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How Do I Process This Hoard Of Pennies?

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NGiles's Avatar
United States
527 Posts
 Posted 02/06/2008  2:49 pm Show Profile   Bookmark this topic Add NGiles to your friends list Get a Link to this Message Number of Subscribers
Hoarding pennies has been habbit in my family for three generations now. My grandfather, father and I have kept every penny we have come into contact with. The bad news is that we have merely put them into a jar and then larger containers. We now have them in an old Army ammo trunk. We have tried to move the trunk with four people and it has become impossible to move. I have no real idea how many pennies we have, but I can estimate well over 250,000. I have never been that interested in pennies other than adding them to the hoard. Now reading on the fourm I am starting to realize what we have. What are some suggestions to organize these coins.
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mycrob's Avatar
United States
2602 Posts
 Posted 02/06/2008  2:55 pm  Show Profile   Bookmark this reply Add mycrob to your friends list Get a Link to this Reply
May I suggest sorting the way it was done for the Cent Project? I found it to be a great and quick way... though that was with 5000 cents. It would take weeks no doubt to sort it for 250,000. Nice hoard. http://www.thecentproject.com/sorting.php

P. S. Try not to hurt your back
Edited by mycrob
02/06/2008 2:56 pm
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mahgobbi's Avatar
United States
549 Posts
 Posted 02/06/2008  3:01 pm  Show Profile   Bookmark this reply Add mahgobbi to your friends list Get a Link to this Reply
I think you have enough coins that it would be worth it for you to invest in a Ryedale sorter (http://www.ryedalecoin.com) for about $350. It will sort your pennies into two piles. One will be copper and the other will be zinc. Once they are separated, sell the Ryedale Sorter on ebay. I'm guessing you will get a VERY good price for it, since there are never any competing listings and somebody will most likely pay $275-$300 for a gently used one, rather than $350 for a new one.

Find a place to dispose of the zinc. It may take a VERY long time to find enough banks or other places to cash them all in for you. To process the zincs in one big transaction, you'll probably be required to pay a fee, but if you want to divest of them fast, that's an option.

Here's the hard part...

Separate the copper pennies into wheats versus memorials. If you want to divest of the copper memorials quickly, you can get about 1.5x face value (after fees) by selling then on ebay.

Now sort through the wheats for key dates and hold them aside if you find any. The balance of the wheats can be sold in any number of ways on ebay and your profit will vary based on the amount of work you want to put into it. Lots of 5,000 pennies will sell for about $200 for non-dealers. Smaller lots will sell for a higher price per cent, but the time and effort will also be greater.
Edited by mahgobbi
02/06/2008 3:03 pm
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NGiles's Avatar
United States
527 Posts
 Posted 02/06/2008  11:22 pm  Show Profile   Bookmark this reply Add NGiles to your friends list Get a Link to this Reply
Where can I find a Ryedale sorter? Would the Red Book have the best list of key dates?
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mahgobbi's Avatar
United States
549 Posts
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j_h_s's Avatar
United States
1934 Posts
 Posted 02/07/2008  12:26 pm  Show Profile   Bookmark this reply Add j_h_s to your friends list Get a Link to this Reply
Hmmm....interesting ! Rules number one and two:

1. Careful handling is a must
2. Sorting by type (Indian, Wheat, Memorial) and date is paramount to discovering/identifying all else.

A couple of basic things I would do:

-- buy some thin cotton gloves...a lot of them...you can get them online, at coin and/or camera shops.

-- create a space about as large as a standard card table. If you were me, you'd figure a way to secure, firmly, a thin soft cover over the table...e.g., soft cotton or felt....sliding coins across most surfaces scratches them further.

-- Ensure that I carefully dip into the trunk as not to damage any coins

-- Sort out and isolate any corroded cents immediately as you work your way into the box, rather than digging into it to get all of them out at once.

-- sort out store any brilliant coins immediately as you work your way into the box, rather than digging into it to get all of them out at once.

-- determine if there is anyone (for hire) interested in sorting them out, Wheats vs Memorial, and any Indian Head cents if you think there are any. It doesn't really take that long to sort out the types of cents with good eye-sight when you use good lighting and stick with it.

-- then, as you asked, determine what index/indices you're going to use as you search. The trick will be to use indices that result in handling the coins fewer times. Sorting Wheats from Memorials is 1x.

With that many cents, I suggest you get/create a sorting bin/container with drawers that can hold up to about 4 or 5 rolls of coins (say, drawers that are 2.5 x 2.5 x 4 inches, for example) that can accommodate all years 1909 - 1958.

-- get a fairly comprehensive list of Key, semi-key, and variety dates for the Wheats. If the list is too long, you may get bogged down. Keep it simple to start.

Then begin by sorting by Wheat and date, regardless of mint. When some of the drawers become full, take a break from sorting and begin to take a closer look at the coins in the fuller drawers with a magnifying glass, sorting out P, D, S in small piles for rolling into rolls, setting aside, in 2x2 envelopes or some-such any key, semi-key, and/or variety dates/coins you come across.

I dont know what impact all sorting machines have on coins. I do know that some of them can damage or alter the surface of many, if not all, coins they sort.

my .50 worth.

Jim








Bedrock of the Community
United States
20753 Posts
 Posted 02/07/2008  1:10 pm  Show Profile   Bookmark this reply Add just carl to your friends list Get a Link to this Reply
DO NOT USE A COIN SORTER.
One nice scratch on a 1914D and you'ld be really sorry.
I would first of all purchase the Red Book.

Then basically what j_h_s has already said. A little long, but specific. The main thing you do not want to do is start banging the coins together so start taking them out of the box one at a time. YES, a little time consuming, but in case you had a 55 Double Die, 72 Double Die, 14D, 09S, 09S VDB, 22 Plain, etc and you scratched, dented, etc one you'ld be bouncing your head against a wall.
I really suggest though before you start, get the Red Book and also, if available, the book from https://www.coppercoins.com Possibly if you don't want to start accumulating books, you may want to spend a little time on that web site checking out all types of pennies.
I suppose you should be calling them cents because on all web sites there are fanatics that just get carried away when you say PENNIES.
Not sure if you have some family members to help but from what you say you have you sure could use a little help.
Remember to take your time, enjoy the hunt, do not clean any coins, do not run them through any kind of counting, sorting, etc. machines.
Bedrock of the Community
United States
20753 Posts
 Posted 02/07/2008  1:19 pm  Show Profile   Bookmark this reply Add just carl to your friends list Get a Link to this Reply
One more thing about purchasing a sorter. Why pay for a machine and then hope you can sell it? Why invest money on something that is not intended for the welfare of the coins? Note if you did sort them and attempted to dispose of them as indicated and had to pay a fee for that, again, more money wasted. AND if you did that you would probably miss out on the 82 Small Date, 83 Double Die, 84 Double Ear, 92 and 92D Close AM, 95 Double Die, 98, 99, 2000 Wide AM. But of course why worry about a few thousand dollars worth of coins when you could pay to just dump them? Oh, one more thing, watch out for all the errors mentioned on pages 390 of the Red Book or the numerous RPM's noted on the coppercoins.com web site.
AAAHHHHHHH, yes just dump them into a bank.
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NGiles's Avatar
United States
527 Posts
 Posted 02/07/2008  1:58 pm  Show Profile   Bookmark this reply Add NGiles to your friends list Get a Link to this Reply
I had that same thought on the coin sorter, I don't want to scratch the coins or ding them. I've been counting rolls, and I think I was very conservative on the number of coins we have. I've got a lot of work ahead of me. Thanks for all the great feedback.
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mahgobbi's Avatar
United States
549 Posts
 Posted 02/07/2008  2:12 pm  Show Profile   Bookmark this reply Add mahgobbi to your friends list Get a Link to this Reply
I guess I misunderstood NGiles intent here. I thought he wanted to just get rid of the coins and had no interest in collecting. I was trying to tell him the quickest way to process the coins and dispose of them without missing out on a potentially valuable one.

I agree with the other posters in that you should handle them with care if you're taking a true interest in the pennies and don't mind spending a little extra time. Personally, I don't go as far as Jim with being careful. I don't wear gloves, and I just spill bags of circulated coins carelessly onto my rug in a big pile and sort through them. I figure that if anything valuable is there, it's not going to get too much more damage from one last dump on the floor. If I ever found something valuable, I would certainly take care when handling that particular coin, but it's too much hassle for me to go through all the motions of being careful when I'm sorting through 5,000 cents...and you sure have a LOT more than that to sift through!
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eaglefoot's Avatar
United States
6326 Posts
 Posted 02/07/2008  2:49 pm  Show Profile   Bookmark this reply Add eaglefoot to your friends list Get a Link to this Reply
Go through them ONE BY ONE !! That sounds like a gargantuan project, but that's okay ! There's NO RUSH ! Just take your time and do it during rainy days and wintry evenings. Once a week for a couple of hours would be fine I'd think...... as huge as yer' pile is.....there's no hurry right ? Wheats are getting more valuable as the years go by ......slowly but surely. Indian Heads are better yet ! Even if they're mostly low grade or average, IT WILL BE WORTH YOUR TIME !
But that's the best way I'd do it.......one red cent at a time.....as they say.
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1231 Posts
 Posted 02/07/2008  10:39 pm  Show Profile   Bookmark this reply Add onejinx to your friends list Get a Link to this Reply
Or send them all to me and I will go through them one by one
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j_h_s's Avatar
United States
1934 Posts
 Posted 02/08/2008  07:36 am  Show Profile   Bookmark this reply Add j_h_s to your friends list Get a Link to this Reply
onejinx said, " Or send them all to me and I will go through them one by one"

Dag Nabbit ! You beat me to that punch. I was going to say if he/she lived near me, I'd come by and sort them myself.
:)


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j_h_s's Avatar
United States
1934 Posts
 Posted 02/08/2008  07:42 am  Show Profile   Bookmark this reply Add j_h_s to your friends list Get a Link to this Reply
or, sell them by the pound, unsearched/unsorted, to the likes of me and others on this forum...I'll by some from you. I'd give you, sight-unseen, three dollars a pound plus shipping/handling for unsearched/unsorted pennies.
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mahgobbi's Avatar
United States
549 Posts
 Posted 02/08/2008  07:58 am  Show Profile   Bookmark this reply Add mahgobbi to your friends list Get a Link to this Reply
Just to be fair, he should realize that the going rate on ebay is $2.50 - $7.00 (yes, I've sold as high as $7.00 and I've seen some other sellers get even more) plus $3.99 s/h for 1/2 pound packages.

Of course, it might be worth it for him to give them away at $3 per pound on here if he doesn't want to deal with the hassle of ebay.
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gussyboy1's Avatar
United States
174 Posts
 Posted 02/08/2008  08:09 am  Show Profile   Bookmark this reply Add gussyboy1 to your friends list Get a Link to this Reply
What fun you have ahead of you! There are those of us that would help you sort and be delighted to just help--yes, there are a lot of us coin crazy folks out here! ha Anyway, don't forget us here on the forum when you get ready to sell or trade. I recently paid double of what the RedBook lists cents for some very early cents-S just to fill some albums. Good LucK!
Gussyboy1
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