What I found in $4 worth of wheat cents

themaster · October 20, 2011 4:37AM

A couple of weeks ago, I bought a collection of average circ. halves and dollars from a couple. The total purchase price came to $1800 and change. Then they pull out a baggie of wheat cents and tell me that there is 141 pieces. I tell them that I pay 3c each so I would give them $4 for them. They were very pleased with what I had paid for their silver and they told me that I could just have them for free. This morning I decided to see what was in the baggie: 1909,1909vdb,1910,1911,1911d,1912,1912s,1913,1913d,2-1914,1915,1915d,1915s,1916,1916d,1916s,1917,1917d,1917s,1918,1918d,1918s,
1919,1919d,1919s,1920,1920d,1920s,1921,1923,1924d and so on. I think that these must have been in a coin book at one time. The 1914 was the only date that I found 2 of.

And finally a 1922 no D strong reverse! Cha-ching.

I have searched millions of wheaties over the years and never found a 22 no D.

Have a Great Day! ( I am )
Louis

Barndog · October 20, 2011 4:40AM

MisterBungle · October 20, 2011 4:55AM

Do you have contact information on the couple??

~

guitarwes · October 20, 2011 4:59AM

Congrats.

Do the ethical thing with this and you'll sleep better and may get more good deals.

NumbersUsacom · October 20, 2011 5:01AM

<< Do you have contact information on the couple??

~ >>

Oh no lets don't start down that road again

GoldenEyeNumismatics · October 20, 2011 5:17AM

Nice find!

themaster · October 20, 2011 5:22AM

The couples phone number is probably in my cell phone somewhere. However, I get a hundred or more calls a week from people (all word of mouth--I don't need to advertise ) and figuring out which number is theirs would be impossible.

P.S. I have never had a problem sleeping at night.

Have a Great Day!
Louis

mr1931S · October 20, 2011 5:23AM

Great score

Having said that,after all you did make an $1800 purchase from them.

I would consider the wheaties a nice bonus for you to cap the day off.

The 1922 no D strong reverse!Cha-ching?

Again,

Are you always this lucky!?

MsMorrisine · October 20, 2011 5:28AM

rip

DennisH · October 20, 2011 5:32AM

Wish it was my deal so I could try to find the sellers.

seanq · October 20, 2011 5:40AM

<< The couples phone number is probably in my cell phone somewhere. However, I get a hundred or more calls a week from people (all word of mouth--I don't need to advertise ) and figuring out which number is theirs would be impossible.

P.S. I have never had a problem sleeping at night.

Have a Great Day!
Louis >>

I'm not saying you should or shouldn't reimburse them for the coin, but the phone number thing is not an excuse. I bet if you bought rolls of "silver" halves and dollars from them and found clad coins inside, you'd figure out which number was theirs in a big hurry.

Sean Reynolds

Baley · October 20, 2011 5:43AM

:eating popcorn;

It's ok to rip them off vs. it's not ok to rip them off

(after their kind gift, no less; apparently $0 worth of wheat cents)
assuming this is a true story

Cakes · October 20, 2011 6:16AM

For us noobs what does a 1922 no D strong reverse go for?

And I know a person that approached me and said I have some silver to sell you. I explained I really am a novice and would buy based on bullion value. What percentage under the current bullion value do you usually take off on a purchase? I figured about 10 to 20% under list, does that sound okay?

themaster · October 20, 2011 6:51AM

On average circ. 90% common date silver, I pay 100% of melt.

Have a Great Day!
Louis

Mar327 · October 20, 2011 7:19AM

There are some things I just wouldn't be bragging about on here. If it had been 85% of us, we'd find that phone number and share the cha-ching, as would only be right. But, I'm the type who got $10 too much in change at the post office recently and had to argue with the lady to get her to take it back - and I was right. And people wonder why dealers get a bad rap.

mkman123 · October 20, 2011 7:26AM

find the persons number and give them some extra money!!

brendanb438 · October 20, 2011 7:30AM

Looking on eBay those 1922 no Ds go for lowball $300ish to as much as $1200ish. Expensive little penny.

anablep · October 20, 2011 7:56AM

Good for you!!

No need to contact or reimburse anyone.

Continued good luck to you...

lkeigwin · October 20, 2011 8:01AM

<< Looking on eBay those 1922 no Ds go for lowball $300ish to as much as $1200ish. Expensive little penny. >>

Probably more than that. I've been looking for a strong reverse in F for some time and haven't been able to find one under $750. In VF30 they're $1500+. XF is up there.
Lance.

Unknown · October 20, 2011 12:33PM

This content has been removed.

uofa1285 · October 20, 2011 12:51PM

They were very pleased with what I had paid for their silver and they told me that I could just have them <wheaties> for free.

Based on the fact the couple threw this in as part of the deal, I say no ethical problems. It would only be a problem if you had looked at them before the end of the sale and knew they had that 22 no d and didn't disclose (to me anyway).

I bet if the OP found out later, after the deal, that a $100 of the silver pieces were in fact clad, he would not try to track down the sellers for a refund, right? Would any of us? I don't think so. So why shouldn't the metaphorical street run both directions?

Just my thoughts.

Doug

Justlooking · October 20, 2011 4:04PM

Which hotel will you be at next?

rhedden · October 20, 2011 7:41PM

Let's not pretend to be the Ethics Police. The OP did nothing to intentionally rip off the couple, and got an unexpected bonus. We all get a windfall now and then, so time to move on.

ColonialCoinUnion · October 20, 2011 8:10PM

<< Let's not pretend to be the Ethics Police. The OP did nothing to intentionally rip off the couple, and got an unexpected bonus. We all get a windfall now and then, so time to move on. >>

It is very clear from the OP's own story that the couple thought they were giving him $4 worth of coins as a "bonus" because the OP told them the coins were worth $4. Had they known it was hundreds of dollars I think it is safe to conclude that they would not have given them away.

Any ethical person would contact them, tell them what was in that group and pay them a fair price for it.

frnklnlvr · October 20, 2011 9:04PM

<< 

<< Let's not pretend to be the Ethics Police. The OP did nothing to intentionally rip off the couple, and got an unexpected bonus. We all get a windfall now and then, so time to move on. >>

It is very clear from the OP's own story that the couple thought they were giving him $4 worth of coins as a "bonus" because the OP told them the coins were worth $4. Had they known it was hundreds of dollars I think it is safe to conclude that they would not have given them away.

Any ethical person would contact them, tell them what was in that group and pay them a fair price for it. >>

The OP had no way of knowing they were worth more than $4. He assumed, like most others probably would, that they were common date circ wheats.

secondrepublic · October 20, 2011 9:18PM

they probably bought the silver back when it was $4/oz and made a big profit. they obviously knew enough about current silver values, or made an effort to find out. they could have done the same with the wheats easily.

you didn't take advantage of them; rather, it was a mutual mistake as to value which benefitted you. no different than buying a desk or trunk at a garage/estate sale and finding a banknote or work of art inside.

you don't owe them anything from a moral or ethical standpoint. it would be very nice if you gave them something "after the fact", but you're not obligated to do so.

edited for spelling.

SereneDude · October 20, 2011 9:53PM

<< you don't owe them anything from a moral or ethical standpoint. it would be very nice if you gave them something "after the fact", but you're not obligated to do so. >>

If I were in the same position, I'd probably give the couple in question an extra $50 or so, depending on the condition of the coin.
But the OP is certainly under no obligation to do so.

dbcoin · October 20, 2011 10:38PM

If you had taken those wheat cents and dumped them into a bargain bin unsearched and a little kid pulled out a valuable coin, you wouldn't have sold it to him for 25c.

The lack of morals by some people is simply unbelievable. And then to brag about it.

Karma is a b%^ch

steveben · October 20, 2011 10:39PM

<< I think if you sent the couple something, even just $100 with a note "the wheaties happened to be more valuable than I thought", they would be super happy, and you could be super happy about both getting a good deal, and making the couples day. >>

i had a similar scenario a few weeks back...but i didn't find anything as rare. technically, you don't have to give them any more money since you agreed on a price for the coins, but i agree with the above statement. i think when you do make good on stuff like this, good stuff comes back to you.

jesbroken · October 20, 2011 11:30PM

I know many dealers that would have done the same and a few who would have done the right thing. It is their decision to make and as has been stated, karma can be hard, but I do not know of a dealer(above board, anyway), that would make a deal for $1800 worth of silver without a receipt with the sellers name and address. Most dealers I know require a driver's license when making a large bullion or coin purchase. You cannot even sell copper or aluminum in my state without a driver's license and a receipt. Just thinking.
Jim

TwoSides2aCoin · October 20, 2011 11:42PM

A "you suck" award ain't what it used to be

messydesk · October 21, 2011 12:06AM

<< The couples phone number is probably in my cell phone somewhere. However, I get a hundred or more calls a week from people (all word of mouth--I don't need to advertise ) and figuring out which number is theirs would be impossible. >>

So this was a cash/no receipt purchase?

I hope you figure out how to do what is right.

Ethical and moral issues aside, contacting them with a pleasant surprise would be good for the hobby. They'll be able to tell others that there are people buying coins who aren't like the hotel ripoff artists.

fc · October 21, 2011 2:05AM

It is amazing how many times we go through this.

The buyer did nothing wrong. I highly doubt a brief inspection would have even
spotted the more expensive wheat cent. It would just have been a collection of
circulated early wheats that would be worthy of a higher offer price to the seller.

So if I bring in a bag of a couple hundred of wheat cents.. all from 1910-1920s...
I can now expect a buyer to analyze each one so i can get a possible higher
payout on his time?

Seriously?

Someone should go through a bag of 500 face of silver and pick out the winners
for the seller? Even though 99 times out of 100 there is nothing worthwhile to
find? On their time without compensation?

This place cracks me up. Knowledge is power and in this case the buyer was
not hired nor even asked to analyze a bunch of wheat cents in minute detail
before making an offer. The odds of even getting something good are astronomical and hardly worth
the effort of going through wheat cents each and every time.

Justacommeman · October 21, 2011 2:16AM

Hard not to feel bad for the couple. They got ripped. MJ

johnny9434 · October 21, 2011 2:33AM

nice haul

garrynot · October 21, 2011 2:36AM

<< 

<< The couples phone number is probably in my cell phone somewhere. However, I get a hundred or more calls a week from people (all word of mouth--I don't need to advertise ) and figuring out which number is theirs would be impossible. >>

So this was a cash/no receipt purchase?

I hope you figure out how to do what is right.

Ethical and moral issues aside, contacting them with a pleasant surprise would be good for the hobby. They'll be able to tell others that there are people buying coins who aren't like the hotel ripoff artists. >>

I agree, totally. I recall there is a dealer who takes full page ads in Coin World and he periodicly describes situations where he makes more money than he expected on deals and recontacts his source to give them a piece of it. As an aside, I dont think a cash no receipt deal would fly in Illinois anymore.

illini420 · October 21, 2011 2:41AM

<< 
So if I bring in a bag of a couple hundred of wheat cents.. all from 1910-1920s...
I can now expect a buyer to analyze each one so i can get a possible higher
payout on his time?

Seriously?

>>

Maybe an inspection of every date is unreasonable, but even a quick look would have revealed many different mintmarked coins from the teens and twenties which are clearly worth a great deal more than a few cents each, in any condition.

joefro · October 21, 2011 2:47AM

Nice find! I bet the extra 1914 was a placeholder for the 1914-D if it was in an album like you theorize. You can decide whether you want to be a good samaritan and give some back to the old couple, but I strongly disagree with those here who say you have an obligation to do so.

BigE · October 21, 2011 2:47AM

<< 

<< 

<< The couples phone number is probably in my cell phone somewhere. However, I get a hundred or more calls a week from people (all word of mouth--I don't need to advertise ) and figuring out which number is theirs would be impossible. >>

So this was a cash/no receipt purchase?

I hope you figure out how to do what is right.

Ethical and moral issues aside, contacting them with a pleasant surprise would be good for the hobby. They'll be able to tell others that there are people buying coins who aren't like the hotel ripoff artists. >>

I agree, totally. I recall there is a dealer who takes full page ads in Coin World and he periodicly describes situations where he makes more money than he expected on deals and recontacts his source to give them a piece of it. As an aside, I dont think a cash no receipt deal would fly in Illinois anymore. >>

Anyone who consistently brags about their integrity may not have as much as he thinks----------------BigE

SanctionII · October 21, 2011 2:53AM

IMO the buyer has no legal, ethical or moral obligation to contact the seller and/or pay the seller more money.

However, if the buyer chooses to share his good fortune with the buyer [giving the buyer additional money] he will:

1. be looked upon with favor by the sellers and increase the chances of getting more business from them in the future or from persons the seller refers to him; and

2. be able to enjoy doing a good deed.

Karma both good and bad and there is nothing wrong with sowing seeds which would generate good karma.

BigE · October 21, 2011 3:01AM

Even if you give them an additional 50., or 100.00, you still face the moral dilemma of "was it enough". ------------------BigE

ctf_error_coins · October 21, 2011 3:07AM

Go through all the wheat cents every time.

Spend 8 hours inspecting them, grading them and figure out what each one is worth.

Spend more time making a spreadsheet with PCGS price guides, and when you get your total, after 8 hours of work, then you should compensate the couple for 90% of the PCGS Price Guide.

You are only entitled to 10% for all of your very hard work

jeremym · October 21, 2011 3:33AM

I don't care how the following statement helps form opinions against/for me...

Keep it. Profit from it. If they come in again, don't even mention it. Sellers fault for not knowing what they had and buyers luck for striking big AFTER the sale was made. Buyer did not lowball or "rip" the seller off. Buyer didn't even look at the pennies prior to the sale...or did he? That, my friends, we will never know.

Jeremy

jmb · October 21, 2011 4:13AM

Taking this from a different angle .....................

Somebody lists a $500 coin on Ebay for $50 BIN. Would you buy it, and if so , would you then inform them that you are going to send them $$extra$$, because it really is worth $500 ?

grip · October 21, 2011 4:21AM

I see no foul,enjoy your new found riches.

TwoSides2aCoin · October 21, 2011 5:10AM

What I don't read won't bother me
Now if I was happy with the sale, who are others to judge if the dealer was fair... so long as he was fair to me ?

DNADave · October 21, 2011 5:55AM

They were GIVEN to the buyer.

All that is needed in return was a "thank you"

illini420 · October 21, 2011 5:58AM

<< They were GIVEN to the buyer.

All that is needed in return was a "thank you" >>

The were only GIVEN after the buyer/expert told the uninformed seller they were only worth $4...

jeremym · October 21, 2011 6:03AM

<< 

<< They were GIVEN to the buyer.

All that is needed in return was a "thank you" >>

The were only GIVEN after the buyer/expert told the uninformed seller they were only worth $4... >>

However, as I said in my previous post, we will never know if the buyer looked at the pennies or not, prior to taking them.

TwoSides2aCoin · October 21, 2011 6:08AM

Sell it all to me for five dollars and you'll be forgiven.

khayse · October 21, 2011 6:15AM

>The were only GIVEN after the buyer/expert told the uninformed seller they were only worth $4...

No, he bought them sight unseen. He gave them the sight unseen price.

No foul and no harm.

-Keith

What I found in $4 worth of wheat cents

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