Hello, You may have had this question 100's of times before and if so I apologize. I recently inherited a very large amount of coins, mostly all wheat pennies. I'm talking egg crates full. So I decided to start going through them. I bought the coin books, etc. I have decided that this error coin hunting I have been doing is just not for me. Its exhausting to look at ebay at all the dates and auctions and very time consuming.And just too many coins. I can't agree with the redbook prices because it might say one is worth .75 and it sells for $300. So if these were your coins what would be your advice? Thank You for your advice.
If not willing to invest your energies into learning the ropes, perhaps try to find a trustworthy yet knowledgeable local collector willing to work with you. However, I wouldn't get my hopes up and for the same reasons you stated. That said, you might as well just pull any keys or semi-keys if you happen to find them, and dump the rest if not wanting to keep them due to the family connection. Sadly, unless willing to put in a little more effort there really is no easy solution.
Red Book isn't really used for actual prices. They may have been the prices when it was getting written, but that was probably a year before it was published. What I do when looking at prices is looking at the NGC and PCGS price guides. They show what the past auctions were for a specific grade. You'll also then notice that grades matter a lot when it comes to prices. a MS-64 and MS-65 might be even on past auctions, but then a MS-66 could be a very large jump in prices. It all just depends on the coin. I wouldn't worry about not liking to find errors. That is not for everyone and just a fraction of what most people here do. Ignoring errors, I would ask yourself does collecting coins interest you? If it doesn't then I would roll them up and store them away safely; you never know when you may get an itch to try it again plus it might have more sentimental value and wheats are hard to come by now. If you do like the idea of just coin collecting and not errors, then I would research the key dates, get a nice coin album and try to fill them in. It's soothing and relaxing and can be done just watching Netflix.
Thanks. I have invested much time just sorting the years and looking up what I have. I will probably go blind and get carpel tunnel. lol. I know nothing else to do at this time but start small.
Great Advice. Yes that error hunting is definitely not the way to start out without any knowledge of coins. That's a great idea filling albums. Thanks so much.
Hey Tina. Lots of folks here would be in heaven with egg crates full of cents. I’m more like you. I would lose my mind....... one thing to think about. Those cents that go on EBay for big bucks are typically absolutely pristine examples. Very out of the ordinary coims. Considering yours have been stored in bulk I doubt you would need to worry about those extreme examples..... Maybe just set your mind to tackling a little at a time.
Tina, there's a huge learning curve with any new endeavor and coin collecting is no exception. I suggest, if you haven't already done this, sorting the cents by decade which will make the whole project more manageable. The more valuable cents are in the 1909 to 1931 date range so start looking thru these first. Check your local area to see if there's a coin club in existence. Sometimes they meet in a local library so you might want to check there first. Coin clubs are always looking for new members and there's a wealth of knowledge there as well. They are always eager to help new collectors. Good luck and keep us posted on your progress.
Tina, what Randy is saying here is pretty much THE basic concept in coin collecting when it comes to value - In other words you can have 2 coins of the same date and same mint and one might be worth $300 and the other 3 cents. The thing that makes the difference and determines the value is the grade of the coin, and grade is nothing more than a way of describing the condition of the coin. For the coin to be worth $300 the grade has to be quite high, of exceptional condition in other words. As Randy said, pristine examples. And the chances of you having any like that is almost nil. That's the same basic message others have been trying to get across as well. When it comes to coin collecting there is just an awful lot that one has to learn and know. But it's a great hobby and it can be a lot of fun trying to learn all those things.
Yes all the wheats cents are not in the best shape. They have seen better days. I haven't went through a whole lot yet but I haven't seen not one steel cent. Looks like the majority are 30's-50's. I guess he saved the steel somewhere else or I just haven't found them yet. I also have coffee cans, jars etc. full of newer pennies. Looks like this first one I glanced through was started in 1982 and they are shiny and new looking. Too bad it wasn't the other way around. So glad I found this forum. Thanks for your knowledge. I'm off happy coin hunting. Wish me luck.
'82 was a pivotal year, that's when they stopped making copper cents and began making them out of copper plated zinc - which is probably why that can starts with the '82 coins. Also, please realize that new and shiny looking doesn't necessarily equate to any value to speak of. It is not uncommon for many uncirculated coins, coins that would grade MSxx, to only be worth a dollar or two at best. And even then, only to someone who happens to need one of them. If you decide to stick with the hobby what you'll find is that the hunt, the chase, is often the lion's share of the fun
