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 Replies: 17 / Views: 1,979 |
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Valued Member
United States
486 Posts |
What do dealers pay for circ. wheat pennies? -PP
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Pillar of the Community
 United States
2373 Posts |
I really don't know but its hard to steal a bag at .05 per coin at auction. nlp
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Pillar of the Community
United States
6561 Posts |
If you are talking about from ignorant people selling their collection to dealers then it could be anywhere from face value to $0.10 a coin I assume Got 800 wheaties for about $5 once in an auction and sold it for $35....after I pulled the 1/10oz gold coin out  |
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Pillar of the Community
United States
2584 Posts |
I've seen transactions go at 2 or 3 cents each for circulated wheats from collections coming into a coin store. Semi-keys would be present and the dealer would gloss over them, just counting them all up and multiplying by 2 or 3. When you think about it, dealer almost has to go half of what they are currently selling for (5 cents), so 2-3 cents seems right anyway.
Edited by mycrob
06/23/2008 1:37 pm
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Valued Member
United States
487 Posts |
local coin shops pay 3 cents
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Pillar of the Community
United States
1713 Posts |
Quote:
local coin shops pay 3 cents This is what my coin shop quoted as well the last time I was in to check. They don't bother to look at dates and don't care about condition.
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Valued Member
United States
429 Posts |
I overheard my local dealer awhile ago saying that they actually buy as low as 1/2 a cent because most that come in are lower conditions, popular dates and they usually do not sort through a lot of them that often. It made it really tough to bite my tongue and not offer more for them, but with only one store in more than 2 hours drive, you really do not want to upset them.
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Valued Member
Brazil
379 Posts |
I've had to bit my tongue quite a bit at some local dealers in the past. It's especially hard when someone brings in a ton of Halves and he buys em for 90% of melt for UNC franklins and such
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Bedrock of the Community
United States
12437 Posts |
Quote:
I overheard my local dealer awhile ago saying that they actually buy as low as 1/2 a cent because most that come in are lower conditions Are you saying that the dealer buys them for less than face value? I really have a hard time believing that...
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Valued Member
United States
271 Posts |
For dealers to offer less than face value is just wrong...If I walked into a coin store and they told me they'd only give me 1/2 a cent per wheatie, I'd just count up all the wheaties I had and spend them at face value in the coin store...and make the dealer count them all up  |
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Valued Member
 United States
486 Posts |
You guys must mean 1/2 a cent over face...Right? -PP
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Valued Member
United States
486 Posts |
 My local coin shops are offering to buy them for a mere 2 cents each.
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Pillar of the Community
United States
1219 Posts |
I buy wheat cents from the public at 3xface. After sorting thru them and keeping anything worthwhile, they are then sold to a local coin dealer for 3xface or I save enough rolls to trade for a Morgan. Most coins are 40s and 50s so just to get my money back is ok with me.
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Rest in Peace
United States
9104 Posts |
Dealers "should" buy some stuff at about 80% of face, when you consider they have to pay someone to count it before they can take it to the bank.
A buck a roll is fair on wheat cents, but again, if you factor in the employee's time, anything less than about ten rolls of commons is a losing proposition. This is the one thing most dealers don't figure on when they buy and sell.
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Valued Member
United States
201 Posts |
I wouldn't even consider selling my wheats for less than 3 cents each. Melt on them is 2.5 cents each. I wouldn't deal with any dealer that tries to offer less than melt (unless they are melting) or face value on any of my coins, regardless of reason.
Edited by Steamwalker
07/13/2008 8:14 pm
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Rest in Peace
United States
2884 Posts |
Most dealers I know can't afford to spend the time or pay someone to search bags of Wheaties. Two to Three Cents seems to about what they are selling them for depending on quantity. Most dealers don't even want to mess with them and generally have a few buyers who purchase whatever people bring in. Mike  |
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Replies: 17 / Views: 1,979 |
Posted 06/23/2008 1:22 pm
