when is a coin worth bringing into the local coin store for sale/trade?

I’m getting some 60’s 70’s cents in decent shape, war nickles, wheaties (mainly 40s/50s) and random other goodies from coin roll hunting with my daughter. I’ve been putting them in 2x2’s and setting them aside.

We have a couple local coin stores that I’ve been wanting to go to, but don’t know what to expect and don’t want to go in as a complete idiot. I’m not expecting to get rich, but hope to trade and sell my coins worth a little more than face value for other inexpensive coins missing from our collections. Is that a thing done in coin shops or will I get laughed out for trying?

Judging by some of the posts here, I imagine coin shops get equally annoying “look at this error!” or “my .02 is worth $20!” and I don’t want to be that person. I hope to learn important lessons with cents before I start spending dollars...

 

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CRH finds like you describe aren't really something that moves in a coin shop. Low value coins just aren't worth the effort for many dealers, which is why you see them in the pick bins and junk boxes. I recommend going to the shop with a list of dates you need and see what you can find. maybe wait on selling until you have more experience. Everybody starts somewhere, so best of luck

Also, if there is a local coin club in your area, join it

 

Based on the first paragraph you wrote, I see nothing a normal dealer would be interested in. The fact that you can find them roll searching ALMOST precludes a dealer being interested. Only the oddest of finds gets to that level.



Basically the whole "finding riches in pocket change" idea is a big fat lie.

 

Here's what I will say based on hanging around (sometimes working for, sometimes just standing there for a while waiting to see if people bring in new inventory) a few coin shops for a while:

You can spend your 60's and 70's cents unless they are valuable die varieties. My LCS has rolls of UNC Memorial cents for sale for as low as 3x face value, so they will most likely have little interest in change from coin roll hunting.

They may make an offer on your silver war nickels, but it will usually be significantly under spot if they are worn/ heavily circulated.

My LCS offers 2x face on most wheats (considering most are 1940's-1950's) and sells them at 5x face.

The only reason I'd ever put CRH finds like war nickels and wheat cents in 2x2 was if I was going to list them in an auction where I knew that 2x2 were magical (people mostly scoff at stuff like that when they're loose, but put them in 2x2 and suddenly they are collectible coins!) I think you are most likely wasting your money with putting that stuff in 2x2 - better to get some tubes or bins. But, quite honestly, it's your collection, so have whatever kind of fun you like to have.

I don't mean to be harsh - just honest - so you can adjust your expectations. Coin shops pay well for inventory they know will move quickly (or that they can make a decent profit on) and will not pay strong money for less-profitable inventory that will not only tie up funds but space.

Your best case scenario is to try to sell or trade these items on your own - somewhere free, like Craigslist, Facebook, B/S/T forums here. It will take patience, but you will get more money for your items which you can then take to the LCS.

 

I have become good friends with my dealer over the years. He will do business with a young collector and trade with him on the sorts of finds you describe. He does it to keep them interested in the hobby. But he has told me matter of factly that inexpensive coins do not keep his doors open and they go straight to his “bargain box”..... Even at my age I will still pull a random coin from circulation and toss it in my own junk box. We are collectors of life and history. It’s what we do. But no, I wouldn’t go into a dealers place with relatively common circulated stuff.

 

It's gotta be really good to take to an LCS for profit.

 

Thanks all! I think I’ll just take my daughter there and look around instead of trying to flip common stuff. My uncle made money flipping raw coins, but that was before internet times and he had a lot more money to work with.

 

I'll be honest, the sort of stuff you describe is not the sort of stuff a shop will want. Things you find in a roll, with very rare exceptions, are worth face value or a very small premium. Yes, the war nickels are silver, but circulated war nickels won't interest a shop. If you have hundreds of wheat cents, they'll sometimes buy them at a couple of cents a coin, but just as often they'll decline your offer.

Coin roll hunting is valuable time spent with your daughter, not really a profit making venture.

If you wanted to try selling your items on Ebay, you'll probably have more success.

 

A war nickle has about .85$ worth of silver but the manganese makes them difficult to refine. So I would expect to sell them at .70$ and buy at .85$. If you have several LCS, I would take one in and see what each offers you. This will give you an idea of what type of people they are. Both of my LCS are very fair and willing to take the time to share information with newer collectors.

 

When you know as much as the owner of the coins and not take offense nor offers that are unreasonable. Jim

 

Facts. 100% facts.

 

And the key is in knowing what you're looking at, I'll just bet.