10 lbs of wheat pennies in route from USMINT.com

just ordered them tonight. Anyone have any experience? I figured the eBay ones had already been combed through for everything. Likely these are too but $180.. $90/5 lbs) we'll see what is in there. I'll update but in the meantime...

Anyone order from them before?

 

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Are you sure it's the USMINT.com?

 

The real mint doesn't sell old coins

 

Uh, isn't the U.S. Mint's website USMint.GOV, not .com?

Edit: nevermind. I see that it redirects to .gov and both are registered to the U.S. Treasury.

But still, Treashunt is correct and ldhair raises a legitimate question.

 

There is an outfit Govmint.com that tries to make you think that they are official and has just enough fine print to keep them out of trouble. Sorry @Justawesome but I think you’re going to overpay for your wheat cents. At approx. 145-150/lb, you’re paying 12 cents each. If it’s any consolation, many of us have fallen for stuff like this at some point when we were new collectors.

 

If you had the money to burn then I guess you could've done worse things with it...
I would agree with @Oldhoopster , you definitely overpaid for what will most likely be 99% 40s and 50s common wheats and maybe a few older common dates.
I for one, would be interested to see what you get when they come in though. Just out of curiosity.

 

@Oldhoopster is correct. You overpaid. Do the math, $180.00/10 pounds/145 cents per pound (for copper cents)=.124 per cent. I just purchased a bag of 250 Wheats from 1909-1920 for $.03 each at a coin show two weeks ago.

I hope you live and learn from this experience. You bought, then asked if we had any experience. You should have asked first and bought second.

 

Agree

 

I did, that put a add in the papers in some areas, saying that you can get wheat cents from the us mint.com. THe coins that sent are in a see through bag. I had looked at the coins to see what I could see. The coins were junk!!!. In the add it says that you are lucky to live in there zip code area 67890, 54678,44806 and so on. That also had picture of a mint safe with bags of coins. It is a big coin company that is selling these coin. I had returned mine and that credited my card. That play it up big in the papers.

 

Coin dealers pay in the neighborhood of 2 to 4 cents each for wheat cents. If you advertise that you will pay a nickel apiece you will be buried in offers locally and will never have to pay shipping. That would get you triple the amount of coins and a better selection too.

 

I visited my LCS this weekend and the owner told me had just recently sold 55 pounds of wheat cents (That he personally had not gone through) for slightly over $0.04 each, and was quite happy. The purchaser returned a few days after making the buy to show him the 1914-D he had found. There are still a (very) few finds out there...

 

150 x 55lbs = 8,250
8,250 x .01 = $82.50 face
x .02 buy = $165.00
sell = $330.00
= $165.00 profit over cost.
Toss in 1 low grade key date ddamaged = $5.00 coin
Now, it's a $160.00 profit
Customer is happy and thinks he got rich.
Dealer almost doubled his cost.
Welcome to the USA coin market.

 

And then,
customer sells his coins for .03 = $247.50
keeps key date cent
$330.00 - $247.50 = $82.50 left into remaining cent.
Could have bought the key date cent in collectible condition low grade for $82.50.

 

I will buy every 14D in whatever condition you have for $5...

 

146 to the pound.

 

I think i'm getting the picture here. I actually did have a few bucks to burn and i went on a bit of a coin buying bender. I actually was able to get a lot of items that I had on my list for a while. And although my collections of wheaties are only missing 2 coins each (i'm sure you can guess, they both start with 1909).

Now - i appreciate everyone's answers. I am only a bit over year in the hobby so to those that listed out the math of what i should expect to pay per coin. That was very helpful. My situation now (i'm expecting the 2 5 lbs bags today) is if i should return them or not. Two things i am pondering related to that.

#1) 12 cents/ coin is obviously too much what i was looking for was a place to get Wheaties that haven't been gone through yet. I know, doubtful from where i sourced these from as well. I just figured the bulk bags on EBay are just going around and around getting picked over and resold.. leading me to question two.

Does anyone have any advice on where to acquire some fresh Wheaties, or at least not gone through by experts 5x over?

If that's a trade secret, i apologize. BTW, i still might go through one or both of the bags just for fun and if i find something i'd be happy to contribute some pics.

Thank you. Best!

 

I really don't think that it's possible.

 

You can expect that every Lincoln cent has been looked over 10 times.
Finding key dates is going to be luck of the draw, and might take you hundreds or thousands of these style bags.

 

Understood. Maybe i will put an dd on CL offering fair rates to people that may have some and not cared about them for many years.

 

You'll have to find estate finds (before the estate people) and an older generation that just stores their change.

It's out there though as mentioned very rare/few and far between. I know of two people that have stored their change and cents for decades that don't really care what's in there.