Cherry Picking through junk silver coins from bullion dealers - is it worth it?

Does anyone look at the 90% silver "junk" coins that can be bought from bullion dealers? Is it worth the time to look? Or, have they already been gone through very well?

Has anyone found anything with numismatic value with this method?

thanks...........

 

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My best finds were an 1903-S Morgan and a 1926-S Mercury dime from an Ebay lot. But, with silver prices being high many better date coins have seen their premiums disappear. I offered these two to a local dealer and all he would offer is spot - saying they were too worn to bother selling as collectible dates. There is a forum member here that has managed to cherrypick 5 no date 1916 Standing Liberty quarters each worth a pretty penny. I've seen 1942/41 dimes cherried also.

 

I've had mixed success. Sometimes there's nothing good, but sometimes I can find some nice seated liberty and barber halves, and, if I'm lucky, some proof coins. It takes patients, but can be worth it.

 

Oh yeah. Now that someone has purchased the entire 1/2 price bin, the junk silver 1/4s are my lifeline. I have gotten: 1960 proof, 1907-S, and 1899-O, all for melt value, or $5.35.

 

Cherry picking for numis, I have had only modest success. Usually dealers don't offer near retail for what you find. Still it is fun and it offsets the premiums on 90%. I have found 1917-s type one half in G (sold for $26) 1949-s half in AU (sold for $25) 1939-s quarter in AU and 1947-d quarter in unc (sold the pair for $15) I also found a 1936-d quarter in Fine that I haven't sold yet.

Cherry picking for quality is easy though. Lots of VF+ mercury dimes and walking liberty halves, uncirculated quarters and '64 kennedys, EF+ franklin halves etc.

I think the fact that I take my time picking my 90% makes me a true aficionado

 

Depending on what they put in there it is worth it lol! If they strictly have modern stuff (50's and 60's) probably not. But if they have a good mix it is. I've gotten several better-date Barber dimes and quarters, as well as standing liberty quarters out of junk bins...examples worth 7-10 times the melt value or so. My best find was a VG 1914 Barber half. Sold it for $150. Not bad for 10 bucks! I know of others who have found 42/1 Mercs and other stuff.

 

Uh, I picked through some Barbers at a pawn shop back in February and picked out 4-5 1908 and 1909 New Orleans minted quarters - at melt value. I have also found the '26-S dime in "junk" Mercs.

 

there is a coin show in hallandale beach where a gentleman named Tim is a dealer with a booth. He has 3 buckets on his table everytime. Dimes, quarters and halves. One weekend I spent about 2hours at his booth after asking if I could cherrypick and he was ok with it. I pulled some AMAZING mercury dimes. He let me buy about $2 of face value at melt. I then in turn sold 10 of them in airtites on feebay for about $140 and bought an unopened bankroll of mercury dimes. It was one of my favorite flips because it was fun.

 

Absolutely. You just need to know what to look for

 

Of course it is. One person's junk, is someone else's gold. Ever try to fill a Whitman book, but need just one more specific coin, then spot it in a junk bin? Been there, done that.

 

And there you have it as this is what it all boils down to. If one simply memorizes a few dates from their redbook and walk into a B&M expecting to pick, chances are that their time will be wasted. It may not be that uncommon to find type/date/mint coins that arguably have added numismatic value, but most of such coins are in the junk bin because the dealer did not wish to waste his time on them. Of course there are always exceptions to the rule, but if one truly wants to cherrypick junk, I highly suggest that they learn about and focus more on valuable varieties instead of crossing fingers and hoping to find the obvious better dates.

 

Sometimes you find rarer coins that were put into the junk bin because they were damaged, scratches, improper cleaning, gilded, etc. Little is more frustrating than spotting or acquiring a gilded cc marked Morgan dollar in otherwise EF shape.

 

Of course they won't. If they paid retail there would be no room in the coin for them to make a profit.