coin grab bag auctions

I bought grab bags twice, once for $25 and once for $50.

In both cases I received about what I paid for. Also, in both cases, it was fun to wait and see what I had purchased.

 

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Sure I would if by putting in a $140 low grade damaged 1877 I could sell several hundred grab bags of a roll of wheat cents for $15 each. That's a 1500 return on a $140 investment. Sounds like a good deal to me.

Because it lets you sell a lot MORE bags for way over their value.

If as a dealer I buy several bags of wheats, maybe a bag of Mercuries and a bunch of other things, believe it or not I am probably NOT going to spend hours going through tens of thousands of coins on the slim chance of finding that $600 coin. There are more profitable things I can be doing with my time. Plus I can probably make more money by tossing in a couple of better pieces and then grab bagging the lot.

Say I have a bag of wheats. Those trade at what $125 - $200. I toss in a 09-S Lincoln in Good, trends $80. So I have $280 in the group. I put it into half pound bags (about 70 bags) and sell them for $10 each, with the hype that there is guaranteed to be at least an 09-S cent in one of the bags. I get a return of $700 on a $280 investment for a profit of $420 plus I can probably scam at least another dollar from the S&H on each bag for a total profit of $490.

Or I can spend two to three hours scanning through the coins, finding nothing, and then sell them for $15 over my cost. Figuring in the value of my time, that's a $15 loss.

Sure I might miss finding a key with the bulk method, but the feedback I will get will make it easier to run the grab bags in the future, and possibly get $15 per bag in the future on the strength of the "great finds" from my previous sales. ($15 per nets a profit of $700 for the bag. At that rate as long as there are suckers there will be grab bags.)

Sure

 

Speaking of grab bags, I noticed an ad in the sept. issue of coins.
The company is advertising wholesale lots for coin(s) of the month.
With 8 different plans , u choose one or more and change from month to month or cancel anytime.

One example( plan f), walkers and or franklin choice/gem bu MS63+
the lowest cost in retail is 100$ for59.95, $200 for $114.95, all the way up to $2500 retail for $1250

Plan H popular 20Th-century choice/gem B.U.
Contains early Lincolns, Indian head penn,Buff. nik.,TOP quality mercs(many with FSB),early Wash. quar., Stan. Lib. quart.,Walkers, Franklins, Morgans and peace. $100 retail for $47.5, $300 retail for $135, all the way up to $5000 retail for $1850.

After ten months of membership you recieve the 11th for free.And also includes a choice BU peace dollar just for signing up.With no obligation and you can cancel or swith plans anytime. If not completly satisfied, a full cash refund and a free gift for your trouble.

Sounds interesting?

Th company is G&F coin Galleries out of philly.

My question is,Has anyone ordered from them before and what was the experience.

I have never ordered a (grab Bag) or anything like it for the same reasons stated in the above threads.

But this one sounds legit with the company selling high grade material.
Maybe, possibly someone in here has seen this ad or ordered from them.
I am very sketchy ordering anything online unless I know they are reputable.

I hope this was'nt wrong of me mentioning this company.

With some positive feedback i just might sign up!

T.I.A. CLAW

 

but condor, this doesn't even happen... for one, as a dealer, if you have not searched all those bags, rest assured that someone has before they got to you. Dealers don't search them because they know this - and they know it's pointless to search them for key dates. The key dates have already been removed. Once in a very blue moon, will people find a nice good date in these packs? maybe. But when they are assembling these half pound bags that you mentioned - how long does it take to do a last minute check sum, and verify you aren't letting any great coins go before you drop them in a bag? not very long.

As far as dropping a 09-s or a good 100+ dollar coin in the group - that doesn't happen either, because its far less expensive to create a second ebay ID and shoot yourself feedback 'WOW WOW WOW!! 09-s VDB found! Thanks bob! I always find good stuff' - hey, I just got the exact same result, and I didn't have to spend $140.00 to do it.

ebay grab bags are, hands down, the easiest way to throw away your money on coins you don't want - you'd be lucky to even receive types you collect.

 

your logic condor101 gives the hobby a bad shade!!

 

I just received my shotgun roll of Walkers. 10 of the coins were from the 1940s in Fine to AU condition (no big suprise there). 9 coins from the 1930's ranging between VG an VF (again not a huge suprise). Last, but certainly not least, the one coin from the 1920's... a 1928-S in XF 45 to AU 50. If I turn around and sell this one coin, it should net me about as much as I paid for the whole roll. 19 free Walkers sounds good to me. So, as far as "grab bags" go, I guess that I didn't do too badly.