Question about wheat back pennies
steve_coker
Posts: 3 ✭
I'm new to this and entranced by the fun. I wanted to know if, I bought 100 wheat backs for 2.00 each, what are the odds that I would get a prophetable return?
Thanks All,
Steve
0
Comments
Welcome Steve!
Very, very low. I believe 100 Wheaties are worth more like $2.
Dave
It is all about the dates, mint mark and condition. If you do not know what you are buying, there is a slim chance you can turn a profit on your purchase.
You're probably not going to make any profit at that price. In average condition, most cents from that time period are generally bought and sold at less than a dollar. What people pay for coins depends mostly on the condition and rarity of the coin. The condition includes things like wear, luster ("shininess") and damage. Rarity includes things like how many of them were minted or removed from circulation, and the presence of minting errors.
I wouldn't want to spend that kind of money on Lincoln cents in bulk. Each coin would need to be evaluated and bought/sold separately.
This all assumes you want to resell the coins. If you just want to keep them, pay whatever you want for them. Many collectors have coins they have no intention of ever selling, so their "worth" is a meaningless question.
Welcome. Without knowing anything about the coins you bought, $2 each seems like a very high price for wheat cents. You can buy bulk circulated ones for just a few cents each.
Collector, occasional seller
I would not pay more than 3 cents per coin. You will get coins that will not make you any profit. Unless you have a source that is from a NON COLLECTOR, just an accumulator that did it 50 or more years ago.
good luck,
bob
Here's 5000 for under $200: http://www.ebay.com/itm/5000-BELOW-AVG-LINCOLN-WHEAT-CENTS-LOT-MOSTLY-1940-1958-PDS-MIXED-MINT-MARKS-1-/352074703196?hash=item51f949a15c:g:SKMAAOSwcgNZBoeE
When I receive a wheatback cent in change I spend it unless it is a better date (which it never is) or at least an AU, which it is on rare occasions. Don't waste your money buying bulk wheatback cents. They are common. common, common.
I believe retail value for average circulated (presumably searched) wheat cents is about 4c each.
Collecting 1970s Topps baseball wax, rack and cello packs, as well as PCGS graded Half Cents, Large Cents, Two Cent pieces and Three Cent Silver pieces.
PLEASE RE-READ HIS TITLE. 2.00 MEANS $2 EACH, does it not?
bob;)
Just for comparison: I sold 14 lbs (c. 2000 coins) of circulated wheats last week on Ebay for $68.76, plus shipping costs. About $.03/coin for the purchase itself.
Here's a warning parable for coin collectors...
Bought a few I hope.
Without calculating the odds are about 5000 to 1 against you that you will profit from that.
$2 each is way overpriced. Look around online and you can find wheat cents in bulk to search through much cheaper.
"A dog breaks your heart only one time and that is when they pass on". Unknown
I assume you mean two-cents each. If so, then you may turn a minimal profit or might get lucky and turn a large profit. Think odds like a lottery. If you really mean two-dollars each, and they are US dollars, then you are buried forever as are your kids, grandkids, etc...
In honor of the memory of Cpl. Michael E. Thompson
Only one way to turn a profit . Look for Varieties and Errors . If you let us know the years and mint-marks, I can start you in the right direction .
I don't think anyone would join here just to post about a two dollar deal. Clearly, he's under the gun for 200 bucks.....
Something like 24 billion wheat cents were made and nearly every house in America has a stash of them. At $2 each, there's virtually no chance of making a profit. Buy a lottery ticket instead. It's less work and similar odds.
interesting that the first posted pulled a disagree, the second pull a like and even an agree from the first posted.
Then, AUandAG's post about 3 cents each and 5000 for $200 pulls an agree from the first responder.
They were all right in different degrees. The issue with the first post is the lack of further explanation.
If you buy 100 wheats from some dealer or seller that searches them, they are worth about 2 cents to 3 cents each. They will be picked through leading to post #2. Picked through coins might have some cool varieties missed by the search, but the obvious and easier found better dates will, for the most part, be gone. The dates are what is going to make the "chance" of $2 each pay off easier than the varieties. And from that you need a seller that you have a very, very high chance of never searching them (I'll let you decide those chances) for better coins worth more than the few cents the rest are worth.
The hunt at this point is the lowest price for the most high degree of certainty of unsearched wheat cent piles.
I'll let others comment on the hypothetical return where there is an assumed 100% certainty of a non-searched batch while paying $2 per coin.
PS it's most certain those unsearched wheat rolls on ebay with a dime or 1909 S on one end and a VDB on the other are homemade for the suckers. Likewise for those with other enticements on the ends of the rolls. Funny how the rollers never noticed so many silver dimes on the ends. :P
@steve_coker....Welcome aboard... Two dollars per cent is an unreasonably high price for wheat cents.... As you have seen from previous posts, they are available much cheaper. I have a gallon jar of unsearched wheat cents and another container of thirty rolls of unsearched wheat cents (my former wife rolled them many years ago and she knew nothing about coins). If I thought I could get $200 per hundred, they would be on the BST today....Please continue to ask questions here, you will save yourself dollars and disappointments. Cheers, RickO
Hi and Welcome To School! I say school because you'll not only be taught about coins but in many other areas as well. Such as in ethics, manners and in business. Your first thread is an interesting one. Like previous posters posted, you must be more specific onto what you meant when you said, " $2 each. Which ever the case, like mentioned, your profit seeking most likely won't happen. Unless you pull a "Key" ex: 1914d or in the variety/error coin aspect. If lucky, one can find a 1944d/s, (a great premium). They're others as well. 1917DD, 1922 "weak D" or "No D", 1936DD...and so on and so on! Good luck in any of your quests. Oh well, always remember to not be a stranger here and the most important thing, is to have FUN! Once again, welcome to our Forum. You made a wise choice by joining. -joey
"Jesus died for you and for me, Thank you,Jesus"!!!
--- If it should happen I die and leave this world and you want to remember me. Please only remember my opening Sig Line.Looks pretty clear to me...2 bucks each
Pay no more than 3-cents each, but 2-cents each is better, and pulling them from circulation and bank rolls for 1-cent is best!
Yes! Roll searching varieties is such a delight in the pursuit of Wheaties, as well as, any "Key Coins"!
and at face value as the cost. One can't beat that profit.
"Jesus died for you and for me, Thank you,Jesus"!!!
--- If it should happen I die and leave this world and you want to remember me. Please only remember my opening Sig Line.Sure, pay $2 each for wheat backed Lincolns. Just make sure they are all pre-1928, S and D mints in XF problem-free condition. I agree with the use of the word "prophetable" in the orig post. Very catchy.
Your always so kind
More likely than not, the roll(s) have already been searched and the leftovers have been rolled up and put on eBay
No response from OP
.Guess this guy learned his lesson a very expensive one if items turned out to be worth a fraction of amount spent.
PT Barnun said " Sucker born every minute".