What's the value of BULK CHANGE?

A co-worker of mine has a few 5 gallon jugs of coins (maybe more). They are filled with pocket change he's collected for many years (20 or so). Both copper and silver, clad and damaged, etc. He's not a collector and wouldn't have ever thought of searching thru them. He will probably need money soon since he's sick and may have to retire soon. I would like to help him out and also find some collectible coins too.
I'm thinking of offering to buy his unsearched coins for face value plus a % extra. I'd like to do the right thing. I don't know if he'd sell them to me. What is the value of this type of buy? 10-25% over face value? 50% over face? How do I count them all?

 

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If you'd really like to help him out why not go through what he has and sell it on ebay. Take out your selling fees and a small percentage for your time.

That would probably help your friend the most.

 

I would take 1/10 off the top.........maybe 3 inches of coins, count them and weigh them...if for instance 3 inches weighs 5 pounds and face value is 27.80 or whatever...then make an offer..........based on the "inches" and or weight.

 

i would go through it all!:kewl:

 

That SOUNDS real good, but he'd never sit still for searching thru coins. That would be work for him. He'd rather dump them into the Coinstar machine at the market and take a 10% loss than work at finding anything of value. He's a tough character. Never been ambicious. If things were different, he might want to do the search but he's single and a loner-type & not about to change.

 

What? The top of his oldest jug or the latest jug? And where do you get the 3" = 5 lbs at $27.80? Or is that just a "for instance"? However it's not a bad idea!

 

I can understand that - did sound good though didn't it?

See if you can get a decent perusal. See if he'll at least let you COUNT it. Then offer him an amount over face depending on what you see.

Hey, if you end up making money buy him a dinner here and there. Can't hurt to try can it?

Good luck.

clembo

 

Clembo,
Counting these coins will be very time consuming. Although not as much as, then, going through them, looking for coins of value. I don't have any problem with giving him a fair deal, but if I have to sort thru all these coins, evaluate them etc., I 'd rather just pay a % over face value. It's kinda hard to know what's the right thing to do.

 

I understand.

What I'm saying is if you can even slightly go through the WHOLE pile you can get an idea as to how much silver is in there. Base it on that. If you give him 2% it's better than a Coinstar loss isn't it?

Then when you get time start digging. If you're making money on it share the wealth with the original owner.
He may be set in his ways but I'll bet he wouldn't turn down a nice dinnner or whatever might help him in the long run.

Won't know until you try.

clembo

 

Fairly inexpensive battery operated coin counters are available online. I bought mine from Sharper Image many years ago, and it's still doing its job. Coins are separated into tubes for 1¢ through small dollar sizes in suitable stacks for wrapping.

You can also buy shotgun coin rolls and crimping tools online at low cost.

If you can sort them easily, you can then separate the silver (if any) from the clad, and determine the total face value, augmented by any silver melt premium. (You say he's only been hoarding for twenty years or so, which means there probably aren't many silver coins anyhow.)

 

Dump them in the coinstar for him - it will reject all the silver ones & you can just buy them -- Quick & painless for both of you -

 

I have purchased water bottles full of coins before and I just seperate the coins into buckets then weigh them. The pennies with the two different weights I pay 1.60 @ pound. Randy

 

If he trusts you, you can have your cake and eat it too. You should be able to count them fairly close by weight (sample weighings from each jar). Give him face now. That should be the majority of the monies. Then split the profits with him as you find things. Pick a percentage that you think is fair - 50/50 or whatever.

 

I would give him 15% over (a rough, but fairly close guess) face. Search through it, scour it for errors and silver and wheats, or whatever you like. Keep what you like and sell the rest. If he was going to take it to coinstar if not for you, I'd say you're both happy.

 

As was said above, it the jars only date back 20 years, there will not be much silver in them. The hunt brothers did a very good job of causing almost all silver to be removed from circulation at that time. Most of what we find now, is a result of being reintroduced.

 

I'd go along with the take a few inches off the top, count those, make an offer based on the total inches and the few inch estimate. Then make him an offer. If he trusts you, you can tell him after you take them home and take time counting them, if the total comes out to be greater than the original estimate, you will pay him the difference but if it is less, he can just keep the amount agreed upon. Also, you could tell him whatever the total comes out to be you'll give him an additional 10% over face value.
This way you can take your time looking for all types of coins.

 

I would just offer him face for it, as that is better than if he puts it in the Coinstar. If you start finding coins of significant value, then pay him a fair premium for those.

 

Other methods would be:
To take them to a Salvation Army place and tell them you want to make a donation but must have a reciept with the amount on it. They will then count if for you.
Stop some kids in the neighborhood and tell them if they count all the coins, they will be paid in Ice Cream bars.
Give then to your wife, a relative's wife, neighbor's wife. They will go out and spend them all and then let you know how much you lost.

 

they have those battery operated coin sorters at walmart too. it counts exactly how many coins needed in a roll in the plastic tubes. coinstar takes silver as far as i know, as long as its in good shape.

 

Once, I found 2 silver roosies and a Bahamas coin in the CoinStar reject tray, so I'm pretty sure they reject silver, or at least silver dimes.