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PennySaved
1000+ Penny Miser Member
USA
1720 Posts |
 Posted - 05/31/2009 : 14:31:16
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I have the opportunity to buy 10,000 wheat pennies for $400. The man selling them tells me he bought tons of them from an old man who had hoarded them a long time ago. The older man who hoarded them got very ill and needed to sell some of his possessions.
The man offering me the wheat pennies says he has so many of them that he doesn't have time to go through all of them; he said that he did go through one of the buckets he bought and that there were some early 1900's wheat pennies and also some BU later 1950's wheat pennies.
How much would you pay for wheat pennies unsorted? Does $400 for 10,000 seem like a good deal?
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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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jadedragon
Administrator
Canada
3788 Posts |
Posted - 05/31/2009 : 14:36:27
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I see two problems with what he told you.
"some early 1900's wheat pennies" seems odd since the first wheat was in 1909. However, if you define early 1900's as everything before 1950 then the statement is redundent.
"later 1950's" would suggest they might be memorials.
4 cents each seems pretty reasonable, but you might want to do some samples to be sure you know what you are getting. |
“The reasonable man adapts himself to the world; the unreasonable one persists in trying to adapt the world to himself. Therefore all progress depends on the unreasonable man.” – George Bernard Shaw.
Why Copper Bullion ~~~ Interview with Silver Bullion Producer Market Harmony
Passive Income blog |
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PennySaved
1000+ Penny Miser Member
USA
1720 Posts |
Posted - 05/31/2009 : 14:58:31
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| What is the going rate for wheats? I know my local coin shop buys common date wheats for 2 cents but turns around and sells them for 5 cents. |
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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jadedragon
Administrator
Canada
3788 Posts |
Posted - 05/31/2009 : 15:00:52
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| check our completed transactions area. There have been a few wheat deals. I'd say 4 cents is a decent buy price. |
“The reasonable man adapts himself to the world; the unreasonable one persists in trying to adapt the world to himself. Therefore all progress depends on the unreasonable man.” – George Bernard Shaw.
Why Copper Bullion ~~~ Interview with Silver Bullion Producer Market Harmony
Passive Income blog |
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PennySaved
1000+ Penny Miser Member
USA
1720 Posts |
Posted - 05/31/2009 : 15:14:18
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| Thanks for the help; im a new member so still trying to get use to the site |
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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NDFARMER
1000+ Penny Miser Member
USA
1197 Posts |
Posted - 05/31/2009 : 16:40:15
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| 4 cents each is a decent price even if there are no earlier dates in the bags. You should always be able to get that back out of them after you go through them. Most dealer try to steal them for 2 cent each once in a while they will pay up to 3 cents each. I don't know why anybody sells any coins to dealers, seem like you take too much of a discount when you do that. |
COPPER - the "poormans" precious metal!!!
SELLING - $100.00 face copper shipped to you for $189.00 machine rolled or bagged - PM me if your interested. |
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HoardCopperByTheTon
Administrator
USA
6807 Posts |
Posted - 05/31/2009 : 19:35:17
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The reasons they sell to dealsers are:
Ready cash
One stop shopping
Lack of knowledge of the marketplace
Dealers have to make a little money now and then so they can eat.
Market on this board is around 4 cents each. They go a little higher on eBay, but after you subtract eBay and PayPal fees you would net a little less.
I don't believe the story, but hey, it could happen. The price is certainly fair, and you might get lucky. I once found an XF 1909-S VDB in a small group of "unsearched" wheat cents.. only took me 35 years.  |
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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jadedragon
Administrator
Canada
3788 Posts |
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highroller4321
1000+ Penny Miser Member
USA
2648 Posts |
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Paying for Wheat Pennies
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