Got a killer deal on these LWC rolls - where to go from here?

So I got 5 rolls from this guy on eBay at around $0.02 per wheatie. Excited by the results, I got another 2 rolls at another of his auctions at about $0.05 each since they were mainly earlier dates. 80% of the finds below were from the second auction:

13-S F15
15-S F15++
16-D F15++
21-S VF30
22-D VF30/35
23-S (1) VF30, (3) F10-12
24-S (1) VF30, (1) VF20
25-S (1) EF45+/AU, (2) EF40
26-S (2) VF35++/EF, (1) F12
27-D/D RPM-001 F12
27-S (1) AU55, (1) EF45+
28-S (1) AU55, (1) EF45, (1) EF40
28-S/S/S RPM-002 (1) EF45
29 AU55+
29-D AU50
29-S/S RPM-002 AU50
29-S EF45
plus another half roll or so of 1910-1929 S and D mints worth $1-3 each

according to FMV that means well over $300 worth. I've spent perhaps $15-$25 total factoring in shipping. I don't think he knows what he has!

Here's one question: how do I go about eagerly pursuing more from him without letting him know he's giving ridiculous deals (he doesn't have anymore coin auctions listed and is just selling antiques it looks like)? and is that considered immoral in a way??

And another, more subjective question: I just started trying to fill my Lincoln cent folders a few weeks ago. With so many semi-key and nice condition dates, would you try to start a second set or re-sell the doubles to invest in finishing out the first??

 

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Nice pickups!

I would message him and ask if he has any other coins - if so, tell him to put them up. Seems like you've been getting great deals from him, so I don't suppose they would stop. Especially if he's forgetting some key words in his auction titles. I can't tell you how many people put up Morgans, Peace dollars and even Mercury dimes without putting any of those words in the auction title. Even found a guy selling a 'lot' of 90% silver pieces as "some coins I found in a box". Who's gonna find that auction??

As for putting together a set - I would definitely use the money to find the highest grades that I could afford. If you've already got, say, 2x 1929-S Lincolns that are in low AU condition, I would sell them both to find a higher grade. Knowing how to grade coins from pictures can save you up 75% of the actual value in some cases. It's always rewarding to win auctions when you're the educated bidder

 

Thanks for the advice, Myco! I was leaning towards developing a single higher grade set as you suggested.

and yeah I really want to learn how to grade better!

I did a couple Google searches, but haven't yet been able to locate any hi def picture-grading guides for LWC yet. I get fuzzy around the VF30 to EF40 range and then determining AU50 to AU58. And it's especially confusing when an obverse looks VF20 and a reverse EF45 or vice-versa. Any good links or do I have to buy my 5th coin book in two months?

By the way these auctions were listed as something like "Our old wheat cents." No one was bidding so I figured it was worth the low price no matter what I got.

 

You could use PCGS's grading guide. Clicking on the individual sides of the coin will give you a larger picture.
----> http://www.pcgs.com/photograde/#/Lincoln/Grades

And to be honest, I wouldn't know how to grade a LWC, or any coin for that matter, that had a substantially different appearance on one side. In fact, I own a 1954 wheat that looks AU50-53 on the obverse and MS63-64 on the reverse. No idea how it happens and no idea how it should grade, either. Maybe someone could chime in and enlighten us?

 

OK, senior moment. What's "LWC"?

 

LWC=Lincoln Wheat Cent

 

The biggest problem i have had is trying to sell them. If its not a simi or key date i have had trouble selling them. There are just too many commons out there and in good grade to get what there worth out of them.

 

Thankyou...

 

They are calling the Memorials LMC (Lincoiln Memorial cents) and sometimes Zincolns for the post 82's. All the acronyms are making me crazier. Like texting.

 

Thanks all! and yeah, Myco, I did a forum search with no real results - I found it to be pretty common looking through this batch of cents, 5 or so with a definite 15+ point spread from obverse to reverse. And you are right: the question of how to grade them is perhaps secondary to the question of just how it happens...

 

maybe some kind of brockage??

So three of the cents in question - that I'd say grade a solid XF based on the PCGS pictures - appear to have an indent of the obverse impressed into the reverse on closer inspection. I noticed when i picked out the most intense differences in obv/rev (rev grades VG8 probably) that they all had the same pattern.

It looks like what I've seen described as a brockage but that should have ONLY the imprinted pattern and not the clearer regular reverse. How could this have happened?

 

Are you using Numismedia as your "FMV"? You would probably have a hard time selling them for $1-$3 a piece.

 

I am. But if I decide to sell them, it will be in sets like all "1920 thru 29 s mints VF30" or "(10) 1918 AU" or whatever. I'd never want the hassle of trying to sell individual wheat cents unless it was worth it...