| Author |
 Replies: 76 / Views: 7,221 |
|
Valued Member
United States
364 Posts |
Everyone, I may have stumbled into an opportunity today to buy a large number of wheats. This afternoon I went to a local antique store and asked if they has any coins. The man working the counter pulled out some bicentennial halves and some foreign coins. We talked about coins for a few minutes, and from our conversation, I don't think the man knows anything about coins. While talking about old pennies, this man said that when his mother died he found 4 or 5 old Maxwell House cans full of wheat pennies in her home. He said he figured they were not worth much, but he still has them. The man was mid to late 60's, so his mother would probably be at least 90 now if alive. He asked about value, and I told him general circulation wheats are about 3 cents apiece
First, would you all attempt to buy some of those cans? I am always skeptical of this type of thing. If so, what do you think is a fair offer They are loose in a can, so how do you make a fair offer based on that? Normally, I would pay per coin. Thanks in advance for any help.
|
|
|
|
Valued Member
Canada
311 Posts |
If they are truly unsearched all you would need to find is one mini key to make the purchase worthwhile. I would buy the entire lot from him and I would offer him more than 3 cents per coin.
|
|
Pillar of the Community
United States
900 Posts |
I would buy them all as well, but I would offer 3 cents each. Count one can and multiply by 3.
|
|
Valued Member
United States
313 Posts |
I would say .03 max in a coffee can that long  they might be in bad shape. |
|
Valued Member
United States
497 Posts |
like others had said, I would take them and search. Even if they don't have any nice dates you can always sell them on ebay for 3-5 cents a piece. |
|
Pillar of the Community
United States
3592 Posts |
If it helps, a quart holds approximately $12 if the pennies are shaken and allowed to settle.I buy a lot of loose pennies and it has worked out well that way.
|
|
Valued Member
United States
193 Posts |
count out enough LWC to equal 1 pound, then weigh the cans and then multiply the number from the 1 pound count by the weigh of all of the cans. Offer what you think is fair for an unsearched lot |
|
Pillar of the Community
United States
1745 Posts |
I would snatch them up for .03 each, no problem.
|
|
Pillar of the Community
United States
1348 Posts |
I would purchase at 3 cent each. I woudl weigh the cans to see how many are their. If you find a rare 1 go back and through him a few more bucks
|
|
Pillar of the Community
United States
4897 Posts |
I agree maybe .02 cents each. Stored in metal for X number of years. Could be pretty rough. That said I would definetly buy them. Just for the fun!
|
|
Valued Member
United States
402 Posts |
Just a little bit of moisture in the bottom of the can and the rust is of to the races. I would take the chance though for .03 per.
|
|
Valued Member
United States
285 Posts |
make sure if you do get them, you post any interesting finds!
|
|
Rest in Peace
United States
9104 Posts |
surely they have a baby scale or kitchen scale there somewhere. 147 wheats to the #. Weigh a container first, subtract that from total weight. multiply weight * 147 * 3¢
3¢ is a fair price to pay, since you're doing the sifting. If you look at a handful and there's some $1+ coins, pay 4-5.
|
|
Pillar of the Community
United States
2764 Posts |
The current melt value of those cents is 2.9cent/coin.
I believe 1500 is about 1.2lbs (read somewhere on CCF). So, you can put them in ziplock bag (clear visibility to help you see the general over all condition - in case of rust etc) then weight them. I would offer him more upfront or if you want to have a better impression w/ him then come back and give him some cash once you found some nice profit.
|
|
Pillar of the Community
United States
2661 Posts |
Quote:
I believe 1500 is about 1.2lbs Your close. It is more like 12 pounds. There are appx 147 circulated wheats to the pound. I would offer $5 per pound. That seems like a fair price to me. |
|
Pillar of the Community
United States
1358 Posts |
Yeah, I think I would definitely buy..as long as you can afford it..
|
| |
Replies: 76 / Views: 7,221 |
Posted 03/24/2011 3:59 pm
