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 Replies: 76 / Views: 7,237 |
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Valued Member
 United States
364 Posts |
Thanks for the input everyone. I was unsure of the weight conversion, so that really helps. Tomorrow I will call and offer to buy them. $5 per pound seems good and I can give a little more if there are some great mints/dates. If he sells and I find something I will post. Thanks again.
Edited by Nobis1
03/24/2011 8:34 pm
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Valued Member
United States
337 Posts |
I would go and count one of the cans
this way you could get a quick glimpse at the range of dates, and range of grades of coins you were looking at.
Just don't get too excited or bug eyed when you pull out that 1909 S
just count them carefully and then figure out the price per can
if it looks like a nice mix then maybe ask for a little more
your conscience no one elses
If I have a chance to get a good deal I always jump though
good luck
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Valued Member
United States
109 Posts |
Dump Out on The Counter Make Sure No Water In Can
Or All Green
Yes I Would Buy All Them at .03 each
That Much As They Say Just To Look For Something Special
If You Don't Like What You Find, Then E-Bay Them Off
Boatman
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Pillar of the Community
United States
3345 Posts |
I would buy them in a heartbeat. Offer him like $10 a can, all you need is good find (a couple would be nice) and you're good.
Did he search them? If not there may be Indians and such in there.
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Pillar of the Community
United States
1547 Posts |
If you trust the guy that they're unsearched 5-6 cents has been the going rate since I can remember when you're buying in bulk off trusted dealers.
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Pillar of the Community
United States
3184 Posts |
buy them and if you find any rare stuff like a 09s vdb, sell it and then give a portion of it back to the man to reward him :)
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Pillar of the Community
United States
601 Posts |
Anyone know how to be ethical about it? 3 cents each is what a reputable coin dealer will pay. If the cans of pennies aren't corroded and disgusting (this is money saved, there's probably no problems they're from circualtion), and you will be able to tell right away- just pay the 3 cents, the guy with the pennies would probably call a coin dealer to ask anyway. Offer what's fair, even slightly more than you know a dealer will pay- you're still getting a wholesale price.
If you find something SIGNIFICANT- a 14-D or 31-S etc, go back to the guy and give him another $20 or whatever you feel is fair. He'll be glad to know you're so fair, you'll have a guy who may call you with more stuff and you can sleep with yourself at night.
You won't find a coin dealer with a physical shop who'd call you back to give you more money, but it's the solution to an ethical issue that used to tear me up. It's also one of the bigger secrets to the success I've been so lucky to enjoy.
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Bedrock of the Community
United States
19963 Posts |
I would have immediately bought those. The fair retail price is 5 cents per coin and that's what I would have offered....given they are not all corroded. I would have simply opened each can and inspected them. If they just clean, average circulated wheats, they would be mine.  From an ethical standpoint, if I found something valuable, I wouldn't go back and tell him. He obviously didn't care about them and didn't want to take the hours necessary to search them...and paying 5 cents is completely fair because you probably won't find anything. He's certainly not going to reimburse you for the time you "wasted" searching them if you find squat.   Lincoln Cent Lover!VERDI-CARE™ INVENTOR https://verdi.care/
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Valued Member
Canada
311 Posts |
I feel that 3 cents per coin is low. Like I said in my first reply I would offer more. Maybe 5 or 6 cents would make me feel better that I was not ripping him off. The odds of finding a major key are not good. There is a reason why these are keys. Also don't fool yourself, must people that would have kept these jars would know what the major keys are. I think you should be happy if you found a semi key. Also there may be a lot of nicer grades in there making your investment pay off even at 6 cents a coin. I have no trouble paying a fair price for MS-65 LWC from dealers so 6 cents to me is still a bargain. Its also nice to say you would go back and give extra money if you find a key, but I would rather be fairer from the start. |
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Pillar of the Community
United States
601 Posts |
I don't say, I DO go back and give money- I'm a full time die variety dealer. In fact I responded and mentioned that part because just before coming across this post, I emailed a cherrypicker to tell him I'd be paying him an additional $50. He sold me a coin that I ended up doing much better on than I expected, and therefore was happy to share the wealth. You simply can't pay top prices before you know you have something worth top price. At 6 cents each, that's $300- much more than average bags sell for on ebay. If you want to overpay and end up with something that you can only get 4 cents for when it's time to dispose of, by all means- do exactly that. But paying slightly more than what a reputable dealer does, and then offering a "reciprocal thanks" keeps me in strong supply of people wanting to sell to me! |
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Pillar of the Community
United States
601 Posts |
I'm not suggesting you pay the guy extra if you find some circ RPMs or anything short of the '55 Doubled Die- finding die varieties requires specialized knowledge and takes a ton of time, that's income earned!
But if I pull out an '09-SVDB from pennies belonging to a trusting old man, he's gonna know about it!
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Bedrock of the Community
United States
19963 Posts |
That's fair enough Chris, you're stand-up character and a dealer. For us plain, old collectors, it only makes sense to just pay a fair price up-front and hope we get lucky....which hardly ever happens. When it finally does, we deserve to be justly rewarded considering most of us lose money on coin dealings like this 99.9% of the time. In fact, I've lost enough that if I did find something worthwhile I'd still probably not be even. LOL
Lincoln Cent Lover!VERDI-CARE™ INVENTOR https://verdi.care/
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Valued Member
Canada
311 Posts |
The average bag of LWC's on ebay are unsearched. Riiiight |
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Pillar of the Community
United States
601 Posts |
Absolutely! If you do pay a retail price- what a collector would to a dealer, then heck yeah! A windfall is a rare thing to be enjoyed, like a scratch ticket. I guess I'm answering from the other side. The OP asked what's fair and there's several ways to go about it. Fun thread!
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Valued Member
Canada
311 Posts |
I guess if you are a dealer you are getting coins brought to you all the time, but for average collectors we do not get the same opportunity to buy collections.
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Replies: 76 / Views: 7,237 |
First Page
Posted 03/24/2011 8:03 pm
