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Buying Wheat Cents Bags?

 
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Pillar of the Community
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 Posted 11/30/2019  12:04 am Show Profile   Bookmark this topic Add merclover to your friends list Get a Link to this Message
Where would one go to buy a Bag of Wheat Cents, and what's a good price for them currently? Thanks.
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 Posted 11/30/2019  12:18 am  Show Profile   Bookmark this reply Add westernsky to your friends list Get a Link to this Reply
You can find them at most coin shops and online at places like eBay. Prices will be all over the map. Expect to pay 3 to 6 cents each per coin at a shop and 5 to 10 cents each per coin on eBay. You will most likely find mixed bags skewed heavily to the 40's and 50's with scattered coins in the teens, twenties and thirties.

There is no shortage of these things so take your time.

Good luck in your search!
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 Posted 11/30/2019  12:42 am  Show Profile   Bookmark this reply Add merclover to your friends list Get a Link to this Reply
Thank you for your suggestions... which begs another question, how do you trust the coins in the bag o'wheats you buy have not been searched many times over? Or do you just hope whoever has searched them has been hasty and were looking mainly for rare dates and the errors and varieties have been overlooked? I am not sure who to trust. eBay probably would be by last choice.
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 Posted 11/30/2019  05:13 am  Show Profile   Bookmark this reply Add Petespockets55 to your friends list Get a Link to this Reply
Uncertainty is the main reason they are only in that price range. If varieties were guaranteed, the price would be much higher.

There is no guarantee what you will find, but your best bet IMHO is the coin shops. These are usually held for long periods of time by previous owners knowing they have some value but without the time to search them. The coin shops do a cursory search for major varieties but they do miss stuff and nice ones can still be found.

As an example, in 2018 I picked up five $50 mostly memorial Lincoln cent bags destined for the local bank and the shop sold them to me for face. One bag held 928 wheats (2/3's were details grade), another the counter brokage with extra LIBERTY on the obv, another with 1964 DDR, a 1971 DDO, etc.

When you are done searching you still have coins worth 3-6 cents each.
Best of luck.
Edited by Petespockets55
11/30/2019 05:19 am
Valued Member
United States
269 Posts
 Posted 11/30/2019  10:52 am  Show Profile   Bookmark this reply Add ijn1944 to your friends list Get a Link to this Reply
Over a two year period I was very fortunate to acquire several $50 (face value) bags of wheat cents at a local coin shop, at $250 per bag. The owner was a great guy who was interested in much higher end material. He was happy to unload the bags, and picked up a few more because he knew I was interested. The first bag, while mostly 40s and 50s (very typical), had a rather high number of teens and 20s. While there were culls, they seemed to be relatively few. Every bag thereafter was about the same. One bag had several hundred steel cents in VF to XF condition. Across all bags (nine bags total), there were a couple 1909 VDBs, a few teen S mints, a few 1922Ds and 1924Ds, a couple 1926Ss, and a couple dozen 1932-33s. And there were a good number of strong lamination peels, die cracks, BIEs, etc. The owner sold his shop a few years ago and the bag bonanza stopped with the new guy. Those were the days.
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 Posted 11/30/2019  11:03 am  Show Profile   Bookmark this reply Add Coinfrog to your friends list Get a Link to this Reply
You were fortunate indeed. The value of wheat cents at a coin store is very much less than in most people's minds!
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 Posted 11/30/2019  11:04 am  Show Profile   Bookmark this reply Add QuarterHoarder72 to your friends list Get a Link to this Reply
I buy them very frequently from my local coin shop. They always are composed of '40s and '50s and rarely some '20s. The bags for me are at $18 a bag for 600 coins (3 cents a piece). My dealer always has them because our are doesn't get a lot of bag hunters or Cherrypicker's. I usually find some neat varieties and errors while searching.
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 Posted 11/30/2019  11:17 am  Show Profile   Bookmark this reply Add T-BOP to your friends list Get a Link to this Reply
In my opinion there is no such thing as an unsearched bag of wheats . Most of them have been searched through many times over . And most if not all will only contain 1940 to 1958 pds ,usually average circulated coins . I agree the best place to connect with anything worth while would be a coin shop . They don't have the time to go searching through 5,000 Wheaties .
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 Posted 11/30/2019  12:48 pm  Show Profile   Bookmark this reply Add basebal21 to your friends list Get a Link to this Reply

Quote:
how do you trust the coins in the bag o'wheats you buy have not been searched many times over?


99%+ have at least been skimmed for key dates like the 09-S VDB. The overwhelming majority haven't really been searched for varieties except the huge ones if that as most people don't really care about most of the varieties especially the minor ones.

Unless you can find a really really sloppy dealer that doesn't look at anything you'll basically have the same shot with the bags from any source as the vast majority of people will just be looking for the big obvious things
Fire A.J. Preller

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 Posted 11/30/2019  7:17 pm  Show Profile   Bookmark this reply Add CENTertainment to your friends list Get a Link to this Reply
By nature of being isolated, would they not have been screened?
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 Posted 11/30/2019  7:51 pm  Show Profile   Bookmark this reply Add basebal21 to your friends list Get a Link to this Reply

Quote:
By nature of being isolated, would they not have been screened?


Unless it's a sealed mint bag always assume they've been screened for key dates, big money varieties that are easy to see, and major errors. If you're looking for hard to see/minor/obscure varieties they generally haven't been. If you're lucky a minor error or two might have been missed as well.

Most sellers just don't want to spend hours and hours checking for every little thing especially if the return isn't very big for it.
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 Posted 12/01/2019  09:20 am  Show Profile   Bookmark this reply Add Big-Kingdom to your friends list Get a Link to this Reply
It's been 60 years since they stopped making wheat cents. It's safe to say everything has been searched, and researched, and searched again, moving around the country from collector to collector.

"Unseached" is a term used frequently in the sales of these things but it's a falacy. At best you c an only hope the person selling to you hasn't searched them but highly likely where ever they got them from searched them, and before that.

You could try this but yeah stay on the low end of pricing like the 3 cents each side vs. The more expensive ones, like a roll for $1.50 or a $50 bag for $150. Something like that. The selection doesn't get better the more you pay.. it's unsearched. Lol.

There are ebay sellers that seed better date coins in their lots to push up auction prices. It's more expensive but there's a shot at getting something nicer also.

Finally, you might want to spend the time researching BU rolls. They will likely also be searched but you might come across. Pick a date with good varieties to look for if you do that sort of thing but again don't overpay. It's rare "unsearched" is actually unsearched and had just been sitting in a dark corner for the last 60+ years.

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 Posted 12/02/2019  02:38 am  Show Profile   Bookmark this reply Add merclover to your friends list Get a Link to this Reply
I live in a big city with one main, large coin shop. Even if they sell bags of Wheaties, I wouldn't trust that they didn't go through each coin with a fine toothed comb. So, I have begun to search eBay a little bit harder. I have looked for Wheat rolls, but only from sellers that aren't coin dealers. I have found a few rolls using this method, but don't have them in hand yet. I'll let you know. I search a seller's other auctions and feedback, and if they have/had individual coins, I look elsewhere. Some people want way too much for their coins and I stay away from those. I know I can't find bags this way, and I am not na´ve enough to believe I'll find totally unsearched coins, but hopefully I'll find some interesting finds. I like the suggestion to buy BU specific year rolls. Thanks everyone for your feedback!
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 Posted 12/05/2019  09:55 am  Show Profile   Bookmark this reply Add just carl to your friends list Get a Link to this Reply
At coin shows I see those all the time. And they have been looked through so many times it is amazing they are not all worn off.
just carl
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