I see many eBay auctions for half pound lots of wheat pennies. Just how many pennies are in a half pound? Have any of you ever bought any of these wheat penny lots? Get any decent dates? David
Someone correct me if I'm wrong, math isn't exactly my strong point, but I believe that would be about 703 cents. Hard as it may be to believe, in all these years, I have never bought a "grab bag" or an "unsearched" lot.
A wheat cent (except for 1943) weighs 3.11 grams. There are about 454 grams in a pound. Therefore, there are about 146 wheaties per pound, or 73 in a half pound.
I was just curious if these so called wheat lots are worth all that. Do you honestly beleive they clain they are unserched? Would they take a chance of practically giving rare coins for little $$$? David
David, Think about it. Someone takes the time to measure out exactly 1/2 lbs. of 1 cent coins, packages them up to be mailed out, runs an auction on the internet, answers potential bidder's questions via e-mail, notifies the winning bidders, takes online payments, handles checks and money orders, delivers packages to the Post Office, and yet doesn't have time to search through a handful of coins for one that might be worth several hundred dollars? Then there's the question of where they got the coins from. Do you really think that the former owner(s) didn't search them for rare dates? If you want to gamble, buy a lottery ticket. If you want a key date coin, find someone who's selling one and buy it.
I don't think "unsearched" usually is, but it can be. A friend of mine bought a lot of unsearched wheaties a while back, and got a 1924-D and 1931-S in there, both grading VF+. So it happens, but more often than not, "unsearched" MIGHT mean, at best, that the current seller didn't search them -- but odds are that others did before them.
Actually, we had a client that sent us 8 coffee cans full of wheaties that he bought for a song. We took the time to sort the dates but did not search the pennies for rare or valuable varieties, though I did remove any that didn't have clear dates. It was our feeling that it wouldn't be fair to search them and just include the junk in the lots. We sold them in rolls of 50 different dates each and made sure that at least 25 in each roll were from the teens to the 30's so that no one would get inundated with 40's and 50's. Unfortunately, for the time that this takes, we have set it on the back burner for now and still have 6 cans left. It is very time consuming but we feel that it is worth it for our customers. Do I think that a lot of sellers take this kind of time? Unfortunately, no. But I wanted to explain how you could come across unsearched wheats even if they are sorted by date. If I could be sure that the mix would be good, we would sell them in 1/2 pound lots which would take a lot less time. We still may if I keep stubbing my toe on the cans.
Susanlynn9, I really hate to ask a silly question, but if sorted by date, how could a key date Lincoln be missed?
It wasn't a matter of missing them - I wasn't looking for them. When you're going through thousands of pennies (over 3000 per can), it's easy to just read the dates and sort them into the appropriate cup. I remember seeing a couple of 1909 VDB's and some really nice condition teens, but I did not separate any of those out from those being sold in the lots. Where is the fun for the buyer if all they get is the chaff and none of the good stuff?
I will take your word for it. We move a few hundred bags a year, and I will personally guarantee that NO 1909-S VDB, 1922 Plain, 1914-D, 1955 Doubled Die, 1972 Doubled Die Lincolns are in any bag. Of course, we sell these to other dealers including a few that resell on places like Ebay.
It may not seem to make sense that we didn't separate out the higher dollar coins, but selling wheat penny lots is an easy way to get negative feedback and we have done everything we can to keep our high rating (only 1 negative in over 1300). If nothing special was ever found in these lots, the chances of receiving a negative were greater. In looking at the big picture, this seemed the best way to go. We don't tend to deal in Lincoln pennies anyway (with the exception of the couple PM DD's that we purchased very cheaply.
I agree very much with offering a customer more than they need. That is very good to hear coming from you. I am not a real big fan of Ebay as a whole. Now I do not lump all Ebay dealers together. I deal with a handful of very good people who just happen to use that site.
Let me share a bit about how my company handles wheats on ebay. I sell POUND lots on ebay, but not half pound. There's about 140-145 pennies per pound and we always throw in an extra handful so everyone gets more than they bargain for. For my part, I feel my description is worded about as honestly as possible. I sleep good at night knowing I am honest about my dealings with people. I handle a LOT of wheats and the ebay stuff is just the tip of the iceburg. Last week I shipped 6 bags to one of my buyers and he immediately contacted me looking for more. I have 10-15 bag deals regularly. ALL of these coins have probably been looked through sometime in the last 46 years since the design was changed...in fact I believe that collectors were searching their change for 09-s vdb's as far back as 1909! There have always been active collectors who sought dates for their sets....numismatics is not a new fad! Honestly, with the kind of volume that we buy/sell I don't have the time or the urge to look through them. I sell them just as I get them and usually move them pretty quickly since I can always use the floorspace As always please use common sense when buying coins on the internet. Check out the sellers as much as possible, ask about the return policy, READ their feedback...don't just glance at the number. Another thing to consider...are they coin dealers? Or just someone that buys anything in quantity so they can resell? There's a big difference, IMHO. Remember, there's no such thing as a free lunch. Nick
Which is just another way of expressing the truism that you don't necessarily "get what you pay for", but you almost never get more than you pay for!
Love the "unsearched" lots which mean, in my opinion: "I haven't searched these pennies personally, but more than likely they have been searched by others time in and time out." Here are some of my favorite "unsearched" promo's: "Estate coins...I don't know too much about coins but I have been asked to sell these coins...to settle this estate" "Found in a old grocery store's floor board" "Retired banker's hoard" "Found in back of a bank vault" "Old Victorian House yields coin treasure find!" "1909-s VDB, 1914-D, and 1931-S cents found...read my feedbacks!" Get the picture? More so than anything, you will have better luck buying "unserached" lots directly from reputible dealers because they REALLY don't have the time and labor expense to search buckets and buckets of coins. I NEVER had or heard of anybody having any luck on ebay with unsearched lots...however, if you want to get your young child involved with collecting, this may be for you!
Ed makes a good point. If you are buying these lots to fill up some holes in the album, or to allow someone else to get involved in the hobby, these are good starts. You can use the coins to hone your grading skills, search for small varieties, and the enjoyment of the hunt.
