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 Replies: 13 / Views: 2,667 |
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Valued Member
United States
264 Posts |
Well today I had a rare saturday of no wife and no kids. As such I decided to go out and hit some local yard sales and the flea market. My thinking is maybe people would be trying to sale off old collections for gas money or such. The yard sales were a bust. I found one table at the flea market with two older (65+) brothers that had some coins. They had some decent coins but I only had $20 on me as I wasn't too hopefull. Found a few items I liked but passed on them as the guy has them graded too high and thus priced beyond reason. I did buy 2 rolls of Wheat cent rolls from a box of about 9 rolls he had. He said they were unsearched but of course I was highly skeptical and got what I figured I would. I also picked up a 39 Mercury dime, 78 Rp100 Indonesian coin, and a 89 Canadian dollar for my collection. I spent $10 total ($5 for the wheats, 2 for dime, 2 for the loony, and 1 for the indo coin). Reason I spent the cash was more to give them some cash for just standing around and talking. One of the brothers also pulled out some nice old coins. He had a seated liberty 20 cent coin, a large cent, few other 1800s stuff, and a 1799 dollar. He said the 1799 was the 9 over 8 error worth about $4500. I asked him why he hadn't sent it to be graded. He has it in a hard bubble holder and it's sliding around. I was sort of awed he let me hold the coins and such when this was my 1st time visiting them. I'm seriously considering going back to see how much he wants for the 20 cent coin. It had $99 written on it but don't know if that is the true price or not. I stopped at the local coin dealer to pick up some supplies I needed. Looked at his coins to compare to what I had seen earlier that day. May well have to go back and haggle with the brothers. While I was in there I wanted to just cry however. A lady came in with 2 gallon ziplock bags of coins & sets. I noticed a few proof sets and other things. While working to check out I hear the guy talking to her about the coins. From what he was saying I can tell he was planning to lowball her. I wanted to say something so bad but it would of been bad form so I just paid and left. Why do many coin shops have to take advantage of the uninformed. The 2 rolls of cents resulted in: 36, 40, 41x6, 42x3, 44x9, 45x5, 46x8, 46d, 48x2, 49, 50, 51x4, 51dx2, 52dx2, 53x3, 53dx3, 54dx2, 55x3, 55d, 56x4, 56dx5, 57x4, 57dx4, 58x2, 58dx6 also 63 & 76 + a 74 canadian. So they were what I suspected, searched. |
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Pillar of the Community
United States
1353 Posts |
Good find.I tied a group of Garage sales today and picked up 14 boxes of 2x2 old DuPont Mylar coin holders for $2.
8 were cents, 2 nickel,2 dime,2 quarters. Boxes were faded but 2x2's in great shape.
I was hoping for some coins in the carton but no luck. :)
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Valued Member
 United States
264 Posts |
Hey that works great for world coins or such you want to put up. I spent $30 on 2x2s from the dealer that are dusty and I'm sure been on the shelf for a bit.
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Bedrock of the Community
United States
20753 Posts |
I love flea markets for coins. I've had some unusual luck at times from garage/yard/etate sales but at flea markets, I usually come out with something. At one flea market there is guy that basically has a lot of coins. He is not a coin dealer though and has very little knowledge of coins. For several years I've tried to tell him to get a price guide since he usually has one price for anything. Usually $1/coin regardless of what it is. He normally has several bins full of coins. Some are in 2x2's, some are in plastic containers, most are just raw. They are actually thrown into those bins, not layed or placed. Over the years I've probably purchased over a thousand Mercury dimes from him and basically less than $1 each. He is one of those people that will lower the price by the more you buy. Usually I get them for $0.90 each. I've found such coins as the 42D/41, 26S, 21 and many others in that bin. These are not just junk grades, but almost anything. I've found many that were probably in MS grades in those bins. Finally this year I gave him a price guide from a coin magazine so I may have distroyed my source of cheap coins. At another flea market I purchased a 3 ringed binder full of those plastic pages that hold 20 2x2's. It was full of Buffalo nickels. 228 of them and for $80. Nothing really super valuable but all in great shape. |
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Valued Member
United States
419 Posts |
I have found that I can occasionally find a nice coin at a yard sale or flea market but it is rare and even rarer that it is graded correctly. I do like our coin shop guy in town though he seems to be pretty honest. An older lady came in one day with some coins and I kind of listened in and he told her fair prices and what he sold some of the older circulated coins for and what he could give her for them.
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Valued Member
United States
264 Posts |
Wish I had your luck just carl. I went back to the guy at the flea market and bought up the rest of his wheat rolls. At $.05 a coin I figure it's a decent price. Figured would find mostly more 40s and 50s which I have but have also found a 1918 so far out of 3 of 13 rolls. Would cost me about the same to buy some of the "unsearched" rolls on ebay and ship them so a fair deal. Bought another Mercury dime for $2 also. I hardly ever get to a yard sale. I try for estate sales but so far no luck there. With the economy going south I hope to add to my collection as people sale. Why keep checking the flea market. |
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Bedrock of the Community
United States
20753 Posts |
Just remember that a person at a flea market should expect you to chew him down in prices so don't be afraid to try getting coins for as low as possible. And I constantly tell people if you try garage/yard/estate sales you have to ASK. People just don't like to put coins, stamps, guns, swords out for the public to possibly grab. So you have to ask. Many have told me they didn't know if it was legal to sell some items so I said I won't tell if you don't. I've acquired some fantastic items and coins at those places but you have to ASK.
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Pillar of the Community
United States
3077 Posts |
any one ever use pawn shops as a source?
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Moderator
 United States
187702 Posts |
Quote:
any one ever use pawn shops as a source? I visited a pawn shop once when I was driving back from a trip. I did not see much, but it did get me to try the local pawn shop later. Their "selection" was mostly high-end gold. |
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Pillar of the Community
United States
3184 Posts |
The flea market in my area is CRAP. Everyone at the flea market is thinking they have something rare. I mean wheat pennies for $1 a piece? a 1964 dime for $3 and many overpriced coins that I just avoid it.
I guess in some areas flea markets are a source of good deals but the one in town is a rip off. I stick with craigslist, online forums like this one that people can buy/sell coins, and the local B&M stores to get good deals.
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New Member
United States
12 Posts |
I've found small town local pawn shops to be respectable as you tend to end up with either they don't know what they have or they think it's worth more than it is. I've picked up quite a few Silver Eagles for less than 15$. However I commonly see overpriced IHC's. Seems to me they think age has more to do with it than anything else. |
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Pillar of the Community
United States
1121 Posts |
"Why do many coin shops have to take advantage of the uninformed."
In my talks with coin dealers, they have said: "If I don't buy them somebody else will."
I guess when you have a little old lady coming in with a bag full of coins, she is just looking to basically cash them in and knows that they are worth more than face.
I have also had to bite my tongue when younger people come in with stacks of Liberty Halves and Morgans, ect. Knowing full well that the have been taken from someone's collection to pawn off to buy "other" things.
My friend who is a coin dealer and owns his shop, has signs posted everywhere saying that basically "If you are selling me coins, I am under the assumption that are yours, and if not you will be prosecuted to the fullest extent of the law"
He also has them fill out a form stating who the person is and stating that they are indeed their coins and not stolen.
Back to the original question of why they buy at such a low rate? Well I can't speak for all coin dealers, but my friend has a buying price sheet that he updates everyday and is posted. He pays the same amount if I were to bring in coins as the little old lady.
There are expenses and the idea of owning a business is to make a fair profit.
Just my 2 cents.
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Valued Member
Canada
122 Posts |
I've bought all my coins from small collectors/flea markets etc, and yeah, I've overpaid often enough, but most coin shops wouldn't have the variety of world coins anyway.
In any case, I don't know of any coin shops in Victoria BC to begin with...
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Valued Member
United States
258 Posts |
I second the comment about asking about coins at yard sales. Often you will get a shot at buying stuff before anyone else has seen it. Happy treasure hunting! Sincerely, John Leckrone
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Replies: 13 / Views: 2,667 |
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Posted 09/21/2008 09:43 am
