I have a gentleman near me saying that he has over 1200 wheat pennies that he wants to sell for $100. He says that they are all wheat pennies that he has accumulated over the last 30 years and put in a jar. He is tired of having them around and wants to sell them. If they are indeed all wheat pennies, would $100 be a fair price? Advice would be appreciated.
The vast majority of those are later date, common wheats, worth 3 cents a piece. A dealer would pay 2 cents a piece for them no matter what date they were. You think that he would throw a 1909s, 1909 S VDB, 1914D, or 1926s in there knowing he has so many wheat pennies he has hoarded? You are lucky if there are few teens.
I would personally offer $40 at the most. If you have to drive to his place, it will cost gas and time. If you pay more than $0.03/coin, it isn't worth it. If you like coin searching while you watch the latest episode of the Big Bang Theory, it can be worth the entertainment value. It is like a free night at the museum.
Nope. For all you know, the 1200 pennies are seriously worn, and there may even be some that could have environmental damage as well. These "grab bags" deals are good for only one person, the seller.
I'd say, ask if you can do a quick glance of perhaps a handful of them to get an idea of what types of dates you're gonna get out of the deal. And of course, if he's thrown them into a jar and hasn't shaken, try to grab a handful from the bottom to potentially get older dates if he's been doing it for 30 years.
i sold 1200 wheats on ebay for only 67.00 i clearly even stated 1 roll of teens 2 rolls of 20's 3 rolls of 30's and the rest 40's and 50's and that was the highest bid. probably wouldn't even get 6 rolls worth pre 1940. offer 50 tops. 2nd i agree with rodeoclown.
OP, you always will do well in this hobby being a cynic. I hate to say this, but this will save you a lot of money. Always assume the worst in such a group. If you buy them for the right price, and there are some good ones, then good for you. Btw, don't feel bad for the seller. If a seller is unwilling to educate themselves and sell better coins individually then they deserve to be paid ordinary prices for their coins. Like I said, I feel bad recommending this, as it is a cynical way of viewing the world, but in 35+ years of collecting its the only conclusion I can draw. Chris
When it comes to groups or hoards...fear of the unknown my friend. You can't put a lot of money into something that you have no idea what it is. Last time I checked, I never paid retail, let alone wholesale, for "sight unseen" products before, you shouldn't either.
