You overpaid. If someone offered me a recent (10-20 old lot) I would offer less than face value. It is going to take time and effort to dispose of the coins. Unless the lot is from the 1950s or very early 1960s there is like to be nothing of any importance in it. (I have no interest in the microscopic varieties and "errors" that seem to be popular among some collectors these days.)
The thing to focus on might be the wide/narrow AMs and other varieties from that era. Those might well have gone from new roll to cash register to his pocket. Maybe they would still be high grade in his coin bucket.
I still use a lot of cash/change and I'm still looking for my first W mint marked quarter in the wild...
@telephoto1 said:
Am I the only one who finds the irony in people who have previously been calling things like Vault Boxes a fun gamble and were decrying others for telling people they're "not having fun the right way", are now telling Joey that buying cents at double face is a ripoff?
Edit to add: Joey I think you're being very fair and hope you have fun.
False analogy. The correct analogy is comparing buying a Vault Box at 1.5x the MSRP of a Vault Box. Or paying $1.50 for a $1 scratch off.
It's not that he's gambling in finding something. It's that he paid a premium for rolls he could get at face value at the bank. This is not a 50 year old estate hoard. It's a post-2000 change bucket.
So you don't like the VB analogy...but he's still not having fun the right way. Got it.
Again, not what anyone said. I know you want to make this about VB but no one cares that he's gambling on finding something.
The issue was not his having fun by CRH. It was bidding against himself that was the issue. There is no place on the planet that his friend could get more than face value. So why bid against no one to get to 1.5 cents?
And no one cares that he bought them at that price. He asked if the price was fair and we pointed out that he paid more than he needed to which was the question asked.
I'd say nice try but you haven't even gotten to the ballpark yet.
I'm not "making it about VB"... just pointing out some inconsistency. The question asked was if the price was fair or not. The answer to that is yes. He's being more than fair offering a half cent premium to be able to search the lot in lieu of it going directly to the bank. Is the stuff all just worth face? The answer to that is "probably", but NOT "definitely", and apparently for Joey it's worth a half cent to him to have fun going through it. Neither you nor I nor anyone else here knows for certain that "there is no place on the planet that his friend could get more than face value"; frankly I'd bet that there are other coin hunters out there who'd risk a half cent per coin to go through a coin lot like that. That said, I wouldn't do it personally because, for me at least, the potential reward isn't there to warrant the time spent on it... but it isn't for me to tell someone else not to do it, nor how much to pay for it. Also, no one here knows that just because the seller presumably started accumulating cents 20 years ago that none of them are older than 2004... so I am not sure why that assumption is being made. Bottom line...he knows the downside and is OK with it so let's stop pooping in his pool.
I'm not assuming there's nothing pre-2004. But I know what was circulating in 2004 and it wasn't Indian cents and Flying eagles.
There's no inconsistency. I would also advise VB enthusiasts to not pay 1.5x asking price.
And I'm sticking to NOBODY would pay more than 1 cent for a modern change jar. Some people will pay more for an estate collection but this isn't one.
Yes, you are correct it's not an estate sale.
However, I'm taking as a few cent bank boxes stored in a basement, 30 yrs. ago. Then, finally having someone search them.
"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.
I would have offered the value of the pennies in cash. If you happen to find something outstanding and want to be generous that's up to you but I wouldn't feel obligated to do it.
The longer I live the more convincing proofs I see of this truth, that God governs in the affairs of men. And if a sparrow cannot fall to the ground without His notice is it possible for an empire to rise without His aid? Benjamin Franklin
@Morgan13 said:
Do wheat backs have a value if they are circulated. I know I have about 50 of them in a pill bottle. I'd sell or trade them to someone.
$220 per bag. 50 of them can't be shipped profitably.
@joeykoins said:
Thanks for the quick response.
I forgot to mention. He is NOT a collector! He doesn't know a thing about any coin/s. I figure, maybe, big maybe! Maybe, there are tons of wheaties, along with some key dates, errors, varieties... Maybe, even a couple of Flying Eagles? One nice and awesome coin could pay for the bucket!
🤔
Sure, the bank has them but not holding them, back 20 years or so.
I would have done the same deal, going through unsearched pennies while I sit and day trade index options keeps me sane. You could also have paid 10x face on EBay for well searched junk. You made the better choice.
Finally search batch #1.
Almost 3 bank boxes amount.
$69! Results:Practically, NOTHING!
Just about 2 rolls of insignificant wheaties!
Here's the good news.
Gave my friend his cash, $69!
He said he was surprised that there was that much in the first batch.
He insisted to give me a $20 bill for all my work. I said no, a couple of times, but he was more stubborn than me. 😄
Onto batch #2.
He said this batch was more from the earlier years he started to save these pennies! From the bottom of the bucket.
Next journey...
Thanks 😊
"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.
Comments
You overpaid. If someone offered me a recent (10-20 old lot) I would offer less than face value. It is going to take time and effort to dispose of the coins. Unless the lot is from the 1950s or very early 1960s there is like to be nothing of any importance in it. (I have no interest in the microscopic varieties and "errors" that seem to be popular among some collectors these days.)
I still use a lot of cash/change and I'm still looking for my first W mint marked quarter in the wild...
Mark
No, I'm not.
"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.Yes, you are correct it's not an estate sale.
However, I'm taking as a few cent bank boxes stored in a basement, 30 yrs. ago. Then, finally having someone search them.
"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.After approx. 600,
Only Finds, 7 more wheats of no significance.
11 total.
Earliest date, 1944p
ty
"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.I have the equivalent of between 3-4 5 gallon containers of pennies that are ready for the 1 1/2 offer also. Come and get 'em!
I would have offered the value of the pennies in cash. If you happen to find something outstanding and want to be generous that's up to you but I wouldn't feel obligated to do it.
Do wheat backs have a value if they are circulated. I know I have about 50 of them in a pill bottle. I'd sell or trade them to someone.
Student of numismatics and collector of Morgan dollars
Successful BST transactions with: Namvet Justindan Mattniss RWW olah_in_MA
$220 per bag. 50 of them can't be shipped profitably.
Shouldn't this be in the BST?
No
I would have done the same deal, going through unsearched pennies while I sit and day trade index options keeps me sane. You could also have paid 10x face on EBay for well searched junk. You made the better choice.
Forget that "common" coin, wait until he comes back with a 69S/69S!
I wish!
If that happened,
then comes the next dilemma of what I would feel obligated to do for my friend, Jerry?
Good problem to have, right?
😆
"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.Tell him all you found was some crappy errors! lol
Sorry guys.
I put the search on hold because of my new Half Dollar quest hunt of 4 days straight.
Will continue shortly.
Thank you!
🙂
"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.Not to rain on your parade but; 'napalm'.
Thanks 😉
"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.Finally search batch #1.
Almost 3 bank boxes amount.
$69!
Results:Practically, NOTHING!
Just about 2 rolls of insignificant wheaties!
Here's the good news.
Gave my friend his cash, $69!
He said he was surprised that there was that much in the first batch.
He insisted to give me a $20 bill for all my work. I said no, a couple of times, but he was more stubborn than me. 😄
Onto batch #2.
He said this batch was more from the earlier years he started to save these pennies! From the bottom of the bucket.
Next journey...
Thanks 😊
"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.I don’t care…. If it’s worth it to you, then I’m fine with it. It’s the price of “the hunt” that’s worth it.
I say, have fun and best of luck in your treasure search!! Clear your calendar, it’ll take some time! 😂
WTB: Barber Quarters XF