| Author |
 Replies: 8 / Views: 2,164 |
|
|
Pillar of the Community
United States
958 Posts |
A guy in the next city over has a 5000ct bag
He estimated by weight of the bag to be 5000.
The story behind them is his father used to own a coin shop back in the 80's
He said his father would get people bringing in coins to sell and often had wheaties mixed in.
His father bough wheats at 2 cents each looked for keys and threw um in a bag to eventually sort later. Well later never came his father died in 1992 and the bags of coins were sitting in the house till his mom just died in 2008 .
He is not a collector , but wants to get 200$ for the 5000ct
So my question is has alot changed in 20-25yrs?
his dad searched them back in the day but they have sat so long that more discoveries have been made.
Is it worth it to buy them at 200$? I offered $100 he said no then $150 being that is what a local dealers would offer him as well.
He said he would think about it and was in no hurry to sell.
Not sure what the going rate is on big bags of wheats like this
|
|
|
|
Pillar of the Community
United States
3592 Posts |
Decent price but they are pretty much worth whatever you are willing to pay...I'll bet there are some who would pay more.And I never assume the last owner knew everything or took the time to look for RPM's, DD's, rotated reverse's,etc
|
|
Valued Member
United States
469 Posts |
$225 to $250 is typical. If the mix turns out to be decent, but who knows, it would be worth while. At the least, they are worth 3 cents each. A local dealer to me sells them all the time for $250 though I have not bought any from him.
|
|
Moderator
 United States
56855 Posts |
I would offer $175.00. There has to be some good stuff in there and if after you have searched them and if you found nothing you can always sell them for $150.00 pretty easily I would think. John1  |
|
Bedrock of the Community
United States
20753 Posts |
Maybe and maybe not. Might depend on how much you trust him though. Is his story about his Dad true and he knows nothing about coins? This is the same story you read on ebay about a thousand times. My Dad, my Mom, My Aunt, Uncle, Cousin, etc died and left me these coins. And of course I know nothing about coins.  Then too he said about 5,000 by weight? What if he is off by a few thousand by ACCIDENT? So at his 5,000 for $200 those are $0.04 each. However, if only 4,000 and all SEARCHED by him and other relatives, your stuck with a few thousand coins worth much less. I'm always amazed at how many people acquire massive amounts of coins that no one in the entire family or friends has no idea of what they ar worth. So naturally they are all UNSEARCHED. My suggestion is if he lives in another town and you don't know anything about him, be cautious. ebay is so full of that same story I wonder if there is a place where they sell sales pitches. |
|
Pillar of the Community
 United States
958 Posts |
John that was thinking also if I could search them then package into smaller lots maybe 100-500cts and put on ebay or just resell the entire bag at what my cost was If I break even and walk away with a couple 100 vg+ pre 35 cents it would be worth it IMO I was gonna pull out all the pre-35 stuff in atleast vg+ condition any years in Fine+ 25 years ago when the old owner looked at them the teens 20-30's cents prob were not worth much but have seen a decent increase in the last 25 years looking in the books even just the commom ones 09-34 in VG+ are worth atleast 25 cents each to a few bucks each |
|
Pillar of the Community
United States
7629 Posts |
If this is a 'typical' bag of wheat cents you'll find about 4,000 from the 40s-50s, 800 from the 30s, and about 200 from before 1930. Almost all of the 40s and 50s will be VF+ with many being AU. I would stop at pulling out the teens and 20s, the best of the 30s, and only AU or better 40s-50s. The ones in less than AU grade are just purely commons.
There are a LOT of die varieties to look for, and many of them have been discovered in the last 25 years. There's a pretty decent chance that if you sorted the coins by date and looked through them, they would likely yield a number of die varieties. Whether or not the time to do this is worth it for you, I cannot say. What I can say is that there is likely another $100 hiding in that bag if you have the patience to find it.
|
|
Pillar of the Community
United States
2661 Posts |
Quote:John that was thinking also if I could search them then package into smaller lots maybe 100-500cts and put on ebay or just resell the entire bag at what my cost was I would shotgun roll what I did not keep and put them puppies on the bay just as wheat's and nothing else. You will probably get $10 a roll for them. |
|
Valued Member
United States
117 Posts |
If it were me, I would buy them. But then, I am pretty loose with my money and I am not sure how tight your finances are. coppercoins is spot on about the percentages you are most likely to find. I wouldn't get my hopes up on any key dates since those most likely never made it into the bag. But look at it this way.
5000 coins....basically two bank boxes. Now I sort a modern box in about a week (2-3 hours a night) and then spend about a week with the loupe looking for varieties....and every minute of that is a blast. So if I were to buy this bag I would be looking at at least a month worth of entertainment....for 150 bucks, because I still have the face value. 90 hours of hobby time for about $1.66 an hour. Cheaper than going to the movies or eating out.
|
| |
Replies: 8 / Views: 2,164 |
|
Posted 12/13/2010 05:25 am
