Posted 11/23/2016 8:43 pm
RoyCoinBoy Hello - I don't know how long you have been at the coin game, but I have a few cautionary statements.
Most US coin dealers buy random foreign coins for about $2 a pound or less and are typically selling them for a hefty mark up over 100%. Since the Euro came into play many outlets overseas (Germany is a good one) sell in large batches for under $1 a pound but they remove some specific metals like pure copper and nickel.
Alloyed coins are worth less, sometimes much less than melt for their components parts.
I looked at the prices this guy is getting - one auction with 30 random coins - about $6. That works out to 20 cents each. A larger batch of 60 was about $9 which is a more palatable 15 cents each.
Based on my experience there can be anywhere from 50 - 120 modern coins in a pound. But if there are a lot of small coins the number can get very high. US copper cents would run 146 per pound. Zinc cents would be closer to 180 coins. So for $ 1.80 in value you would pay $27 (three lots of 60). He sells by weight too 1/4 pound for about $6 or $24 a pound. A nice profit margin for counting and repacking.
Many modern world coins are essentially worthless unless they are mint state. Even then there are dealers selling them at 10 cents.
The most important part is that you do not get to control the mix. It is random. Expect the first bite to be better than average. Remember no returns.
The single MS coin offered is not attractive to me.
I just checked his The Desolation of Smaug - Kili's Stone which he offers for $53 - you can get them on ebay or Amazon for under $20. Of course you get a nice (unverifiable) story about this being one actually purchased in New Zealand. I was only able to verify the pictures did come from the New Zealand movie set (now a public attraction). I was not able to determine if they were stock images or where the stone itself was made (Japan - China?)
Have you checked dealers in your area? Or coin shows? Have you checked on line dealers offering foreign coins? Some have bargain bins 2-3 for a dollar but you get to pick what country you want. Sometimes even by date and denomination.
Any outlet where you relinquish control totally is not going to work well in the long run.
Most US coin dealers buy random foreign coins for about $2 a pound or less and are typically selling them for a hefty mark up over 100%. Since the Euro came into play many outlets overseas (Germany is a good one) sell in large batches for under $1 a pound but they remove some specific metals like pure copper and nickel.
Alloyed coins are worth less, sometimes much less than melt for their components parts.
I looked at the prices this guy is getting - one auction with 30 random coins - about $6. That works out to 20 cents each. A larger batch of 60 was about $9 which is a more palatable 15 cents each.
Based on my experience there can be anywhere from 50 - 120 modern coins in a pound. But if there are a lot of small coins the number can get very high. US copper cents would run 146 per pound. Zinc cents would be closer to 180 coins. So for $ 1.80 in value you would pay $27 (three lots of 60). He sells by weight too 1/4 pound for about $6 or $24 a pound. A nice profit margin for counting and repacking.
Many modern world coins are essentially worthless unless they are mint state. Even then there are dealers selling them at 10 cents.
The most important part is that you do not get to control the mix. It is random. Expect the first bite to be better than average. Remember no returns.
The single MS coin offered is not attractive to me.
I just checked his The Desolation of Smaug - Kili's Stone which he offers for $53 - you can get them on ebay or Amazon for under $20. Of course you get a nice (unverifiable) story about this being one actually purchased in New Zealand. I was only able to verify the pictures did come from the New Zealand movie set (now a public attraction). I was not able to determine if they were stock images or where the stone itself was made (Japan - China?)
Have you checked dealers in your area? Or coin shows? Have you checked on line dealers offering foreign coins? Some have bargain bins 2-3 for a dollar but you get to pick what country you want. Sometimes even by date and denomination.
Any outlet where you relinquish control totally is not going to work well in the long run.
Quote:
RUN AWAY. RUN AWAY FAST.
RUN AWAY. RUN AWAY FAST.
