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I Think I Just Got A Decent Deal On IHPs

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Author Previous TopicReplies: 11 / Views: 1,190Next Topic  
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mahgobbi's Avatar
United States
549 Posts
 Posted 01/20/2008  9:53 pm Show Profile   Bookmark this topic Add mahgobbi to your friends list Get a Link to this Message Number of Subscribers
I won't know for sure if it was good deal until I see them, but I just got 147 Indian Heads for just under $80 shipped. Of the 147, 40 are culls, but 22 are fine or better and the rest of them are G4 or better. I verified with the seller that the ones he claims are fine all have full liberty and diamonds. Apparently a bunch of these coins were cleaned at some point, but I'm still in the process of trying to fill in dates cheaply and for $.54 each I'll take cleaned! I'm still new to this, but it seems to me that all IHPs are either in bad condition, cleaned, or VERY expensive! So for now, my book consists primarily of IHPs graded F or better with light cleaning (nothing super obvious to a newbie like myself).

I think I made a good purchase. I seem to be able to resell culls, AG, and G-4 for about $1 each on average, so I should be able to make back my investment after cherry-picking the ones I want from the lot.
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BH1964's Avatar
United States
10982 Posts
 Posted 01/20/2008  10:49 pm  Show Profile   Check BH1964's eBay Listings Bookmark this reply Add BH1964 to your friends list Get a Link to this Reply
That sure sounds like a great deal to me! Many people are wanting $2-3 for common date G-4s and getting it.

I think you got a good deal.
ANA #R3154474
Edited by BH1964
01/20/2008 10:55 pm
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KurtS's Avatar
United States
5318 Posts
 Posted 01/20/2008  11:46 pm  Show Profile   Bookmark this reply Add KurtS to your friends list Get a Link to this Reply
Nice...I hope it's a good date spread. For the 22 that are fine or better, take a good look for repunched dates and double dies. I find a lot of sellers completely overlook die varieties other than 1867/67, 1869/69 and so on. Some of the less obvious ones are still valuable. If you find anything interesting, post a photo and I might be of help. I just hope they weren't cleaned too harshly--one of my big peeves. Cleaning never makes a coin better.
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mahgobbi's Avatar
United States
549 Posts
 Posted 01/21/2008  12:00 am  Show Profile   Bookmark this reply Add mahgobbi to your friends list Get a Link to this Reply
Yeah, I know the cleaned coins are bad, but I still have a few holes to fill (post-1880) and I have a few without full liberty. I'd rather a cleaned coin than a hole. I might also stumble onto a few pre-1880 in poor condition and so far I have only one older IHP, so even an AG or a cull will fill those holes for now.

I've been looking at the coins closer ever since you sent me the link to that website, but so far I haven't found anything. I don't have a microscope yet, so it's possible I'm just not seeing the errors. At this point I'm just taking digital photos and blowing them up to 400%.
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KurtS's Avatar
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5318 Posts
 Posted 01/21/2008  12:16 am  Show Profile   Bookmark this reply Add KurtS to your friends list Get a Link to this Reply
Yeah--understandably, some of those dates are hard to come by!
Just as an FYI, I have a few decent, uncleaned (F and higher) IHCs that I'm willing to sell. If you find you still need some dates, send me a list.
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j_h_s's Avatar
United States
1934 Posts
 Posted 01/21/2008  07:48 am  Show Profile   Bookmark this reply Add j_h_s to your friends list Get a Link to this Reply
I'm curious to know the general date range of those IHCs and within what range are the majority?

Any idea?
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mahgobbi's Avatar
United States
549 Posts
 Posted 01/21/2008  08:40 am  Show Profile   Bookmark this reply Add mahgobbi to your friends list Get a Link to this Reply
Thanks Kurt, I may be in touch.

j_h_s - I'm assuming they are all post-1880 and I'm ok with that because I'm still very new to collecting. I didn't even bother to ask what the date range was because I was happy with the price even if they are all 1900s. As long as I'm confident that I can re-sell something for my initial investment after cherrypicking what I want, I'm happy with the purchase.

Another reason I'm pretty convinced they will be post-1880 is because the seller posted a separate auction for a few 1960s and 1870s G4 pennies.

I'll post the results once I get the coins.
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mycrob's Avatar
United States
2602 Posts
 Posted 01/21/2008  09:16 am  Show Profile   Bookmark this reply Add mycrob to your friends list Get a Link to this Reply
That's an awesome deal. I have a very hard time getting bulk IHC for under $1 each.
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mahgobbi's Avatar
United States
549 Posts
 Posted 01/24/2008  2:57 pm  Show Profile   Bookmark this reply Add mahgobbi to your friends list Get a Link to this Reply
Well, the pennies arrived today and I'm not as excited as I could be about them. Don't get me wrong, for $.54 each I'm not complaining, but the quality was worse than advertised. I haven't counted everything up yet, but he claimed there were about 40 culls. I think it's closer to 50% of them. According to his listing there should have been no less than 22 pennies which would grade as "fine or better". He confirmed that fine would mean full liberty. I seriously doubt I saw 22 coins with full liberty in that package...if there were, I think a bunch of them would only be visible under magnification. Most of the ones which had a clear details and full liberty had other problems which would reduce their grade to G4 or worse...some had perfect detail, but would have been graded as culls because of corrosion or dents/bending. I'm guessing he included these ones with the "fine or better," simply because they had some good details hidden under the corrosion or dents.

A lot of the coins were dark green or black. Some had nice details, but they were just ugly. Do black, or close to black, coins grade the same way as normal pennies or are the downgraded for being ugly?

As for date range, I have mixed feelings...overall, it was the worst I've bought yet. Mostly 1900 and later, with a handful of 1890s mixed in and a few 1880s. There was one big surprise though...an 1863 in decent condition. It's probably not VG, but I think it would grade better than G4. It's my first older IHP and I was very surprised at the size of it. I knew they were a little heavier than the 1864+, but I didn't expect it to be a full double the thickness. I could actually feel the weight difference without a scale.

I'm not going to try to get a return because the 1863 fills a hole for me and I can get back my investment on the rest. I'm just disappointed that he misrepresented the condition. I may email him and let him know that I'm disappointed, but I'm not so upset that I'll start trouble or ask for a refund.
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KurtS's Avatar
United States
5318 Posts
 Posted 01/24/2008  3:50 pm  Show Profile   Bookmark this reply Add KurtS to your friends list Get a Link to this Reply
50% culls...mostly 1900 or later, hmmm...I might be a little ticked too. I suppose .54 ea might be ok, but consider that 50% of those coins are unsellable to a dealer--except by raising your expectations about those 22 "fine or better, full liberty", yada yada. I consider culls nearly worthless, so I would be paying $80 for essentially 70 IHCs. That's rather high for mostly post-1900 coins, unless they all grade VF-XF.

In theory, selling coins in bulk should mean that the dealer is providing a good margin of value to the buyer because it's usually not cost-effective to sort the coins themselves. They can be excused for picking out the real money coins--but should leave the rest as-is. That's my policy at least when I sell cents--and I'm rather picky to weed out any questionable ones. In answer to your question: noticeably dark IHCs aren't priced the same by dealers from what I've seen. The price may be downgraded a lot, depending on visible details, hidden problems or corrosion (imo)

If you still need some decent IHCs, I have a few Fine or better, uncleaned ones from the 1880s-1900s that I'll give you a fair deal--and pictures of each coin before you buy, no surprises!



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mycrob's Avatar
United States
2602 Posts
 Posted 01/24/2008  4:30 pm  Show Profile   Bookmark this reply Add mycrob to your friends list Get a Link to this Reply
I think you will make your money back dumping them back on ebay and just being honest that the lot is a range of conditions. They usually sell for $1 per coin, even with culls mixed in. The ones that sell lower are when the seller explicity says all the coins are culls- then they go for 50-75 cents each.

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j_h_s's Avatar
United States
1934 Posts
 Posted 01/25/2008  03:50 am  Show Profile   Bookmark this reply Add j_h_s to your friends list Get a Link to this Reply
Mahgobbi said, " Well, the pennies arrived today and I'm not as excited as I could be about them."

Oh well. We all take our licks and pay our dues. Aggravating thing is that is a life-long process. I made a lame purchase recently, too...I dont think there was one IHC worth more than a cent in the entire lot..only because they might slip by a cash recipient un-noticed...black, worn, corroded, etc.

Next time, try and find out/determine the seller's definition of "cull." My cull standard is different from sellers' standards who are just trying to dump junk and I cannot expect anyone to automatically know, meet, or exceed my standards.



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