What's a milk can full of lincolns worth?

kevinstang

I have a chance to look at a local fellows mini-hoard of lincolns. From 1977 to 1989 he filled a 10 gallon metal milk can full of pennies- without being a collector- he put everything in it, wheats included (so he says). He thinks it weighs around 400 lbs, my rough calculations gave me about 300 lbs (based on 10 gallons each gallon weighing 30lbs-filled a gallon plastic milk jug and weighed it) for the pennies alone, maybe 25 for the can with lid. If there were 400 lbs of pennies in there, I think I came up with a face value or around $600, while only 300 lbs or so would not quite yield $400.00 face. He knows about the price of copper being way up and wants $1000.00 for them. I thought of offering maybe $800.00 or so- I don't think there would be any great wheat cent finds- I grew up in that period of time and remember searching for wheats- couldn't really find any old ones left in circulation. He also has several hundred dollars worth of rolled pennies that he has saved since then. I imagine even the milk can will contain quite a few zincolns as well. Trying to decide if it would be worth it to buy them and spend time looking through them nightly. If I could find a scrap dealer to buy the pre 81's for a decent price it might not be so bad. Anyone have any comments or figures?

Russ

Well, that accumulation story is too boring for a "MASSIVE UNSEARCHED LINCOLN PENNY HOARD" eBay auction so, if you buy them, you'll need to write up some creative gibberish.

Russ, NCNE

ziggy29

<< <i>Well, that accumulation story is too boring for a "MASSIVE UNSEARCHED LINCOLN PENNY HOARD" eBay auction so, if you buy them, you'll need to write up some creative gibberish. >>

More like this:

"UNSEARCHED LINCOLN PENNY CENT HOARD FROM ESTATE NOT PCGS 1909-S VDB?"

Barndog

assume there is nothing in there of value. If he has rolled Lincolns also, chances are 100% of the coins are searched. It is difficult in some areas to find someone who will melt the coins for scrap copper pricing. Pass on this "deal"

MORGANHUNTER2

Find out how old the milk can is 1st.

Get the milk can without the lincy's, sell the can on ebay if it is older than dirt for moon money.

let him keep the lincolns- roll em up and take em to the bank for hard cash paper then go to a coin dealer and get yerself a GOLD BUFFALO!!!!!!!

StrikeOutXXX

If we're talking scale weight, there would be about 146 pre- '82 cents in a pound, and 181 zincolns in a pound. If you assume an approximate 50/50 mix, you could guesstimate about 164 in a pound. If you believe there is about 300 pounds of cents, that would give you approx 49,050 cents, or $490.50 worth of pennies.

The problem with what you want to do is:

a) you may get 2 cents a pre-82 penny from a scrapper, but from what most people have posted - they either can't find anyone to take them, or those that will only want them by the ton.

b) You don't know how many are actually pre-82 even if you did find a scrapper to take them.

I would tell him you'd save him the 8.9% coinstar will charge him and the hour or so of his time to run them through the machine and buy them all for $500.00 Unless you really feel there is a numismatic treasure to be found, I don't see a big premium to a 10 gallon jug of 77-89 cents.

Just my opinion.

Djord

You should get them all graded, and designated as Dairy Hoard, they will bring big bucks!!!!

kevinstang

I guess I am pretty much inclined to pass on the milk can, but maybe look at some of the newer rolls he has- maybe pick them up for face and look for some wide AM's (I've found all three so far- 98,99 & 2000 just looking through occasional bank rolls) or other errors. He's an older retired guy who doesn't sound to be much of a collector- more of a hoarder- typical type- saved every Ike, Susan B and bicentennial coin he ever got. I've just chatted with him on phone, never met personally yet, will probably drive over this afternoon and take a look at coins themselves. Unless he makes a good package offer -maybe all the lincolns in can and rolled I will probably pass based on the feedback I got here and my own doubts.

SamByrd

they are worth face value. offer 50 bucks over face if you want them. otherwise i would pass.

BlindedByEgo

Face value, no more.

Ask him if he has a milk can full of Morgan dollars while you're at it

TwoSides2aCoin

In short, here is the deal:

1982 (seven different variety cents)
1983 P ( Doubled Die Reverse)
1984 P ( Doubled Die Obverse doubled ear)
These are just a few in those years of when this guy started saving them. This doesn't even factor in the possibilities of an error from earlier years making their way into this milk jug.
Plain and simple:
A hoard is dead weight so long as it just sits there.
You could get kids to put them in piles according to dates and mint marks. Make a fun thing for the neighborhood. It sounds overwhelming to me. I think this is why most will say it is worthless.

Numismatics is a labor of love. Either the love of collecting complete sets, pristine coins, commemoratives, finding errors, enjoying the beauty in the artisitic or historical side of the coin or just a passion for making money.

My advice is to look inside yourself and decide what you will do when opportunity knocks.
..... money is money. If you have the time and good vision or you have a bunch of kids who want to learn teamwork.... well, you could organize your 1st Annual Coin Sorting Coinsortium (try saying that three times, real fast)
Them kids could easily spot the errors and WIERD coins along the way

anyway, the buy figure and the math I didn't even ponder. I was thinking of the coins

saintguru

are the milk cans made of skin? ;D