| Author |
 Replies: 19 / Views: 4,649 |
|
Valued Member
United States
212 Posts |
I recently popped into a local coin shop I'd never been to before, and saw a side table with two huge plastic tubs (probably 25 gallons each), both full to the rim with coins. I asked what they were, and the guy said "Just foreign coins, no silver or anything" kinda wrinkling his nose like he didn't even approve of having them in the store. He's leaning over a display case of glimmering slabbed silver and gold, which I have zero interest in, ha. I asked if the foreign coins were for sale and he said said they were 5 for $1.00.
So I merrily pawed around for about two hours, just to get as many older German and Canadian coins as I could find (just because I have a vague idea what to look for, and I mean really vague). I wound up buying only 25 coins including a 1967 Australian one for my daughter because it has a platypus and she's crazy about the 60's. I even stumbled on some American coins in there, including wheat pennies. A lot of the time I was just wowed by how diverse the assortment was, coins from everywhere--I mean EVERYWHERE, and how cool and weird some of them were. So many animals, weird coin shapes and crazy geometric pattern designs!! I saw lots of European national coins and Euros too. I wasn't seeking dates for anything other than German or Canadian, but I (accidentally) spied numerous early-20th century and late-19th ones. For all I know, crazy-desirable coins were literally sliding right between my fingers with every swipe.
What got to me the whole time was how frustrating it was trying to make decisions hunched over these bins with the employees carrying on about politics, no ability to check the internet for information (I mean I guess I could have on my phone, but it already felt like I was pawing for an eternity). Worst of all, I couldn't paw more than maybe a third of the way down from the surface of either bin, with them so full and coins being so slide-y. I'm sure the best stuff is deeper, and I'm NOT so sure there isn't any silver (or God knows what)--I mean however they get their foreign inventory, it obviously isn't sorted enough to remove all American coins. But who knows, maybe they just chuck less-collectible American coins in there to make newbies like me think that, ha!
Anyway when I decided to quit, and tried to sanitize/paper towel the black grime from my hands, I said to the guy I wished I could just take a big random scoop home and study them in my easy chair. And THAT'S when he tells me, "Well, you can do that. It's $8 a pound." --*&$@$^*!-- Why didn't he tell me that along with the 5/$1 price? Here I had spent all that time gathering maybe a quarter pound for $5. I asked if it's possible to scoop from deeper down, and the (nice, less snooty) lady said, "Oh yeah. We can bring out a bucket if you want to skim away the top stuff that's been picked through the most."
One thing I should note. --I have no intention of becoming a foreign coin collector. I know, "You say that NOW, but..." No, really. I would surely keep a few favorites, give a few as gifts, and undoubtedly have tons of fun just studying and learning. But it would be nice if there's any flipper potential too. But I know NO-THING about the foreign collector market. Like I don't know if any certain kinds fetch money worth packing and shipping to American collectors, never mind to other countries. Not saying I can't learn, and I'm not asking for any specific advice (unless anyone just has some to offer).
So long story short, does this sound like a worthwhile bulk deal to you? Is this kind of setup common in coin shops? Would you buy a few pounds just to see what's you got, or are foreign coins just too worthless to bother with?
|
|
|
|
Bedrock of the Community
 United States
12477 Posts |
I have one singular experience with buying foreign coins by the pound. I was charged $9/lb. I was at a disadvantage by trying to sort through their containers shortly before closing time. I got five pounds worth, and actually found a couple nice items. I got a Panamanian silver coin (quarter Balboa) in there and a Norwegian (I think?) coin of modest value (no PM). I sold both of those and still have the rest. I would probably do it all over again to be able to see all of the different coins.  In Memory of Crazyb0 12-26-1951 to 7-27-2020
In Memory of Tootallious 3-31-1964 to 4-15-2020
In Memory of T-BOP 10-12-1949 to 1-19-2024
|
|
Valued Member
 United States
212 Posts |
Ah, so this was not in your town? --I have a bad habit of going to places too close to closing time, so I will keep your story in mind. Incidentally I know I saw Panamanian and Norwegian coins in there (I've actually been kicking myself for not grabbing one of the beautiful horse Krones--but I will now for sure).
|
|
Pillar of the Community
 United States
5029 Posts |
8 per pound is not a bad deal at all. I would buy many pounds at that price at an LCS.  |
|
Valued Member
Canada
496 Posts |
If knew of a LCS around here with that offering,I'd bring my own bucket a selectivly pick for an hour (or 2).
|
|
Pillar of the Community
Sweden
1078 Posts |
$8 per ½ kilo sounds a bit expensive to me, actually. But that's probably because I've been spoiled with lower prices. Anyway, what I reckon is the case here is that you've got a gold mine on (in?) your hands. You mention how there were some late 19th century pieces and the people there mostly cared about higher-end stuff. From my experience, the less shopowners care about stuff the more likely there's going to be silver, as there are SO many coin types. Considering the value and apathy, many silvers must have slipped through. Beyond the interest for interesting designs, there are always the possibility to find coins below face value, but this requires quite a bit of knowledge in advance, and sifting through so many coins has to be overwhelming. For instance - the Norwegian horse 1 Krone - is not a legal tender coin anymore but if so would have a face value of about $0.12. My personal best experiences with junk stuff is to find owners with gloomy-looking shops that have likely been around for quite some time. They don't even have to be designated coin shops. If the place is messy then you are likely to find good unsorted lots with plenty of silver in them, especially when buying bulk. If the shop is tidy and bright however, there won't be much, atleast for cheap. The grime on your fingers is just to get used to. Sometimes when sifting through just about any junk bucket, I'm occasionally offered an empty bucket to put searched coins into. Perhaps ask for that next time in order to go deeper? And of course - if you don't want to become a world coin collector I recommend you to immediately stop. That stuff is addictive, especially when sifting through the coins, looking them up and then returning with that knowledge in mind. It's a vicious cycle |
|
Pillar of the Community
United States
7958 Posts |
Quote:
So long story short, does this sound like a worthwhile bulk deal to you? Is this kind of setup common in coin shops? Would you buy a few pounds just to see what's you got, or are foreign coins just too worthless to bother with? If you DO NOT plan to collect these coins, but are thinking of flipping them, you need to know what you are doing, or you will wind up with a bucket of coins sitting in a corner somewhere for a very long time. Of course, your investment will be a pittance, so you can chalk it up to experience without too many tears in your beer. If it's anything like my LCS, the late 19th c. are low grade British coppers, maybe a German or Austrian, that get at best a buck to a buck-and-a-half on ebay. They look tempting, but you can't make money on them unless you can move a lot of them. I think that someone who is really knowledgeable in 20th c. minors can make a few bucks at the LCS because there is no money in it at the LCS to give a business return, but there might be for someone doing it as a hobby or in retirement. I've played around with it a bit this year (cherrypicking on the 5 for a buck model), and cannot say the results have been stellar. |
|
Pillar of the Community
United States
6130 Posts |
The odds are astronomically small that you will get rich from picking through bulk buckets at your LCS. 95% of world coins minted after the 1880s are worth less than 50 cents in circulated grade, and probably 99.9% are worth less than $5, gold and silver excluded. There are collectors of Canada, Mexico, the UK, Germany, but not much else. Unlike US coins, a foreign coin must be in very high grade to be worth much, or must be an extremely rare key date in a series that more than just a few collectors actively collect. Be wary of buying modern circulation coins at a flat price! How would you feel about a Canadian LCS selling circulated 1970s nickels for 20 cents each? Do watch out for British pound coins, Swiss francs, and Japanese 100 and 500 yen - those do sometimes end up in junk buckets and can be flipped for some good money on ebay, as they are the equivalent of $1-$5 coins. Just about my only success story came from cherrypicking those high denomination coins and selling them in lots as "vacation money", even below exchange rates. Just about everything else was a wash, except for having a bucket of cool coins to sift through with my daughters. If you go back, I would love to see a snapshot of what the bucket is full of! We can give you some good tips on what to cherrypick. Also remember that old =/= valuable. I have ancient Greek and Roman coins that are worth less than many modern world coins. |
|
Bedrock of the Community
United States
12477 Posts |
I will add that in my one experience, I was lucky to find the Panama 1/4 Balboa because it somehow slipped through the fingers of the dealer and his fellow who were actively searching the newest bulk world coin buys for silver while I was in the shop! I didn't have enough time to search through the large Rubbermaid container they were scooping coins from. I did notice that the majority of coins in that container were bright aluminum, though.  The non-PM coin I found that time was this:   Modest value, but better than the 10 cents I paid for it. It even had a small lamination flaw going on. https://www.NGCcoin.com/price-guide...duid-1464568In Memory of Crazyb0 12-26-1951 to 7-27-2020
In Memory of Tootallious 3-31-1964 to 4-15-2020
In Memory of T-BOP 10-12-1949 to 1-19-2024
Edited by spru
10/24/2018 01:42 am
|
|
Valued Member
United States
108 Posts |
I see phrases such as "what to look for", "crazy-desirable", and "the best stuff" followed by a declaration of "hav(ing) no intention of becoming a foreign coin collector" and then mentioning "flipper potential" and then seeking guidance in the foreign coin market. So, I am led to believe that your whole purpose and intent is to try to make money off this find. Cherry-picking at 5/$1 is a feasible venture provided you know exactly what to look for. However, you would make much more by simply taking on a part-time job for the time you will spend. At $8/lb, you have a slight chance of finding some pieces that may flip a small profit. But, again, for the time consumed, a job would produce more. Dealing with bulk foreign coin is a lot like doing CRH. You take a chance that you might or might not actually find something worthwhile in your search. But, unlike CRH, with foreign coin, you cannot simply return what you don't want back to the bank and try again. Even if you are able to obtain your foreign coin at wholesale (under $0.04 a piece or $4/lb) you still will not make much unless you are dealing in large quantities at a time. And, there will not be much relaxation and enjoyment involved in such a task. I would say that most people purchase bulk foreign coin because they are foreign coin collectors. It is done to enjoy the coins and the learning involved. A time to relax and appreciate these works of art. Coins are among the worse types of investments you can make. Unless you plan on becoming a dealer, I wouldn't consider spending the time or resources on such a venture. If you actually have an interest in collecting those German and Canadian coins you mentioned, then go ahead and buy all day long at $8/lb and search through them to find what you are interested in. You should have little problem selling the leftovers on ebay and breaking even. You would simply have to calculate your sell pricing properly and make sure that the fees and shipping don't make you go in the red. If you do that, I would also suggest offering to buy in larger quantity for less (say $5/lb for 25 lbs) and haggle it with him if you are able to spend that much. Getting as close to wholesale pricing as possible will allow you to "flip" the coins more easily (on say ebay) because you won't have to try to charge as much. Once you have sold your leftovers, you go back to the dealer and get more. But, if this is only as a means of trying to make money...I would advise against it. |
|
Pillar of the Community
United States
581 Posts |
Buy 5 lbs at $8 per. Total investment $40. You'll get many, many hours of enjoyment out of going through them and easily get your $40 recouped if desired.
Or $40 for a dinner and a movie (by yourself) for a max of 4 hours of temporary fun. Your $40 is gone forever.
Every one above all made valid points.
NOTE: Your almost certain to find coins from Cuba.
Edited by yellow88
10/24/2018 04:29 am
|
|
Valued Member
United States
212 Posts |
Oh my, yall are killing me, collectively affirming the wide variety of disparate voices in my head, from 'could be a gold mine,' to 'likely a big waste of time and money, and a bunch of valueless coins I'll have no idea what to do with.' HA!! And even with as little as I know so far, it does seem intuitive that the range of possibilities really is that wide. I believe I will buy a few pounds (from at least the middle of the bins, if not lower). I know for a fact I will enjoy at least the first several hours, just nerding out at my table, making stacks according to nation, denomination and year, and "traveling" through time and space via my laptop. Learning new things is priceless to me and it really "sticks" a lot more when it starts with something palpable (such as a coin), rather than just opening a book on page one, or going to Wikipedia. The small collection of foreign coins I already have ( inherited) is a good example. Like how the Filipino ones told me "You had a sense the Philippines was a complicated place? Let me tell you something....." LOL. After having a blast just sorting and learning, I could then see if I have anything worth selling. Maybe this is a silly idea, but I had this idea of putting together lot offers not just according to savvy collector appeal but by gift/amateur appeal, like 'Animal Worls Coins,' 'Coins With Holes,' etc. You know, categories kids would like, or friends/family members of collectors might buy, thinking they'll love it as a gift (thought they'll probably roll their eyes when their backs are turned). But no, I wouldn't try to gouge anybody, not even necessarily make a profit, just get a little something for the effort, and not necessarily on ebay (I'm already planning to have a yard sale this spring). Quick (specific) question: Are errors/varieties "a thing" with foreign collectors? I know, I'm already looking at endless hours researching through time and space. But if you just know of any particulars, I would be glad to know what to watch for. --I do already know about the Canadian Elizabeth 'shoulder fold' thing, and Reich discrepancies that can be found in German coins. yellow88 I hope you see this, because I'm dying to know why you bring up Cuba. --Do you mention it because there's something particularly desirable about Cuban coins, or because you (somehow) know I live in Mobile, sister city to Havana? As a matter of fact, a Cuban immigrant couple lived in my house from 1967 to right before I moved in, in 2014. Coincidentally I was looking at some of their old stuff last night (immigration and naturalization documents, passports, legal documents about the alcoholic redneck next door neighbor who harassed and assaulted them for years; there's even a 1972 Polaroid of him peeing on their garage). Incidentally, part of why I haven't already run to buy some pounds of coins is I can't decide whether to that first, or buy a metal detector. The long history of this port city/Civil War key area is bound to have amazing treasures hiding in the ground. And my first detecting spot would by my own yard, to see if ol' Louis and Zorida buried any jars of silver. Edited by Kawliga
10/24/2018 10:21 am
|
|
Valued Member
United States
108 Posts |
Quote:
Oh my, yall are killing me, collectively affirming the wide variety of disparate voices in my head, from 'could be a gold mine,' to 'likely a big waste of time and money, and a bunch of valueless coins I'll have no idea what to do with.' HA!! And even with as little as I know so far, it does seem intuitive that the range of possibilities really is that wide. No. Actually, your only real viable choice is to become a world coin collector.  Quote: I know for a fact I will enjoy at least the first several hours, just nerding out at my table, making stacks according to nation, denomination and year, and "traveling" through time and space via my laptop. Learning new things is priceless to me and it really "sticks" a lot more when it starts with something palpable (such as a coin), rather than just opening a book on page one, or going to Wikipedia. The small collection of foreign coins I already have ( inherited) is a good example. Like how the Filipino ones told me "You had a sense the Philippines was a complicated place? Let me tell you something....." LOL. And, it looks like you have already chosen your path! Welcome to the Dark-side, young Adept. You will do well to further our cause... Quote:
Are errors/varieties "a thing" with foreign collectors? Absolutely, yes! But, collectors are not necessarily gouged for their interest in such items as many U.S. collectors are. You can visit https://conecaonline.org/ to get some general information on errors as well as world coin errors. Many people think that CONECA is only for U.S. coins, but they delve into much more than dead presidents and Lady Liberty. Enjoy yourself in all of this! Edited by NPCoin
10/24/2018 10:26 am
|
|
Pillar of the Community
United States
7958 Posts |
From a recent similar foray ... (not I was THAT strapped for cash ... was just curious the same way you are)... Bugaria 1 Lev 1960 and 1962 both 1 year types) and Argentina 1 peso 1959    I've sold these kinds of coins previously, and know I will net at least a few hundred percent over my 20 cent investment if I'm patient(Repeated 30 day BIN listings on ebay). But that won;t even be a week's beer money. I also grabbed a couple of nice looking British coppers from early QEII, but see I'll probably never be able to sell those Edited by tdziemia
10/24/2018 3:22 pm
|
|
Valued Member
Finland
294 Posts |
Instead of ebay I use Leftovercurrency.com for high monetarity value coins like German marks, British pounds, Swiss francs etc. Look for banknotes also, for example some people thinks that all pre euro currencies are worthless now. |
|
Valued Member
United States
212 Posts |
Maybe I WILL become a world coin collector, just because yall are so fun and encouraging! My experience over in Ye Olde US forums has not been as morale-boosting.
Anyway I did go and get 3 pounds today!! I individually picked the first two pounds (took about two hours) and then blindly grabbed the third pound, just so I'd have some surprises to discover at home. I can't wait to post pictures. But for now I'll just go ahead and say I got a whole bunch of pre-1960 Canadian pennies, including six pre-1937 (one is a 1924--only 1.6 million minted!!) I got several US wheat pennies too, but haven't even had a chance to look at them. I have to go to work, which suuuucks!!
Edited by Kawliga
10/24/2018 6:00 pm
|
| |
Replies: 19 / Views: 4,649 |
To participate in the forum you must log in or register.
Disclaimer: While a tremendous amount of effort goes into ensuring the accuracy of the information contained in this site, Coin Community assumes no liability for errors. Copyright 2005 - 2026 Coin Community Family- all rights reserved worldwide. Use of any images or content on this website without prior written permission of Coin Community or the original lender is strictly prohibited.
Contact Us | Advertise Here | Privacy Policy / Terms of Use
|
| Coin Community Forum |
© 2005 - 2026 Coin Community Forums |
| It took 0.5 seconds to rattle this change. |
 |
|
Posted 10/23/2018 02:02 am
