Bulk wheats. Where should I buy?

Lots of folks have been saving wheat cents for over 50 years. I have.

 

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You have about 15 years on me. I wish I had been more active doing it years ago when more of them were in circulation and the condition was better

 

Woot! I just noticed that I've been upgraded from a new member to a member. I guess that's something to be proud of

I know this is no big deal but I'm one that has a curiosity to me and I want to know these things: Is there somewhere I can find the stages of membership and the requirements to achieve then on here?

 

You passed the test. You didn't run out the door calling us names.

 

Oh you can better believe I'm calling all of you guys names!

Seriously though this is a great group here. Every post I've made, every question I've asked has been answered by multiple members. I've been met with nothing but kindness and professionalism.

 

The only purpose I see in buying bulk wheaties is to eventually sell them in bulk to someone for the same reason. As far as cherry picking or filling holes in albums with beat up coins...I don't really see that as being the best way to go about it.

Unless you can get them in bulk so cheap (below 2 cents/coin) then it's a copper bullion situation of nothing else.

 

Coins are not copper bullion. It's an alloy. If you were allowed to melt them
they bring 25% of the spot price for Grade A copper.
Each cent brings 1/2 cent if you melt it. Copper has to go to $6 to break even
People hoarding copper cents are in for a rude surprise.

 

What would you suggest as a better way of going about it? I'm open to any and all suggestions. I've collected then from loose chance over the years and I've done my share of CRH, which I plan to continue doing. I'm ready to try something new.

 

Interesting. Why do you say they would only bring 25% when they are 95% copper? I know there are cost involved in the meeting process and all, but that seems like a huge difference. I'm not trying to say you're wrong, I just want to understand

 

I just ran the math based on the spot price of copper @2.78/lb and estimated about 3 grams of copper in a penny. It comes out to roughly 1.75 cents worth of copper per penny.

Keep in mind people do trade copper penny poundage at a premium associated with bullion value, evidently in anticipation that one day melting them will be permitted. I heard they charge 11 percent to melt down gold, but not sure what it would be for pennies should that day come.

 

Well I got my box in the other day. So far I've only had time to go through about half of it. The mixture is pretty much what I expected. From what I've searched through I've found several AU and BU coins, all from the 40s and 50s. The older coins I've found a handful of VF to EF. I found 9 Indian heads, only one of which you can still read LIBERTY on. Also found two key dates, or semi key dates. A 1909 (no VDB), and a 1914s. The condition of the coins as a whole is descent but not great. At least every coin has a readable date on it.