Melt Bin diving

[GarouLady]

I have heard about how coin shops have melt bins and some of the CRHrs have bought coins out of there for low prices. How would you go along asking if a coin shop had one without sounding rude or overly nosy? And hints at what prices I should offer for coinage if they have a bin?

Just wondering.
Hugs and Smiles,
Garoulady

 

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[sagittarius98]

And hints at what prices I should offer for coinage if they have a bin?

They will set the price.

 

[Local_coins]

Might be called the "junk silver box" also.

 

[Dihren]

I have heard about how coin shops have melt bins and some of the CRHrs have bought coins out of there for low prices. How would you go along asking if a coin shop had one without sounding rude or overly nosy? And hints at what prices I should offer for coinage if they have a bin?

Just wondering.
Hugs and Smiles,
Garoulady

Just ask if they have a junk silver coin box, and if so may you please look at it

 

[usernameerror]

Also make sure you check the foreign coin bin. You may find some silver in there. It's unlikely but worth a shot. I remember seeing some old Canadian Dimes in the foreign coin bin the last time I visited my LCS.

 

[Dihren]

Also make sure you check the foreign coin bin. You may find some silver in there. It's unlikely but worth a shot. I remember seeing some old Canadian Dimes in the foreign coin bin the last time I visited my LCS.

I got a silver Canadian dime last time I went through them!

 

[Numismaniac]

I've found several semi keys in junk silver boxes including:

1893 P Morgan in AU
1928 P Peace in F
Two 1934S Peace in VF
1916S, 1921S, 1938D Walkers in VG to VF
1921 P merc
Several 1931 D mercs up to AU
1927 S SLQ in F
A dozen or so 1949S FDRs in AU to BU

Found more than these, but you get the idea. Bought all for melt price. It's still out there.

 

[Generic_Lad]

Yep, ask to see it. Look at their foreign coins too, with eBay and the internet its just as easy to sell to a guy in Germany as it is to sell to a guy on the other side of your state so know what the numismatic values of foreign coins are too. Keep in mind though that in most other countries, grading is much stricter and much more important. A semi-key date grading "good" in the US might be worth hundreds of dollars, in some other countries that coin grading "good" is worth little more than melt, but worth thousands in AU/MS condition, so keep that in mind.

Read. Read. Read. Read all you can about the coins of different countries. Like I've said before, knowledge is power and treasure flows from those who know the least about it to those that know the most about it.

 

[Dihren]

Read. Read. Read. Read all you can about the coins of different countries. Like I've said before, knowledge is power and treasure flows from those who know the least about it to those that know the most about it.

Also, go with your gut and what worth interesting. I got an 1884 1/4 cent from the straits settlements. Worth $25+. I got it for 25 cents

 

[Generic_Lad]

Also, go with your gut and what worth interesting. I got an 1884 1/4 cent from the straits settlements. Worth $25+. I got it for 25 cents

Yep, when getting things in the junk bin, you'll rarely have buyer's regret. Worst case scenario you lose a couple cents, about the same that your couch will eat.

Don't always buy for profit, just because that neat looking coin for $3 is only worth 20 cents in melt, chances are its worth the $3 to add to your collection. Know when you are buying for (potential) profit and when you are buying for your collection, because the two are often in conflict.

 

[GarouLady]

Yep, when getting things in the junk bin, you'll rarely have buyer's regret. Worst case scenario you lose a couple cents, about the same that your couch will eat.

Don't always buy for profit, just because that neat looking coin for $3 is only worth 20 cents in melt, chances are its worth the $3 to add to your collection. Know when you are buying for (potential) profit and when you are buying for your collection, because the two are often in conflict.

very true. I have a masonic half penny. Not worth much to my knowledge but it has my town's name on it and its dated 1878. I just like the idea that something that old has my town's name on it.

I have saturday off and I think I might take a me-day, a day were I don't have to worry about taking my mom to the doctor, or going to work. Just a day that I can do what I want.

Thanks for the information. Really appreciate it.

Hugs and Smiles,
Garoulady

 

[bigscores]

I junk bin dive all the time at multiple coin stores. I've pulled some great stuff. The trick is to be polite, always give them whatever multiple of face they ask, and never, ever point out what they have in there. If other people ask you what you're doing, just tell them you're looking to fill holes and/or upgrade coins for your sets. Do not tip them off to the kind of stuff you can find.

I've found many keys and semi-keys in the few years I've been doing this. If I were to sell everything I found to generate a profit, I'd bet I would net somewhere around $4k in profit, if not more.

 

[antlerman23]

i take all my 1964 kennedys, silver roosies, and my ocasional silver quarter to the coin shop and trade em for barber halves, quarters,or dimes. i sometimes swap for mercs too if they are older, nicer condition coins. i love my coin shop.

 

[sagittarius98]

very true. I have a masonic half penny. Not worth much to my knowledge but it has my town's name on it and its dated 1878. I just like the idea that something that old has my town's name on it.

British half penny?

 

[GarouLady]

British half penny?

Whoops! just double checked. It's a penny from 1878. On the front it says "traverse City Chapter No. 102 R.A.M / Chartered Jan. 16. A.D. 1878 / One Penny" and on the back is symbols and the letters "W.S.S.T.K.S.H.T." But when I checked online thanks to some people it is a masonic penny. I just get a kick out that it says a local city near me, and Michigan, from way back in 1878. I paid $5 back in 1992. Probably not worth much but to me, other than my silver and my dad's coins, it is priceless.

Hugs and Smiles,
garoulady

 

[sagittarius98]

Whoops! just double checked. It's a penny from 1878. On the front it says "traverse City Chapter No. 102 R.A.M / Chartered Jan. 16. A.D. 1878 / One Penny" and on the back is symbols and the letters "W.S.S.T.K.S.H.T." But when I checked online thanks to some people it is a masonic penny. I just get a kick out that it says a local city near me, and Michigan, from way back in 1878. I paid $5 back in 1992. Probably not worth much but to me, other than my silver and my dad's coins, it is priceless.

Hugs and Smiles,
garoulady

IH cent?

 

[GarouLady]

IH? what does that mean? Man, ::groans:: I really hate not having a digital camera. :erks up:: oh, but I have an old cellphone. very old. I might have to try that.

Hugs and Smiles,
Garoulady

 

[Rushfan]

IH? what does that mean? Man, ::groans:: I really hate not having a digital camera. :erks up:: oh, but I have an old cellphone. very old. I might have to try that.

Hugs and Smiles,
Garoulady

Indian Head... often referred to as an IHC, or Indian Head Cent...

 

[GarouLady]

Ohhhh, thanks Rush. Appreciate it. I'll get these down eventually. ::Grimace:: and nope its not a IH cent. Give me a day.I want to see about taking a picture with my dad's old cellphone and post it that way.

Hugs and smiles,
Garoulady

 

[TimZim]

I get the melt silver coins all the time its the best deal for silver