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gothboi30
Penny Collector Member
USA
286 Posts |
 Posted - 11/27/2009 : 03:32:58
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Ok, so I need opinions on whether or not this Ebay auction is worth bidding on....your thoughts??You must be logged in to see this link. Just in case the link doesn't work, the Ebay item number is 350239067414. Thanks.
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Dalsuh
Penny Hoarding Member
USA
757 Posts |
Posted - 11/27/2009 : 03:45:14
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| Nah, don't do it. Bad ratings also. |
PACK THE FORUM EVERY MONDAY NIGHT
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hobo finds
Penny Hoarding Member
838 Posts |
Posted - 11/27/2009 : 08:41:17
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No I would not
$4.80 face value & less than $20.00 melt |
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slickeast
1000+ Penny Miser Member
USA
2533 Posts |
Posted - 11/27/2009 : 10:43:50
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| Hey, Fort Mill is 15 miles from my house. I might shoot them an E-Mail |
You don't have to be the BEST you just have to be.......SLICK
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daviscfad
1000+ Penny Miser Member
USA
1664 Posts |
Posted - 11/27/2009 : 10:49:51
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| I also would not do it |
Inquiring minds want to know |
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slickeast
1000+ Penny Miser Member
USA
2533 Posts |
Posted - 11/27/2009 : 11:07:56
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I wouldn't do it, UNSEARCHED.....That is the biggest lie / marketing tool these coin guys use.
I wonder if he has a shop. That is what I asked in an E-Mail |
You don't have to be the BEST you just have to be.......SLICK
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hobo finds
Penny Hoarding Member
838 Posts |
Posted - 11/27/2009 : 16:19:06
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| Look at the feedback at the end of what they have wrote. 3 people have found 1909 s vdb's and one a 1955 ddie. Plus other great coins. Slick you have to go check these guys out If they answer your email. |
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Neckro
1000+ Penny Miser Member
Saudi Arabia
2080 Posts |
Posted - 11/27/2009 : 16:21:04
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| It's a known trick to pepper bags to make them seem unsearched. Or their buddies buy them, and place lies. |
Trolling is an art. |
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sheba
Penny Pincher Member
USA
191 Posts |
Posted - 11/27/2009 : 20:02:26
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"nice silver but 98% of all pennies were all 1940-1950s,but nice coins"
I think you should really consider the above feedback comment about this 'deal'. I think its a pretty obvious 'red flag' (unless you've got lots of 'discretionary cash' to spend  ).
These feedback comments for this item are from a buyer who evidently purchased two of the lots. He had the same comment for both purchases.
Personally, I learned the 'hard way'. Early on, I got stung from a couple different eBay 'unsearched pennies' offers.They were NOT unsearched!! I found very few early dates or good dates with mintmarks. The condition of those very few semi-keys would be AG to G at best ... some would struggle to grade FR. I think most serious coin collectors would have called them 'culls'.
My experience was that just as the buyer above commented in his/her feedback, usually 90%-95% (more or less) of the pennies will be dated in the 40s and 50s and those earlier will often be very common dates such as a 1919 P and not in very good condition.
I really don't know if it is possible to 'buy' bags of truly 'numismatically unsearched' wheat pennies anymore. I guess it used to be possible ... but if it still is I would imagine the price would be really high. "Unsearched" is a very indefinite adjective when used to describe numismatics.
sheba |
woof ... wag ... whine |
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chris6084
Penny Collector Member
303 Posts |
Posted - 11/27/2009 : 22:14:04
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Probably about 7 years ago I bought a large amount of 'unsearched' wheats from a dealer on ebay that was selling tons of them, literally. I did get a few nice condition coins, but not any key dates. I checked these guys out about 3 years after I bought from them, and guess what they were selling? They were auctioning off all kinds of key date and uncirculated wheats for at least 6 months before I stopped checking thier auctions. My guess is they were cherry picking the unsearched wheat sales, and then a few years down the road, when they thought all past coustomers were long gone, they began selling their findings.
I never trust unsearched wheat sales from ANY coin dealer. Even if they honestly did not search the coins themselves, how do you know the previous owner(s) of the hoard did not search them? Treat these auctions as a bulk purchase of common wheats, and with that in mind, this auction is a little pricey. |
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sheba
Penny Pincher Member
USA
191 Posts |
Posted - 11/27/2009 : 22:33:59
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quote:
Originally posted by chris6084
I never trust unsearched wheat sales from ANY coin dealer. Even if they honestly did not search the coins themselves, how do you know the previous owner(s) of the hoard did not search them? Treat these auctions as a bulk purchase of common wheats, and with that in mind, this auction is a little pricey.
Excellent comment ... totally agree.
sheba |
woof ... wag ... whine |
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HoardCopperByTheTon
Administrator
USA
6807 Posts |
Posted - 11/27/2009 : 22:41:34
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I think whether you buy searched or unsearched you are going to get about the same. Most bags of "unsearched" cents will contain mostly 40's and 50's because that was what was in circulation. Key dates are called key dates for a reason.. because they are scarce. It would be highly unlikely to find any in a bag of "unsearched" wheat cents. Funny thing is when people buy "unsearched" bags on eBay they get themselves all amped up thinking there are going to be all these wonderful rare dates in there. Then when the bag comes out basically reflecting the mintage ratios of what was in circulation they feel cheated and claim the bag was searched. Many dealers do not waste their time searching through bags.. the return would be too low. They just move them out as is because they do not expect there to be much in there worth finding. Since they are in the coin business they also buy and sell better date coins indiviually. The chances that they plucked those out of bags are very low.
Think about the tons of "unsearched" pennies we as a group collectively go through. How many key date coins do we find? I would say all those rolls of coins we get from the bank are unsearched, yet still we don't find a key date in every bag. Are we disappointed? Nah.. we are happy to get the copper. If we happen to find a few common date wheats we are happy. If we find a low grade Indian cent we are ecstatic! Even if a group of coins is truly numismatically unsearched, the odds of finding a key date are still really long. Why would you expect the odds to be any better on a bag of wheat cents?  |
If your percentages are low.. just sort more. If your percentages are high.. just sort more.
Now selling Copper pennies. 1.6x plus shipping. Limited amounts available. |
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HoardCopperByTheTon
Administrator
USA
6807 Posts |
Posted - 11/27/2009 : 22:49:44
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Here is a thread you should read about "unsearched" coins.
You must be logged in to see this link.
The guy that wrote this excellent article is a member here.
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If your percentages are low.. just sort more. If your percentages are high.. just sort more.
Now selling Copper pennies. 1.6x plus shipping. Limited amounts available. |
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slickeast
1000+ Penny Miser Member
USA
2533 Posts |
Posted - 11/27/2009 : 22:54:51
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I agree with what HCBTT just said. If a local guy sells you a bag of "unsearched" wheats and you find something of value you might try to sell it to him. Lets say you find a coin worth $500 tops, the coin guy offers you $350. You take it because E-Bay would eat you up in fees and it might not bid as high as you would like. Now the coin shop puts it in the case and sells it for $450. He makes another $100.
Sometimes, more often on E-Bay, the bags will be laced with a few "better" coins to entice you to buy more. It all marketing tools.
Coin shops are in the market to make money quickly. They bought the "unsearched" bags as cheap as they could, then resale for a quick profit. That is why they offer 9-10X face for 90% and sell for 13- 13.5X. They are just flipping coins like people flip houses. IN & OUT the door is what they want. |
You don't have to be the BEST you just have to be.......SLICK
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HoardCopperByTheTon
Administrator
USA
6807 Posts |
Posted - 11/27/2009 : 23:02:06
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| Say you are a dealer and somebody sells you 20 bags in a deal. Are you gonna search 'em? Heck no, you are gonna tack $10 or so onto the price per bag and try to move all 20 out in a single deal to somebody else. You know from experience that the return would not be worth your time when you can make $200 on a quick flip and then use that money to do the next deal. |
If your percentages are low.. just sort more. If your percentages are high.. just sort more.
Now selling Copper pennies. 1.6x plus shipping. Limited amounts available. |
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cesario
Penny Pincher Member
129 Posts |
Posted - 11/29/2009 : 01:28:05
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Yah, first post revealing a shocking secret.
I actually sold a lot of Wheat cents to one of these guys before. Even got a bidding war with another "Unsearched" seller.
I listed an auction where I had this lot of Wheat cents that was searched, and had dates from mostly 40's and 50's, with a smattering of common 20's (1929-S was the common one) and 30's dates in the mix. Had about $1.50 in coins, give or take. Was completely honest about the fact that it was searched, save for any RPM or unknown Errors in it. Sold for $15.00 before S&H.
I kinda peeked at the guys Feedback, and thats when I found out he was one of those unsearched wheat roll guys. If he's trying to find stock for his scams, he should've at least utilized a different account to keep his shenanigans a secret.
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chris6084
Penny Collector Member
303 Posts |
Posted - 11/29/2009 : 09:51:55
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quote:
Originally posted by cesario
Yah, first post revealing a shocking secret.
I actually sold a lot of Wheat cents to one of these guys before. Even got a bidding war with another "Unsearched" seller.
I listed an auction where I had this lot of Wheat cents that was searched, and had dates from mostly 40's and 50's, with a smattering of common 20's (1929-S was the common one) and 30's dates in the mix. Had about $1.50 in coins, give or take. Was completely honest about the fact that it was searched, save for any RPM or unknown Errors in it. Sold for $15.00 before S&H.
I kinda peeked at the guys Feedback, and thats when I found out he was one of those unsearched wheat roll guys. If he's trying to find stock for his scams, he should've at least utilized a different account to keep his shenanigans a secret.
Why would one of these guys be after $1.50 in coins? They do very high volume, and this would not even be worth thier time. |
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slickeast
1000+ Penny Miser Member
USA
2533 Posts |
Posted - 11/29/2009 : 10:02:51
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I got a response from this seller. I asked them if they had a shop in Fort Mill. Here it is;
Hello, we are a homebased business, not a true brick and mortar store, so unfortunately we do not have local pick up.
We are actually in Indian Land, so we are in the same county.
Thank you,
Terri
- estates-by-weight
I think that they buy any amount of wheats that they can. They probably buy the silver, Indian Heads, and steel pennies too. Then they make their lots to sell on E-bay. They have over 20,000 feedbacks and have got it all worked out on what they can spend and make a profit. They also probably buy some key dates or semi key dates to sprinkle in.
They are playing the odds. Just like the slot machines at Vegas. You have to let someone win every once and a while to keep them coming back. IF they throw a coin in that is worth $250 into a $30 lot, it gives hope. But then they sell 100 lots for $30 that contains about $10 worth of coins. They just made $2000.00. Subtract the $250 coin. It is still a $1750 profit. They win, the buyer loses. |
You don't have to be the BEST you just have to be.......SLICK
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JerrySpringer
Penny Hoarding Member
669 Posts |
Posted - 11/29/2009 : 10:13:39
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Sounds like an operation anyone can get into possibly. Too bad Ebay only shows most recent data for auctions. Thing is, you could buy wheats for years and do these "unsearched" auctions thereafter and no trace of your inventory gathering would be left.
Why doesn't Bill Gates or some other billionaire just start quietly buying up all the 1909 S VDBs or something? How would anyone know? Shortages of the specimen on Ebay? Of course, once you have all the still existing copies of the coin, how do you sell them at a handsome profit? |
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cesario
Penny Pincher Member
129 Posts |
Posted - 11/29/2009 : 12:55:41
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quote:
Originally posted by chris6084
Why would one of these guys be after $1.50 in coins? They do very high volume, and this would not even be worth thier time.
Guess he and the other guy needed the inventory and FAST. But hey, made a good profit, so i'm happy at least. |
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HoardCopperByTheTon
Administrator
USA
6807 Posts |
Posted - 11/29/2009 : 13:20:13
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I used to be one of the biggest sellers of "unsearched" bags of wheat cents on eBay. I taught myself HTML and had an ad with a background of wheat cents where I buried my scanner in them, and different coin related midis playing.. usually Pennies from Heaven." I would buy up 20, 30 or 60 bags at a pop from several dealers. I was the go to guy anytime a dealer had significant quantities of wheats he wanted to move. I didn't feel there was enough in there to be worth searching, and certainly didn't have the time. I just ran them through a counter (my counters were much slower back in those days.. lol) packed them up, and shipped them out. One of my customers actually did find a 1909-S VDB! I also heard reports from customers that found some of the early S coins. Most folks never said what they found, but the repeat business was an indication that they were generally happy with the mix. Heck, back in those days I used to add a 1909 VDB seperately with every bag. I even bought a gross of 5x/10x magnifying glasses and added one as an unannounced bonus to each bag.
Ebay raised their fees, the wholesale price of wheat bags got too high, and prices realized got lower. This, coupled with buyers seeming to expect to find a S VDB in every bag made it not worth the trouble anymore. Many of the bigger sellers of wheat cents on eBay now used to buy from me. |
If your percentages are low.. just sort more. If your percentages are high.. just sort more.
Now selling Copper pennies. 1.6x plus shipping. Limited amounts available. |
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beauanderos
1000+ Penny Miser Member
USA
2408 Posts |
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Is this worth it??
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