I have something to admit to you all……..

Eric_Babula · February 20, 2020 12:45PM

I have a problem! I've been a coin hoarder for most of my life. There! I said it! (First step to recovery, right?)

I’ve hoarded coins all my life. I’ve kept most every Wheatie I’ve ever come across. I’ve purchased coin “lots” and “unsearched rolls” (yeah, that was stoopid, I know!), assuming I’d keep one or two and sell the rest back – but I’ve never sold the others. I’ve bought coins for no real reason other than because the price was “right” and/or I didn’t want them to get away from me! I have a problem!

Now that I’ve admitted my problem, I’m on the road to recovery. I think. I’ve decided at some point I'm going to try to get rid of most of the coins that I really do not want/need in my collection. Stuff that I collected, or hoarded, for the last 40 years. Stuff that I don’t care about, or don’t ever look at. “Junk”.

Have any of you purged your “junk” coins, in bulk? How did you tackle this kind of project?

For instance, I have probably 20+ lbs of Wheaties/Steelies that I’ve collected since I was a kid, in the 70s. Basically, most every time I found a Wheatie, I threw it in a jar. Every now and then, I emptied that jar into a big bag. I now have multiple bags, and a bunch of rolls of Wheaties. I always intended on going through them to check for good Dates/MMs/DDs, whatever. But, there they sit, with no one to love them. “Junk”.

Similarly, I have lots of other coins – low grade Jeffs, Roosies, Mercs, Walkers, Franklins, Morgans, etc. that I picked up along the way, that are sitting in cardboard 2x2s, loaded in 2x2 boxes. I never look at them – they’re in a box. Don’t plan on displaying them in any way. “Junk”.

So, I thought I could get rid of all these. Sell them. Use the money for coin-related things I do want!

The big question is: What’s the best way to get rid of these kinds of things? Do I roll up the Wheaties and sell them as “unsearched rolls”, or roll them by decade (20’s, 30’s, 40’s)? Do I sell the 2x2s in “Lots”? Do I bring it all to a local dealer and just dump it on them (though, I’m guessing I’ll get pennies on the dollar if I do that!)?

Any tips on how to best get rid of loads of unwanted coins? Did you ever worry that you might be giving up a key date coin, in your bulk sales? Does it matter, if you never really cared about them in the first place? Would love to hear your ideas! Thx for helping my recovery!!!

toyz4geo · February 20, 2020 12:58PM

It is sooooooo much easier to buy stuff than sell. I too find it tough to sell. I'm trying to get over it. That said, try the BST. It costs nothing. Make bundles of stuff and put a price on it. Post it. You might be surprised it was easier than you thought.

hchcoin · February 20, 2020 1:04PM

Depends how quickly you want the cash and how much effort you want to put into it. You could easily sell those items to a coin dealer in their shop or at a show for quick cash. If you want to make a little more and have the time, sell it on the BST and eBay.

privatecoin · February 20, 2020 1:29PM

High medical bills will help get you to selling. I used to be a hoarder, but one unexpected medical bill can damn near bankrupt a person today.

Outhaul · February 20, 2020 1:35PM

Walkerguy21D · February 20, 2020 1:41PM

I like what hchcoin said.
You may try a local dealer, just to see if he's in the ballpark on items you are offering.
Selling elsewhere you need to factor in packing/shipping/insurance.
I'm a big advocate of the BST also, but be reasonable in your pricing on stuff like this.

bearcave · February 20, 2020 1:42PM

Love that picture. @Outhaul

yspsales · February 20, 2020 1:51PM

Maybe PM some of the new guys that like to look thru bulk... seriously

mannie gray · February 20, 2020 2:08PM

TRy dumping them at a local show if any are nearby. Wheat cents blow out at 2c-2-1/2c each if you can find a buyer at that price and just be done with them.
The Jefferson Nickels I have had decent luck with selling them by the roll on eBay.
Buyers do NOT like solid date rolls, as they assume the rolls have been searched.
If you have large quantities of pre-60 nickels they will sell. Price them to include your shipping cost and sell as many rolls at a time as will fit into a small flat rate Priority Mail box.....they will sell and you should be able to net $2-$3 profit per roll.
If you have any war nickels throw a few in to "salt" the rolls so the buyer will think there will be more in there but do not claim in your listing that there will be.....just be sure to send the items imaged. I guess what I'm saying is that if you are selling, say, 400 mixed pre-60 Jeffs, throw them in a pile and take multiple pictures but throw a couple of war nickels here and there to pique interest.
If you don't want to do all that work, just take them to the bank.

tommy44 · February 20, 2020 2:16PM

Try a small lot on BST, maybe some 90% common date stuff X times face. It will sell if the price is right and you may find it just as much fun to sell stuff as it was to buy it the first place. After that first sale letting the rest of it go will be easy peasy.

ricko · February 20, 2020 2:28PM

I recommend the BST... there are a lot of new collectors who roll hunt. The local shop might take the 90% and the Morgans will likely go for melt plus a buck or two...Check those for CC's or special dates... If you have coin shows in your area, setting up a table may be worth it to purge your volume stuff. Good luck, Cheers, RickO

joeykoins · February 20, 2020 3:26PM

Wow! First of all, let's separate the men from the boys here. You say, "you haven't really gone through what you have?" You mean in your hoard you can actually have in the midst of you some high priced coins? Shouldn't this be your first priority? If your hoard only contained common coins, that would be a whole different story. But it doesn't. If I were you. I'd go through my Morgans, walkers and any silver! Shhhhh, you can have some key wheaties as well? Would you not care to sell a 1909s VDB for a few pennies? If so, that's entirely up to you. I wouldn't rush this sort of problem too soon. Don't you have a trusted coin friend to help you? If not, taking the time to check these out, you'll find out in the long run it will all be worth it. Oh well, good luck in whatever you decide. To me, what you call a problem, to many collectors it would be called a huge potential! 😊

crazyhounddog · February 20, 2020 3:29PM

Me too😞

isaiah58 · February 20, 2020 3:45PM

Based on the responses, you should assess what you consider a fair value and take the path of least risk, a trusted LCS.

I recommend at minimum reassessing the Morgans, a good LCS will look at those individually. Sounds like you know enough to know that your culled silver coinage does not contain key dates or anything special.

The cost of shipping limits what buyers will offer online. Fees limit your profits.

For the pennies, are there any coin clubs in the local schools or maybe public recreation facilities that donating a handful too makes sense?

Spend some of the pennies and nickels at local stores. That should get them into random people's hands and maybe inspire someone. Give some shiny ones to your friends grandkids or young children. Spread some joy.

Elcontador · February 20, 2020 3:47PM

Go through the silver and see if there are any key dates. If none found, find a bullion place that will pay you close to spot re the 90% silver. If you can get to a decent sized show, people will be there to buy this. Ditto re silver dollars.

My experience is that local places will lowball you on the silver, except for things like American Eagles, Kookaburras, etc.

savitale · February 20, 2020 4:30PM

I never hoarded "junk" but I have divested much of the lower grade pieces that I acquired when I was young. I did it in 4 or 5 stages as my threshold for what to keep increased. If I had to do it again I would divest it all at one time. That's my suggestion. I suspect you will quickly tire of photographing, listing, packing and shipping dozens of lots for a few dollars "profit". Maybe list the whole kit and kaboodle on the BST with a picture or two and ask for an offer? In short, let it become someone else's junk/treasure.

Namvet69 · February 20, 2020 5:15PM

FYI, my lcs just sent out his weekly flier and he's offering a bag of 5000 pre 59 circulated wheaties for $160. Good luck. Peace Roy

Mgarmy · February 20, 2020 6:31PM

When I rededicated to focus only on morgans and Proof ASE’s I paid it forward to brother coin nuts to help them with there collections

Eric_Babula · February 20, 2020 6:52PM

Lots of suggestions for BST. To be honest, I've never even visited BST, so I'll definitely have to check that out! Less fees than ebay, yeah?!

Suggestions on spending: I rarely use cash. But, last year during The Great American Coin Hunt, I dumped a bunch of coins back into circulation: 50 Wheaties, 30 IHCs, 10 Steelies, 60 V Nickels, 60 Buffalo Nickels, 30 Mercury Dimes. Hopefully, some of that sparked some interest, or some YN found them for their collection!

Some of the responses got me thinking: "What IF there is a key date, or something, in all those coins in bags/rolls?!?!!" I always intended to search through all those Wheaties, but never had the time. Do I wait till retirement, and search through all of them then? Do I just sell them and be happy if someone finds a key?

Eric_Babula · February 20, 2020 6:56PM

@joeykoins said:
Wow! First of all, let's separate the men from the boys here. You say, "you haven't really gone through what you have?" You mean in your hoard you can actually have in the midst of you some high priced coins? Shouldn't this be your first priority? If your hoard only contained common coins, that would be a whole different story. But it doesn't. If I were you. I'd go through my Morgans, walkers and any silver! Shhhhh, you can have some key wheaties as well? Would you not care to sell a 1909s VDB for a few pennies? If so, that's entirely up to you. I wouldn't rush this sort of problem too soon. Don't you have a trusted coin friend to help you? If not, taking the time to check these out, you'll find out in the long run it will all be worth it. Oh well, good luck in whatever you decide. To me, what you call a problem, to many collectors it would be called a huge potential! 😊

Maybe you're right. Maybe my first priority should be to go through all of them and see if I have anything worth anything. What if I do have a 1909-S VDB?!?!!! Maybe. Not likely, but maybe! I'm not likely to get to that effort until I actually retire, though (years away!)!

Boosibri · February 20, 2020 7:11PM

I figured you were going to admit to being Mark Glicker

joeykoins · February 20, 2020 7:15PM

I know, you'll be more appreciative about your hoard if you diligently go through it for it's real value! Lastly, why put off until later? You got to STRIKE while the iron's HOT! Enjoy life now, dude. 😊Esp. while silver is kinda high.
.

Eric_Babula · February 20, 2020 7:25PM

@isaiah58 said:
Based on the responses, you should assess what you consider a fair value and take the path of least risk, a trusted LCS.

I recommend at minimum reassessing the Morgans, a good LCS will look at those individually. Sounds like you know enough to know that your culled silver coinage does not contain key dates or anything special.

The cost of shipping limits what buyers will offer online. Fees limit your profits.

For the pennies, are there any coin clubs in the local schools or maybe public recreation facilities that donating a handful too makes sense?

Spend some of the pennies and nickels at local stores. That should get them into random people's hands and maybe inspire someone. Give some shiny ones to your friends grandkids or young children. Spread some joy.

I'm likely to just take it in the shorts at the LCS. Last time I was at one, a guy came into the shop looking to sell a bunch of silver dimes (Roosies and Mercs). He had a couple hundred silver Roosies in a bag, and maybe the same in Mercs in a bag. He also had about 50 or so Mercs in cardboard 2x2s. The dealer didn't even look at them - offered $0.90 each. What if there were some Mercs in AU/MS condition in those 2x2s? Or keys? Nope - didn't matter to the dealer - $0.90 each. The guy ended up selling the loose Roosies and Mercs - dealer dumped them into the counting machine and paid out. I should have offered the guy $1.00 each on the spot! Didn't think that would have been cool, tho!

I don't really know about coin clubs around here. To be honest: I consider myself more of a dormant collector. I have a collection. I want to be an active collector, but other things usually take priority at this time in my life. I do want to make an effort to carve out some time for hobbies, though! And, I really want to get to retirement, so I can have fun with my hobbies!!!

MasonG · February 20, 2020 7:39PM

@Eric_Babula said:
I'm likely to just take it in the shorts at the LCS. Last time I was at one, a guy came into the shop looking to sell a bunch of silver dimes (Roosies and Mercs). He had a couple hundred silver Roosies in a bag, and maybe the same in Mercs in a bag. He also had about 50 or so Mercs in cardboard 2x2s. The dealer didn't even look at them - offered $0.90 each. What if there were some Mercs in AU/MS condition in those 2x2s?

AU Mercs sell on eBay for as low as $2. You can't ship for less than 70 cents and eBay/PayPal fees are around 50 cents, which nets you 80 cents per coin, assuming you're willing to invest the time required to take photos, list and ship. And that doesn't include the cost of shipping supplies. That considered, I think an offer of 90 cents is more than fair.

CoinHoarder · February 20, 2020 7:46PM

My LCS will not buy common date wheat cents at any price.

And I have no idea who would even be interested in buying old circulated common date Jeff or Buffalo nickels.

Just look at my forum name, I also have tons of junk.

Don't mind the silver, but sometimes it sickens me to look at my common date, non-precious metals garbage. Like the clad proof and mint sets that I finally stopped buying many years ago.

I would try to get rid of it, but most of this type is worth little if anything over face. Hardly even worth the hassle to me.

Eric_Babula · February 20, 2020 8:05PM

@MasonG said:

@Eric_Babula said:
I'm likely to just take it in the shorts at the LCS. Last time I was at one, a guy came into the shop looking to sell a bunch of silver dimes (Roosies and Mercs). He had a couple hundred silver Roosies in a bag, and maybe the same in Mercs in a bag. He also had about 50 or so Mercs in cardboard 2x2s. The dealer didn't even look at them - offered $0.90 each. What if there were some Mercs in AU/MS condition in those 2x2s?

AU Mercs sell on eBay for as low as $2. You can't ship for less than 70 cents and eBay/PayPal fees are around 50 cents, which nets you 80 cents per coin, assuming you're willing to invest the time required to take photos, list and ship. And that doesn't include the cost of shipping supplies. That considered, I think an offer of 90 cents is more than fair.

Agreed about the ebay/PP fees and shipping taking away much of the profit. My point was more that the dealer didn't even look at them before making the offer. There might have been keys (1916-D?) or semi-keys, AUs, MSs. Who knows? Wouldn't there even be more value to EF Mercs than just bullion?

Eric_Babula · February 20, 2020 8:07PM

@CoinHoarder said:
My LCS will not buy common date wheat cents at any price.

And I have no idea who would even be interested in buying old circulated common date Jeff or Buffalo nickels.

Just look at my forum name, I also have tons of junk.

Don't mind the silver, but sometimes it sickens me to look at my common date, non-precious metals garbage. Like the clad proof and mint sets that I finally stopped buying many years ago.

I would try to get rid of it, but most of this type is worth little if anything over face. Hardly even worth the hassle to me.

Given your name, maybe you should lead the monthly coin hoarders anonymous meetings!

isaiah58 · February 20, 2020 8:32PM

IMHO: Dealers have no incentive to sort thru our bags of coins. That is our responsibility. They should assess Dollar pieces (Peace and older) and probably anything around 1900 or older, as long as the seller has invested their time to sort those items out.

Unfortunately they can not make any money flipping most pennies or nickels. They probably have buckets of them already.

MasonG · February 20, 2020 8:40PM

@Eric_Babula said:
My point was more that the dealer didn't even look at them before making the offer. There might have been keys (1916-D?) or semi-keys, AUs, MSs. Who knows?

Perhaps he figured that since the seller didn't point out anything special, there wasn't anything special. Who knows?

@Eric_Babula said:
Wouldn't there even be more value to EF Mercs than just bullion?

If he has retail buyers for them, maybe. If he's wholesaling them out, maybe not.

I have something to admit to you all……..

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