What are these worth.

[The Gemologist]

I was just at the bank making a deposit and this penny showed up in the change from the teller. When i saw it i couldn't believe it, It looks like it's mistruck,

So i asked the teller and she just laughed and said i got one of the banks weird penny's. Did i want it or do i want a new penny.

I said it was kinda cool and asked if she had any more. Well the she called over the manager and asked him and he said they recieved a whole bag full, DID i want any of them because they were going to send them back. I said i'd take a look and they have about 1000 coins. All mistruck.

I told the manager that i wanted them for Christmas gifts so he sold me a bag of about 1000. Now does anybody know what there worth.

 

[The Gemologist]

Historyhound,

that's the funniest reply, made me LOL for real, and on a Friday at work late, Thanks

Yep it's true
Tom

 

[buscadero]

Gem: I was practically knocked over by the 1st Thousand, then when the Bank called, (I thought oh oh, they want them back!) then they offer you
250 more!!!! From unbelievable to un-frigging-believable!!!! Better Buy A Lottery Ticket Too! 8)


Joe

 

[The Gemologist]

buscadero,

That's exactly what i thought when they call, i was having coffee looking at them and the girl called and said the manager wanted to talk to me, and i thought OH #$#$

But as it turned out it was good news.

I've been back again, but no more, But they do now know who to call for any mis strikes or silver

Tom

 

[Blind.In.Texas]

I'll give you $9.87 for the lot. Final offer. Nope, final offer. Oaky I'll make a deal.

Laater...

 

[JDSCOIN]

An interesting find and very, very lucky.

A few things though. One, I read someone comment saying that it is "totally unheard of" or something similar. Well, maybe to him/her. However, this is not unheard of to coin dealers. In fact, to dealers, this is something that they acquire from banks occasionally. Many times, in many cities, banks and coin dealers work together very closely and when the banks get in something like this, they inform dealers, who will then either purchase them at face value or for an amount slightly over face value. What does the bank get out of it? They don't have to send the coins back and the small profit (if any) that the bank makes adds up over time. And the reason that they do this with/for dealers instead of the general public is because a) dealers usuaully have more money to work with, and b) know a great deal about the coins, and c) the bank realizes that the dealer is a businessman with a business just as they are and that by working with the dealer he will probably keep an account with them and recommend them. It is good PR.

What you have is, as someone had pointed out, are "off-center" Lincoln cents. They were struck off-center. They are error coins. And, those who said that they would be worth a few bucks each are right. So, you did pretty good. A nice profit and an experience which is usually reserved for dealers. As for how to store them, I think that I read where someone said to just leave them in the baggies. I would agree that this would be good for the time being as what you want to do is to prevent air and/or mosture from getting to them. They are zinc cents with a copper coating, so they are more prone to corrosion and damage from exposure to the elements than copper cents.

Also as some people had recommended, you would be better off (profit-wise) to sell them in smaller lots or individually. Some of the coins are worth more than others for various reasons, but I am sure that having had the luck to purchase these as you did, you would not mind letting someone else get a good buy on some of these from you and be happy with 'their' luck as well. Regards,

JDSCOIN

 

[pgill]

You are very blessed indeed..... Whatever you do with them, I hope and pray you do well.

God bless
Peter

 

[Donkey]

I have only been turned on to this hobby for a few months now... but from what I have seen so far, anything is possible. AWESOME find!!

 

[roswellborn]

Check with the experts before listing on EBay. Posting them as valuable, rare, or anything misleading may come back at you. Theres a lot of people out there selling counterfeit coins and such.

HOLY CATFISH! not to mention WOW.

Just thinking, if you do list 'em on eBay, just say "Received in change from the bank..." which is nothing more or less than the truth - no claims of value or scarcity at all. Let your bidder think s/he is gettin' lucky, bidding on something offered by someone (who is without a clue to the value, of course ).

And for heaven's sake, don't show a picture of the whole bag (bags, even! geez!), it'll take away from the "scarcity" of 'em.

Abso-freakin'-lutely awesome!

with jaw on floor,
Nan

 

[The Gemologist]

I did some checking both with coin dealers and looking on ebay. From what the dealers say, a bag like this is somewhat rare and most of the time the average person doesn't see them because they are destroyed. If they make it to the banks most are returned. There's very little chance they get to the public, so they are pretty rare.

I check prices and most go from $5.00 to $15.00 each with one's with dates going for the higher amounts. Coins that have 2 or even 3 strikes can go up to $ 75 plus.

I haven't decided what to do, like put them one ebay or hold on to them. I'll check with Marc, here on Tnet and see what he suggests.
But in either case i wont put the picture of the whole bag on the advertisement and i will sell them slowly.

Thanks

 

[secondcup]

Gemolgist,

I've been keeping an eye on this thread. First off, congratulations! You acquired a hoard that most people can only dream about. As a coin collector (as well as a metal detectorist), I'd go though them with a jeweler's loop. Separate them into two piles...off center, and double strikes. As has been mentioned, double strikes are far more valuable than a coin that has just been struck off center.

The rule for off center strikes is: the more off-center while retaining the date=the most prized. However, if a coin is both off center AND double struck, it'll command a larger premium.

I second the advice that you should not flood the market with the coins. But if you play your cards right, you could have a nice little side business going on eBay.

Keep us posted.

 

[TreasureTales]

What a great find! And to think your bank was the cache site!!!! That's amazing. I'm surprised the teller and/or bank manager didn't realize just what they had. I used to work for a bank and occassionally some strange coins would be found in the bags from the mint, but seldom did we get more than one oddity per bag. Your bag MUST have been the cull bag, for sure.

 

[Jason in TN]

Very cool If you decide to sell a few keep us posted.