Flea Market Coins
Onastone
Posts: 3,787 ✭✭✭✭✭
I went to a Flea Market today and found a few booths selling some coins. My impression was most of the coins for sale were not very good, junk silver, worn pieces, no luster except on a very few, and overpriced ($40 and up) Perhaps they had been cleaned at some point, almost all of them pulled from circulation, placed in cardboard flips with clear plastic... There was one table that had proof coins for sale, a whole run of proof quarters(around $13 each) , and a bunch of pennies too. Lots of Barber quarters at one table but so worn...I found some Buffalo nickels but those were worn down like my profile pic, dates worn away.
I thought I could find a nice treasure there, but apparently all the nicer coins were already picked over leaving unwanted coins.
Next time I'm heading to a coin shop to browse, at least I feel like I'd be getting more quality in relation to price...and I wouldn't have to worry about counterfeits as much either. What do they say? "Buyer Beware!"
I think I've seen so many pics of beautiful coins posted on this site, my quality meter has been raised!!!!!!
Comments
Once in a while you will find a few values at flea markets but most sellers there are not knowledgeable. I have seen occasionally a few that were worth buying in classic coins; like here the Pan Pac 50c was a nice gem: https://i.imgur.com/lBlTX2p.jpg
I have a couple of flea market dealers that buy from me, mostly junk, but many times they can get good prices for stuff I consider plumb damn junk. stuff I sell them for 5 bucks, they get 15- 20
This display looks better than anything I saw today. I did see a nice 1960 Franklin but priced at $75...I think I need to do more homework on pricing.
<<< but most sellers there are not knowledgeable >>>
Sorry, but i gotta really disagree with ya on this one.
They may not know every error and variation like some great collectors here, but these flea market sellers all know coins a heckuva lot better than they pretend.
Sure, there's that story once in a blue moon about something good found at a flea market. However not nearly often enough to waste my time going there for that vastly remote possibility.
Did you take a magnet with you?
I sell a lot on the Facebook groups. Many of the buyers are flea market dealers. Stuff That doesn’t sell very well at coin shows gets gobbled up quick by these folks. Pretty much the kind of stuff you described. A lot of stuff that normally fills my junk bins, but when the bins start getting full, a quick post on FB for say 100 worn like you described buffalo nickels for $40 shipped or those beat to heck flying eagles with no dates and pock marks we all end up with buying mom and pop collections goes in minutes like 10 for $25. I probably had the buffs in my 5/$1 bin for a year, and the FEs in the $1 bin and short of a curious YN I gave some to, not many true collectors would bat an eye at them. Now, when I’m describing these lots or answering PMs from them, I tell them up front they are culls and carry very little collector value, etc. The flea market crowd schooled me awhile ago that they aren’t looking to sell to the knowledgeable collectors, they sell to flea market folks as they put it. I don’t think they’re looking to sell that stuff to you, rather your neighbor who knows nothing about coins but next week will walk to your house asking you about his really cool FE with no date he bought for only $15.
*Before the flea market folks jump down my throat, I do know plenty that sell decent coins too, I’m not saying they all use this business model, but many like jdimmick said thrive on dealer $5 junk and turn it at $15-20... just not to many of our forum regulars.
Edit, here is a prime example just popped up in a group... common dates, beat coins (ok, few have decent details) I probably couldn’t sell them out of a dollar bin, guy listed them at 30, and they will sell. You could see them at your next flea market lol.
"You Suck Award" - February, 2015
Discoverer of 1919 Mercury Dime DDO - FS-101
Yup. You never know when you'll come across a copper 1943 Lincoln cent that needs authenticating.
Worry is the interest you pay on a debt you may not owe.
I cherried a '37-D 3 legged Buffalo in Fine condition at a flea market back in the mid 90s for $25 and a 1943-S DDO-001 quarter that ended up slabbing at MS64 for $10 a few years after that so yes-there's good stuff that can be found (rarely) at flea markets.
I tend to stray in flea markets every blue moon and wonder around fpr a coin booth or two. I once approached a booth where the man was cleaning a coin with a rag. I walked away immediately. I have not been to a flea market since but every red moon
Flea market vendors are all of the above. Knowledge is power, persistence and patience is needed. And a jeweler loupe and a magnet too. Peace Roy
BST: endeavor1967, synchr, kliao, Outhaul, Donttellthewife, U1Chicago, ajaan, mCarney1173, SurfinHi, MWallace, Sandman70gt, mustanggt, Pittstate03, Lazybones, Walkerguy21D, coinandcurrency242 , thebigeng, Collectorcoins, JimTyler, USMarine6, Elkevvo, Coll3ctor, Yorkshireman, CUKevin, ranshdow, CoinHunter4, bennybravo, Centsearcher, braddick, Windycity, ZoidMeister, mirabela, JJM, RichURich, Bullsitter, jmski52, LukeMarshall
I have seen coins at flea markets... down south, when I visit one of my daughters. As described above, not collector coins, but of interest to people who think 'old is good'... overpriced, but they do sell....Cheers, RickO
Don't forget, like coin dealers, those flea market sellers are there to buy as well.
I would have to believe that once in a while, perhaps more often than that, a nice little score comes their way from someone who needs cash quickly, and maybe doesn't feel comfortable for whatever reason with walking into a coin shop or pawn shop with all those security cameras. And so they dump the coins to the flea market operator for much lower than wholesale.
Those flea market operators need to know their chit, especially when somebody say hands them a bag full of silver dollars and wants cash right now for them. If they don't know their chit, they could get stuck with a bag full of Chinese fakes.
Flea markets slim pickings. Guy in cc has his flea market prices which are higher than his show prices.
Sounds like you ought to be setting up a booth at one. You could double your selling price and both sides would get a win-win.
MY COINS FOR SALE AT https://www.pcgs.com/setregistry/collectors-showcase/other/bajjerfans-coins-sale/3876
I have been to a few flea market and seen coin sellers. Everytime I look at thier stuff, everything is high priced. I have never found a decent price on anything. I've gotten better deals at actual coin shops.
My Original Song Written to my late wife-"Plus other original music by me"
https://youtube.com/playlist?list=PL8A11CC8CC6093D80
https://n1m.com/bobbysmith1
I've always checked when I've been dragged to them. I used to go quite often with my dad and future wife. I collected books for awhile and there was a lot of good stuff that I cherried. As for coins, if I see a red book when I ask how much, I'm out. One guy broke one out and added a 17.5% dealer fee lol and I just walked away. That F15 for XF money + 17.5%. Sadly people get taken. It's their money so who am i. I guess.
I bought a lot of really nice coins at good prices from Daryl Vaudt, who used to setup at the Eisenhauer Road Flea Market in San Antonio in the early 90's. He would get higher end stuff from time-to-time, and it was great going there and hanging out with him.
Once, I came by and he was polishing a bunch of silver pesos. I asked him why he was doing that, and he said they sold much better that way.
Given the counterfeit menace, I would always keep that in mind at the flea markets especially with Morgan Dollars.
A local coin dealer told me that he went to a church flea market and found a table where coins were being sold. There was a 1926-S Buffalo Nickel that was priced real low because of the horn.
It was a VF coin all the way by the "new" overall wear standards, so he bought it. Of course, he didn't tell me how much he paid.
One of his customers was looking for that specific coin in that condition. The guy was "ecstatic" when he saw it, and he immediately bought it.
The point: You can find good stuff sometimes at those venues.
Pete
I find it better for civil war tokens rather than better grade circulated US coinage.
I did see a lot of tokens there now that I think about it. And medals too. Everything was under glass and lighting wasn't the best. Next time I'll bring a bright little flashlight, a magnifier, and a magnet!!!!!!!