value of 38 lbs of unsearched wheaties

trailerpeddler · October 23, 2008 4:12AM

I have an opportunity to purchase 38 lbs of unsearched wheaties. These pennies were kept over the years by a gentleman and after he passed away his wife wants to sell them. What woud be fair price to pay per pound? I want to be fair with her. I am new on this board but am getting into coin collecting. Thanks John

Longacre · October 23, 2008 4:18AM

Welcome! Are you referring to the ad in Coin World?

kurtdog · October 23, 2008 4:25AM

All I can tell you is that's about a pound over a 5000-count bag and dealers are paying anywhere from 3-4 cents for these because of the copper bullion value.

doh · October 23, 2008 4:26AM

Well, they're not "unsearched" as there's no such thing, so if you buy them I hope you're doing it for either the copper value or just the enjoyment of sorting through them all.

jfoot13 · October 23, 2008 4:43AM

there are approx 144 wheats/lb so 5472 coins give or take

Coinhog · October 23, 2008 5:52AM

$175 - $200

rgCoinGuy · October 23, 2008 6:27AM

TwoSides2aCoin · October 23, 2008 6:34AM

They're more valueable to the guy searching for varieties than a guy who's recycling.

CoinOnTheCob · October 23, 2008 6:48AM

I thought that there are 150 cents to a pound. 5,000 wheaties would weigh 34 lbs.

commoncents123 · October 23, 2008 6:57AM

a 38 pound bag would probalby go for over $300 on ebay...definately not worth that though. I know my name is commoncents, but by common cents I mean 1909-P, or also collecting Bust halves, or something that people with common sense would do... or something like that. I would never ever want a zillion 40's and 50's junk pennies laying around...I don't even see the point.

cinman14 · October 23, 2008 7:10AM

Well to all the copper hoarders on the forum.. I have some bad news. With the recent deflation of the metals market
your copper pennies are now worth......(drum roll please)...... ONE PENNY...

Base Metal Coin Melt Value Calculation
Generated on October 23, 2008.

Values Used:

Total Face Value: $.01
Coin Type: 1909-1982 Lincoln Copper Cent
Copper Price: $1.8344 / pound

Zinc Price: $0.5055 / pound

Answer:

Total melt value is $0.01.

(exact value is $0.012121764846682)

CoinOnTheCob · October 23, 2008 9:40AM

I was watching six auctions on eBay. Each one was auctioning 5,000 wheat cents. The lowest final bid was $202.00 and the highest was $274.00.

I have five bags to auction. I'm only auctioning one per week though.

commoncents123 · October 23, 2008 9:48AM

Yeah, I once got a bag of 5,000 all teens--- I almost went mad searching through them all...They turn your fingers black too

DorkGirl · October 23, 2008 9:51AM

Hwilensky · October 23, 2008 10:28AM

Welcome!!!

KCC · October 23, 2008 10:32AM

I wouldn't totally dismiss the possibility that they're unsearched, but it seems highly unlikely.

Lots of bright people on this board; I've learned a lot!

woodardcoin · October 23, 2008 10:35AM

Welcome in I would go 180 - 200 for a 34lb bag so on the 38 lbs 210

JP

AUandAG · October 23, 2008 10:36AM

Oh, I can see that they were unsearched by the old man (but why would he save pennies?). However, before
he got them about a thousand kids went through them! No such thing as Unsearched wheaties.

bob

Oh, and price is about 2 cents each on a good day.

CoinOnTheCob · October 23, 2008 10:40AM

<< <i>there are approx 144 wheats/lb so 5472 coins give or take >>

I just weighed again and I got 148. Is that what it is or is my scale off?

TwoSides2aCoin · October 23, 2008 10:43AM

<< <i>

<< <i>there are approx 144 wheats/lb so 5472 coins give or take >>

I just weighed again and I got 148. Is that what it is or is my scale off? >>

Dirty coins weigh more.

CoinOnTheCob · October 23, 2008 10:50AM

<< <i>Dirty coins weigh more. >>

Heh, I never thought of that. These are definitely old, dirty cents. In fact, pulling coins out of the bag to weigh them I found an 1886 variety II. Only in G4 (maybe less).

TwoSides2aCoin · October 23, 2008 11:03AM

I will give a dollar for a pound of doubled die errors from 1955.

trailerpeddler · October 23, 2008 11:43AM

Thanks for all the replys as I went through the coins they were all 40's and 50's so I doubt they were unsearched and keep by a little old man over the years. Thanks for the responces.

mr1931S · October 23, 2008 11:44AM

You will find that 148 pennies will weigh a pound. 38 x 148=5624 coins. If unsearched for varieties,you can pay up to 5 cents apiece for these and be okay pricewise,I would think.

5624x$.05=$281.20. Offer $240.That should be a fair price to pay for 38 lbs of unsearched wheaties.Who knows maybe there's an SVDB in there...or a '14 D

value of 38 lbs of unsearched wheaties

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