Results: 2x 5000 Count Bags of Wheat Cents Purchased at Local Dealers

So I challenged myself to see how badly searched dealer overstock is, and curiously bought (2) 5000 count canvas bags of wheat cents from two dealers. These are coins sold to them by people who just needed the extra money and were selling other coins. Both are dealers here in California. Here's the results.

Bag 1 - Purchased @ .05 cents each.

5129 Total Wheats
41 copper lincoln memorials
102 steel cents (varying mintmarks & grades)
31 Higher Grade Reds & or Red/Browns (Mostly fifties, one 1949 in beautiful shape with lots of luster)
2x 1909's no VDB
1x 1910-s
2x 1913-s
4x 1915-s
3x 1915-d
1x 1922-d
3x 1926-s
10x 1928-s (4 Large "S" Mintmark Variety)
1x 1928-s RPM
2x 1933-d
2x 1955-d RPM (1 in a 65 RD)
Total Teens: 285
Total Twenties: 178
Total Thirties: 520

Bag 2- Purchased @ .04 cents ea.

5023 Total Wheats
No Lincoln Mems.
271 Steel Cents
7 Higher Grade Reds & or Red/Browns
2x Indian Cents (lowball grades)
38x 1909's (25x non-VDB)
2x 1910-s
1x 1913-s
2x 1915-s
2x 1915-d
Tons of 17,18,19 s&d's
1x 1924-d (obverse scratches, real shame)
4x 1923-s
16x 1928-s (3 Large "S" Mintmark Variety)
1x 1944 d/s
1x 1956-d RPM
Total teens: 1125
Total Twenties: 632
Total Thirties: 688

So what does this conclude? That these bags are not completely searched out. I'm also surprised how much semi key dates can be found, the fact I found 40 1909's speaks volumes in itself. I'll be out to buy a couple more bags this week and will post the results of those.

 

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Wow thank you very much, eye opening. Love statistics like these because they seem more credible then say an add on t.v., I see and enjoy your posts on here frequently.

 

Thanks Matthew, appreciate it! I try to make some pretty interesting threads. Something a little different.

As for this little treasure hunt, I'll post some photos of the finds later tonight.

 

Cool finds kookoox10!

What do you do with all the other plain date Wheats?

 

Wow that second bag was great.

 

Finally pooled some photos together of the finds. Now keep in mind, this is just a small portion of the batch.

 

Thanks Chester, I have a lot to do on the group. I'll whip out the Cherrypicker's guide and make an attempt to find some nice varieties. And I have a couple of albums to put together with my daughter. In the end, I'll resell the rest to Dealer A that originally sold me the .05 cent wheats. He will give me .03 cents per.

 

Awesome stats! Thank you very much for the info. I used to deal with Carlsbad Coins near Camp Pendleton, those folks were straight up and sold wheats at .04 each as well. I used to go in and buy $5.00 a weekend and just fill my Whitmans. I took some of the more beat up coins and polished em, I know... but they were trashed anyway... So now I have a full pre 1945 Whitman folder that's got beautifully cleaned "red" coins, it just looks like crap and fake when it's next to my non-cleaned book.

 

Great stats!

Just out of curiosity, did you see how much time it took you to get through each bag? I'm guessing a while, pennies are really time consuming to search.

 

Well that's an interesting collection of polished/cleaned cents. I've seen guys put together culled or holed series of coins. A member on one of the forums took it upon himself to assemble a Dansco 7070 holed type set, it's actually pretty cool.

 

Well, the first initial run of just going through and sorting by decade took about 3 hours for just over 10k cents. And then another 3 hours cherrypicking the dates that mean something. It's easily going to take me another full day to separate by year to look for varieties (RPM's, OMM, RPD's, etc.).

 

Thanks Merc, from what I was told, that bag was a fresh acquisition from an older lady whose husband had passed on. The dealer says he had just got that bag in a day before along with a ton of other stuff he was sorting/inventory, good thing he didn't get the chance to pick through the sack.

 

The best bag I ever bought had almost a full roll of '55-S's in BU, along with a bunch of other MS wheats going back as far as, I think '37. There was also 8 IHC's and a '24-S in AU... go look up the price of a '24-S in AU, hah. (~$80, iirc) Even better, I got the bag for $200.

 

Awesome finds man! Makes me want to find a local dealer lol

 

Well, after the thousands of dollars I've gone through CRH'ing cents and nickels, I wanted to venture into charted waters. Everybody says wheatie bags are thoroughly searched. Not that I've debunked an urban legend, but I've proven that there is something to be had from these bags. My recommendation for those that want to do this, is buy a Cherrypicker's guide and a nice high powered magnifier, like 16x or so. A USB microscope installed onto your PC would be quicker to use if setup properly. A lot of what's left in these bags are what's in the Cherrypicker's guide.

 

Wow! Those are some inspirational results! Think I'll pick a bag pretty soon...

 

not connecting on RPM. What does that stand for?
I just plowed into 77+ pounds of wheeties. done about my first 1,000 and so far some minor finds, still looking for some bigger ones. But, I'm inspired by your good luck.

 

Repunched Mint Mark.