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gothboi30
Penny Collector Member
USA
286 Posts |
 Posted - 05/09/2009 : 13:22:42
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Hey all. I just returned my stash to the bank for face (needed $$ asap). I'm probably not going to be searching for copper lmc's any more, instead focusing on nickels, dimes, and halves. I am more interested in searching for coins that may have numismatic value, and for silver coins. My question is this- is it worth it to go through $25 boxes, when you might only find 7 or 8 wheats per box? Also, I have yet to find a single ihp, despite over $1000 face searched so far. Any advice is appreciated, thanks.
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Edited by - gothboi30 on 05/09/2009 14:57:35 |
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jonflyfish
Penny Hoarding Member
USA
693 Posts |
Posted - 05/09/2009 : 13:35:22
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| IMO you can do better by flipping burgers at Micky D's with the time then buy IH's for approx $1 ea. Consider the opportunity cost of the time spent sorting 100k+ pennies in search of a $1 coin (and still not finding it). Wheaties are approx .04 ea for commons. Yes I know, but what if you find THE S VDB right? Consider how often they are found in the wild these days and how many coins sorted in between. In my opinion, still better off earning some $ somewhere else. Markets are efficient discounting mechanisms. Rare coins are priced accordingly. My wheaties and the 2 IH's were plucked as a consequence of hoarding copper. Collectively they are worthless relative to the time spent sorting. But, since they were a fun consequence of hoarding the extra added bonus makes it worthwhile. :-) |
The first panacea for a mismanaged nation is inflation of the currency; second is war. Both bring a temporary (and false) prosperity; both bring a permanent ruin. But both are the refuge of political and economic opportunities. |
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TXTim
Penny Hoarding Member
629 Posts |
Posted - 05/09/2009 : 14:49:25
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You would be better off buying everything if you are looking for numismatic value.
To most of us, it's a hobby. Sometimes it pays off but that's not the real goal - the fun is in the hunt.
It's almost like metal detecting except weather and daylight aren't a factor! |
Beer is my currency. |
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JP_007
Penny Sorter Member
USA
58 Posts |
Posted - 05/09/2009 : 15:43:29
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| Personally I find it exciting to hand sort boxes though I usually only get 7 - 10 wheats per box....I get really excited whenever I find a wheat and right now with everyone cashing in their change in need of cash I bet people are going to be finding some great coins. As mentioned by others, yes searching for a coin worth a dollar for many hours does not make "financial sense" but if you are a collector, as I am, then the value of the find is just as much sentimental as it is dollar worth. Im assuming your not intending to turn a big profit on any IHP's should you find them (or wheats) so I would say if you are in it for the collection, and enjoy the thrill of the hunt, it is most definitely worth it. |
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PennySaved
1000+ Penny Miser Member
USA
1720 Posts |
Posted - 05/09/2009 : 15:58:33
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Lately I have been finding 20 to 25 wheat pennies per box and also finding 4 to 5 regular dimes.
With the economy so bad and people needing money, its hard to tell what coins will start showing up in the sorts.
Id much rather sort pennies than do regular work since you can do it at your leasure and also do it while watching TV.
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SELLING COPPER PENNIES 1.4X FACE SHIPPED......“I sincerely believe that banking establishments are more dangerous than standing armies, and that the principles of spending money to be paid by posterity, under the name of funding, is but swindling futurity on a large scale” Thomas Jefferson |
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n/a
deleted
64 Posts |
Posted - 05/09/2009 : 16:08:55
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If you are trying to make money and grab key date coins you are doing it for the wrong reasons to start with. This is a HOBBY is it was easy to find Indian Heads and $100 coins Everybody would be doing it.
I have searched over a million pennies this year alone so far and scored 12,000 wheats and 15 Indian Heads, would I trade this to flip burgers NO WAY!!! But I also dont depend on it to pay me bills.
It is a hobby that a greatly enjoy. When it isn't fun anymore I will stop...
Jason |
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n/a
deleted
478 Posts |
Posted - 05/09/2009 : 17:12:37
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Like I've said before, try going to inner city banks in the most poverty stricken neighborhood you can find near your house. Go in the late afternoon and ask for customer rolls brought in that day. These are the places where you will find Wheats in large quantity. Try it a few times and see if it works.
Searching for wild silver these days is not worth it in my opinion. Like someone said above, get a part time job and buy some as this would be more economical. If you really want the thrill of searching for treasure, I suggest you buy a metal detector and have some real fun. I had one years ago (1993?) and went out to the Catskills where I had permission to search some very old areas. I found some real great stuff like huge old musket balls, a barber dime from 1904 and my best ever.......an 1820 Federal period penny with severe corrosion. You could still make the date out but not without effort. I donated it to the local museum in the town I was searching in as it had no real value. The museum loved it as the house (yard) I was searching in was built in 1820! Other finds? Very old rusted pocket knives, horse shoes, square iron nails, many wheats and modern coins, a silver quarter and a silver dime in the same HOLE, lead fishing sinkers and tons of bottle caps and pull tabs. I don't do it anymore but I'd like to some day. The technology in metal detectors is unreal today. Sorry for the ramble....... |
Edited by - n/a on 05/09/2009 17:29:22 |
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buyingsilvers
Penny Collector Member
441 Posts |
Posted - 05/09/2009 : 19:59:24
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As others have said hobby, not money making venture.
The closest thing to money making business is sorting copper pennies with a ryedale and selling them on ebay or to other investors. Focusing on nickels & dimes is a mistake as well IMO.
Personally because I find a lot of good halves, I think halves> pennies > nickels > dimes > quarters
If your area doenst have good halves, then pennies > halves |
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daviscfad
1000+ Penny Miser Member
USA
1664 Posts |
Posted - 05/10/2009 : 10:17:09
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quote:
To most of us, it's a hobby. Sometimes it pays off but that's not the real goal - the fun is in the hunt.
I agree with the time i spent trying to find a couple hundred dollar coin i could have worked and made the money. I do it solely for the joy of finding it. Nothing like finding a Wide AM or My 95 doubled die "even though it was only a 15 dollar coin". Hunt for the fun and worry about the money aspect later. |
Inquiring minds want to know |
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NotABigDeal
1000+ Penny Miser Member
USA
3890 Posts |
Posted - 05/10/2009 : 10:35:03
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What a shame that you returned you stash for face. Surely a buyer could have been found here. Sort for the fun, not for the profit....
Deal |
Live free or die.
Plain and simple.
"If you love wealth more than liberty, the tranquility of servitude better than the animating contest of freedom, depart from us in peace. We ask not your council or your arms. Crouch down and lick the hand that feeds you. May your chains rest lightly upon you and may posterity forget that you were our countrymen."
- Samuel Adams |
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Corsair
Penny Hoarding Member
811 Posts |
Posted - 05/10/2009 : 11:21:49
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| I do sort for fun, but the profit associated with it is in the back of my mind. I always hope that every $75 box of copper I seal up will someday be worth two or three times that amount. But then again, the fun of sorting, while watching TV or listening to music, is a great "profit" as well. |
So long, Realcent 1. Come visit us at Realcent.org! |
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gothboi30
Penny Collector Member
USA
286 Posts |
Posted - 05/11/2009 : 10:15:16
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| Deal- I initially tried to find a buyer, no luck. I needed cash asap, and couldn't afford to wait 2, 3, or more weeks for a serious buyer to show up.... |
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Searching for wheats and indians
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