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Bulk World Coin Supplies Drying Up?

 
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Author Previous TopicReplies: 15 / Views: 585Next Topic  
Pillar of the Community

Australia
759 Posts
 Posted 06/15/2021  9:44 pm Show Profile   Bookmark this topic Add David Graham to your friends list Get a Link to this Message
About six months ago I popped into a local coin dealer who I just heard about. I inquired about bulk coins and was told someone just purchased the last lot of bulk coins and to try again later. Six months later I phone and am told he now auctions anything he gets. Next auction is not until August and a good 2 hour drive there and back. I tried another supplier whom I have purchased from in the past. They have none in stock and haven't had any for some time (probably since December when I made the last purchase). Bulk world coins on EBay are ridiculously overpriced and there are instances where the seller has 2 accounts, 1 selling the picked out coins of value and the other account to sell the left over trash as bulk lots. Gumtree is just as bad or worse. I do love noodling bulk foreign coins but am running out of suppliers. Anyone else finding such supplies are rapidly becoming a thing of the past? Any suggestions on where to get reasonably priced bulk coins?
Edited by David Graham
06/15/2021 9:46 pm
Pillar of the Community
Australia
759 Posts
 Posted 06/15/2021  10:12 pm  Show Profile   Bookmark this reply Add David Graham to your friends list Get a Link to this Reply
Also, does anyone know anything about this site:
https://www.webuyoldcoinsandbanknotes.com.au/
They seem a bit iffy in that a "group of avid collectors" appears to be one couple based in Brisbane. I have a feeling they are also selling on EBay under a similar name. Would love to know more if anyone knows.
Pillar of the Community
Australia
1071 Posts
 Posted 06/15/2021  11:29 pm  Show Profile   Check ryurazu's eBay Listings Bookmark this reply Add ryurazu to your friends list Get a Link to this Reply
Hmmm so you weren't the one that purchase the bulk lot from status international they had like 10-20 lots of 10Kg last year, I doubt anyone getting holiday change these days ;) as for anywhere else that would do 10Kg batches doubt it seen 1k-3k batches.

webuyoldcoinsandbanknotes what a name, seen them on a facebook group as to done any business nope.
Edited by ryurazu
06/15/2021 11:31 pm
Pillar of the Community
Australia
759 Posts
 Posted 06/16/2021  12:28 am  Show Profile   Bookmark this reply Add David Graham to your friends list Get a Link to this Reply
Never heard of Status International but I see they are part of the IS Wright Group. Wasn't aware they did auctions. No, it wasn't me buying the 10kg lots. Without seeing the coins I'd be a bit reluctant to bid over bottom price for fear of buying top dollar for scrap metal. Had a butchers hook at there last auction. All the Mixed coin batches got sold at around 50% more than estimated value.

So webuycoins is also on facebook. Couldn't find their facebook page when I looked.
Edited by David Graham
06/16/2021 12:28 am
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Australia
13728 Posts
 Posted 06/16/2021  12:29 am  Show Profile   Bookmark this reply Add Sap to your friends list Get a Link to this Reply

Quote:
I do love noodling bulk foreign coins but am running out of suppliers. Anyone else finding such supplies are rapidly becoming a thing of the past? Any suggestions on where to get reasonably priced bulk coins?

Scarcity of supply. With world travel slashed and people shunning handling coins due to COVID, most of the "bulk" in bulk world coins is now gone.

The remaining dealers who do have access to stock can increase prices, due to the decreased supply.

Quote:
Also, does anyone know anything about this site:
https://www.webuyoldcoinsandbanknotes.com.au/
They seem a bit iffy in that a "group of avid collectors" appears to be one couple based in Brisbane. I have a feeling they are also selling on EBay under a similar name. Would love to know more if anyone knows.

If they're the same mob that I'm thinking of, the Brisbane Coins and Banknotes & Collectable Group are a small informal coin club; they used to meet at the Garden City library, I'm not sure if/where they meet now that Brisbane City Council Library meeting rooms have been closed down due to COVID. This website would be for one of the vest-pocket dealers that attend that club.
Don't say "infinitely" when you mean "very"; otherwise, you'll have no word left when you want to talk about something really infinite. - C. S. Lewis
Pillar of the Community
Australia
759 Posts
 Posted 06/16/2021  03:59 am  Show Profile   Bookmark this reply Add David Graham to your friends list Get a Link to this Reply
@Sap - What you say makes sense although many of the coins I find in bulk were demonetised at least 20 years ago so I do not believe the coins were from holiday makers offloading their change. If it is, then the coins have been sitting in storage for a long time. I suspect many of the bulk coins come from dealer estate buy ups. Once sorted through the coins considered trash are sold off in bulk. I've heard of dealers with barrels of loose coinage for customers to fossick in though I've never seen it. I do believe many of the coins come from Unicef coin program once after the valuable coins have been removed.

Vest-pocket dealer? Had to look that one up.
Pillar of the Community
Australia
1797 Posts
 Posted 06/19/2021  07:33 am  Show Profile   Bookmark this reply Add Mr T to your friends list Get a Link to this Reply
Last coin show I went to had no junk boxes - I didn't think of the no international travel, even though lots of what is in those boxes no longer circulates.
Bedrock of the Community
Australia
18705 Posts
 Posted 06/19/2021  10:02 am  Show Profile   Bookmark this reply Add sel_69l to your friends list Get a Link to this Reply
I have been noodling in dealers' World junk boxes in the $1- $20 price range for perhaps 45-50 years. When I started, silver coins could be found in abundance, and weren't anything special. I started targeting silver coins at the time that the Hunt Brothers tried to corner the silver market, but continued after the silver price crash that followed.
I was also targeting 19th century bronze coins in EF or better grades, along with the silver in grades from VF upwards.
I still have them all, hundreds of them, collected over 40 or more years.

What was World junk silver isn't any more.

It is almost an exercise in futility trying to find such coins in junk boxes these days.
My numismatic vacuum cleaner has broken down.
Pillar of the Community
Australia
759 Posts
 Posted 06/20/2021  5:19 pm  Show Profile   Bookmark this reply Add David Graham to your friends list Get a Link to this Reply
Sel - Totally agree. I'm ecstatic when I find a silver coin in the bulk buys. Best to date was a 1976 San Marino 500 Lire and recently a 1960 French 5 Francs, but such finds are very rare. Probably 1 silver coin every 20-30kg of coins noodled. Fortunately I enjoy noodling for the fun of what I find rather than noodling as a means of getting silver coins. Any silvers are just a bonus. Have even noticed low ball silver coins such as 1966 50c and low grade foreign silver is getting bids well above melt value, at least in Australia. I have yet to find a dealer with a bulk bin in Brisbane.
Edited by David Graham
06/20/2021 5:19 pm
Bedrock of the Community
Australia
18705 Posts
 Posted 06/20/2021  6:04 pm  Show Profile   Bookmark this reply Add sel_69l to your friends list Get a Link to this Reply
When I was in Europe and UK in 1970-71, silver coins could still be found in circulation, in most countries I visited or lived in.
Pillar of the Community
Australia
1071 Posts
 Posted 06/20/2021  6:39 pm  Show Profile   Check ryurazu's eBay Listings Bookmark this reply Add ryurazu to your friends list Get a Link to this Reply
Hmmm I guess I'm not old enough, but silver bulk tends to get above spot value at auctions.
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Australia
13728 Posts
 Posted 06/20/2021  7:55 pm  Show Profile   Bookmark this reply Add Sap to your friends list Get a Link to this Reply
Silver has dried up because at current silver prices, it's worth people's while to sort through and find the silver. Both as a buyer and as a seller.

I have a "bulk lot" of mixed world coins I'm sorting through right now - it was a hoard/collection donated to a missionary charity I volunteer for as "the coin guy". It's the third one of these hoards I've sorted through so far this year. There's plenty of world and Australian silver in there. As I sort through it looking for coins I want to buy personally, I'm pulling out and separating the silver from the main bulk. I'll then take to a coin dealer the two bags of coins I don't want to buy personally: the general world bulk, and the much smaller bag of silver bulk. If it's a big bag, I might sort out the commoner countries (usually Britain, America and New Zealand, but it depends on the hoard - this particular hoard has a huge number of Japanese and South Korean coins).

The dealer is grateful that I've done this, and offers me more - if I'd just handed over one big unsorted bag, I'd get less money for the charity because the dealer would offer me bulk rate for the whole thing, and the dealer would then have to spend the time sitting down and sorting through it, looking for silver.

But the end result is, a bag of bulk world coins with zero silver in it.
Don't say "infinitely" when you mean "very"; otherwise, you'll have no word left when you want to talk about something really infinite. - C. S. Lewis
Pillar of the Community
Australia
662 Posts
 Posted 06/20/2021  8:59 pm  Show Profile   Bookmark this reply Add Basil to your friends list Get a Link to this Reply

Quote:
When I was in Europe and UK in 1970-71, silver coins could still be found in circulation, in most countries I visited or lived in.


Same in Oz.,plenty of Pre-Dec Silver turning up at Banks & Dealers in the 1970's even thou. it was years after 1966 Decimals.
I noticed on the Internet last year a prediction that Gold will drag Silver up to US$50+ an ounce in the years ahead,even less bulk Coins around if that happens.
Pillar of the Community
Australia
759 Posts
 Posted 06/20/2021  9:42 pm  Show Profile   Bookmark this reply Add David Graham to your friends list Get a Link to this Reply
I guess the spike in price around 1980 saw the mass hoovering of old silver coins from circulation into the melt furnaces. I suspect the days of finding reasonable amounts of silver in bulk lots was consigned to history from the 80s onwards.



And Sap - I will be throwing imaginary daggers at you next time I buy bulk coins from a dealer and it is pure junk on every level. I always thought the odd nice coin escaped a dealers eye owing to the number of coins they dealt with, but with minions in their service removing every silver coin it appears that is no longer the case! At least tell us which dealer you sell the junk to so I can avoid bulk coins from them.
Edited by David Graham
06/20/2021 9:43 pm
Pillar of the Community
Australia
3059 Posts
 Posted 06/21/2021  06:38 am  Show Profile   Bookmark this reply Add triggersmob to your friends list Get a Link to this Reply
I bought a lot of silver just before that 2011 spike. I heard that the price was likely to go up. I should have sold it when it got to over $40 an ounce, but I held out for more, then the price crashed again. Been waiting 10 years for it to go up again? Probably could have made more money if I put the funds into my superannuation instead. :(

Steve :)
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Pillar of the Community
Australia
1071 Posts
 Posted 06/22/2021  02:30 am  Show Profile   Check ryurazu's eBay Listings Bookmark this reply Add ryurazu to your friends list Get a Link to this Reply
yeah you can still find silver in circulation just that the time spending looking for them its definitely not worth it, thing is alot of silver was in the form of cutlery and silverware, still is however people don't like to store that sort of stuff.
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