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Help With Wheat Penny Lot Purchase

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Valued Member
United States
439 Posts
 Posted 03/25/2011  11:06 am  Show Profile   Bookmark this reply Add monkeyman67 to your friends list Get a Link to this Reply
I would offer him 3 cents and see what he says.
Even if you pay a little more and get nothing you could sell them for a small loss.
We are not talking thousands of dollars here. Consider it a lottery ticket. This
is a no brainer. Don't over think it. Get it done and tell us what you found.
Pillar of the Community
United States
601 Posts
 Posted 03/25/2011  11:27 am  Show Profile   Bookmark this reply Add liveandievarieties to your friends list Get a Link to this Reply
Not a diversion Nobis! Great subject for a spirited thread. Ethics issues are fun, and in the end, nobody's wrong.

Thanks!
Pillar of the Community
United States
1524 Posts
 Posted 03/25/2011  11:35 am  Show Profile   Bookmark this reply Add eddiespin to your friends list Get a Link to this Reply

Quote:
eddie best bet is to eye ball it..

Coppertop, I get your point. Like I said, though, in a situation like this, I think I'd offer the guy what in my experience is the going rate when buying from trusted dealers, 5-6 per, in the blind, take the gamble, and don't look back. You make a compelling case, though. I mean it.

We just differ in how we'd approach this one, that's all.

Pillar of the Community
United States
1524 Posts
 Posted 03/25/2011  11:37 am  Show Profile   Bookmark this reply Add eddiespin to your friends list Get a Link to this Reply

Quote:
.......I think I see what's going on- Eddie's being divisive. Doesn't matter what your stance is, you're going to get an argument from some people.

Coppertop: WATCH THIS-

"Hey Eddie- I think he the op should pay $1 for the coin, not a penny less. I'm serious!"

Oh now that's really low.
Pillar of the Community
United States
601 Posts
 Posted 03/25/2011  11:40 am  Show Profile   Bookmark this reply Add liveandievarieties to your friends list Get a Link to this Reply
Sorry my friend, sometimes it's easier to allow my frustration to manifest itself in the form of comedy, rather than mean spiritedness.

No real harm or offense intended. I do love a spirited debate, thanks for the fun!
Valued Member
United States
364 Posts
 Posted 03/25/2011  12:05 pm  Show Profile   Bookmark this reply Add Nobis1 to your friends list Get a Link to this Reply
All for not I am afraid. For sentimental reasons he does not want to sell. This was a good discussion and helpful for next time.
Pillar of the Community
United States
3268 Posts
 Posted 03/25/2011  12:06 pm  Show Profile   Bookmark this reply Add upstate to your friends list Get a Link to this Reply
I would go 5 cents a coin (after dumping them on the counter to make sue their not ruined)
and be happy for the opportunity. If there was something in there worth money I would return
and give the guy more cash.

I'm a collector, not a dealer, so I play by different rules. If I was a dealer I'd pay 3 cents
and if I found something valuable I'd pay the bills.

Whenever ethicial issues surface people can get defensive and irrated because everybodies ethics
differ somewhat, most the most part, and no one believes they are wrong. Ethics is a heavy subject.
Pillar of the Community
United States
1524 Posts
 Posted 03/25/2011  12:28 pm  Show Profile   Bookmark this reply Add eddiespin to your friends list Get a Link to this Reply

Quote:
Sorry my friend, sometimes it's easier to allow my frustration to manifest itself in the form of comedy, rather than mean spiritedness.

No real harm or offense intended. I do love a spirited debate, thanks for the fun!

OK, we let it go at that. Besides, I have an ulterior motive. I count on your experience in my die variety-related questions.

PS: We good.
Valued Member
Canada
311 Posts
 Posted 03/25/2011  1:04 pm  Show Profile   Bookmark this reply Add soccerdad to your friends list Get a Link to this Reply
I am back to stir things up a little more. First of all if there was a thousand coins and only 30 of them are worth saving, what are you looking for high grade semi keys? Another thing that should be considered is that if it was search 30 years ago, some of the soft keys were not necessarily sought after then. Also if some of these coins have been in these cans for a long time there is a much greater chance that there will be more higher grades. Coins found from the teen's or twenties in nice grades can be common dates and still a lot more valuable than 5 cents. Also I am not suggesting that you don't inspect for mass corrosion before purchasing. Another thing that can be noted is to look at the age of the coffee can. If these coins have not been touched for fifty years one can only imagine what the value might be.
Valued Member
Canada
311 Posts
 Posted 03/25/2011  1:09 pm  Show Profile   Bookmark this reply Add soccerdad to your friends list Get a Link to this Reply
My experience in buying from sellers like this is for me to ask them what they want to sell for. I like when they make the first move. It could work out well if they don't want much, then you can actually give them a little more if the asking price is crazy low. This might make another topic for a thread, What is the best way to bargain for collections?
Pillar of the Community
United States
601 Posts
 Posted 03/25/2011  1:33 pm  Show Profile   Bookmark this reply Add liveandievarieties to your friends list Get a Link to this Reply
Great point Soccerdad, there are many fair ways to approach it, could be another fun thread. I enjoy sharing my experiences, but there's many ways to skin this cat!
Valued Member
United States
364 Posts
 Posted 03/25/2011  2:20 pm  Show Profile   Bookmark this reply Add Nobis1 to your friends list Get a Link to this Reply
What do you guys think about this? A teller that orders halves for me tells me tells me her sister's husband died. He ran vending machines and has a coin collection (silver, nickels and pennies). She says it is large and the sister wants it gone (liquidated). We have talked and I explained I am not a dealer but I know a little about coins. A dealer evidently went in and tried to cherry pick, and it just frustrated the sister. With that, I offered to help.
I plan to check out what she has. Some will no doubt be bullion and some may be collectible. I think I will ask about his wishes as some maybe should go to any kids they may have. I may buy the whole lot or more likely I will just help liquidate. Sell the bullion and consign the collectible stuff to an antique or coin shop. If I liquidate, I may ask for some silver in return. That is fair is it not?
Pillar of the Community
United States
1524 Posts
 Posted 03/25/2011  4:06 pm  Show Profile   Bookmark this reply Add eddiespin to your friends list Get a Link to this Reply

Quote:
What do you guys think about this? A teller that orders halves for me tells me tells me her sister's husband died. He ran vending machines and has a coin collection (silver, nickels and pennies). She says it is large and the sister wants it gone (liquidated). We have talked and I explained I am not a dealer but I know a little about coins. A dealer evidently went in and tried to cherry pick, and it just frustrated the sister. With that, I offered to help.
I plan to check out what she has. Some will no doubt be bullion and some may be collectible. I think I will ask about his wishes as some maybe should go to any kids they may have. I may buy the whole lot or more likely I will just help liquidate. Sell the bullion and consign the collectible stuff to an antique or coin shop. If I liquidate, I may ask for some silver in return. That is fair is it not?

Well, now, aren't you just full of these opportunities? I wish we were.

But, yeah, sure, this teller treats you right, she even goes above and beyond just to put you in touch with an opportunity like this, go above and beyond for her and treat her sister right. You're thinking on the right track. You've got your head and heart in the right place. Nothing more that can be said about it, really. Good luck!



Valued Member
Canada
311 Posts
 Posted 03/25/2011  4:15 pm  Show Profile   Bookmark this reply Add soccerdad to your friends list Get a Link to this Reply
Interesting point eddiespin. Is the teller trying to help her sister sell coins or is she setting her sister up.
Valued Member
United States
362 Posts
 Posted 03/25/2011  4:27 pm  Show Profile   Bookmark this reply Add coinut to your friends list Get a Link to this Reply
In this type of case you are rolling the dice that there may be a key date or error in all those pennies. You could count them and quote him a price or do what I would do, give him a price and if he takes it look forward to the excitement of potentialy finding something good.
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