Sign of tougher times ahead
coastaljerseyguy
Posts: 1,679 ✭✭✭✭✭
Only pennies but someone must have broken these out from some collection or piggy bank. Got the 79 year old 46 in Starbucks earlier in week and today received these 40+ year old, lightly circulated pennies from Manhattan Bagel. They were so shiny thought they were clad crap you normally get in change.
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I routinely spend/ cash in hundreds of BU Memorial cents going back to 1959.
As a dealer it’s not profitable for me to holder and sell them.
I can’t agree that finding these in change is a sight of tougher times ahead.
It's not practical to try and get more than face value for bronze Lincoln Memorial cents. If someone wants to prove me wrong, they're welcome to give me a net profit on those I have in an old coffee can.
Keeper of the VAM Catalog • Professional Coin Imaging • Prime Number Set • World Coins in Early America • British Trade Dollars • Variety Attribution
I agree that I can't agree.
I agree that neither of you agree, nor do I.😉
It seems like quite a leap to find a group of cents like that in change and take it as “a sign of tougher times ahead”.
Mark Feld* of Heritage Auctions*Unless otherwise noted, my posts here represent my personal opinions.
Wait, people still pay in cash?
Yes, only worth 1 cent but someone held these for a long time.
That doesn't really mean much, perhaps they were held for a long time and then spent by an heir who was informed (correctly) that they are only worth face value. Your logic doesn't track, now if you get a few gold quarter eagles back in change then you might be on to something.
My Collection of Old Holders
Never a slave to one plastic brand will I ever be.
From where I sit, you could break open a box of cents and find these all day long.
Disclaimer: I'm not a dealer, trader, grader, investor or professional numismatist. I'm just a hobbyist. (To protect me but mostly you! 🤣 )
I put Buff nickels and indian cents into the change stream a lot some culls some not..... also I open rolls of 1960 - 74 cents and spend those also.... Just for fun...
Nothing here to see!
USAF (Ret.) 1985 - 2005. E-4B Aircraft Maintenance Crew Chief and Contracting Officer.
My current Registry sets:
✓ Everyman Mint State Carson City Morgan Dollars (1878 – 1893)
✓ Everyman Mint State Lincoln Cents (1909 – 1958)
✓ Morgan Dollar GSA Hoard (1878 – 1891)
I think we're all in agreement.
With mintages in the billions, that was inevitable.
I pulled a lovely 1972 (or was it 1976) uncirculated red brown cent from pocket change last week.
Agree people may have been holding these and either gave up on hoping for a profit or just need the cash. But it’s fun to find nice 40-50 year old coins in circulation. I love that you respect coins enough to check the dates. Nothing is more fun than thinking it’s a red 2024 and seeing it’s copper.
This week I received a 1946 cent and a 1959 cent from a store automatic checker.
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My wife has been helping her 80yo mother, who used to own a restaurant business and has a lot of bottles of coins still, move recently.
She came home and told me about it and that she just plans to dump them at the credit union to convert to cash.
It's not "the economy is bad for her" bit, but rather the "too busy to search the coins to see if there is any silver or anything of value". I've told her to at least check for silver but she has been too busy, and too tired, and says it isn't worth her time.
I may step in and just have her bring them home and I'll look.
Just mentioning this because there are various reasons for this and not just "tough times"
I've been told I tolerate fools poorly...that may explain things if I have a problem with you. Current ebay items - Nothing at the moment
It could be heirs dumping coins they found in the estate.
Many years ago I had a big pot that I dumped my change into at the end of the day. When it filled I stopped that habit. The pot has remained untouched for about two decades and I can't work up the energy to take it down to a coin counting machine for exchange into paper. I'm pretty sure I am not the only person that has done something like this and eventually taken their "hoard" of "older" coins down to the store for reintroduction into the economy. That doesn't mean it the end of times...
I disagree.
At the very least the OP was not in agreement.
All comments reflect the opinion of the author, even when irrefutably accurate.
I sell quite a few of these for prices up to $20/ roll. Of course there are more being hauled to the bank than I am selling.
The thing is they have to be nice rolls. Nobody wants rolls as they come because many rolls don't have a single coin in them that can be sold retail. Retail demands that the coin is reasonably well made and perfectly preserved. Even then there is so little demand for common dates you can't cover postage shipping them.
There is a growing demand for Gems and the markets are going to be surprised just how thin is the supply. Some dates are very scarce in Gem from BU rolls and the mint sets are almost all gone or corroded. Virtually every single Gem of some dates has been neglected and wasted. Mintages were in the billions but few were saved and their attrition skyhigh.
We might have to agree to disagree... ;-)
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A lot of the most desirable dates are the zincolns. These coins are highly unstable and virtually evaporated in paper rolls. Early dates were very badly made so even mint sets aren't a good source for nice sellable coins. Try finding some nice rolls of the '84-D or '86.
I don't think the OPs situation in finding "minty" Lincoln Cents is all that unique... the 1970 in my 7070 was pulled from circulation just a few years ago and it replaced the previous coin (also pulled from circulation) since it was more RD and not RB...
FWIW... I also put Wheat Cents, corroded IHCs, and dateless Buffalo Nickels into Coinstar machines to try and "seed" the next generation of collectors. If we ever get to the point where I'm spending cull Large Cents for face value, then we can revisit the question of how bad the economy is, but I don't see that happening... yet.
Successful BST transactions with: SilverEagles92; Ahrensdad; Smitty; GregHansen; Lablade; Mercury10c; copperflopper; whatsup; KISHU1; scrapman1077, crispy, canadanz, smallchange, robkool, Mission16, ranshdow, ibzman350, Fallguy, Collectorcoins, SurfinxHI, jwitten, Walkerguy21D, dsessom.
So you want the can of cents I have, then?
Keeper of the VAM Catalog • Professional Coin Imaging • Prime Number Set • World Coins in Early America • British Trade Dollars • Variety Attribution
Sure. Consider them sold if you pay postage both ways. I'm probably not going to be interested in any further terms or conditions.
If he gets gold anything in change that would be signs of better times ahead. For him at least.
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...here's the above referenced Lincoln Cent from my Type Set... gotten from circulation
Successful BST transactions with: SilverEagles92; Ahrensdad; Smitty; GregHansen; Lablade; Mercury10c; copperflopper; whatsup; KISHU1; scrapman1077, crispy, canadanz, smallchange, robkool, Mission16, ranshdow, ibzman350, Fallguy, Collectorcoins, SurfinxHI, jwitten, Walkerguy21D, dsessom.
Click bait thread title.
"Got a flaming heart, can't get my fill"
Agreed
Always amazes me folks here know what others are thinking or why they post something. Why can't it be my opinion, even if wrong, and not trying to get clicks. There's starting to be a bit lot of anecdotal evidence things are going south in parts of the economy. The super rich are spending like there's no tomorrow when the elderly and poor are barely keeping it together. Someday the credit bubble will burst.
And that day was in 2022...
chopmarkedtradedollars.com
I'd be interested in what CoinStar has to say with regards to volumes.
New CoinStar machines in my neck of the woods. Unfortunately, they no longer send the gutter to the reject slot. lol. Like many things, it was great while it lasted. THKS!
P.S to the OP: got this in change from my coffee this morning, perhaps you are on to something. Not everyday I get a wheatie in me change:
RGDS!
The whole worlds off its rocker, buy Gold™.
BOOMIN!™
Wooooha! Did someone just say it's officially "TACO™" Tuesday????
People that may have sat on cent rolls for decades letting them go - need the money for food, gas.
You don't have to know what they are thinking to know or is click bait. The title has no information about what it is about: cents find in circulation. Instead, it has an emotionally charged title. It is "click bait" by its very nature.
And while you're worried about Pele reading your mind, you created a whole story about your cents including the motivation of the person who dumped them in circulation. As has already been mentioned, it is quite common for dealers to dump BU cents into circulation because there is no easy way to get a premium for them. So this could be a sign of nothing other than normal business
All comments reflect the opinion of the author, even when irrefutably accurate.
Until the actual legislation removing them from commercial transaction we'll see an increase. I've been finding a greater amount lately in mint state, those struck prior to 2023, as a result of billions being stored buried in vaults over decades. I hypothesis that many don't rotate their stores and simply place current year incoming coinage on top of the previous.
Tell ya about tough times:
Teacher : “ Johnny, if you had a quarter in one pocket and five shiny cents in the other pocket, what would you have ?
Johnny: “Well that’s easy Teach….I’d have somebody else’s pants on. “
``https://ebay.us/m/KxolR5
I don’t disagree.
Th Fed may have let some of the air out of the balloon in 2022 but the money supply, M2, is much higher today then 2021 when the govt was giving out money to prevent a deep recession. FICO scores of the new generation are the lowest and more folks, esp the elderly, are on SNAP then ever.
Also not sure 'sign of tough times ahead' is 'emotionally charged'. Wasn't expecting to grate on anyone's raw emotions such as causing intense feelings like anger, etc that are difficult to control. Was just a question about our economic health and I wasn't aware before dealers dumped unc cents. The fact the coins all appeared to come from a singular source based on the small run of years, 79 - 82, all basically red, made me think a collection was broken apart. And if you need pennies, times are tough.
End of story.
Except there’s no way to know if the spender needed cents. It’s not shocking to see such coins in circulation, even in the best of times. A little bitty question mark at the end of your thread title might have resulted in a shorter and friendlier thread (?) 😉
Mark Feld* of Heritage Auctions*Unless otherwise noted, my posts here represent my personal opinions.
Agreed
Even then, the title gives no indication about what it is about other than a prediction of tough times ahead.
It is kind of funny that we have threads about buying $100 silver eagles and $4800 gold sunflowers, but find 3 or 4 BU cents in circulation and the economic sky is falling.
All comments reflect the opinion of the author, even when irrefutably accurate.
When I walk the dogs, we go by the minimart on the next block. The store clerks there usually give the dogs treats. While we're there, I look around for loose change (usually pennies) on the ground, which I pick up and toss in a bowl when I get home and eventually cash in at a Coinstar machine. Seems to me, things can't be all that bad if people working essentially minimum wage jobs are buying treats for other people's dogs and store customers are throwing away money.
YMMV, of course.
Just like your original post, you are blending your anecdotal evidence and conflating unrelated topics.
Multiple bank failures, the worst year for the bond market on record, and the absolute shutdown of new real estate lending on top of the normalization of interest rates after 14 years of abnormally low rates IS the end of the credit bubble. Any other interpretation is relying on both moving the targets as well as hindsight.
I believe the economy is in worse shape than appears. The elderly and poor are barely keeping it together. Neither of those has anything to do with a credit bubble.
chopmarkedtradedollars.com
Yes, necessities at times. Lots of it 😕
The day I started my own business July 7th 1981, inflation was at 18% and unemployment was at 22%. You can see opportunity or you can see defeat in anything. james
Old or high grade pocket change type coins returning to circulation could also be a sign of an aging or diminishing population of collectors.
It could also be a sign that some people might be (mistakenly) under the impression that an end to cent production might mean the coins will no longer be accepted anywhere or maybe even demonitized.
We could make up scenarios all day....
I wonder how much the government made in the long run from the reduction in purchasing power from all the hoarded common coins from inflation.
I just bought a new power take off mower for my big tractor and the price was $5800, I had bought the same model 18 years ago for $1700, so there has been some inflation. If I saved cents to replace the old one, I would be 410,000 cents short.