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Wheat Cents Buying In Bulk.

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Author Previous TopicReplies: 12 / Views: 7,044Next Topic  
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andrewjconners's Avatar
United States
497 Posts
 Posted 01/05/2011  2:40 pm Show Profile   Bookmark this topic Add andrewjconners to your friends list Get a Link to this Message Number of Subscribers
Okay this isn't going to be another ebay question about buying unsearched coins. Now that we got that out of the way

What do dealers usually sell per coin in bulk for? I would say 5cents is what they would sell for but how much do dealers buy for if they can sell for 5cents and still make a profit?
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USArmyParatrooper's Avatar
United States
1283 Posts
 Posted 01/05/2011  2:57 pm  Show Profile   Bookmark this reply Add USArmyParatrooper to your friends list Get a Link to this Reply
Someone else can answer the going rate for bulk wheaties (though I believe 5 cents is high).

But there is a very important point to make here. There is no such thing as unsearched wheats!

Sure, somewhere in the world is a big jar that grandma would throw her loose pennies into decades ago, and it's sat there ever since collecting dust. But finding that would be like winning the lottery.

But any and all "unsearched" wheats you find on ebay aren't in the slightest bit unsearched. The same goes for "unsearched" rolls. And for those a common trick is to put the reverse of an 09-P VDB on the end and then put in the title, "09-S VDB?" When in actuality the seller knows for a fact it's not a S-VDB. Whether they're selling bags or rolls, another trick they use is the throw in better date wheats here and there, and often they're examples that are completely ate up. By doing so they leave the impression that they really are unsearched and it keeps giving you hope.

Anything remotely noteworthy that is discovered in "unsearched" lots were intentionally put there. It's all fine and well if your interest is participating in a raffle of sorts. But just remember in that type of gamble the house always wins.

I'm not saying you shouldn't buy wheats in bulk on ebay. But you should do so knowing that anyone who says their wheats are "unsearched" is blatantly and shamelessly lying.
Edited by USArmyParatrooper
01/05/2011 2:59 pm
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biokemist6's Avatar
United States
12437 Posts
 Posted 01/05/2011  2:58 pm  Show Profile   Bookmark this reply Add biokemist6 to your friends list Get a Link to this Reply
Most buy for 2-3 cents and sell for 4-5 cents in bulk. Obviously, a dealer will not let you sit there and pick out the nicest 100 wheaties for that price. My local dealer usually has several five gallon buckets of wheaties sitting behind the counter and if you want to buy some, they will pour them out of the bucket into the counter and bag them up for you in lots of 500 or more.

My dealer's stock is pretty close to unsearched. The vast majority that bring them in to sell are noncollectors looking to dump them for cash and couldn't tell the difference between a 1909-S VDB and a 1958. I do know that the shop does not search them, they are too busy buying scrap all day long and they simply have too many to sort through. Yes, I have gotten some ugly corroded coins but I have also gotten several IHCs, semi-key Teens S mint coins, and gobs of RPMs.
Edited by biokemist6
01/05/2011 3:05 pm
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fenton's Avatar
United States
4989 Posts
 Posted 01/05/2011  3:16 pm  Show Profile   Bookmark this reply Add fenton to your friends list Get a Link to this Reply
I think my dealer's stock is close to unsearched too other than the searching I have done. Just found a 22-D in there today and have found a ton of teens and twenties over the past couple weeks.
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Maineman750's Avatar
United States
3592 Posts
 Posted 01/05/2011  7:56 pm  Show Profile   Bookmark this reply Add Maineman750 to your friends list Get a Link to this Reply
My dealer sells them for 4 cents each in bags of a thousand..I doubt they're really unsearched
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United States
20753 Posts
 Posted 01/05/2011  9:47 pm  Show Profile   Bookmark this reply Add just carl to your friends list Get a Link to this Reply

Quote:
But there is a very important point to make here. There is no such thing as unsearched wheats!

WHAT? You mean those statements on ebay may not be accurate?
Many dealers I know throw in a few rather old, cheap dates in bulk bundles so people think they have not been searched. One dealer I know sells small bags of 100 Wheats for $4 and gurantees a coin in the 20's in every bag. I suspect many coin stores to similar things ot make people think they have that famous UNSEARCHED pile of coins.
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x78089's Avatar
United States
255 Posts
 Posted 01/05/2011  10:27 pm  Show Profile   Bookmark this reply Add x78089 to your friends list Get a Link to this Reply
We all should know by now, if it sounds too good to be true it probably is. I am sure many dealers seed their stock in order to keep you coming back, but if it makes it more fun who cares?
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lewbo's Avatar
United States
58 Posts
 Posted 01/05/2011  10:40 pm  Show Profile   Bookmark this reply Add lewbo to your friends list Get a Link to this Reply
I always thought it was interesting that ebay listing are unsearched, but they know you will find a certain year or coin in each assortment.
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schnauzer's Avatar
United States
212 Posts
 Posted 01/06/2011  01:44 am  Show Profile   Bookmark this reply Add schnauzer to your friends list Get a Link to this Reply
I fully agree with the USArmyParatrooper. He knows what he's talking about here.
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United States
958 Posts
 Posted 01/07/2011  05:28 am  Show Profile   Bookmark this reply Add coppertop5150 to your friends list Get a Link to this Reply
prob checked for key dates,
other things exist

errors, RMP ,MM varities

for example in 1928 the mintused a large S and a smaller S used on the cent
The large is scrace

In 46 the mint used a san's seriff and a ball seriff
The Ball seriff is listed as scarce over the san's seriff

Its not a BIG deal but variety collectors might want both variations
Edited by coppertop5150
01/07/2011 05:31 am
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andrewjconners's Avatar
United States
497 Posts
 Posted 01/07/2011  10:43 pm  Show Profile   Bookmark this reply Add andrewjconners to your friends list Get a Link to this Reply
I mean I would have no problem buying the pennies off of ebay if they were between 3-5 cents tho a piece..
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United States
958 Posts
 Posted 01/07/2011  11:08 pm  Show Profile   Bookmark this reply Add coppertop5150 to your friends list Get a Link to this Reply
andrew some are on ebay for 3-5 cents , I see little auctions that go for $ 2-3 a roll
prob is shipping is like $4.95

Or bigger lots for 5-10 rolls but the shipping is around $9.95

I dont see why they charge so much flat rate boxes are $4.95
and if you sell and make money you should ship at cost IMO just part of the sells process
no need to gouge on shipping.
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ebm's Avatar
United States
117 Posts
 Posted 01/08/2011  12:39 am  Show Profile   Bookmark this reply Add ebm to your friends list Get a Link to this Reply
coppertop5150: You are absolutely correct, last week I found both sans serif and ball serif in a dealer's bucket. So while the key dates and real early stuff has been picked, those little varieties can still be found. One dealer told me it just takes too long to do anything but pull out the key dates and anything that stands out in great condition.

BTW average going rate for loose wheats around here is 5 cents. Dealer buys at 2...3 if they have to, and wholesale for 3-4.
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