Wheat bags. 5000 count.

[CincinnatiKid]

Hello all.
Stopped by my coin dealer today. Been dealing with them for a few years now. Good people.
I bought a bag of wheats, (5000), for $185 last month. Found some interesting coins, foreign silver, Indians, and many keepers.
They seem to have a hoard of wheats, cause I noticed a new coin counter. I asked if I buy more than one bag, can I get a deal. Yup. $170, if I buy 3 bags.
What do you think? Good deal?
Thanks
Peace ✌

 

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[CincinnatiKid]

Thanks all.
Since posting, two 1909s vdb's have come from separate bags. I think that 11 bags have been sold to date.
(Sorry to say, neither 1909s vdb was my score). I do know one of guys that got one. His is good at best. The other is already on its way for grading.
7 mid 60s to late 70s Indians in one bag? No 69, 76 or 77. Not surprising though. Still great.
We shall see... Soon!
Peace ✌

 

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[enamel7]

What's important to understand is there are more than just key dates to look for. There are many doubled dies and rpms to look for as well. These can bring a pretty penny as well, no pun intended.

 

[Pete_Iredale]

In my opinion, I think a lot of people are looking at this wrong. You can't base whether or not this is a good deal on what happens after you buy it. You have to make the choice based on whether this will be a good deal on average. The question is, is an average wheatie worth 3.7¢? I say yes, and would pull the trigger on that deal all day erry day, especially if you trust that it's a relatively unsearched bag. I would grab a couple of handfuls out to check condition first though.

 

[CincinnatiKid]

Outstandingly said Pete_Iredale!
Erry day it is then.
Also, welcome. This is a superb site.
Peace ✌

 

[Pete_Iredale]

Thanks! I've been on the CRH subreddit as well, but this definitely seems more active!

 

[huntsman53]

What's important to understand is there are more than just key dates to look for. There are many doubled dies and rpms to look for as well. These can bring a pretty penny as well, no pun intended.

Very good point enamel! More than likely 7 out of 10 folks that purchase a 5,000 count bag of Wheat Cents will only look for Key Date, Semi-Key Date and low mintage coins and/or coins needed to fill some holes in their' collection. There are so many more possible valuable coins in a 5,000 count bag of Cents than most folks would ever know. Besides the Key Date, Semi-Key Date and low mintage coins one may find, there are Doubled Dies and RPM's as you stated as well as many Error coins to be found. What most folks don't realize is that most Coin Dealers and especially the older ones, do not have the time and no longer have the patience to look at each and every coin in 5,000 count bags of Wheat Cents that they purchase. Sure, there is a great likelihood that these bags were searched by someone in the past but there is also a chance that they weren't! Some of these bags came from the original purchaser who hoarded them into their old age and because no one in their family was interested in coins to pass them on to, so they decided to sell them before they die. I know of a Coin Dealer that when he was younger than now and had the time to look at the coins in the 5,000 count bags of Wheat Cents, once purchased a bag of Wheat Cents from an elderly gentleman and when he went through them, he was able to put together two complete Lincoln Wheat Cent Sets together including Key Dates, Semi-Key Dates and most of the Varieties for Registry Sets, put together more than half of several sets and found hundreds of Error coins, all from one bag of Wheat Cents. I have also been to lots of Coin Shows and almost every time I attend, someone Cherry Picks a very valuable Key Date Wheat Cent or a very valuable Variety coin in Half Cents, Large Cents, Half Dimes, Dimes, Quarters, Half Dollars or Silver Dollars. Almost everyone of these finds came from coin inventories displayed for sale by elderly Coin Dealers. Cherry picking Variety, Error and Key Date coins is how Bill Fivaz of "The CherryPicker's Guide to Rare Die Varieties" fame, got where he is at today.


Frank