| Author |
 Replies: 17 / Views: 4,679 |
|
Valued Member
United States
89 Posts |
So, I was reading another post about cherry picking off ebay and being fairly profitable . . . to the tune of $10,000 in one year. I have dabbled in buying lower grade coins on the cheaper end of things and have found not much interest in nickels (liberty nickels, Shield nickels). Indian Heads have done well and anything silver seems to do just fine. Most of what I have sold has been extra fine to good. But the bigger dollar graded coins make me nervous as they are a bigger investment. My question is: what coins do you like to focus on for cherry picking? What is it you can find good enough and that is popular enough to turn around and sell within 30 days? High grade/Low grade? Thanks!! Appreciate all the input on this site. |
|
|
|
Bedrock of the Community
United States
19118 Posts |
I cherry pick Lincoln wheat cents primarily--not for resale, but for collection expansion/improvement purposes.
|
|
Pillar of the Community
United States
2869 Posts |
|
|
Bedrock of the Community
Australia
21786 Posts |
My cherry pick strategy for the last 40 or more years: since I collect across the whole of numismatics, finding bargains that are much lower priced than they should be, are much more easily found. This strategy works equally as well for public auctions, coins shows and with dealers. With ebay, you just have to be a bit more careful. However, just remember: if an item appears to be too good to be true, it usually is. I have never proven my cherry picking strategy to be correct, because I have never sold a coin out of my collection for more than 40 years. |
|
Valued Member
Canada
402 Posts |
Ah the fine line between collectors and hoarders..
|
|
Bedrock of the Community
Australia
21786 Posts |
Not a really hoarder in my case.
I have managed to describe the development of World numismatic history from it's beginnings to current, illustrated by the actual hardware of about 2,500 examples.
Taken me a lifetime to do it. Nevertheless, I still consider myself to be a cherry picker.
Edited by sel_69l
09/07/2021 11:55 pm
|
|
Pillar of the Community
United States
2953 Posts |
Now cherrypicking to me is quite enjoyable to me especially when the dealer does not care. I go for both American and foreign coins about the same and in any denomination. This of course means knowing what you are looking at across a wide range of coin types, and if I don't know, I can look it up.  with sel, in that I look for bargains that are priced lower than could be. I every so often 'educate' a dealer if the time is right to do so if they have an extreme bargain, and to me, that goes with the ethics of coin collecting. So basically, if I like the coin and it is priced right, I'll buy it. It is seldom with me if I pay near retail for a coin, except if I can't find it elsewhere and I need it. |
|
Valued Member
 United States
89 Posts |
So two posters responded specifically that they cherry pick wheats. Wheats are fun. I've enjoyed searching rolls for good ones. Only problem is - no matter what people say - I don't know where you find truly unsearched rolls but perhaps thats a different topic...
When you search for wheats to cherry pick, are you looking for ANY grade wheat? Like rare date underpriced wheats that are good to very good.
Has anyone tried cherry picking high grade coins that are certified? Is that even possible or a waste of time to try?
I guess I'm asking where do you find the best cherry picks in wheats?
Thanks, appreciate your input. Good stuff.
|
|
Valued Member
United States
89 Posts |
Sel - impressive feat to collect all that history. Nice!! That would be neat to see. I haven't been exposed to much coinage beyond US.
|
|
Bedrock of the Community
Australia
21786 Posts |
I agree with the ethic that if a dealer has got his pricing wrong, you need to gently 'educate' him.
That way, you gain a trusted friend, because he trusts you. There have been times when a dealer has seen the need to educate me, and I fully appreciate the returned ethical favor.
|
|
Pillar of the Community
 United States
7933 Posts |
I guess cherrypicking wheat cents keeps your costs low, but what selling price can you get?
If you spend a cent, and can sell it so that you net 25 cents, that's a huge profit margin, but I am pretty sure ya ain't gonna make $10K that way
|
|
Valued Member
United States
127 Posts |
Pick a series or 2 and learn as much as you can. Cherrypickers guides are great as well as books dedicated to that one series. If you picked a series that is still being produced (Lincoln, Jefferson etc) I have found that roll hunting, although fun is time consuming and the chance of finding something that will make a good profit is very slim. I'm not talking about the $1-$10 finds, but real profits. I have had my best luck at local dealers but the best place is a coin show. Find a deal that has little to no varieties in heir show case. Sit down and go through their inventory. I have had major cherry picks this way.
As a side note. Most dealers will know when you are looking for varieties only and might question the one, maybe 2 coins you pull out for purchase. When I find something I always pull a few common lower cost coins out so the good one gets lost in the pile and the dealer doesn't think anything of it.
|
|
Bedrock of the Community
United States
12057 Posts |
Cherrypicking to resell is like any other form of flipping. You need to know your product (the series you want to buy) inside and out, front to back, and you also need to know what varieties/errors command the most premium and also have the highest interest when it comes to resale. Let's take Washington quarters. The key DDO's are 1934, 1937, 1942-D, 1943, and 1943-S. Then you have the two OMM's (1950 S/D and 1950 D/S). All of those coins command a premium above their non-variety cousins. However, some (such as the 1934) are more common and much more visible to the naked eye. Dealers often know about the 1934 and the 1950's, but the others attract less attention. You could buy bulk lots of junk silver Washington quarters and try to find the varieties, but it's easier IMO to just set up ebay (e.g.) to search for the dates in question. There will be many listings and you will spend lots of time, but if you can find even a few examples that fly under the radar of other collectors and dealers, you can flip your finds very easily when properly attributed. Everyone knows about the famous 1955 DDO Wheat cent, but there are many, many other varieties in the Wheat cents that are both scarce and highly collectible that do not have the "cachet" of the famous 1955 but are less likely to be noticed by the average person and snapped up. With Wheat cents being common, cheap to buy in bulk, and often sold by non-dealer individuals, the grounds are ripe for picking, although if you're picking on ebay you will be going up against other collectors who might be on the same mission. That's just one example, but it applies to many coin series -- IHC, LWC, Morgans, whatever floats your boat. I will stress again the key is knowledge, the more the better, so that when you do run across a nice pick you recognize it and are able to grab it. Member ANA - EAC - TNA - SSDC - CCT #890 "Most of the things worth doing in the world had been declared impossible before they were done." -- Louis D. Brandeis |
|
Pillar of the Community
United States
3625 Posts |
Just a few thoughts from the curmudgeon's corner. My thoughts and 50 cents will get you half a cup of day old gas station coffee.  Cherrypicking isn't a get rich quick scheme. It's a make a little money slowly project. The upthread advice is spot on. Pick a couple series that you learn and know very well. The time spent reading and preparing will pay off. It isn't wasted time. Try it at local coin shops and coin shows first. There is no substitute for seeing the markers with a coin in hand. The ebay photos are notoriously awful, and can play tricks with the eyes. There are several strategies for cherrypicking: die varieties, undergraded coins, series sleepers, and eye appeal coins. Learn one at a time. Be a specialist, not a generalist. Keep a personal digital album of the identifying elements and die markers of each variety. Do the same for grading nuances for each target grade and date. The general online grading guides are weak, because they do not take into consideration individual date and mint strike and wear differences. There are many truly wonderful varieties and grade bumps that have zero added value. Remember supply and demand. Unless you are collecting them for your personal collection, the lack of demand is the decisive factor, and is beyond your control. Stay in your lane. Stick to what is comfortable and what you know that you know. Branch out slowly, gradually, and deliberately. Don't swing for the fences. For every baseball slugger, there are a dozen or more .177 journeymen batters living in the land of 100+ Ks. Take quality digital photos of every coin you buy, and keep detailed records of what you paid and what you make on resale. Download and keep the seller's photos. You will need the records for taxes, and you will build a personal digital library for grading and variety identification. The photos will help you see where you got it right and where you missed. That's the learning library. Enjoy the ride. |
|
Pillar of the Community
Canada
5238 Posts |
One thing I did not see mentioned is that you have to know what your cherry-picked item can be sold for (if you are buying by the piece, not in bulk). The reason something may appear to be undervalued is that there is no market at the supposed market price.
|
|
Pillar of the Community
United States
2953 Posts |
Another point to ponder on is mintage wise the coin could be a 'sleeper' meaning low mintage but not a huge demand and the perfect example of this one is the 1931-S Buffalo nickel. So cherrypicking better dates comes with the territory  |
| |
Replies: 17 / Views: 4,679 |
Posted 09/07/2021 9:58 pm
