1958D Lincoln wheat cent
Matt97932
Posts: 245 ✭✭✭
Advice on what to do next? Is this worth anything? Thanks for your help.
0
Matt97932
Posts: 245 ✭✭✭
Comments
It’s worth at least 1 cent. Not worth grading though.
Worth at least 4 cents. It's a wheat cent.
Worth 1 cent. Selling costs for low value coins will be higher than the price realized. Just spend it.
It is a wheat cent... good for an album. Cheers, RickO
Nicely struck but extremely common.
Pete
It's a 1958-D. The D stands for Denver.
Disclaimer: I'm not a dealer, trader, grader, investor or professional numismatist. I'm just a hobbyist. (To protect me but mostly you! 🤣 )
Your cent is 95% copper. The current price for copper is $4.25 per pound. You could just save them like many people do. So you don't get confused I'm not talking numismatics.
I said at least 1 cent because after all, it is a 1 cent coin. If I said 4 cents, I’d have said at most. Just saying.
Perhaps you can provide a list of places or dealers who are willing to pay 4 cents for a single wheat cent. I have five to sell and want to quadruple my money.
My Collection of Old Holders
Never a slave to one plastic brand will I ever be.
I'll buy them. You'll have to pay shipping. Wholesale in a bag of wheats is currently $220.
Of course, you're right. You'll probably only get 3 cents for a few odd circulated veges. But maybe quote retail which is 5 cents.
The problem with this constant "one cent" nonsense is that the poster looks ignorant, and it comes off as dismissive and rude.
Let me know who is buying wheats at one cent, even singles. I don't want to ever do business with them.
No. 4 cent isn't the most. 4.4 cents is dealer WHOLESALE on a bag. When was the last time wheats were at less than 2 cents?
But here is the point and why promoting this idea that a single wheat cent is worth more than face is false. It would cost me (or anyone) more that I could ever make to ship a handful of them, heck with shipping rates today even a bag quantity would eat any profit from such a sale. When you say they are worth more than face that is only true if the individual has a quantity to sell, and a local buyer for those coins, not a single coin or even ten. Even if I had a bag to sell the cost of the gas to drive to the closest BM shop would likely eat up any profit. You may be technically correct, and I have no doubt that quantities are bought and sold between dealers and wholesalers for values above face value, but the average joe who inherits 20 or 30 wheats is unlikely to actually net 3 cents (4 cents minus the face value of the one cent coin) when selling. At the end of the day unless the person has a massive amount to sell or just happens to have a shop within walking distance, by the time you add up the cost to sell they really are only worth face value. You have to account for the cost to sell them not just what they might bring if you can find a dealer who is interested in buying small quantities, or one.
My Collection of Old Holders
Never a slave to one plastic brand will I ever be.
Put in a book, you won't be sorry later
When providing opinions as to the estimated value of coins, most of us don’t deduct the cost to ship them or drive them somewhere.
Mark Feld* of Heritage Auctions*Unless otherwise noted, my posts here represent my personal opinions.
You should, you and almost everyone does include the cost of shipping when giving opinions about the value of having a coin slabbed, this is really no different. When someone asks the value of a common circ wheatie on this or other forums my reply is always face value because the cost to liquidate that one coin would always be higher than the value when selling for the copper content.
My Collection of Old Holders
Never a slave to one plastic brand will I ever be.
Using your reasoning, wheat cents, and for that matter, larger denomination coins that typically trade at above face value, would often have negative value. And the value of one person’s coin could be greater (or less) than that of the same coin owned by someone else, depending upon how close each one lived to a local dealer.
Mark Feld* of Heritage Auctions*Unless otherwise noted, my posts here represent my personal opinions.
For a few other coins that is true, however, the silver melt value of any silver coin (with the exception of a trime) would be more valuable than the cost of a stamp, so almost any single silver coin has enough metal value to more than offset the liquidation cost of an envelope and a stamp. The same cannot be said of a single wheat cent. I stand by what I said, in very small quantities copper cents, zinc cents, most nickels, and most clad coinage is only worth the face value for common circ coins. For larger quantities where economy of scale kicks in then the equations are different.
But not accounting for all the costs to liquidate when giving valuations is misleading.
My Collection of Old Holders
Never a slave to one plastic brand will I ever be.
Ludicrous. Why would you have to mail anything? Your assuming that the seller only has one and lives in the woods with no coin store or other collectors around.
Why not assume the opposite? All prices should be quoted assuming you are set up at a coin show selling retail.
Worse, you end up telling newbies that $19 is the value of their 1 oz silver bar. So you are simply spreading misinformation.
I'd imagine trolls love coming here for the buffet that is so often served up for them.
In honor of the memory of Cpl. Michael E. Thompson
Why assume anything, you making assumptions is truly ludicrous. When someone shows up here asking the value of a coin I make no assumptions, all I know is that they have one coin. You are the one assuming that they must have hundreds or thousands of such coins.
Why not mail it? I live in the fifth largest city in the USA, the closest coin shop to me is 10+ miles away 20+ round trip, my truck gets 17mpg so at $3.25 (the avg of gas here today) I'll spend $3.50+ in fuel alone not including the wear and tear costs to drive there. The monthly show is over 40 miles round trip that is over $7 in cost, mailing looks pretty good to me. And in case you have forgotten earlier today you said " I'll buy them. You'll have to pay shipping".
And just because you mentioned it, there is a very nice fellow on the NGC forum, he lives in a very small town in the woods of Kentucky, no coin store or other collectors around. He is putting together a very nice set of Washington quarters. You seem to assume that there is a coin store or show on every corner, assumptions are a poor substitute for facts.
My Collection of Old Holders
Never a slave to one plastic brand will I ever be.
YOU stated you had to include the cost of shipping. YOU made the assumption. You can walk into any coin store in the country and get 3 cents +/- and yet you insist the wheat isn't with 3 cents. The value of ALL intact wheat cents is 3 or 4 cents WHOLESALE and 5 to 10 cents retail. The only way to reach any other price is to make assumptions.
I did not say that I could not get 3 or 4 cents for a single wheat cent, what I said is that I would lose money doing so. I would lose more that I could gain, negative value after all the costs to liquidate are calculated. And that is true no matter if I drive to a shop or mail it. As usual you are the one trying to spin the story and facts and making all the assumptions here.
When you and Mark tell people that a wheat cent is worth more than face value that is simply not the whole story. Value is not defined by just that one transaction, you have to calculate all the costs it takes to achieve that 3 or 4 cents windfall. No different than placing a value on a coin you sell, you have to include your acquisition cost, plus your markup plus any fees you expect to incur while selling to arrive at a value or price you will sell for.
My Collection of Old Holders
Never a slave to one plastic brand will I ever be.
Whatever your cost to liquidate might be, it's almost certain it will differ for other people. Seems like a good reason to not include it when you're offering an opinion about the value of a coin.
Just sayin'.
The “value on a coin you sell” isn’t necessarily determined by “your acquisition cost, plus your markup plus any fees you expect to incur while selling..”. Many sellers value and sell coins without regard to cost (and any fees incurred). Instead, they sell at what they feel is fair current market value and/or what the market will bear. That can be much more or less than cost or anywhere in between.
In this discussion, though you’ve been using the word “value”, you’ve actually been talking about return or net, both of which can be very different from “value”. As just one example, if you have a 90% silver half dollar (with a current melt value of close to $9), its value is about $9. And that doesn’t change if you decide to spend $10 to ship it to a buyer. The net might be -$1, but the value of the coin is still about $9.
Mark Feld* of Heritage Auctions*Unless otherwise noted, my posts here represent my personal opinions.
And that's the only value worth quoting because disbursement costs are not uniform for everyone.
Sheesh
Smitten with DBLCs.
Rather amusing banter here.
I take it as playful sport for the participants? I hope so anyways!
Forgive my ramblings after some minor oral surgery today.
This thread has provided a bit of welcome entertainment! Thank you.
I might just throw it out there that this entire debate on transaction costs is a moot point if the coins in question are traded or sold at the convenience of when the seller just happens to be at their LCS or coin show for other business and not a dedicated ‘special trip’ for this 3-4 cent item.
Just my two cents.
Cheers
Happy, humble, honored and proud recipient of the “You Suck” award 10/22/2014