I just bought a 10,000 coin lot on ebay :-)

ChannelIslands · April 28, 2005 11:33AM

I can't wait to get them! This should get my collection started ... anyone want to help sort them???

CLICK HERE FOR EBAY LISTING

XpipedreamR · April 28, 2005 11:35AM

Well, these kind of lots usually don't turn up too much really good stuff...but you've definitely got your work cut out for you

Added: That's a large chunk of change to spend on one of these "mystery" lots...but I hope it works out for you!

dwssws · April 28, 2005 11:36AM

why does his gold coins in the pictures look silver? Have fun!

LanLord · April 28, 2005 11:39AM

Wow, talk about jumping in with both feet.

Good luck, keep us in mind when you find some good stuff, we want pictures and stories.

Russ · April 28, 2005 11:41AM

You got stiffed™.

Russ, NCNE

RYK · April 28, 2005 11:45AM

You got stiffed™.

Darn, Russ, you beat me to it.

Next time you think about going all out, bounce it off a friendly forum member.

nesvt · April 28, 2005 11:46AM

Wow. That should keep you busy. You'll have to post some pictures.

By the way, what's the weather like in Michigan?

ChannelIslands · April 28, 2005 11:46AM

Just curious ... why did I get stiffed?

RYK · April 28, 2005 11:48AM

The gold and GSA's are worth about $5500.

Russ · April 28, 2005 11:49AM

<< Just curious ... why did I get stiffed? >>

Because you're going the get about 9,500 dimes.

Russ, NCNE

nwcs · April 28, 2005 11:50AM

Well, all I can say is that you'll have a LOT of fun going through it no matter what is in there. I bet you can fill a lot of albums. Shipping has gotta be something else, too.

marcmoish · April 28, 2005 11:54AM

if you are indeed new you'll have a blast sorting thru em all but I highly doubt you'll have gotten your monies worth...takes balls to jump in like that regardless.....me thinks Russ wants to know if there are any MS70 Kennedy's there

Good Luck!

Marc

MrXray · April 28, 2005 11:55AM

<< 

<< Just curious ... why did I get stiffed? >>

Because you're going the get about 9,500 dimes.

Russ, NCNE >>

Dang, there's alot of dimes in that photo! Sorry dude.

Russ · April 28, 2005 11:57AM

<< Dang, there's alot of dimes in that photo! Sorry dude. >>

And, you can bet the coins were carefully arranged for the image with - strangely - the heavier coins somehow floating to the top.

Russ, NCNE

Baley · April 28, 2005 11:58AM

RYK · April 28, 2005 12:01PM

Obligatory seated coin: check
Obligatory bust coin: check
Obligatory Morgan and Peace dollars: check
Obligatory commem: check
Gazillion merc dimes: check

Actually, you could break even and even make a little money on this, though it will take a lot of time to do so. This transaction is not exactly reminiscent of Eliasberg purchasing the Clapp collection...not exactly.

clw54 · April 28, 2005 12:03PM

Interesting. I could buy 9000 dimes for 5K or so. Throw in some gold and GSAs for another 5K. Seed it with some halves, quarters and Morgans, and make a cool 5K.

RYK · April 28, 2005 12:04PM

I have always wondered if anyone buys those lots. Now I know.

XpipedreamR · April 28, 2005 12:06PM

If silver goes up to $50/oz, you'll be sittin' pretty. We'll see who's laughing then

K6AZ · April 28, 2005 12:10PM

<< Interesting. I could buy 9000 dimes for 5K or so. Throw in some gold and GSAs for another 5K. Seed it with some halves, quarters and Morgans, and make a cool 5K. >>

Exactly. I don't see these coins being worth more than about $11k. What a racket.

ChannelIslands · April 28, 2005 12:10PM

OK OK ... I knew all of that going in, but you never know. This company sells a bunch of these big lots and just about all of their feedback is good. I figured I could just about break even without any "finds". And there has to be at least a few rarities. So I spent $16K and worst case scenario get back $12K - $15K. I gambled $4K at most and get to have fun going through all of those coins. Besides, I might find something great!

DUIGUY · April 28, 2005 12:10PM

channel islands, DO NOT MAKE PAYMENT!!!!!! What the members have stated in this thread is TRUTH!

nwcs · April 28, 2005 12:11PM

Well, lets all at least be charitable to the guy. We all have learned lessons and with 10000 of anything, there can be a lot of fun to be had. And if he is patient enough to go through everything and look for varieties he may indeed have the last laugh.

CoastGuard · April 28, 2005 12:13PM

Let us know how much is the shipping on that? Let us know what Mohawk says about where this hoard came from? All one place or is it Mohawk's "extras" collected over some time? And like everyone asks are there in semi key or key coins since they say "unsearched". Thanks

ddbird · April 28, 2005 12:14PM

If you have fun going through em, and find a few nice finds, it could be well worth it. Maybe not monetarily, but for your enjoyment.

RYK · April 28, 2005 12:15PM

And there has to be at least a few rarities.

I would be very surprised. The only possible exception is the cherrypick kinds, which will require time, knowledge, patience, and luck. I would be 0 for 4 for those attributes.

K6AZ · April 28, 2005 12:16PM

<< Well, lets all at least be charitable to the guy. We all have learned lessons and with 10000 of anything, there can be a lot of fun to be had. And if he is patient enough to go through everything and look for varieties he may indeed have the last laugh. >>

Neil, that's a nice peachy optimistic position to take, but it's been my experience over the years that these big lots on eBay are sold to unload problem coins. The pot's been sweetened in this deal, but one must remember you don't get something for nothing. For $16k the OP could go to a show and walk out with an impressive assortment of coins.

nwcs · April 28, 2005 12:18PM

Oh, I agree that I would spend $16K very differently. But I was putting myself in his shoes. Even if it was a bit unrealistic, I'd want to hear something positive.

Baley · April 28, 2005 12:25PM

This company sells a bunch of these big lots

exactly. they've found a business plan that works for them.

RYK · April 28, 2005 12:27PM

Even if it was a bit unrealistic, I'd want to hear something positive.

Your collection will be quite a bit larger than mine. About 100-fold larger.

Russ · April 28, 2005 12:28PM

The harsh reality is that sellers like this put together these "hoards" by buying up culls and bags of junk silver at wholesale, then salting the pile with a few decent coins.

On the other hand, I'd love to see you actually score just because I always like to see a ballsy person get rewarded.

Russ, NCNE

nwcs · April 28, 2005 12:28PM

Even larger than mine since I count my real collection at 12 coins.

RYK · April 28, 2005 12:30PM

On the other hand, I'd love to see you actually score just because I always like to see a ballsy person get rewarded.

...and the greedy seller get scalped.

I hope that there are 100 16-D dimes in the hoard. I just expect that there are none.

IronmanDuke · April 28, 2005 12:53PM

If you really want some help, I'd be willing to spend a couple of days with you.
I've been lucky enough the past few years to have some time for fun.

Have you thought about how to approach the sorting, inventory, grading, physical storage, and remarketing and distribution. I'm thinking you need some kind of mechanical pre-sort, then get into the detailed grading. I'm pretty good with databases and could help you out there too.

Were you thinking e-bay reselling or setting up a dealership? You'd want to use as much automatic description building as possible.

I "took the plunge" and bought about 10,000 "unsearched" wheats. Never found that 1909-S VBD.
We all have to pay our dues... you just wrote a larger check to do it.

Private Message me if you want some help.

MrXray · April 28, 2005 12:53PM

Does everyone think there is a average of $1.70 per coin in this? Not includeing labor.

ChannelIslands · April 28, 2005 12:55PM

Well, I'll tell you what ... I'll take pictures of everything, catalog everything that I receive, let you know what I keep and what I don't, and let you know how much I get for the stuff that I sell. How is that????

Barberman55 · April 28, 2005 12:58PM

These boards can be very educational and informative to new collectors, but you have to use them BEFORE you make your first coin purchase, especially a purchase of this magnitude. Good luck with your hoard of coins, and try to consider it a learning experience that you can build on. Let us know how you made out.

boyhowdy · April 28, 2005 1:05PM

Maybe they aren't all dimes. Don't the warnix have less silver?

Steve

GAT · April 28, 2005 1:05PM

ChannelIsland, I have a bridge for sale in Brooklyn. PM me for details if your interested.

airplanenut · April 28, 2005 1:07PM

<< Well, I'll tell you what ... I'll take pictures of everything, catalog everything that I receive, let you know what I keep and what I don't, and let you know how much I get for the stuff that I sell. How is that???? >>

Go for it, but it's going to take a long time...

I'm with the rest, it's going to be a lot of junk coins, like this NEG: "mixed silver is junk w/ few nice coins, not fresh nor unsorted, cc and gold ok"

If you had wanted to build a nice CC set, I'm with Eric... go to a show and buy some high end CC's in 65.

RYK · April 28, 2005 1:13PM

Well, I'll tell you what ... I'll take pictures of everything, catalog everything that I receive, let you know what I keep and what I don't, and let you know how much I get for the stuff that I sell. How is that????

Sounds reasonable. Look, if you have the means (financial and emotional) to drop $16k on a whim on ebay, the results of this experiment will cause you little or no harm, might be fun, and likely be a lesson learned. We have pretty much calculated your downside ($5000). Your upside is unlimited (with lottery-like odds). Most of the folks who have replied to this thread have made cumulative mistakes of over $5000 (myself included)--just not all at once. Good luck, and keep us posted.

Edited to add: Oh, yeah. This is NOT the way to build a great collection. This is how one might speculate on coins. There are ways to speculate on coins with the odds more in your favor.

mrdq · April 28, 2005 1:15PM

How many people on this forum have searched a lot like this? I'm guessing none of the people who posted here.

Good luck ChannelIslands.

Welcome to the boards

K6AZ · April 28, 2005 1:22PM

<< How many people on this forum have searched a lot like this? I'm guessing none of the people who posted here. >>

Wrong. A couple of years ago on another board there was a poster who bought one of these types of lots. He lived fairly close, so we met at a library. His $6500 lot was worth $2200, and that was being generous. How many times must it be said that their is no numismatic Santa Claus?