Fair or not?🤔 WOW! Out of the Blue, Great News...

joeykoins

Hi guys,
Today, at work. A co-worker said he has a 5 gallon bucket (almost full) of pennies he has been collecting for the past 10-20 years! He knows I'm a collector. He doesn't care what's in the bucket. We talk about coins all the time. He said he wants to get rid of them. So, I told him I'd take them All!
He was glad to hear that.
Now, I told him I will give him double of what the amount is. He's fine with my offer.
Do you guys think that's fair or not?
I could very well lose out on this, but we all know the alternate could happen, as well?
Thanks guys 😉

Farmer_Bill

What are you hoping to find if they're 2004 to present?

IkesT

@joeykoins said:
Hi guys,
Today, at work. A co-worker said he has a 5 gallon bucket (almost full) of pennies he has been collecting for the past 10-20 years! He knows I'm a collector. He doesn't care what's in the bucket. We talk about coins all the time. He said he wants to get rid of them. So, I told him I'd take them All!
He was glad to hear that.
Now, I told him I will give him double of what the amount is. He's fine with my offer.
Do you guys think that's fair or not?

It's a moot point now, since you already made an offer and he accepted.

I certainly wouldn't make an offer like that again. Why would you offer any higher than face value, since you can get them at face from the bank? When you go to deposit them, the bank will be paying you face. Too late now, but that's the offer and the explanation you should have made to your friend.

joeykoins

Thanks for the quick response.
I forgot to mention. He is NOT a collector! He doesn't know a thing about any coin/s. I figure, maybe, big maybe! Maybe, there are tons of wheaties, along with some key dates, errors, varieties... Maybe, even a couple of Flying Eagles? One nice and awesome coin could pay for the bucket!
🤔
Sure, the bank has them but not holding them, back 20 years or so.

IkesT

@joeykoins said:
Thanks for the quick response.
I forgot to mention. He is NOT a collector! He doesn't know a thing about any coin/s. I figure, maybe, big maybe! Maybe, there are tons of wheaties, along with some key dates, errors, varieties... Maybe, even a couple of Flying Eagles? One nice and awesome coin could pay for the bucket!
🤔

Most of the coins at the bank also came from non-collectors, and you buy those at face value.

When hunting change, you should break even, at the very worst. Don't turn it into a gamble.

BLUEJAYWAY

Would of been better if he dumped a handful to you so as to get a feel for the years in the jug. Or better if the jug was of the clear variety.

joeykoins

Sure, I get it guys. But this is what I am turning this into,
A Gamble!
I'm gambling, my friend threw an Indian, a key date, a fantastic error, a spectacular variety? Maybe, even a BU Cent ?
Remember, all it takes is ONE needle in the perverbial haystack!
😆
I know it's crazy but why not, huh?
I can always keep the Copper and profit from them. But I probably won't!
Hey, how 'bout a nice 1909s VDB?

IkesT

@joeykoins said:
Sure, I get it guys. But this is what I am turning this into,
A Gamble!
I'm gambling, my friend threw an Indian, a key date, a fantastic error, a spectacular variety? Maybe, even a BU Cent ?

Why would he do that? He's not a collector, so why would he have any of those?

I know it's crazy but why not, huh?

As long as your wife limits the amount you can gamble, I don't see too much harm in it.

joeykoins

He said he threw ALL his pennies in there!
Not looking at dates or whatever.

joeykoins

We shall see how this turns out.
He is giving it to me in thirds. In bags. Bucket too heavy.

IkesT

@joeykoins said:
He said he threw all his pennies in there!
Not looking at dates or whatever.

Just like most people dumping off at the bank. How often have you found an Indian or flying eagle cent, a key date, a fantastic error, or spectacular variety from the bank?

joeykoins

😆
I don't know? Is it just me thinking these possibilities? My way of thinking?
Say 20 years ago he been doing this. So, since 2000, he been tossing coins in the bucket. 20 years ago makes it more better of a chance for the older ones. No?

Sort of like, in 1969, he been throwing coins into a bucket.
Isn't more likely he'd throw silver into the bucket?

jmlanzaf

@joeykoins said:
😆
I don't know? Is it just me thinking these possibilities? My way of thinking?
Say 20 years ago he been doing this. So, since 2000, he been tossing coins in the bucket. 20 years ago makes it more better of a chance for the older ones. No?

Sort of like, in 1969, he been throwing coins into a bucket.
Isn't more likely he'd throw silver into the bucket?

No.

There were few wheat cents and no Indian heads or flying eagle cents in circulation in 2004 or later. There is NOTHING in there that wouldn't be in rolls from the bank.

JBK

I think your imagination got the better of you.

The bucket is full of pocket change from the past 20 years. There's no reason to think it has a Flying Eagle Cent, for example.

If you hadn't bought them then he would have lugged them to the coin machine and they would have ended up in rolls that you could have gotten from the bank at face value. That is a scenario that is repeated every day of the week, especially with cents.

This deal was not fair at all - to you.

joeykoins

OK!
Two things!
First, we decided on 1 1/2 instead of 2. Or double.
Second, here's the first third!

joeykoins

@jmlanzaf said:

@joeykoins said:
😆
I don't know? Is it just me thinking these possibilities? My way of thinking?
Say 20 years ago he been doing this. So, since 2000, he been tossing coins in the bucket. 20 years ago makes it more better of a chance for the older ones. No?

Sort of like, in 1969, he been throwing coins into a bucket.
Isn't more likely he'd throw silver into the bucket?

No.

There were few wheat cents and no Indian heads or flying eagle cents in circulation in 2004 or later. There is NOTHING in there that wouldn't be in rolls from the bank.

No, in my recent scenario. I meant, all coins in 1969.

jmlanzaf

@joeykoins said:

@jmlanzaf said:

@joeykoins said:
😆
I don't know? Is it just me thinking these possibilities? My way of thinking?
Say 20 years ago he been doing this. So, since 2000, he been tossing coins in the bucket. 20 years ago makes it more better of a chance for the older ones. No?

Sort of like, in 1969, he been throwing coins into a bucket.
Isn't more likely he'd throw silver into the bucket?

No.

There were few wheat cents and no Indian heads or flying eagle cents in circulation in 2004 or later. There is NOTHING in there that wouldn't be in rolls from the bank.

No, in my recent scenario. I meant, all coins in 1969.

Your recent scenario is absurd. It IS NOT 1969.

If the collection were from 1859, imagine the large cents you would find. BUT IT'S NOT 1969 OR 1859.

There is NOTHING IN THERE that wouldn't be in a bank roll BECAUSE THAT'S WHERE HE GOT THEM.

JBK

One more thing to think about....

During much of the time he was saving these coins, people were scouring rolls and bags of cents for copper. People went so far as to buy special machines (Ryedale) to automatically sort large quantities of cents. Copper cents virtually disappeared from circulation.

When copper prices dropped and people realized the coins couldn't be melted anyway, they started to dump them back into circulation. There are probably more copper cents in circulation today than there were ten or fifteen years ago, for example. So, you can expect lots of Zincolns.

rec78

@joeykoins said:
OK!
Two things!
First, we decided on 1 1/2 instead of 2. Or double.
Second, here's the first third!

He only saved BU coins?
No it is not fair to you.

BLUEJAYWAY

@joeykoins said:
OK!
Two things!
First, we decided on 1 1/2 instead of 2. Or double.
Second, here's the first third!

Very shiney.

Bullsitter

It's your thing, do what you wanna do
I can't tell you, who to sock it to......good luck.

rte592

You should have added More than Generous to the title
The burden is on you now.
Good luck, do you have one of those penny slides to sort the zinc out from the copper?

PerryHall

If you took them all for face value, you would have been doing him a big favor.

thebeav

@joeykoins said:

I can always keep the Copper and profit from them. >

How do you profit from copper cents ?

ChangeInHistory

Double face is the speculation price, too much IMO.

Downtown1974

Joey, I admire your enthusiasm. Your first thought was “imagine finding a flying eagle cent”. My first thought was “where do you find the time to go through a 5 gallon bucket of cents”?

TrickleCharge

I think I see a 1982-D Small Date Copper in there

Good luck and enjoy your search!

MFeld

If by “fair”, you meant paying the seller too much, as opposed to too little, yes, it was fair.

Fraz

Jugged coins are not the same. They sit still in the jug and you get nicer looking coins that have not been picked and returned by roll hunters. It looks as if yours are free of damage from humidity.
When I found the ladies at a small church had a stash of cents that started sixty years ago I paid them double. I found the 14 D that I gave to the folder that we passed around there.

There’s nothing wrong with putting it out there that you buy hoards. My neighbors and friends give me their jugs and boxes, because I patch driveway holes, and rid eaves of wasps.

Remind your friend that you did him a favor when you need his help. How did you guys determine the value? I figure the bucket weighs 200 lbs?
Pennies are your life for a while. Have fun.

Edit: keep the bucket.

Coinscratch

Happy Hunting!

Manifest_Destiny

Good luck, but like others have said, if it's over face you're paying too much.

retirednow

Just enjoy going through them ... and good luck

Maywood

I don't think there's any kind way to offer an honest opinion of this venture, it strikes me as being somewhere between foolish and idiotic. At the newly negotiated rate of 1.5/cent and going with an estimate of $200 face, you pretty much just threw away $100.

I guess that's why it's just a Hobby because it gives you enjoyment, it just doesn't seem like a wise venture. All the same, I dropped $100 many, many times sitting on a bar stool and never gave it a second thought. I hope you find something that turns a profit, more than likely some CPG variety. My guess is no IHC's and probably around 10 wheats in the whole bucket.

Have fun!!

MidLifeCrisis

There are only two types of fair: state and county.

You paid what you thought was a good price. He agreed and accepted. End of story.

You paid more than some others would have, but I'd say you paid for the thrill of the hunt.

oldabeintx

$100 for an Easter egg hunt? No problem. We’ve all spent a lot more and gotten less.

oldabeintx

BTW way back when all sorts of cool coins could be found in circulation, I had a lot of luck in rural areas. I reckoned that fewer collectors went through bank rolls and looked at their change or that older coins simply weren’t vetted by the banks. I have read that demonitized coins circulated well past their cutoff dates in the 19th century in rural America. Anyway, next time you’re on vacation somewhere…that’s where I had a lot of luck searching.

HillbillyCollector

Good luck, hope you find something really nice!
That being said, you’ve got a lot more patience than myself.😉

rte592

Let's not discourage him before he gets rolling... It's cheap entertainment.
How would we know what Gems he found
The Banks I use still prefer coins to be rolled before deposit, so I use the casinos to dump my change.
On a technically... you could have charged him the same as any coinstar machine and maybe a pickup fee

Copperindian

All I can say is have fun with this. The thrill of the hunt can’t always be measured in dollars & cents (sense?). Good luck!

skier07

You are taking the worst of it. Like @PerryHall said taking them at face value would have been a good deal for him. But I’ve spent/given away money multiple times in the casinos, sport betting, and at expensive restaurants. At least you will derive multiple hours of pleasure searching and you’ll have at least half of your initial expense back.

lkenefic

Definitely a "fair" price to the former owner... you did him a solid! I've probably spent far too much on individual coins... enjoy the hunt!

davewesen

Are you going to separate the copper from zinc? Considering how many hours you will need to devote to the project, your offer is more than fair. What would they have gotten at coinstar? 0.85 cents per coin?

jayPem

All my change piles up in my console or in bottles on the desk. I never look at it, it's kind of gross. I don't like touching it... who knows we're its been?

JBK

@jayPem said:
All my change piles up in my console or in bottles on the desk. I never look at it, it's kind of gross. I don't like touching it... who knows we're its been?

There's a good chance Joey handled it at some point.

telephoto1

Am I the only one who finds the irony in people who have previously been calling things like Vault Boxes a fun gamble and were decrying others for telling people they're "not having fun the right way", are now telling Joey that buying cents at double face is a ripoff?
Edit to add: Joey I think you're being very fair and hope you have fun.

johnny9434

You never know about what you'll find joey, happy hunting and keep us posted

jmlanzaf

@telephoto1 said:
Am I the only one who finds the irony in people who have previously been calling things like Vault Boxes a fun gamble and were decrying others for telling people they're "not having fun the right way", are now telling Joey that buying cents at double face is a ripoff?
Edit to add: Joey I think you're being very fair and hope you have fun.

False analogy. The correct analogy is comparing buying a Vault Box at 1.5x the MSRP of a Vault Box. Or paying $1.50 for a $1 scratch off.

It's not that he's gambling in finding something. It's that he paid a premium for rolls he could get at face value at the bank. This is not a 50 year old estate hoard. It's a post-2000 change bucket.

telephoto1

@jmlanzaf said:

@telephoto1 said:
Am I the only one who finds the irony in people who have previously been calling things like Vault Boxes a fun gamble and were decrying others for telling people they're "not having fun the right way", are now telling Joey that buying cents at double face is a ripoff?
Edit to add: Joey I think you're being very fair and hope you have fun.

False analogy. The correct analogy is comparing buying a Vault Box at 1.5x the MSRP of a Vault Box. Or paying $1.50 for a $1 scratch off.

It's not that he's gambling in finding something. It's that he paid a premium for rolls he could get at face value at the bank. This is not a 50 year old estate hoard. It's a post-2000 change bucket.

So you don't like the VB analogy...but he's still not having fun the right way. Got it.

Manifest_Destiny

@jmlanzaf said:

@telephoto1 said:
Am I the only one who finds the irony in people who have previously been calling things like Vault Boxes a fun gamble and were decrying others for telling people they're "not having fun the right way", are now telling Joey that buying cents at double face is a ripoff?
Edit to add: Joey I think you're being very fair and hope you have fun.

False analogy. The correct analogy is comparing buying a Vault Box at 1.5x the MSRP of a Vault Box. Or paying $1.50 for a $1 scratch off.

It's not that he's gambling in finding something. It's that he paid a premium for rolls he could get at face value at the bank. This is not a 50 year old estate hoard. It's a post-2000 change bucket.

Ah, the devil is in the details.

jmlanzaf

@telephoto1 said:

@jmlanzaf said:

@telephoto1 said:
Am I the only one who finds the irony in people who have previously been calling things like Vault Boxes a fun gamble and were decrying others for telling people they're "not having fun the right way", are now telling Joey that buying cents at double face is a ripoff?
Edit to add: Joey I think you're being very fair and hope you have fun.

False analogy. The correct analogy is comparing buying a Vault Box at 1.5x the MSRP of a Vault Box. Or paying $1.50 for a $1 scratch off.

It's not that he's gambling in finding something. It's that he paid a premium for rolls he could get at face value at the bank. This is not a 50 year old estate hoard. It's a post-2000 change bucket.

So you don't like the VB analogy...but he's still not having fun the right way. Got it.

Again, not what anyone said. I know you want to make this about VB but no one cares that he's gambling on finding something.
The issue was not his having fun by CRH. It was bidding against himself that was the issue. There is no place on the planet that his friend could get more than face value. So why bid against no one to get to 1.5 cents?

And no one cares that he bought them at that price. He asked if the price was fair and we pointed out that he paid more than he needed to which was the question asked.

I'd say nice try but you haven't even gotten to the ballpark yet.

jmlanzaf

@Manifest_Destiny said:

@jmlanzaf said:

@telephoto1 said:
Am I the only one who finds the irony in people who have previously been calling things like Vault Boxes a fun gamble and were decrying others for telling people they're "not having fun the right way", are now telling Joey that buying cents at double face is a ripoff?
Edit to add: Joey I think you're being very fair and hope you have fun.

False analogy. The correct analogy is comparing buying a Vault Box at 1.5x the MSRP of a Vault Box. Or paying $1.50 for a $1 scratch off.

It's not that he's gambling in finding something. It's that he paid a premium for rolls he could get at face value at the bank. This is not a 50 year old estate hoard. It's a post-2000 change bucket.

Ah, the devil is in the details.

Never bid against yourself is the detail here.