buying bulk wheats on ebay

aballein · January 28, 2007 10:19AM

So from reading all the posts about people selling so called unsearched wheaties on ebay i know that it is more than likely bullpoop. My problem is i have virtually NO wheaties for my circulated collection from the 20's back. Now i know that i more than likely will not find any key dates or high priced coins in the "hoard" but what do you guys think of the chances of me getting some '20's or maybe even some teens out of them. The total cost is only $10.00 for a 1/4lb shipping included. Honestly i dont even know how many wheaties are in a 1/4lb but ive got the coin fever and need a fix BAD. Should i go for it and possibly waste $10.00 or should i just keep searching bank rolls and whatnot?

clw54 · January 28, 2007 10:28AM

<< So from reading all the posts about people selling so called unsearched wheaties on ebay i know that it is more than likely bullpoop. My problem is i have virtually NO wheaties for my circulated collection from the 20's back. Now i know that i more than likely will not find any key dates or high priced coins in the "hoard" but what do you guys think of the chances of me getting some '20's or maybe even some teens out of them. The total cost is only $10.00 for a 1/4lb shipping included. Honestly i dont even know how many wheaties are in a 1/4lb but ive got the coin fever and need a fix BAD. Should i go for it and possibly waste $10.00 or should i just keep searching bank rolls and whatnot? >>

I bought a small bulk lot a few years ago and filled a few holes in my Whitman. I have no buyers remorse at all, it was fun going through them. I'll probably give them to my nephew one of these days.

If you're looking for key dates, then it's very unlikely you'll find any. Even when they were in circulation it was hard to find them, because they're keys. But if you're just looking for a fun way to spend a little time without any real expectations, then go for it.

RichieURich · January 28, 2007 10:31AM

I believe you can buy rolls of teens and twenties, you will do much better there. Or check at your local coin shop or a local coin show.

Because the teens and twenties have a premium over run of the mill wheaties, it's likely the only ones you'll find in a "hoard" will be damaged and/or culls.

aballein · January 28, 2007 10:32AM

Yeah i love searching rolls but i really need to fill some gaps in my circ set..mainly 30's and before...the claims say that i will find some but im nervous..too many negative comments on these boards about bulk wheaties. I would love to find some key dates but im not getting my hopes up..i just want to fill in some common dates. Granted its only $10.00 i just dont want to get stuck with a bunch of 40's and 50's...got more than enough of them...

lathmach · January 28, 2007 10:39AM

¼ pound of wheat cents is about 38 or 39. That works out to about 25¢ each for them. You'd probably be better off just buying the dates you need.

Ray

RedneckHB · January 28, 2007 10:42AM

I could probably fill all those holes in your collection with extras that I have. Drop me a PM with your want list.

BlindedByEgo · January 28, 2007 10:45AM

Selling them by the "quarter pound" makes it sound like you are getting more for your money. I agree that you would be better off buying rolls or even individual hole fillers.

I've bought bags of the stuff - wheats mixed with or without 1943 steel pennies - and usually ended up paying 1.1 to 1.4 cents each.

Heck, maybe I need to sell quarter pounds for $10.00 - at ~$0.25 each that's a great margin.

Bochiman · January 28, 2007 10:46AM

Go over to the Buy/Sell/Trade forum here, post that you are looking for wheaties in the teens/twenties, what type of condition (ie...no corroded, etc) and see what members may be able to help you with...may be cheap and better this way...

seemyauction · January 28, 2007 10:52AM

Just for fun and hoping to spark some interest, I took all the wheat cents out of #1 lincoln collection, dumped them into a bag of 5000 and took it to the office (auction barn) with me....brought it home and asked my 2 sons (7 & 13) to help me search for some "Rare" wheat pennies.....Man it was fun finding all those treasures......when the boys are in there 20's or 30' I'm going to let them in on the scam.......

AL

pharmer · January 28, 2007 11:04AM

That's way too much to pay. You should try coin shops. Those that sell them sell by the pound also, and should work out to 3c or less unless the price of copper has affected it. You'll get 146-148 per pound. I used to do this before I started looking strictly for unc wheat rolls, and finding dates in the teens and 20's was not uncommon at all.

aballein · January 28, 2007 11:11AM

This is why i love these forums, becuase knowing me and my wheat penny addiction i probably would have just bought 50 cents worth of pennies for $10.00!!! Thanks for all the info guys..you ALL rock

BigDaddyz · January 28, 2007 1:17PM

People are scammed with this 1/4 lb or 2 lb thing all the time. Sounds like a lot to someone who is inexperienced. You should be able to find all the pennies you can stand to look through for .03 to .04 each. I've seen ads in Coin World advertising bags of 5000 for $200.

CaptHenway · January 28, 2007 2:17PM

<< That's way too much to pay. You should try coin shops. Those that sell them sell by the pound also, and should work out to 3c or less unless the price of copper has affected it. You'll get 146-148 per pound. I used to do this before I started looking strictly for unc wheat rolls, and finding dates in the teens and 20's was not uncommon at all. >>

You are a bit behind the times. One of the large wholesale dealers is paying $170 per $50 bag for wheaties. About two months ago we bought in five bags over the counter, and I blew them off to him. I have one nicer bag that I want $250 for, retail.
TD

pharmer · January 28, 2007 2:29PM

5c each! Gadzooks man, how do you achieve somnolescence in the dark portion of the diurnal period?

CaptHenway · January 28, 2007 3:00PM

<< 5c each! Gadzooks man, how do you achieve somnolescence in the dark portion of the diurnal period? >>

Because another dealer told me that the last batch of pre-1982 cents that he melted before the Mint promulgated its unenforceable ban on melting them netted him over 3.5 cents each. Last time I checked, all wheat cents were made before 1982.
TD

CaptHenway · January 28, 2007 3:06PM

By the way, according to the "Official Coin Dealers Guide To Evil," if you want to sell a nice bag of wheat cents as "unsearched," you must first replace 27 of them with dirty 1959 Memorial cents, and 14 of them with King George VI Canadian "pennies" to give the bag that crisp, unsearched taste!

Bwa Ha Ha!!!!!!

TD

mozeppa · January 28, 2007 10:04PM

<< 5c each! Gadzooks man, how do you achieve somnolescence in the dark portion of the diurnal period? >>

gadzooks is right pharmer!...i wouldn't sleep well either!

CaptHenway · January 29, 2007 4:08AM

<< 

<< 5c each! Gadzooks man, how do you achieve somnolescence in the dark portion of the diurnal period? >>

gadzooks is right pharmer!...i wouldn't sleep well either!

>>

So, what do either of you two sell them at?
Just curious.
TD

buying bulk wheats on ebay

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