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tklimson
New Member
United States
20 Posts |
 Posted 03/15/2010 11:33 pm
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So you want to start collecting coins or perhaps you're an experienced numismatist and you want to get good deals on gold, silver, or rare coins. Where do you look? Yogi Berra once said, "Hit em' where they aint." This is what this article is about. Sure you can find coins on ebay, from a reputable dealer, craigslist, or surfing the net. But more often than not you will never find real value. Over the years as an expert marketer and coin collector I have always had the knack for finding leads and even coins where nobody else is looking. Why compete with the big boys? These 7 tips for finding coins at face value or, if your lucky, below face value, can surely vault your success in finding real value in coin collecting. With a little diligence and a little homework a literal gold mine could be right in your back yard.
So where do you start?
1. Your local Bank
One day as I was driving down the road coming from a coin shop, I drove by a bank. Instantly, an idea came. I wonder if they have any coins I may want. I went inside with a smile of course and asked the teller if she had any half dollar coins. She said yes and pulled out a tray of 180 Kennedy half dollars all 1965 – 1969. She told me an elderly gentleman came in 2 hours earlier and cashed them in. Showing very little emotion I said I will take them. I gave her $90 and walked out with 180 silver Kennedy halves at face value. There melt down worth was $270 at the time. Score! I'm sure all of you have a bank account. Just ask your favorite teller every time you go in if he/she has any halves to get rid of. They may let you look through them, they may not. If you have a good rapport with the bank always leave your business card and tell them to call you if any more come up.
2. Convenience Stores
Folks our country is in a recession now. People are cashing in their inherited coins, or collection to buy basic needs. Everytime you go to a convenience store ask the clerk if he/she has any half dollar coins or dollar coins they don't want. People buy beer and cigarettes with their silver coins all the time. I try to avoid saying silver or gold coins because it may give away to the clerk you may want to resell at a profit and he/she will keep them for themselves. I have about 20 – 25 clerks locally who keep a look out for me. Again I always leave my business card with the clerk and tell them to call me if they get more. You won't get lucky every single time, but if you don't mention it you won't get them.
3. Grocery Stores
I read an article online that jumped out at me like a loose tiger. People in Los Angeles are paying for their groceries with SILVER! The recession has forced people into liquidating coin collections to buy basic necessities. We all need to eat, right? So every time you get to the checkout line ask the cashier if she has any half dollar coins or dollar coins. If she does ask if you can see them. If they are silver and if your the luckiest guy or girl on the planet you may see a gold coin. They are busy so respect their time. If they are wrapped in rolls just take them (pay for them, of course) and sort them out later. If there is no valuable coins, so what? Deposit them at your bank. And, always remember, you are a customer so I doubt they will tell you to take a hike if you ask.
4. Coinstar Reps
If you go into a grocery store most of them have coin collecting machines by the front door. This can be hit or miss but on each machine it should have a label telling you who the local rep is for coinstar or it may be another machine. Be very polite and ask if you can meet them when they empty the machines and sort through the coinage. Don't expect everyone of them to say yes but I read an article where a coin collector befriended one of the reps and assisted in rolling the coins. He found thousands upon thousands of wheat pennies, silver mercury dimes and silver quarters. This can be a rather daunting task but if your polite and even offer to pay a fee they may let you look through the coinage.
5. Estate Sales/Garage Sales
This is where you may be able to score coins under face value. Check craigslist and your local newspaper for estate/garage sales. Read the ad for keywords like collectibles, trinkets, coins, etc. If you want to save time call (if the number is listed) the seller a head of time and just ask if they will have coins. If not, you just saved time and gas. I have scored bags of coins for $10-$20 bucks and resold them for a ton.
6. ***Edited by Staff - Please Review the rules that you agreed to when you registered. ***
7. Courthouse records
I am a life insurance agent by trade and I stumbled across a way to find leads at the local courthouse. Unfortunately, the most common document you will see is divorce settlements. It's all public! (I know your probably calling me an ambulance chaser now) Many times one of the parents will be ordered to obtain life insurance to cover child support. I simply send them a postcard telling them I assist dads in obtaining cheap life insurance. So that is how I get my life leads. One day I was reading through a divorce settlement and behold the couple was ordered to sell a coin collection! They couldn't agree on a lot so the judge ordered them to sell it. I never call these people because it can be a rather sensitive subject. I just send them a postcard and tell them I buy coins. And they call! Again this will take up a lot of your time but nobody knows this information unless you spend a few hours a week at the courthouse. Art collectors do this when someone passes on and in the probate document it may list an art collection to be passed on to the heirs. Keep an eye out for coin collections. You may get lucky.
Well I hoped this article helped. This is how I have built my collection without having to pay high premiums. Do you have any collecting tips that allowed you to get coins for face value?
Written by Todd Klimson
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CheetahCats
Valued Member
United States
314 Posts |
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Parklane64
Pillar Of The Community
USA
1457 Posts |
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Kabiye_Lady
Pillar Of The Community
USA
573 Posts |
Posted 03/16/2010 02:56 am
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How about attending funerals.
Oh and how about pitching a tent in a town the day after a natural disaster hits.
I'm sure you'll come up with more!
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spock1k
Valued Member
101 Posts |
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Sap
Moderator
Australia
5497 Posts |
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fioti
Valued Member
United States
386 Posts |
Posted 03/16/2010 09:40 am
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Regarding the natural disaster bit; I sold 200+- Haitian coins since the "shaker". Iraq&Iran pairs go fairly well, also.
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nickelsearcher
Pillar Of The Community
United States
708 Posts |
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Libertad
Valued Member
Canada
358 Posts |
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cladking
Pillar Of The Community
USA
512 Posts |
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SDcoinguy
Pillar Of The Community
United States
705 Posts |
Posted 03/20/2010 11:36 am
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i would like to hear more on how to get in with the coinstar reps...
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Oldest Roll/Loose Finds:
.01 - 1894 IHC
.05 - 1902 Liberty V
.10 - 1918-S Merc
.25 - 1935 Wash
.50 - 1964 Kennedy
http://sdcoins.ecrater.com/ |
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spock1k
Valued Member
101 Posts |
Posted 03/21/2010 03:36 am
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sure hook me up with a DE and I will shiw you how to hook up with coin stars reps :)
dont waste time with the coin star reps devote the time to better know your flea market dealer and cherry pick at coin shows
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benchede
Valued Member
United States
112 Posts |
Posted 03/21/2010 04:28 am
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Good informative information. Your hot spots are now public information..lol
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Kabiye_Lady
Pillar Of The Community
USA
573 Posts |
Posted 03/21/2010 05:26 am
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From Libertad:
You could even make friends with homeless people and offer to exchange their coins for bills. They might find it more convenient.
Oh My God. How sad have we become? So now we (coin collectors) are going down and EXCHANGING paper for change from homeless people to feed our habit.
Is that sick or what? How about GIVING them your paper money.
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