Buying bulk pennies

I'm considering buying a bag of pennies from J.M. Bullion. Where do places like J.M. get their pennies from? And 2nd: is buying pennies from J.M. something a serious/seasoned coin error "searcher" would consider?
(I'm ok with their price, hobbies aren't free) thanks

 

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This bag? That's a lot of money to be paying for $50.00 face value



The website does not mention if the bags are searched or not. That's important to know!

The bag weighs 32.5 pounds.. The shipping cost will be high!
Free shipping is only available for purchases over $199.99

IMHO, I say it is not worth it.

I would call my family and friends and ask them if they have jugs or any container full of Cents. See if they are willing to part with them?

 

That is the link I was considering and I would have thrown in a little silver to get free shipping ; ) Paddyman, if you wouldn't do it neither will I. Thanks alot for your thoughts!!

 

My name is Kiel(Keel) and I’m new to this site and would like to find a mentor if possible? I had a few heart attacks in the summer putting me out of work and nothing to do all day so I found a 1964 silver quarter one day and was fascinated so I started keeping my change and buying a microscope with the LED screen and a jeweler headset and a few handheld magnifiers with lights. I’ve been looking for errors and rare coins. But not sure how to tell if I found an error or I have an error and would love to find someone I can send pictures to and have them verify it for me without being a pain in the ass for someone.

For instance I have this 2023 Edith Kanakà quarter and don’t know if the initials are doubling or not?

 

Buddy.. welcome to Cointalk.
You really need to start a separate thread.
What you just did is hijacked someone else's thread. That's not cool.

 

Finding a bag that has not been searched is not easy and there is no way to know for sure. You might check local coin shops. They may have bags of wheat cents.

 

I agree shop locally and save the shipping. You should be able to get memorials for 1 to 2 cents a piece. If the bags are all red and a certain date, they could go as much as 4 to 8 cents a piece.

 

I think you'd be better served to just buy some boxes from the bank and search. I can't see that the bags from JM bullion would be any better, and possibly worse.

Edited - I didn't notice the JM Bullion ones are pre Zincolns. If you don't want to spend the time sorting through bank rolls then I agree that a LCS is the way to go.

 

There is no such thing as a bag of unsearched cents anymore. Unless you get them from someone you know like a friend or relative.

 

I'll mostly agree, however I do know that many dealers who acquire coins such as cents in bulk often do not search them. It's just not worth their time. They paid for them in bulk pricing, likely by weight and so they may just scoop them into 1 lb bags and resell at a markup by weight. Of course there are exceptions and you never really know.

 

Thanks all, I already drained my family and friends of every coin they ever saved, I am definitely going to check out local coin shops today. Happy New Year to all

 

I don't collect modern coins nor do I have any interest in spending a ton of time searching thru pocket change. However I am an observant person and can offer this advice.
1. Assume that any bags, rolls, boxes, etc. of coins (regardless of denomination) that are sold by dealers (coin shop, bullion resellers, T.V. infomercials) have been searched and cheery-picked. (I'll apologize now to all the dealers out there).
2. The best place to purchase rolls of coins would be local banks that have there own coin sorting machines. The key here is that the bank own's the sorting machine; if they are using a third-party company like Coinstar then don't buy from that bank as you will only get rolls of newly minted coins. You can call and ask if the bank own's or outsources it's coin machine services. If they own it then you will be getting rolls of coins from that machine and the people like me that bring their unsearched pocket change.
3. Avoid purchasing and having it shipped, you will loose money every time.

Have fun.

 

Best to pass on that. My LCS is paying $.03 for each wheat cent and they sell them for $.08 each for a small amount. For $50.00 face they’d be $.05 cents each so you should find someone leads expensive that JM.

 

$0.3 would be the going rate.
I was watching an eBay listing but someone snagged it.
But Unsearched wheats are well not really sure about Unsearched.
These were rolled and probably looked over pretty well.

 

Very true. Some of the most successful coin hunting I've done is by buying filled bags from a bank I go to. One bag I bought had over 25 Wheat Cents and two common date Indian Head Cents inside.

 

For LMCs, getting boxes from the bank is the way to go. To be honest, the idea to create an offer like this one seems odd. But, selling bottled water seemed odd too at one point. Maybe there is a market out there.

LCSs will usually rough search lots of LWCs they take in for key variety coins. But they won’t usually dive any deeper. They may separate them by year and mint mark to sell off to wholesalers who in turn, mark them up for sales to collectors. These folks typically don’t search them since the LCSs have gleaned them.

 

Paying that kind of money for Lincoln Memorial Cents makes not sense to me. Even the picture in the ad shows coins with green corrosion on them. Those pieces are worth 1 cent in my opinion.

 

Sealed mint bags should carry the 3 to 5 cents premium depending on the year.
Mostly red Memorials should get 2 to 3 cents. With the occasional MS BN.