1970s Federal Reserve Penny Roll Hoard

[Memphis300c]

My pick-up bank teller called me the other day to say some guy wanted to turn in boxes of old pennies and that the bank could not handle the amount. She asked if I was interested and I met with the man. He had 30 original boxes of uncirculated federal reserve penny rolls - 1973 D and 1974 D. I bought them all from him. I looked at some of them and the end coins are bright and shiny. Now I have to decide to search them for high quality errors or sell them. What do you guys think?

 

[BuffaloBoy]

NICE!! Love the pictures, I am sure OVER TIME, you could sell the rolls for around $2 each, but if not, your boxes ARE 100% copper!

HH and good luck!

 

[mts]

Since I am currently accumulating copper I would say to hold on to them.

Whether or not to search them is the tough part. I think they would be worth more money unoppened. You are also probably not going to find enough errors to make it worth your while (although I could be VERY wrong on that). But for me, I'd be worried that they were not what he claimed they were. I'd be forced to spot check several dozen random rolls just for my own peace of mind. I couldn't turn around and sell a roll of coins that I wasn't confident I knew what was really in it. But hey, perhaps that's just me.

Nice score!

 

[Gilmore Happy]

There are a handful of guys on here that could steer in you in the right direction. Personally, I wouldnt touch them yet as they may be worth more in the original box. I do know that this is PROBABLY a rare find and would wait for those guys to chime in on what you should do...

Also, maybe take it to the "Coin" forum here on TNET also...

Nice finds, I hope they carry a premium.

 

[DigginThePast]

Cool find. You didn't happen to ask the reason for his buying them back then did you? Just curious.

It was in that '73-'74 era that the US looked into changing composition for the One Cent to aluminum. Perhaps he was one of the first hoarders of copper.

 

[Memphis300c]

He was a gentlemen in his upper sixties and told me his father was a collector. When his father died in the early 80s he inherited his gold, silver, and copper coin collections and boxes of federal researve coinage. He is at the point in his life that he needs money to build a smaller house for the remainder of his days.

He said his father continually bought and stored boxes of federal reserve money (Memphis branch of St. Louis reserve stamped on all rolls) the whole time he was growing up. At the time I met him he had sold off the quarter, dime, and nickel boxes. This was all he had left and he did not feel like "selling them one at a time" on Ebay.

Appreciate the advice. My wife is pressing me to get rid of boxes since they take up so much room =)

 

[Bigheed]

Its exactly as you stated there was a huge penny shortage because of the idea to mint cents from aluminum because copper prices had risen to the point where 1 cent was worth ~ 1 cent worth of copper metal.

People were hoarding pennies and some banks were paying a premium to buy pennies from customers. I found a box months ago from a teller that some old guy brought in and it was the same all 73s and 74s.

They might have some value in the mint wrappers / boxes and if they are all BU condition for collectors, who knows a dealer might take them off your hands for a nice premium.

At the very least you have a nice pile of copper, about 510 pounds * .95 purity = 484.5 lbs of copper.

Did you ask if he had any pre 70 half dollar boxes also?

 

[Memphis300c]

Yes I did ask about half dollars and he has none left. He does have some gold coins to sell in January and I asked him to contact me when he was ready.

 

[DigginThePast]

Forgot to mention before.

Welcome to TreasureNet Memphis300c!

 

[Memphis300c]

Thanks for the welcome. I have been a long time reader here but never worked up the nerve to post.

As far as CRH is concerned I am a half dollar man. I look through 12 boxes a week from my Regions bank. For the last 3 years I have been averaging 3 silver halves (90% or 40%) per box with the best box being 264 silver coins (mostly 40%).

 

[That Canadian Guy]

As Gilmore Happy said you should also post this on the coin forum. If I were in your situation, which I honestly wish I was, I would take a box or two to my local coin dealer and I would ask his opinion on it. Whenever I find something I find peculiar that I don't know about, such as an error, I take it down to the coin shop just to get some more knowledge and an approximate value on it. My local coin dealer runs his business like a hobby and always makes sure the customer is happy. He pays the fullest value for coins and makes a very modest profit but he is retired so this is more of a hobby than a business for him. If you have a coin dealer who is as honest and friendly as mine then I would recommend you take a box or two to him. I would also recommend if there is a local coin club in your area that you get their opinions as well. In the original rolls the coins are defiantly worth a nice premium but I have never seen original boxes so in my opinion that is worth even more. But before you sell, if you want to, make sure you know absolutely everything there is to know about your coins.
Welcome, congratulations and good luck.