How many major varieties are hiding in old collections

Vetter

Finding a 1936 D 3 1/2 leg Buffalo this week in an old lower grade set got me wondering. How many older Whitman folders, jars and cigar boxes of coins that were put away many years ago are hiding valuable varieties that were discovered after the coin was stashed or put in the hole for that date. Especially if it’s on the reverse where it wouldn’t be seen unless the coin is popped out.
I personally love finding old folders that has somewhat of a musty smell to it. Generally means it’s been put away for some time and not picked over. Usually nothing good in it, but that’s the thrill of the hunt I guess.

Picture of the find.

johnny9434

Up here in New England who knows. Some the old codgers like me that don't talk about it, who knows, jmo. I lime to do the same with old coin books as well

FlyingAl

I do wonder. I really have asked myself how many CAM 1936-42 proofs remain hidden, and if there is a major "hoard" per say of them out there. For this situation, I think rather few.

But as to major varieties, I think quite a few. Any skilled numismatist can cherrypick rather rare varieties on Ebay armed with simply the knowledge to accurately attribute said variety. I don't think there are many coins out there worth say $70,000, like a matte proof 1909 VDB cent in high grade, but I do think there are quite a few 4 to low 5 figure coins out there for the finding.

Very interesting thought. Thanks for posting this!

MasonG

This idea is why unsearched rolls sell as well as they do.

Aspie_Rocco

I think quite a lot. Simply looking through CoinFacts I have found many unattributed varieties on plate coins and true views. As for raw coins, I think the population of hidden varieties in collections is much higher than graded examples.
Coingratulations on your find.

logger7

Statistically I doubt there are many unless the collector spent the time and money on the front end paying a significant premium. I bought a number of series from a collector recently who just did not spend real money when assembling his collection. He had a series of Jefferson nickels lacking the better issues and overdates where the money is and some Buffalo nickels that were all lower grade, and he just wanted too much so I sent him to another dealer.

davewesen

There has to be many, especially for albums that were filled 30-40 years ago. If the variety was not in the redbook, very few people would have been looking for them.

WaterSport

Several cents come to mind that are relatively common like 1917, 1936 and 1942, DDO which in any red condition can be worth a nice preminum.

WS

amwldcoin

Your question could be expanded to include just about anything that is scarce!

vulcanize

@johnny9434 said:
Up here in New England who knows. Some the old codgers like me that don't talk about it, who knows, jmo. I lime to do the same with old coin books as well

I was contemplating buying up the whole bunch of Buffalos (had to be over 500 of them just lying around in a tray) from a display case in a CT pawn shop chain two years ago and did not want to rush into it.
Decided to take a chance, so went back the next day and it was gone by then.

jdimmick

I bought a few capped bust halves from a dealer who just bought them at a show back in dec. I just bought it becuase it was a nice type coin, forgot to check variety, and it turned out to be an R-5 1820 no seriffs.

It had came from an old collection off the market for decades

OGDan

I know a few years ago a major trade dollar variety (1876 type II/II in MS63) walked up to John Agre's table at a coin show, I think it was Baltimore. Coin was in an old thick NGC holder so it probably hadn't seen the light of day for a while.

dagingerbeasttt

Very cool

MasonG

Everything is unsearched until it's searched. If the variety is scarce/rare after people have looked through existing pieces for them, the chances of finding one in an unsearched collection are slim.

As previously noted, unsearched rolls/lots do as well as they do because of the "unsearched" mystique.

ricko

We see this happen from time to time in the hobby. I have no doubt there are more such 'treasures' in old collections, trunk storage in attic or basement. Probably not millions, but they are out there. Cheers, RickO

jmlanzaf

@MasonG said:
Everything is unsearched until it's searched. If the variety is scarce/rare after people have looked through existing pieces for them, the chances of finding one in an unsearched collection are slim.

As previously noted, unsearched rolls/lots do as well as they do because of the "unsearched" mystique.

Yes. If it is scarce/rare in the first place, you wouldn't expect it to be common anywhere - including old collections that are "unsearched". This is why most dealers, for example, don't waste time going through jars of wheat cents looking for even rare dates much less rare varieties. Is there a chance of finding an S-VDB? Yes. But unless your time is free, you will go through hundreds of thousands of coins to find the one S-VDB that's still in the wild.

Same with Buff nickels. I buy them in bulk all the time. I also sell them in bulk. I do NOT look for varieties while they are in my possession even though I DID once find a 1937-D 3 legged Buffalo in my bulk box. I found it only because I looked down, it was reverse up, and it announced itself to me. LOL.