Hey, I was wondering what a fair value would be for an unsearched wheat penny bag of 5000 coins. It came from a massive collection that I bought from my great uncle. It has some AU Coins in the bag and when I took out the extra (to make it weigh 34 pounds) about 1/5 of the coins was 1930's. I have no idea what else is in the bag. So what do you think this bag would be worth? Thanks!
They generally sell for around 200-250 bucks. The lack of mint-state coins will push that closer to 4 cents a coin, or $200. The high quality bags should easily fetch $250.
$0.04 per coin is touching on straight retail prices for generic rolls. Fine when buying 50, but too high for 5000 IMO. OP, Regardless of the fact this came from your uncle, when buying bulk, you really should treat it as if its just that.... a generic bulk buy. Even though some can argue copper value, were you to take the same coins to a dealer, you would be looking at about $0.02 each, but no more than $0.03 and that's really pushing it. Of course it is totally your call as to how you wish to deal with family, and if you truly believe these "unsearched" enough to warrant paying up, but $0.03 is a more than fair offer, and most likely more than he would get elsewhere selling bulk.
Suffice to say, Books' info might be flawed. I know dealers around here sell in bulk for around 4.5c per. They can usually be haggled down to 4.1-4.25 per.
Suffice to say, this makes little sense. So where ever you are, dealers supposedly pay $0.03ea, but my telling the OP the same amount is "more than fair" might be flawed? Did you even bother to read what I said?
3 cents is fair at wholesale. Bags of wheats retail for $200+. So you telling him that "$0.03 is a more than fair offer, and most likely more than (you) would get elsewhere selling bulk," is false. I personally would go 4 cents each, plus shipping costs on a lot that's like what he describes. Find me a bag of wheats for $150 listed for public sale. Please. Bottom line is I doubt you can... 3 cents is a fair offer from a dealer, but I believe the OP would rather deal directly with the public, meaning he should expect at or slightly north of 4 cents a pop.
If they are as you say unsearched how is it you know already a 5th of them are in the year 1930. There as far as i know never been any pennys that havent been searched researched and then searched again before you get to buy them. Pick the years you need and buy them that way. Ive got over 12000 that i bought in bulk that was said never searched. I never found a key date or simi key dated coin that was any value. Ive kept mine and someday will count them out in 2 rolls to give away to new collectors. Just have never gotton around to it. A friend come today and give me some hope of completeing this idea. He brought me a perfect round wooden circle that has the words AROUND 2 IT written in the circle. Now i may complete the task as i have gotton me around 2 it.
Let's go back and read my initial post again... can you please tell me where I implied or even hinted that the prices I mentioned were to anyone other than a dealer? The only possible/probable mistake I made was in not realizing he most likely already owns the coins. It's also worth noting that not everyone wishes to squeeze every last dime out of their coins, since some are more of a hassle than its worth. No, what the bottom line is is that you like to make assumptions, and would do well to realize that not everyone - and everything - fits into your little mold. I find it very interesting that you find it okay to share your opinion of the retail side, but cannot seem to accept that someone tried to give him an idea of wholesale. Is it so wrong for the OP to weigh the highs and lows? "Find me a bag of wheats for $150 listed for public sale. Please." You just had to throw the "listed publicly" in there because that is your out. Is it really that hard to grasp that such coins are not that difficult to find well under your retail prices? Do you think that the dealers who sell such things have some super secret network to buy wholesale? Do you even realize how many people try to sell these things? We're not talking rarities here, and while some have less than 5k, others have more. Bulk wheat cents are like bicentennial coins... everyone and their grandmother saved them, hoping/assuming that they would be valuable someday. Doubt all you want that anyone else can buy bulk at your so-called "wholesale", but maybe if you put in a little effort, you would realize its not that difficult to do. P.S. Instead of playing Mr. Know-it-all, maybe you should consider the fact that not everyone here spews uninformed nonsense. Maybe, just maybe the person posting knows what they are talking about, even if its not something you've yet experienced. Just a thought... Earlier today, another member posted this in a different thread, but I feel it's a good fit here too... Good day, sir.
I mentioned in the original paragraph that I took out some extra to make the bag weigh 34 pounds, which is rougly 5000. From that I used the extra (about 250) as a sample of what might be in the entire bag. About 1/5 of the sample was from the 1930's. I have not searched the 34 pounds, I really don't have the time between my schoolwork and other activities (and I didn't put them back in the bag).
