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Are Nice Condition LMC's Worth Anything?

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BH1964's Avatar
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 Posted 04/02/2024  3:14 pm  Show Profile   Check BH1964's eBay Listings Bookmark this reply Add BH1964 to your friends list Get a Link to this Reply
I save pieces like those in my penny jar.
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BadThad's Avatar
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 Posted 04/03/2024  8:43 pm  Show Profile   Bookmark this reply Add BadThad to your friends list Get a Link to this Reply

Quote:
Hi again. I found some time to take some (not so great) pictures of 5 of the coins. I'll post 1 picture here, but I posted the obverse and reverse of each coin in the grading section.


They look fine to me and good enough for a nice starter collection. They appear to be mostly red AU-MS.
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 Posted 04/03/2024  8:58 pm  Show Profile   Bookmark this reply Add Coinfrog to your friends list Get a Link to this Reply
Most, if not all, are probably worth very little.
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 Posted 04/06/2024  9:00 pm  Show Profile   Bookmark this reply Add coinnewcomer1 to your friends list Get a Link to this Reply
I concur with others - what you show are low Almost Uncs to XF. As the production of Lincoln cents skyrocketed around World War 2 to close to a billion and then by the 1960's over a billion, it will be a long time before anything but Lincoln cents above MS67 will have a premium or substantial one. Yes there are a few errors out there but that is it.

I still pull very nice cents but my rule of thumb is those from 1959 - late 1960;s Uncirculated or XF - AU, from the 1970's onward either extremely high AU or Uncirculated. And I still have to review them and let go of some. IN about 10 or 20 years I could sell some of what I have on ebay as I have some cents from fresh bank rolls from recent years. But it will be a very small profit and likely the buyers will be new collectors seeking higher grade coins from years they would have great difficulty finding in circulating coinage in 10 to 20 years.
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 Posted 04/07/2024  09:19 am  Show Profile   Bookmark this reply Add cladking to your friends list Get a Link to this Reply

Quote:
"I concur with others - what you show are low Almost Uncs to XF. As the production of Lincoln cents skyrocketed around World War 2 to close to a billion and then by the 1960's over a billion, it will be a long time before anything but Lincoln cents above MS67 will have a premium or substantial one. Yes there are a few errors out there but that is it.

I still pull very nice cents but my rule of thumb is those from 1959 - late 1960;s Uncirculated or XF - AU, from the 1970's onward either extremely high AU or Uncirculated. And I still have to review them and let go of some. IN about 10 or 20 years I could sell some of what I have on ebay as I have some cents from fresh bank rolls from recent years. But it will be a very small profit and likely the buyers will be new collectors seeking higher grade coins from years they would have great difficulty finding in circulating coinage in 10 to 20 years."

I have to disagree. Certainly mintages of the pre-65 issues were extremely high but the savings rates of these was always exceedingly high as well. Many of the post-'65 issues had few saved because people don't collect moderns as widely. Attrition on the zinc issues is staggering as often even BU rolls corrode.

There are various cents that are actually pretty scarce even in nice MS-64. The '68 and '84-P leap to mind but there are others as well. Unlike with the old coins that are very few in XF or AU because there are few collections of moderns. A lot of the early moderns are becoming exceedingly difficult to find in pocket change and when they do appear they are in horrid condition.

If collectors ever start collecting later issues then you'll see a completely new pricing system for them.
Time don't fly, it bounds and leaps.
Edited by cladking
04/07/2024 09:21 am
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 Posted 04/07/2024  5:28 pm  Show Profile   Bookmark this reply Add BadThad to your friends list Get a Link to this Reply

Quote:
I have to disagree. Certainly mintages of the pre-65 issues were extremely high but the savings rates of these was always exceedingly high as well. Many of the post-'65 issues had few saved because people don't collect moderns as widely. Attrition on the zinc issues is staggering as often even BU rolls corrode.

There are various cents that are actually pretty scarce even in nice MS-64. The '68 and '84-P leap to mind but there are others as well. Unlike with the old coins that are very few in XF or AU because there are few collections of moderns. A lot of the early moderns are becoming exceedingly difficult to find in pocket change and when they do appear they are in horrid condition.

If collectors ever start collecting later issues then you'll see a completely new pricing system for them.




Since 1965 and up were issued, the attitude has been "they made billions" and "you can find MS-67+ coins in all mint cents" - just ask any dealer. These myths have propagated for decades discouraging collecting interest.

Yes, they made billions, that is fact. However, it is also fact they were very hastily produced on over-spaced and over-used dies and with little regard for quality. The result is 99% of the coins as minted are generally MS-65 and below and generally unattractive with weak strikes, hits, spots and many other quality issues.

This also generally carried over to the mint sets which just typically used normal business coins pulled from production lines. Thusly, most of the coins in mint sets since 1965 are MS-65 and less.

As you mentioned, the attrition rate for Memorial cents could easily be classified as "staggering". The public has ZERO regard for them and most won't even bother to pick them up from the ground. My evidence is current bank boxes and pocket change which both show an exponential increase in the amount of Shield cents over the past 10 years. I am fairly certain at this point 100's of billions are history.
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 Posted 04/07/2024  6:12 pm  Show Profile   Bookmark this reply Add cladking to your friends list Get a Link to this Reply

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Since 1965 and up were issued, the attitude has been "they made billions" and "you can find MS-67+ coins in all mint cents" - just ask any dealer.


This attitude has been the biggest detriment to the hobby for many years now. However now the price guides are fast becoming an even bigger detriment. Many moderns simply sell for far more than the guides list because the guides are behind the times and because they report "wholesale" prices. Very few moderns trade at wholesale because they can be retailed and wholesale prices are for typical coins which are often just ugly and tarnished. It's great for the sellers who pay absurdly low prices but it's bad for the market and it's highly misleading.

Mint set coins are specially made with higher pressure and new dies but they tend to often be low quality as well. They get scratched up and then after decades in mint set plastic they tarnish. Finding coins in MS-65 can be very difficult especially since most of the mint sets have been lost by neglect and abuse over all these years. Some of these coins were hard to find nice even when sets were plentiful and pristine but now they are neither.

Dealers just don't like moderns so most of what they buy has gone straight into their cash registers for decades now. I've even gotten very rare 1969 quarters made for circulation in Gem from dealer cash registers!

These markets have been stirring for three or four years now and it looks like they're finally up and about! Stay tuned as this could get interesting.
Time don't fly, it bounds and leaps.
Edited by cladking
04/07/2024 6:13 pm
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 Posted 04/07/2024  6:19 pm  Show Profile   Bookmark this reply Add cladking to your friends list Get a Link to this Reply

Quote:
As you mentioned, the attrition rate for Memorial cents could easily be classified as "staggering".


It's been many years since I calculated the attrition rate on cents and it was over 4% even then. I'd wager it's closer to 5% now and the zincolns are much higher yet. Finding something like a nice XF/ AU 1984 cent in circulation is probably not really possible any longer. Finding some of these dates in ANY collectible condition might be virtually impossible because of tarnish, corrosion and poor manufacture. I know I never see much of anything in pocket change and haven't in years and years.
Time don't fly, it bounds and leaps.
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