I came to an important realization about money.

jmski52 · February 3, 2010 3:43AM

I've saved rolls of coins ever since I was a kid. The assumption had sunk into my thinking long ago that a roll of nice BU coins would be "worth something" many years from now.

Well, I just listed a bunch of clad Kennedys on BST for about a day, before someone posted my listing and said, "good luck with that". Then, I looked up a listing of his and saw a bunch of Kennedy rolls dating from the '70s that he is now taking to the bank because nobody wanted them for $11.00/roll plus shipping.

I started looking at all the rolls of "stuff" I have that isn't precious metal, and I see $$$$$$$ that will never come to fruition.

So, I've decided to weed through my base metal coinage rolls and "cash in" before I get too old to be able to lift it, lol.

My first trip to the bank will be $300 in Kennedy Halves, and that's barely a small dent! Frankly, that $300 is better off being spent.

Is anyone else doing this? Man, I feel rich all of a sudden and I'm not even going to make a profit. Weird, huh?

renman95 · February 3, 2010 4:03AM

Comrade, did you check the coins for high grades...67+?
renski

gecko109 · February 3, 2010 4:24AM

I came to that realization almost 2 years ago. I decided that i'd rather have $320 worth of gold than $320 worth of a graded flying cent. I did that with my entire type collection....converted it all to gold/silver. Was a very smart move. With the exception of the "numismatic marketplace", you cannot find the true values of flying cents in AU, or bust halves in VF. But I can open any major newspaper in the world and see EXACTLY what my gold and silver bullion is worth. And as times get rougher financially, the value of that common date, common grade type stuff will plummet as gold and silver rise to fill the void left by fiat and uncertainty.

AgBlox · February 3, 2010 4:26AM

I cashed in $1200 of change at the back a few weeks ago. Took me 2 trips to the car lol.

mkman123 · February 3, 2010 4:33AM

agree with Gecko's reasoning. Part of the reason why I love 90% so much is because I can feel like I am getting a precious metal as well as an old coin too that may or may not have numismatic value but sure has history too

keepdachange · February 3, 2010 4:45AM

I've been doing the same thing with my slabbed Morgans, selling them and taking the cash and putting it in pm's. I can get a kilo of Silver for 1 silver dollar!

bestmr · February 3, 2010 4:48AM

I did that with a bunch of my coins. Still keeping ones I like though. Went from working on 10 sets to 4.

halfhunter · February 3, 2010 4:52AM

I've thought about cashing in all those damn nickels that I bought from the mint for $8.95/box.

HH

mrearlygold · February 3, 2010 4:54AM

You are evolving. Some people never do. Even dealers.

Kameo · February 3, 2010 4:55AM

<< I cashed in $1200 of change at the back a few weeks ago. Took me 2 trips to the car lol. >>

Did you have pennies mixed in that bucket? I did the same thing about 3 years ago. Quarters, dimes, nickels and pennies and it came out to be about $1,200 too

. I had my hoard stored in an old UTZ Pretzel jar, it had to weigh close to 80lbs. So I loading it in the back of my little Ford Ranger, the bed sank about a foot.

mkman123 · February 3, 2010 5:06AM

Kameo got a pic? Would love to see a picture of that much change!!

lunytune2 · February 3, 2010 5:13AM

So is it time to cash in my BU state quarters in plastic tubes that I paid $13-$15 a roll when they first came out ?

Kameo · February 3, 2010 5:29AM

<< Kameo got a pic? Would love to see a picture of that much change!! >>

No, I missed the opportunity. I always forget to take a pic of the good stuff.

It's only a third full right now. But before my next haul (in a few years), I'll take one and post it.

mkman123 · February 3, 2010 5:33AM

I'll be sure to REMIND you to take a pic in a few years

Glad to see your back

AgBlox · February 3, 2010 5:39AM

<< 

<< I cashed in $1200 of change at the back a few weeks ago. Took me 2 trips to the car lol. >>

Did you have pennies mixed in that bucket? I did the same thing about 3 years ago. Quarters, dimes, nickels and pennies and it came out to be about $1,200 too

. I had my hoard stored in an old UTZ Pretzel jar, it had to weigh close to 80lbs. So I loading it in the back of my little Ford Ranger, the bed sank about a foot.

>>

No pennies at all. I give all those to my daughter as they are a PITA.

mhammerman · February 3, 2010 5:43AM

"I've thought about cashing in all those damn nickels that I bought from the mint for $8.95/box."

Yeah, me too but at $2 a roll...man, how can you do that to yourself. Maybe just take the hickey at the B&M and see if you can get more than face in a trade towards a 10 ozer or some circ silver...hummmmm somehow that seems doubtful 'cause he's probably got a few boxes of them himself that he would like to get rid of.

Musky1011 · February 3, 2010 5:59AM

I switched to old large note currency. A little easier on the eyes

Weiss · February 3, 2010 6:32AM

I never really hoarded clad. Even as a kid, I knew it was worthless. I did search for wheats and silver but rarely found any. Started buying PMs with my paper route money when I was 12 or 13, continued to build my numismatic coin collection. Sold most of it and bought mutual funds. Sold that and bought video games and Arby's

But I started the whole process over again in my early 20s, much wiser and with a better sense of purpose than I had. Bought my first rental property when I was 21. Now I own 7 buildings, ~25 units, ~60 tenants. So other people buy my PMs for me every month

halfhunter · February 3, 2010 7:34AM

OK . . . I'm going to let ya'll in on a deep dark secret.

For the last 5 years or so I have been working on an OBW & (Mint Wrapped) roll set of Kennedy half dollars.
Have all of them except 2 rolls which I just can't seem to find. Of course I busted Mint sets for the '70-D & '87s.
I'll never know why I even started this . . . No one wants clad Kennedys but It seemed a cool project at the time.

HH

papabear · February 3, 2010 8:30AM

I started to save bank rolls of state quarters 2 from each mint when they first came out in 1999
then in 2009 had a small house fire and need fast cash

sold the quarters ($1960) all most
4 $500 boxes to hartville for $2400

still have the stupid nickels

dont know what I will do with them.

Papabear

pennyholic · February 3, 2010 9:02AM

Guilty, but at least I started selling thousands of rolls of wheats that I have had saved. Now if I can get myself to get rid of all the copper memorials that I have pulled from circulation that take up a ton of space I will be in good shape.

bestmr · February 3, 2010 9:37AM

<< Guilty, but at least I started selling thousands of rolls of wheats that I have had saved. Now if I can get myself to get rid of all the copper memorials that I have pulled from circulation that take up a ton of space I will be in good shape. >>

Yeah, I sadly, have been doing the same for a while. I toss them into a 1.75L bottle of grey goose.

Norseman88 · February 3, 2010 9:46AM

<< 

<< I cashed in $1200 of change at the back a few weeks ago. Took me 2 trips to the car lol. >>

Did you have pennies mixed in that bucket? I did the same thing about 3 years ago. Quarters, dimes, nickels and pennies and it came out to be about $1,200 too

. I had my hoard stored in an old UTZ Pretzel jar, it had to weigh close to 80lbs. So I loading it in the back of my little Ford Ranger, the bed sank about a foot.

>>

Just in the last month I hauled in 5 bags of copper memorial pennies I'd saved over the past few years, total was over $450 which I used today to help buy a roll of 25 one oz. Engelhard prospectors.
I must admit the roll of prospectors is much easier to store and carry around.

Actually come to think about it the money from my copper stash was enough to buy the BU tube of 25 prospectors and have around $20 leftover.

cohodk · February 3, 2010 11:00PM

Someday OBW rolls of clad may be worth something, but in the meantime the opportunity costs could be astronomical. The law of compound interest in extremely powerful.

PreTurb · February 3, 2010 11:09PM

I'm a sucker for copper cents & nickels... but MAN do they take up space!

Norseman88 · February 4, 2010 5:05AM

<< I'm a sucker for copper cents & nickels... but MAN do they take up space! >>

And they are heavy as hell to pick up and move around.

7over8 · February 4, 2010 9:50AM

all these hoarders have to admit, once in a while you hit one.....

lets give some examples - how about a box of illinois qtrs for $2,100

how about peace medal nickel rolls

etc etc etc

they make up for all those rolls you can only get face for.........oooohhhh......did I mention you never lost any $$ on those rolls......

Zubie · February 19, 2010 5:09PM

After reading this thread again, I've decided to do the same. I'm going to sell about 40 US Mint wrapped rolls of Presidential dollars, 20 rolls of Mint wrapped Kennedys and 10-20 rolls of Mint & bank wrapped Quarters. With all the cash, I'm going to buy 2-3 Palladium Pamps and the rest rolls of WLHs!

And here they are...60 rolls of Clad...Cmon...you know you want them :-)

TwoSides2aCoin · February 19, 2010 10:15PM

How much to fix a hernia ?

TwoSides2aCoin · February 19, 2010 10:23PM

Saturday February 20, 2010 7:53 AM

Jeff, welcome!

I have a few comments to add to the good advice already posted here.

I've never dealt with Coast to Coast, but you can be sure that I never will.

This forum is an excellent place to learn, especially if you are re-entering the hobby.

PCGS is a great resource, the services are not cheap, but they are the premier grading service and the aftermarket for their properly-graded coins reflects that.

I did the same thing as you in purchasing a cleaned coin from a scumbag on ebay when I became active as a collector again. This forum batted me back and forth with comments both positive and negative until I realized that I'm the one who had to know how to protect myself from the snarky jerks out there who sell coins that are misrepresented.

There are good dealers, and there are bad dealers. If you decide to hang around, I think that you'll enjoy the place in addition to benefiting from a learning experience.

Slow down a bit and start deciding what to do next. All is not lost.

Oh yeah - one last thing. There is also a precious metals forum if you are interested, and a Buy-Sell-Trade forum for selling and buying coins, like ebay but no sales fees.

----------------------------------------------------------------

Oh, by the way...

This excellent post was the reason for visiting you here.

shorecoll · February 21, 2010 10:40AM

I think a roll set of something like Kennedys is better than a random accumulation of rolls, you can buy a case of Danscos and sell complete sets, or sell them to someone like Littleton that does.

MJPHELAN · February 22, 2010 2:27AM

I am currently unloading some Kennedy rolls. Instead of taking them to the bank, I spend them. It is amazing how many people have not seen a Kennedy before. The person in the drive through does not know where in the cash drawer to place them.

Mark

KbKards · February 22, 2010 4:11AM

Nearly had mall security on me for a $2 bill once until management intervened.

hammered54 · February 23, 2010 10:06PM

<< I've saved rolls of coins ever since I was a kid. The assumption had sunk into my thinking long ago that a roll of nice BU coins would be "worth something" many years from now.

Well, I just listed a bunch of clad Kennedys on BST for about a day, before someone posted my listing and said, "good luck with that". Then, I looked up a listing of his and saw a bunch of Kennedy rolls dating from the '70s that he is now taking to the bank because nobody wanted them for $11.00/roll plus shipping.

I started looking at all the rolls of "stuff" I have that isn't precious metal, and I see $$$$$$$ that will never come to fruition.

So, I've decided to weed through my base metal coinage rolls and "cash in" before I get too old to be able to lift it, lol.

My first trip to the bank will be $300 in Kennedy Halves, and that's barely a small dent! Frankly, that $300 is better off being spent.

Is anyone else doing this? Man, I feel rich all of a sudden and I'm not even going to make a profit. Weird, huh? >>

that would be Me !
and I think I've made the right move..... and now on to the nickel's dime's, cent's......well the cent's I might be able to doubble there value as they are all copper.

Matt.

jmski52 · February 23, 2010 11:06PM

When I took the $300 in Kennedys to the bank (they were all loose in a canvas bag and very shiny), the kid that took them said, "Wow! Where did you get all of these? I didn't know they made them anymore."

I said, "I bought them from the Mint". He thought I was some kind of eccentric, I am sure.

My fiancee' has been having a great time spending another $300 in Prez Dollars this past couple of weeks.

Renski, yes I do check through the rolls and save the best ones before I spend them! I am a coin collector, after all.

Next up - I have 10 or 12 boxes of Kennedy Halves that I bought from the Mint and never opened. Beginning in 2005, I haven't even opened the boxes.

Why the heck do I keep buying them? lol, it's just plain nuts!!!

renman95 · February 24, 2010 12:11AM

Why the heck do I keep buying them? lol, it's just plain nuts!!!

>>

I feel there is no cure from this sickness. I suffer from it too. I go to weekly CA (Coinoholics Anonymous) meetings. The meetings start right after the close of Teletrade's Sunday night auction. I start the meetings with "I am renman, I have a coin problem." Sometimes we go to the CU Message Boards website and ask each other why this is an important part of our lives and why we stay logged on. We have training to avert our eyes when we see coins in the ashtray at a convenience store. We practice paying for items with credit cards so as not to get change. We show members how to remove coins from their desktops and coin-screen-savers from their computer.

Our success rate has not been very good. We seem to get many repeat offenders.

Comrade Renski

jmski52 · February 24, 2010 12:28AM

I know why I buy them!

I am waiting for the Coin World Headline that says,

"Mint admits 2007 Kennedy error struck on gold planchets, shipped in collector bags - 12 still missing".

Heh, THAT would get me motivated to open those boxes.

hammered54 · February 24, 2010 12:31AM

then the alarm clock went off and you awoke from that wonderfull dream...

I came to an important realization about money.

Comments