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What Coins Do Coin Dealers Dislike The Most?

 
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Author Previous TopicReplies: 15 / Views: 692Next Topic  
Pillar of the Community
United States
3795 Posts
 Posted 07/11/2020  5:59 pm Show Profile   Bookmark this topic Add Joe2007 to your friends list Get a Link to this Message
I've come across several dealers that really dislike Wheat Cents since the general public offers them so many, there are countless very high mintage dates that are only worth a few cents each, and many times the public have an inflated sense of value since they are "old".

What are your thoughts on this topic?
Pillar of the Community
United States
2155 Posts
 Posted 07/11/2020  6:05 pm  Show Profile   Bookmark this reply Add hfjacinto to your friends list Get a Link to this Reply
I agree with you. Also most constitutional silver coins, many people expect full melt and then assume the coins are 100% silver. And 3rd I would say $1 small note silver certificates, they made a billion if they are circulated only worth $1, CU are worth a little more.

So:

1) Wheat Cents
2) constitutional silver only worth 10-12x face
3) $1 small size silver certificates
Pillar of the Community
United States
724 Posts
 Posted 07/11/2020  6:10 pm  Show Profile   Bookmark this reply Add chipjones to your friends list Get a Link to this Reply
Almost anything they can't resell quickly.
Pillar of the Community
Canada
2950 Posts
 Posted 07/11/2020  6:43 pm  Show Profile   Check silverwolf's eBay Listings Bookmark this reply Add silverwolf to your friends list Get a Link to this Reply
most usa coin dealers only want to buy modern mint sets, just over face value..
Valued Member
United States
448 Posts
 Posted 07/11/2020  6:49 pm  Show Profile   Bookmark this reply Add cointagous to your friends list Get a Link to this Reply
Non silver Jefferson nickels and Roosevelt dimes rank pretty low on the want list.
Pillar of the Community
Canada
3544 Posts
 Posted 07/11/2020  6:56 pm  Show Profile   Bookmark this reply Add oriole to your friends list Get a Link to this Reply
In Canada, perhaps the pure nickel 50 cent and $1 coins. Even the banks are reluctant to take them.
Edited by oriole
07/12/2020 05:11 am
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United States
3437 Posts
 Posted 07/11/2020  7:32 pm  Show Profile   Bookmark this reply Add BStrauss3 to your friends list Get a Link to this Reply
70s and later mint & proof sets.

Everybody has one to sell, nobody wants to buy and the few good coins have already been cherrypicked.
-----Burton
46 year / Life ANA member (joined 12/1/1973)
Life member: Numismatics International, CONECA
Member: TNA, FtWCC, NETCC
Owned by four cats and a wife of 35 years (joined 1983)
Pillar of the Community
Canada
3407 Posts
 Posted 07/11/2020  7:33 pm  Show Profile   Check Pacificoin's eBay Listings Bookmark this reply Add Pacificoin to your friends list Get a Link to this Reply
Any coins that involve excess time and effort to deal with .
FX coins or Current face value pieces are examples .
As stated nickel fifty cent and dollar coins are great examples here in Canada
My Credit union absolutely refuses them , and they charge a service fee to take back pennies .
Our TD branch will only deposit the halves and dollars into our business account and charges a fee .
Bedrock of the Community
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United States
13813 Posts
 Posted 07/11/2020  8:03 pm  Show Profile   Bookmark this reply Add T-BOP to your friends list Get a Link to this Reply
Counterfeits ,fakes ,and badly damaged coins .
Proud Member of The Black Sheep Squadron !
In Memory of Fallen Black Sheep Mates .
Pillar of the Community
United States
845 Posts
 Posted 07/11/2020  8:20 pm  Show Profile   Bookmark this reply Add atticguy to your friends list Get a Link to this Reply
My buddy, who works at a local coin shop, tells me his boss dislikes the people who come in every other day with W-quarters and try to get $100 for them. He calls them "Easter Bunny" coins and refuses to looks at them.
Also, any non-silver coins are normally rejected due to no demand (aside from a few key-date Lincoln cents and Buffalo nickels).
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United States
1505 Posts
 Posted 07/11/2020  10:56 pm  Show Profile   Bookmark this reply Add fortcollins to your friends list Get a Link to this Reply
Over the years, I have developed a short list of pet peeves, and solutions:
Basement slabbers and their ridiculously overgraded coins. Solution: I simply won't buy them. It avoids the inevitable arguments over actual grades.
Modern NCLT products. Mint customers always think they increase in value, even though most trend at (or below) melt. Solution: I don't buy or sell them.
Chinese counterfeits. 'Nuff said.

In the world of COVID quarantine, I'm not buying or selling right now. Pre-COVID, I chose to limit my areas of interest and dealing as I get older, mainly to avoid accumulating iffy inventory. There are some types of coins I don't handle at all. For example, I don't handle world coins (except Canada and the Provinces), ancients, currency, NCLT, or exonumia. I don't handle any of the current U.S. coinage series after wheat cents or 90% silver or any post-80% Canadian coinage. I do carry average circulated classic coins geared to YNs, because I want to help build the hobby.
Valued Member
Canada
484 Posts
 Posted 07/13/2020  1:22 pm  Show Profile   Bookmark this reply Add Cdncoins to your friends list Get a Link to this Reply
fortcollins, that sounds very reasonable.

From my experience, in addition to the Canadian nickel half and dollar coins, dealers tend to not want any foreign non-silver or non-gold 20th-21st century coins. Also, probably won't pay much above FV for 1954 modified or later Canadian banknotes. Not much of a market for any of these things.
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New Zealand
1142 Posts
 Posted 07/14/2020  2:47 pm  Show Profile   Bookmark this reply Add Princetane to your friends list Get a Link to this Reply
Here in New Zealand and probably Britain too.

1. Pennies and Halfpennies, these coins are the bane of dealers lives, the 100 - 130 year old penny of Victoria is wrongly believed to be incredibly valuable by the great unwashed and dealers often have a hard time breaking it to non collectors that their 1899 Penny with Victoria just visible is not worth $1000000 but in fact worth about 8 cents in copper value.

Yes there are some rare dates and BU or even EF coins are collectable and worth some cash, but 99.99999% of the time, they are common dates and extremely worn.

The rest of this applies to NZ and my experiences.

2. Any 1967 - 1977 Mint set, especially old $1 large coins and especially 1967, 69, 70 and 74, all were minted in the high 6 figures and many people who bought them are dying so they are on the market. Very pretty coins but not even worth face value and you can't spend them. Post 1995 sets are worth mroe as numbers decreased massively.

3. Scrap silver - common date 3ds to Halfcrowns in VG or poorer condition, especially if stained or damaged, good for bulk lot sales only - you would be amazed how few of these coins people want. Of course high grade NZ silver and even any coin before 1962 is very collectable in VF or better.

4. 1947 - 1965 Predecimal coins unless in UNC or AU (Pre 1962) there was heaps of it made and heaps of people hoarded it in the wealthy 60s, again as most of these people are either dying or downsizing - mountains of it is coming on the market.

5. Old 1c - 50c coins - issued 1967 - 1988 for 1c and 2c and to 2005 for 5c to 50c. These coins were also kept in quantity and unless in PERFECT MS65 or higher condition, worth less than face. There are dreamers selling it on Trade me and the usual clown who thinks their old 1967 10 cent piece is historic, rare or lucky and worth the $500 they want for it (There is a sucker born every minute). Most dealers won't stock it and even I can't move it at face value. There are 2 or 3 rare dates and types, but again common lots never have them.

6. Modern Coin Collectables - NZ issued a lot of garbage coins lately from Lord of the Rings junk to precious gold coins. The designs are fine, but the costs for this stuff was way way way in excess of melt value. Figure a One ounce gold coin costing $3.5 - $4k (About $2.5k USD). Silver ounce coins cost $109 - $150 each (Like $35 an ounce) and people buy them as they are rare and only 1000 made but find there is no resale market and the dealer will not even offer them spot melt plus 5% on the coin - these items have no secondary resale market.

Even worse are Aluminium bronze coins (Muck metal) which are technically worth face at most and it does not help face values on these coins are stupidly low (Like $10 for gold, $1 for silver and $5 - 20 cents base metal).

7. Recent and low grade/value banknotes. Any banknote after 1967 except Star notes, along with 1 and 10/- notes from 1940 unless in perfect condition are not desirable. Every man and his dog put aside a 1 and 10/- in 1967 and the old $1 and $2 in 1990 - sadly most are worn and worth zilcho. On the other hand 10 and 50 are worth a bomb, of course back then these had a lot of buying power.

8. World modern mixed lots, especially if there's a alot of aluminium, steel, brass and bronze coins - also coins from Hispanic nations, India, Russia, Middle East and obselete European currencies like Francs, Marks, Lires and Pesetas or any inflation coins like Turkey.

Hope this helps from my side of the world.

Finally - Vague customers - dealers really don't like customers who have never read a book in their life - like "I have this old coin and there is some woman on it" and "Whats a shilling, I have never heard of it" or my coin is 50 years old is it valuable" Please try and research what you have before you bother a dealer. Seriously you get people this daft.
Loving Halfcrowns. British and Commonwealth coins 1750 - 1950 and anything Kiwi.
If it's round, shiny and silvery I will love it.
Edited by Princetane
07/14/2020 2:52 pm
Pillar of the Community
United States
8096 Posts
 Posted 07/16/2020  9:03 pm  Show Profile   Bookmark this reply Add CoinCollector2012 to your friends list Get a Link to this Reply
My personal least favorite coins after working at a coin shop for 3 years...

-Wheat Cents
-Low grade Buffalo nickels
-Jefferson Nickels
Sets in progress... Washington quarters, 7070 Type Set, WLH Short Set
View my collection here! http://www.coincommunity.org/galler...hp?cat=10518
ANA: 3183215
Bedrock of the Community
United States
19421 Posts
 Posted 07/18/2020  2:18 pm  Show Profile   Bookmark this reply Add just carl to your friends list Get a Link to this Reply

Quote:
Counterfeits ,fakes ,and badly damaged coins .

I'll go along with that.
just carl
Pillar of the Community
New Zealand
1142 Posts
 Posted 07/18/2020  11:36 pm  Show Profile   Bookmark this reply Add Princetane to your friends list Get a Link to this Reply
I should add, anything when the person says I bought it on the internet from a Chinese seller and its an authentic mint 1834 Half dollar and they sold me a rare 1804 dollar for only $50.
Loving Halfcrowns. British and Commonwealth coins 1750 - 1950 and anything Kiwi.
If it's round, shiny and silvery I will love it.
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