all really comes down to is who is getting their ox gored. Am I correct?
Valued Member
United States
339 Posts
 Posted 03/03/2013  07:14 am  Show Profile Bookmark this reply Add xAGENTxMULDERx to your friends list Get a Link to this Reply
so if I go back to the coin shop I went to and ask for unsearched rolls, chances are the ones at the shop are unsearched?
Pillar of the Community
United States
1048 Posts
 Posted 03/04/2013  05:22 am  Show Profile Bookmark this reply Add jmkendall to your friends list Get a Link to this Reply
I only consider it searched if all the coins in the lot are searched. As for local coin shops selling unsearched rolls. That would depend on the dealer. Most don't want to. They want to search them, themselves. And they know from experience that most of what you are going to buy are going to be commons. Out of the last 10k coins I have searched in the last two weeks; I found ONE, low grade, key date. I have also found a bit less than 100 coins from 09 to 20 that are in high vf to au. And most of them were in a roll of 09vdb's (not sf)that was sitting in one of the bags. And that is NOT a common occurrence. Now there are a few hundred 20s and 30s that are nice, but not show stoppers. The point is that if they sell unsearched rolls or bags, or whatever to you, then they know that the probability is that you are going to be unhappy with your purchase, which is never going to be a good thing. So there is very little upside to selling them to you. like I said the most profitable area is the public. Put an ad in Craigs list or some such.
Valued Member
United States
82 Posts
 Posted 03/05/2013  3:19 pm  Show Profile Bookmark this reply Add Amcarmar to your friends list Get a Link to this Reply
Some of these coins have to show some value or over time you are losing money if time equal money. Hate to spend three hours search to come up with $3 worth of decent coins!
Pillar of the Community
United States
1164 Posts
 Posted 03/05/2013  10:05 pm  Show Profile Check buddy16cat's eBay Listings Check buddy16cat's eCrater Listings Bookmark this reply Add buddy16cat to your friends list Get a Link to this Reply
Can go to a local dealer and buy bulk V nickels and Buffalo nickels, not search them, and advertise them as unsearched? I know they searched them but I didn't.
Edited by buddy16cat
03/05/2013 10:06 pm
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