Wheat Pennies And Other Coins- Inherited

Welcome to the forum! There is an unlimited well of knowledge here and I will be the first to say that you've come to the right place. I'll speak to what I would do if I were in your situation.

Since it sounds like you have several different denominations I would start off by just sorting them that way. If they are in coffee cans I would probably try and find something different to store them in for the time being too. After that I would just take it one denomination at a time. Grab a Red Book, get some kind of display solution (flips, albums, folders, etc...), sort them out by date and then by mint mark within the date and start filling holes!

The Red Book will have just about all the information you need to really get a handle on each type of coin including dates, grades, and the quantity minted for each year. Take a look and see if you have valuable dates and if you can snap some decent pictures of them and post them here. These guys are nuts and usually dead on when it comes to grading!

Beware, however, that the more you look and sort and search a strange sensation will begin to overtake your mind. As you fill in holes or take inventory of the dates and mint marks you do have you will realize that something is just not right. There are empty holes and... they... must... be... filled...! Beyond this, it is nothing but a spiraling out of control feeling and before you know it, you will, NAY, MUST fill those holes. Then, one day, you will be sorting through those Indian Heads and decide that they too, are dang cool looking, you rush out to buy a new album and while you're at the coin shop you notice they have albums for ALL of your coins... you go to buy two or three more but you also notice they have some of the coins you need to fill the blanks in the set you left at home! You buy one because it's not that expensive and it feels GOOD to put it in it's rightful place - lined up next to it's brethren like a perfect circular regiment of dead presidents or beautiful liberty ladies all competing with vanity to be your favorite.

Suddenly, days later over a bowl of cheerios, you realize that all you think about is your collection and the strategies you have to take the next step in completing it. Where did these feelings come from? Why am I so excited to get my next paycheck so I can pick up that EF40 24d Lincoln at the shop? You drop your spoon into the bowl... it hits you... you've become a collector...

Haha got carried away there. I guess what I'm saying is have fun with it and I can't stress enough how awesome this site is for learning about the hobby!

If you need to get rid of them, just ship them to me. I'll happily add it to my collection.


On a more serious note, I would suggest you buy a book on coins like the RedBook, and begin sorting through them for any that might be of higher value than others (follow the guide - the prices will probably be somewhat out of date, but you'll be able to find which ones command a premium even with that fact).

I also recommend taking a few of each kind that appeal to you personally and keeping them. You inherited these coins, and the sentimental reminder might be nice if you particularly liked your recently-deceased.

my other post was removed , so just wanted to say nice find.

Have fun, you got a lot of work!
Good luck!
Taylor

Welcome! As you are not a collector now,,maybe this effort will change you!..I would get a reference book and work on one denomination at a time...Hopefully you'll have a couple key dates,,,if so, consult this forum for advise...Then you can decide whether or when to sell off your silver , and go from there.......Good for you!

Some practical advice for the Lincolns:

Separate into two groups, prior to 1934 and after 1933.

Then take the after 1933 and divide into two groups:
Before 1959 and after 1958. (If any after 1958)

Then take the after 1982 and BEFORE 1982 and separate into two groups.
Put the 1982 into a separate group.

When you have finished this, other members will guide you further.

I am talking about the wheat cents

If they aren't searched or common ones it's very highly recommended to check them all out! The chance of finding a 1955 double die is very rare, but yet possible. There's some other cool errors like the 1944 steel penny. I would just love to find one of them. If you have more questions you can always ask us. If you can maybe dump some Wheat cents out on the floor and take some pictures that be great! In order to upload to this website you need a hosting site first. Such as; Photobucket, photoshop, gickr, etc. All you do is copy the link then use [img] and [/ img] without the space from the slash.

Hi Penny,

I am new to this forum but certainly not new to coin collecting. As you can see there are a lot of very knowledgeable people on this site who are willing to share a wealth of information. From the replies posted here you should have everything you need to begin your project. I cannot add anything more to the advice already given except perhaps to break down and simplify the choices you have. (should you choose to dispose of your hoard)

1-Sell your coins to a dealer.
This may be the simplest and quickest way to dispose of your coins because you just haul (or truck :) your coins into the shop and walk out with the cash. The downside is you will also make the least amount of money. Most dealers will not sort through large amounts of coins (especially the pennies) but will generally purhase your entire collection for one lump sum.

2-Sell your coins to a collector
You will make more money but will need to put in a bit more work because you will not only need to have more knowledge about your coins but also need to find a collector for the specific coin types you have. However, if you can find a collector who is interested in most if not all your coins, they would probably be willing to pay top dollar.

3-Sell your coins on ebay
Potentially the most profitable and for sure the most labor intensive of the three. You will have to have a very good understanding of what you own and their values. Plus you will write the ads, take the pictures, ship the orders and write the feedback for every coin or lot of coins you sell. (whew)

So you do have options. It will depend on how much money you want to make, how much time are you willing to spend and maybe the most important, how much 'clutter' can you put up with :). In all probability, from the little I know about your collection you are looking at several hundred dollars worth of coins. Unless of course you come across a key (ie. rare) date or variety in which case the sky's the limit. You never know what you will find in an old coffee can!

Good luck and enjoy the ride!