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 Replies: 19 / Views: 2,996 |
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Pillar of the Community
United States
1374 Posts |
Okay, since coming back to the hobby I have gone through about $500 in mixed modern change and my entire collection to identify varieties. I have found some awesome stuff I didnt know I had! When I left the hobby 15 years ago, I had no idea this stuff existed!
Anyway, I bought some 30 rolls of uncirculated and bank rolled Lincoln cents today. A kind fellow let me look through his entire collection of boxes for key dates. My rolls are mostly from 60s and 70s. I told him I was interested in varieties and that I would be searching them. It was very good to be honest, as he told me that the rolls with check marks had already been picked. And he made me a good deal!
I want to ask for advice before I crack these things open.
What is the best way to preserve the coin while handling?
How should they be stored?
What are well-kept bank rolled coins usually graded?
Thanks!
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Valued Member
United States
373 Posts |
I like Air-Tite capsules for storing coins that are more than average. I also use Numis square coin tubes for less valuable coins since the coins will be touching each other.
As for well-kept bank rolled coins, I wish I knew the answer. The newer red cents will have black spots and a few nicks more than likely.
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Valued Member
United States
373 Posts |
Sorry, I actually use Lighthouse coin capsules (from collectons or Amazon.com) |
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Pillar of the Community
United States
7629 Posts |
Mehgrig archival safe flips are cheapest and best for long term storage. They are about 5 cents each, and I have had coins in them for over 20 years without any color change.
Rolls should be stored in a box in a cool, dry place. Moisture is the number one enemy of rolls.
While handling - I wash my hands thoroughly with antibacterial soap before handling BU coins. It dries all the oil off my skin and makes for safe handling (by the edges) for at least a couple of hours. I don't bother with gloves unless I'm handling BU coins with the potential of finding worth over $100. (older rolls, etc)
Most coins that come from bank rolls grade at MS64RD to MS66RD. Once in a great while I will find something that grades MS67RD, but this depends entirely on the date and mint. For instance, 1955S rolls are usually very nice, while 1954P rolls are usually pretty bad. Values of MS66RD+ coins will be a good indicator of where most rolls sit with grade. In 1954, MS63RD+ values are $3.00, $6.90, $30.00, $150.00, and $1,500.00 for MS67...not likely that you will find anything over MS64RD in a 1954 roll.
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Pillar of the Community
 United States
1374 Posts |
All I can say is holy smokes! Coppercoins, you rock!! Thanks for the detailed info.
I'm just so excited right now. I have 30 rolls from the 60s to open from key dates... didnt get to them all yet. I found what seems to be a strong machine double date on a '72 in my second roll. I will keep you guys up to date! :D
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Pillar of the Community
United States
1374 Posts |
I have another question. For old rolls that yield valuable coins, do professional grading services offer a discount? Any recommendations on where I should send my bank rolled coins for grading?
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Pillar of the Community
United States
7629 Posts |
Oh, whoa! Hold the boat...
Don't send in ROLLS of coins to ANY grading service. They do not grade rolls, and you would have to pay 50X grading fees to have them slabbed...and MOST would not be worth the money the slab cost. Definitely a losing proposition from the start.
The way to do it is to search through the rolls, pick out the ones that grade high, save up a stockpile of them, THEN send the individual coins in to be graded.
All of the grading services have rules for sending in bulk coins at a discount, but you have to be careful and follow the rules or you will be charged the normal coin grading price.
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Pillar of the Community
United States
1374 Posts |
Alright, sounds good. Where do you get those values? I'm using a RedBook which only shows up to MS65. By the way, most of my rolls say federal reserve on them. Edited by Drsandman2
01/02/2011 5:59 pm
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Pillar of the Community
United States
7629 Posts |
www.numismedia.com
Click on the collector's price guide, then the series of your choice.
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Pillar of the Community
United States
1374 Posts |
Nice, thanks again! I'm still trying to gauge the value of my coins between price guides, dealers and ebay. How are people selling slabbed coins for 5-10 bucks a piece? For example, I noticed 55-S going for 5-10 bucks at MS65 and around $30 for MS67. I viewed completed auctions with bid histories. |
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Valued Member
Canada
311 Posts |
Just because you slab a coin, it does not automatically make the coin valuable. At Canadian coin shows its common to see boxes of common coins graded and priced less than the cost of certifying.
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Pillar of the Community
United States
7629 Posts |
Here's the deal on how that works...
Let's say I break open a 1954S roll of cents that have some really nice, dandy coins in it, but most of them are on the average. What I would want to do is "seed" the nice coins I send in with some that aren't so great, so when the graders see the lot together, they will have a chance to see the average coins right next to the nicest ones. So I send in 10 coins at $30 each for a grading fee of $300. I am hoping for at least a couple of MS67 coins out of the group, so I send in a couple of the lower end possible MS65 coins with the nicer ones - and here's what I get back:
MS65RD - 4 coins @ $13 value each
MS66RD - 4 coins @ $30 value each
MS67RD - 2 coins @ $150 value each
You can see that the value of the group is just over $470. I sell the MS66 coins at break-even for $120. I sell one of the MS67RD coins for $150. If I sell the MS65RD coins at $5 each, I get rid of them quick and make $20 on the group. I'm up to $290 back on $300 in, and still have a MS67RD coin that cost me $10. Done deal.
Now, there are risks involved in playing this game, and there are MANY different hypotheticals that can turn it up or down - either way, this is why you generally see a lot of MS65/MS66 quality slabbed coins for sale in dealer boxes for $5-10 each.
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Bedrock of the Community
United States
20753 Posts |
Also, many people are what I call slab happy. They send in almost anything thinking a coin in a slab is worth many times what it really is worth. At coin shows I see coins all the time that are worth a fraction of what it costs to have it slabed. Also, many people really have no idea of coin grading and think as long as a coin is shinny, it is one of those MS things. So they send them in for grading and pay for a coin worth really nothing. At coin shows I see many dealers selling rolls of common dated coins that are supposed to be all Uncirculated. Again, many people not aware of grading buy them, send many in for slabbing and grading thinking they will now sell them on ebay for a fortune. AND if you check ebay, you'll ses lots of those. To make this even funnier there are those people that collect only slabbed coins and will buy anything in a slab regardless of it's real value. This is why at coin shows there are many dealers with massive quantities of slabbed coins. As to your so called bank rolled coins, BEWARE. Many people roll coins and take them to banks. You could well be purchasing what some people have already gone through. Some put Uncirculated looking coins on the ends and real garbage ones in the middle. Many lately have been spiked with washers too. One of rhe banks around me are constantly complaining of people bringing in short rolls. Those are the ones with one coin missing per roll. Sounds trivial but when it happens to hundreds to possibly thousands it adds up. As to opening them. Just open them. If they appear to REALLY be Uncirculated or a high MS grade, then start to think of carefull handling. Mostly do not let them bank around or drop while opening. For storing complete rolls you really can't beat those plastic rolls. I've had coins in those for well over 40 to 50 years now. Not sure of how long due to just not keeping track of things like that. I close the top, seal with clear tape and put aside for whoever gets this mess in the future. |
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Pillar of the Community
United States
1374 Posts |
Great to know, folks! Thanks a ton for the info, it is really invaluable. I suppose I will start pulling the coins that appear perfect and set them aside... if nothing else, I can store them separately.
Do you guys recommend a reliable online resource for coin grading? I've never needed to know the technical differences between the uncirculated coins, so I need to teach myself!
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Pillar of the Community
United States
1374 Posts |
Coppercoins, Thanks for the example. Could you take it just one step further? What would you estimate you could legitimately make on the coins at market. I'm having trouble figuring out how much my coins are worth (not just the rolls) because I see coins selling (online) at far below RedBook and numismedia values. The guides are great, but if you look at expired auctions you can often find graded, slabbed coins going bidless way below "fair market value". For example, a 1954 S MS67 just sold for 51 bucks today, with the seller really only bringing in about $40 after fees. My guess is that online prices are suppressed because buyers can't actually see the coin, they have to pay for shipping, wait for it to be shipped, and doing things online can be a real hassle. Are there any general "rules of thumb" for assessing the true value of a coin after pricing it? When selling a coin, how close to Red Book value can I expect to get? I realize it depends on rarity, liquidity, supply, demand, etc... but hopefully someone can help me out with a general framework for assessing values? |
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Pillar of the Community
United States
1374 Posts |
Just Carl Thanks for the info, I was certainly thinking all of those things before I bought these rolls. I had already decided to never buy anything off of ebay and I did notice the "unsearched" scams. I had a lot of time to look over the rolls, inspect them, and make a decision. These coins are primo, like the day they were minted. Beautiful luster on all these, but some have spotting. I will certainly keep an eye out for suspicious rolls. I have never been to a coin show, so thanks for giving me all these tips. I sure don't wanna be a sucker! |
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Replies: 19 / Views: 2,996 |
Posted 01/01/2011 10:22 pm
