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Advice On Purcasing Old Coins Or Coin Rolls

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New Member

United States
0 Posts
 Posted 03/10/2020  2:32 pm Show Profile   Bookmark this topic Add Teddyspaghetti to your friends list Get a Link to this Message
So does anybody out there have any good advice about buying coin rolls of Indian pennies, wheat pennies or Buffalo nickels? And if so what fair price for something like that would be....where to get them because I'm going to assume most people will say don't buy them on eBay. I thought I found someone on eBay that I wanted to give a try but I'm too nervous to throw the money out there. Also when it comes to buying silve.r...any advice helps.

I found a coin dealer around that said he would sell me wheat pennies for 8 bucks a pound, Indian pennies that we could pick through for 1.25 each and Buffalo nickels that we can pick through for $0.75 each. Obviously there's nothing special about these and there's probably a good chance that they're very very worn. He also said he would sell me silver dimes and silver quarters for 13.1 cents times face value. Seems like a fair deal as long as they're not so worn down that you can't even see dates because then they're not anywhere close to silver worth. Just wondering if anyone wants to throw me some advice or experiences they've had. I thought about getting the rolled coins cuz it would be fun for my son to pick through but I don't want to waste money doing it from the wrong sellers. And I don't know if even going to local banks would be something that would be worth the time.
Bedrock of the Community
United States
19317 Posts
 Posted 03/10/2020  3:02 pm  Show Profile   Bookmark this reply Add just carl to your friends list Get a Link to this Reply

1. Never, ever buy anything from ebay unless you really know what your doing
2. Never, ever buy from places on line unless you really know what your doing.
3. I know coin shows may not be your thing but possibly the best place to get deals, advice, information on coins.
4. If going to a coin store or hobby store, remember they are there to make money, not friends.
5. I suggest you get a book, like the Red Book by Whitman Publishing, for now for general information
6. Never, ever, ever buy rolls of coins unless you know what all of them look like.
7. And above all, if someone says these are UNSEARCHED, RUN, RUN, RUN AWAY.
just carl
Pillar of the Community
Canada
3437 Posts
 Posted 03/10/2020  3:03 pm  Show Profile   Bookmark this reply Add oriole to your friends list Get a Link to this Reply
Well, @teddy, you have a lot of concerns, mostly "what if" questions. They are valid questions, but in the end you will never know unless you try something. None of us can possible answer your questions about the specific dealer. None of us have any magic answers to get rolls for a fraction of what they are worth.

The selling prices for the wheat cents is about 6 cents each. Why not get just a pound and see if it was worth it? What have you got to lose?

While you are there, look at the silver, the Buffaloes and Indian cents, and see it is worth your while?

Maybe this will be the start of a good long-term relationship with the dealer.
Valued Member
Canada
467 Posts
 Posted 03/10/2020  4:32 pm  Show Profile   Bookmark this reply Add Cdncoins to your friends list Get a Link to this Reply
What are you trying to accomplish? If you are looking to fill an album, then this could be a relatively quick, cost-effective way of getting the common dates. If you are looking to find hidden gems that were overlooked by the seller, I wouldn't hold my breath. If you are worried about getting ripped off, you can always go to your local bank and get rolls for face value. You never know, you may find something interesting.
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Canada
2390 Posts
 Posted 03/10/2020  9:36 pm  Show Profile   Check Wade's eBay Listings Bookmark this reply Add Wade to your friends list Get a Link to this Reply
buying rolls is like throwing money away, I would even venture to say that buying from the bargain bin is basically the same thing.

unless you are buying for silver content only, otherwise I would say buy the best you can afford.

quality over quantity, 8 days a week.

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United States
1860 Posts
 Posted 03/10/2020  9:45 pm  Show Profile   Bookmark this reply Add hfjacinto to your friends list Get a Link to this Reply
This set was 75% from my local coin shop's "junk" Bison Nickel tray. I paid .75 cents each. I don't think they are junk.



Don't discount the low cost trays!
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United States
1860 Posts
 Posted 03/10/2020  9:50 pm  Show Profile   Bookmark this reply Add hfjacinto to your friends list Get a Link to this Reply
I picked up most of the 1920 to 1930 Small cents at .20 cents each and the 1931 to 2000's at 4 cents each, again from the "junk" drawer. You're call whether they are just quantity.



Valued Member
United States
107 Posts
 Posted 03/10/2020  9:52 pm  Show Profile   Bookmark this reply Add silverado to your friends list Get a Link to this Reply
Simply put, do your homework and learn all you can about coins and numismatics in general. An old collector once told me that knowledge and patience is the key to this hobby! You will find that most of the collectors on these boards have been doing this for years and some even decades! As a point of reference one of the greatest collections ever assembled took some 20 to 30 years to build! In short, knowledge of coins is your best guide! Happy collecting !!
Pillar of the Community
United States
1860 Posts
 Posted 03/10/2020  9:52 pm  Show Profile   Bookmark this reply Add hfjacinto to your friends list Get a Link to this Reply

Quote:
buying rolls is like throwing money away, I would even venture to say that buying from the bargain bin is basically the same thing.


Picked up these Peace dollars at $17 each from the AU silver bin, dang I'm just throwing money down the drain.


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United States
1860 Posts
 Posted 03/10/2020  10:12 pm  Show Profile   Bookmark this reply Add hfjacinto to your friends list Get a Link to this Reply
But you had several questions, so let me try and answer them:


Quote:
So does anybody out there have any good advice about buying coin rolls of Indian pennies, wheat pennies or Buffalo nickels? And if so what fair price for something like that would be....where to get them because I'm going to assume most people will say don't buy them on eBay. I thought I found someone on eBay that I wanted to give a try but I'm too nervous to throw the money out there. Also when it comes to buying silve.r...any advice helps.

A good price is tricky, the common dates on Indian Heads are usually $1 to around $5 for an F grade. I didn't buy the "junk" bin Indians as I was looking for a Full Liberty for most coins. The ones in the "junk" section had clear dates but no full liberty and with Indian Heads the series from the 1860 to 1880's generally aren't found in the junk bin as they are costly. See above for Buffalo nickels, you can pick up a lot of common dates for low cost, may take you a while to go through all the coins, but with patience you can do a set. Some people want only AU/MS, you won't be able to get these at the low cost bins. ONLY YOU can decide what you want to collect.


Quote:
I found a coin dealer around that said he would sell me wheat pennies for 8 bucks a pound, Indian pennies that we could pick through for 1.25 each and Buffalo nickels that we can pick through for $0.75 each. Obviously there's nothing special about these and there's probably a good chance that they're very very worn. He also said he would sell me silver dimes and silver quarters for 13.1 cents times face value.


Each of the above are the standard prices where I shop. Please note that the items in 2 by 2's are much more than these prices and there are some coins that you won't be able to find unless in a 2 by 2. I would not buy rolls or coins by the weight unless you know what you looking for. The VAST majority of Lincoln Cents are from the 50's and vast majority of Bison nickels are from the 30's. That's why I sometimes start in the junk bin. As to Silver 13X to 14X (face value) seems to be the standard cost. My local shop generally stocks up to VG in Junk silver, but if you search, you can find AU Kennedy's and Abe's


Quote:
Seems like a fair deal as long as they're not so worn down that you can't even see dates because then they're not anywhere close to silver worth. Just wondering if anyone wants to throw me some advice or experiences they've had. I thought about getting the rolled coins cuz it would be fun for my son to pick through but I don't want to waste money doing it from the wrong sellers. And I don't know if even going to local banks would be something that would be worth the time.


I can only tell my experiences, based on the shops I frequented and I checked out all 8 in the area, of the 8, 4 I won't go back to, as either they had junk or were so overpriced that it wasn't worth the cost, the other 4, 2 are excellent, 1 is really good and 1 is excellent but just doesn't have a lot of stock. Again I shopped around, you don't know whats out there until you look. But as you see by my above pictures with patience you can find items that you like.
Edited by hfjacinto
03/10/2020 10:17 pm
Valued Member
Taiwan
321 Posts
 Posted 03/11/2020  01:17 am  Show Profile   Bookmark this reply Add Everest to your friends list Get a Link to this Reply
I would do some comparison shopping with some coin/bullion shops in your area if that is possible. oriole gives some
solid advice IMO.
If it is my call hfjacinto I would say you definitely have quantity over quality. That is not to diminish your sets but
it is important to know the difference.
Pillar of the Community
United States
1860 Posts
 Posted 03/11/2020  07:48 am  Show Profile   Bookmark this reply Add hfjacinto to your friends list Get a Link to this Reply

Quote:
If it is my call hfjacinto I would say you definitely have quantity over quality. That is not to diminish your sets but
it is important to know the difference.


Actually I have both, but neither are foolish to acquire. There are sets that one can splurge if they want to and others that are fun to acquire from the junk drawers. I like doing both and neither is a bad way to collect :)
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United States
86481 Posts
 Posted 03/11/2020  10:24 am  Show Profile   Bookmark this reply Add jbuck to your friends list Get a Link to this Reply

Quote:
Don't discount the low cost trays!
True. The bulk of my IHC set came from the bargain bin.
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United States
3566 Posts
 Posted 03/11/2020  3:40 pm  Show Profile   Bookmark this reply Add smokeriderdon to your friends list Get a Link to this Reply
As stated, buying from the bargain bins is NOT a bad deal. You are certainly not throwing money away in any way shape or form. However, buying those "unsearched rolls" IS throwing your money away unless you get insanely lucky. And even then, its likely only a break even scenario. So stay far away from that junk on Ebay.

If you do decide to buy from Ebay, unless it is a modern coin still in mint packaging, buy ONLY slabbed coins. ANACS, ICG, PCGS, NGC. These coins you know are genuine and most likely the grade on the holder. At least until you gain more experience. Then perhaps you can venture into getting mid level coins raw. Regardless of any of that, ALWAYS check the sellers rating and feedback. Anything less than a 95%, I wouldnt buy raw coins. Less than 90% and I may not buy at all. The more ratings, the better.

Pillar of the Community
Canada
3437 Posts
 Posted 03/11/2020  3:58 pm  Show Profile   Bookmark this reply Add oriole to your friends list Get a Link to this Reply
I am a great fan of "junk bins". I could go on for pages about them, but the term is a poor one. They really should be called "single price bins", where it is not worth the dealer's effort to individually identify and price them. I know this great shop in California where there are junk bins ranging from $8 per pound to $20 each (in the latter you might find a nice silver crown in a plastic flip).

I built a huge world type collection in part from "junk bins". Coins ranged from heavily worn old coppers to AU moderns, and with a sprinkling of silver.

Some bins are better than others. So all I can say is, go and take a look. The better ones are a great source of entertainment.
Pillar of the Community
United States
844 Posts
 Posted 03/11/2020  5:53 pm  Show Profile   Bookmark this reply Add machine20 to your friends list Get a Link to this Reply
1 vote for buying on ebay
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