Anyone With Experience in Bulk Coin Bags?

Hey everyone,

I saw a video from a person on YouTube that went through a bulk bag of wheats and they found almost a whole roll of 1909 VDB's and 1909-P, which is pretty good. So I decided I wanted to try that too because after seeing that, who wouldn't want to try it too. So is anyone able to help me find a good dealer, preferably on eBay, that sells bulk wheats or buffalo nickels? Also if you have experience with bulk wheats and bulk buffaloes, please share it so that I can see if it would be worth the money or not. Thanks for any help!!! : )

 

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Anything you find on ebay is going to have already been searched and not worth your time or money IMO.

 

Very tough to find genuinely unsearched Wheaties. If you buy wheat cents, and there's no Indian heads or memorial cents mixed in, almost certainly searched.

 

I would suggest speaking to a local dealer or LCS or coin show so you don’t need to worry about shipping. Keep in mind they can get very heavy very fast.

 

Not long ago I helped facilitate a deal with a church friend and a coin dealer freind of almost 20,000 unsearched wheats (two trips with a Hand truck)... The dealer doesn’t keep his doors open selling five cent coins. He put them in unsearched bags of 500 and 1000 and sold them for twenty and forty bucks respectively. They were truly unsearched.

I say all this because I too believe local dealers are the route to go on something like this. EBay dealers have more to gain pre-searching these things. Local dealers aren’t typically in the business of marketing five-ten cent coins. So they unload them as rapidly as they can.

 

About three years ago, I purchased a bulk bag from a local dealer for around $150. I think that the contents were more or less that in value, although I did find some scarce type coins (i.e. Syria under the French Mandate, etc.) that have a high catalog value in Krause.

Bottom line: how likely is it that the bag you'd be getting would be unsearched? That's the real question.

 

Anybody remember 'budgood'? He used to give out bags of cents when I first joined this forum. Lot's of folks would find very interesting stuff. Other than that fellow, there are no 'unsearched' bags of 'wheaties'......

 

I've only purchased two bags of 5,000 coins and pretty much got skunked on both. Mostly rejects, damaged, dirty, etc. Only by saving out die crack, die chip and other anomalies have I been able to be okay with it. On the other hand I have bulk purchased foreign coins and been quite pleased. It seemed to mostly boil down to someone not wanting to identify coins from the middle east, which turned out to be in my favor. I remember finding around 20 coins from Iran, all the same, all B.U. and worth $10.00 each in Krause catalog. I paid $50.00 for ten pounds of coins.

 

I’m curious, Did that YouTube video direct you to go to a site to buy “unsearched” wheat rolls?

 

Sounds like a scam video.

 

No it didn't. And also it was by a YouTuber that is an honest guy and wouldn't make fake scam videos. I think it was blueridgesilverhound. He's a good collector.

 

So many of those coin videos are BS.
"Here I am opening a roll of half dollars. Oh look 3 Walkers, 2 Franklins and 3 40%ers."
Yawn.
They all do it to get views or subscribers or whatever.
The first line of your post:

So if you don't know you are being scammed then I don't know what to tell you.

 

But then again, there are those who find small treasures in the junk coin boxes at their LCS and LCDs.

 

I remember years back they would seed the bag with a few
better coins. Than word would get out and the chain of fools
would come rushing in

 

Back in the stone age dealers in coin world and numismatic news would offer bags of circulated wheats. To make sure that you got a deal they would include either a 1909-s or a 1914-d. That would be in a 2x2 holder sealed in the bag. If the original purchaser left the bag intact you would have that at least going for you. When those bags show up at pawn shops they are frequently resold intact for $150 to $200. I have bought two of them still sealed and in both cases the "key date" bonus coin was either damaged or AG. The coins included were primarily from the 1940s and 1950s. Earlier coins were either damaged or extremely worn. Results may vary from the reports of other old timers. I'm just saying what I experienced. I've also been told that many of these flipped wheat bags are missing the "bonus" key date.

 

$50.00 of wheats weighs about 33 lbs. I would buy from a LCS. Sometimes the gold and silver buyers buy coins but don't want to mess with wheats and will sell them for about 3 cents each. Good luck.

 

Stone Age?

 

Agreed - if you're paying more than 3 or 4 cents per coin in bulk, you're overpaying