NE Penny Indiana Hoard..~ 1.5 Mill now (Coppers Gone)

[EthanA]

Might be interesting to get a live look at these coins. I know Gene (pennyguy) is an hour closer than me. And I bet a few Ohio and Michigan members are also closer to me. Maybe a nice group outing?

Tell you what, I bet that would be workable. One Saturday just meet.....I will bring that idea up for sure...

[Madwest]

Somehow, the fate of this collection seems so anticlimactic.
For someone to pour so much of themselves into such a collection for so long and then abruptly hand it off to a dealer is just too abortive of an outcome

Sure, the wheats and collectibles will find a home, but the uncirculated memorials will almost certainly end up in circulation. Dealers are just not interested in searching rolls for varieties. They are too busy buying and selling the ones that others have found. Same goes for the sorted Cu. Dealers are not interested in holding Cu memorials on speculation. Their money is better spent on inventory turns.

Regardless of how the offer is presented, the dealer is only giving face value for the stuff that he doesn't care about in order to get the stuff that he does care about. I've gotten proof cents and nickels in change from the till at the LCS before. Obviously that's because the dealer cracked open proof sets (either to get the Ag, or just because they were a package deal purchase).

Obviously, the owner can choose to do anything he wants with this collection. He has earned that right for sure. But, if he were to invest even a fraction of the effort divesting of it as he invested in creating it, he could feel good about seeing it go to fellow collectors who will appreciate it for what it is.

It makes me sad to think about it. I wonder if my "hoard" will see the same fate someday.

[Diggin4copper]

"It makes me sad to think about it. I wonder if my "hoard" will see the same fate someday"
just keep an eye on the obits for when I go,, my wife likes the Thogey theorem..

[Morsecode]

Sure, the wheats and collectibles will find a home, but the uncirculated memorials will almost certainly end up in circulation. Dealers are just not interested in searching rolls for varieties. They are too busy buying and selling the ones that others have found. Same goes for the sorted Cu. Dealers are not interested in holding Cu memorials on speculation. Their money is better spent on inventory turns.

Regardless of how the offer is presented, the dealer is only giving face value for the stuff that he doesn't care about in order to get the stuff that he does care about. I've gotten proof cents and nickels in change from the till at the LCS before. Obviously that's because the dealer cracked open proof sets (either to get the Ag, or just because they were a package deal purchase).

Obviously, the owner can choose to do anything he wants with this collection. He has earned that right for sure. But, if he were to invest even a fraction of the effort divesting of it as he invested in creating it, he could feel good about seeing it go to fellow collectors who will appreciate it for what it is.

It makes me sad to think about it. I wonder if my "hoard" will see the same fate someday.

Thoughtful post.

[EthanA]

I so wish he could..

[OneBiteAtATime]

Its interesting. If I were to make an offer on this (and I'm not), I would go 5 cents on the wheats and 2 on the rolled copper. I think I could make good money on it. 40 cents on the IHPs. 1.1 on the bulk copper (beats the bank).

Actually, if I were going to make an offer, I'd pack it all up and head west. Stop at TJCF's and ask what rolls he wanted me to leave for him to search for varieties. I would specify that we are looking for BIG HITs here. Not ones and twos. Actually, after searching for varieties, I'd probably take the whole lot to HA.

So interesting. What an awesome collection.

Now, if I were EthanA.... and I have been in this situation.... Here's how I'd play it:
I would offer to do the legwork for my friend. I would let my friend negotiate as hard as possible with the dealer, get to a #. Say it's $45,000. OK. Now I will not make a cent until I recover the dealer's offer of $45k. Every dollar OVER the offer - we split. Now I start working my fool tail off BIG HITS FIRST! Ebay or Heritage or Whatever off the Oldest Wheat Rolls. I'm going to work so fast and hard on this.... I may take time off work to knock it out. Bulk sell the coppers to HighRoller. Send the right years for variety searching to a trusted friend - they get a cut too.

It sounds like the owner needs to sell and needs to sell quickly, so the above may not work; but that's what I'd do if I was the seller's assistant.

[EthanA]

I so wish I could do that......I have a full time job so time is an issue with me.

You at least posted a realistic number, its low but its not 2 cents a penny either.

I have not been able to talk with him, I am worried.....sometimes life sucks and deals you blows.........

[EthanA]

PM's Inbound........Update in original post...

[EthanA]

Its interesting. If I were to make an offer on this (and I'm not), I would go 5 cents on the wheats and 2 on the rolled copper. I think I could make good money on it. 40 cents on the IHPs. 1.1 on the bulk copper (beats the bank).

Well that sounds about right for what he has, sure that includes the 1909s but also the 1958's...you never know. I did not total up like that.

Actually, if I were going to make an offer, I'd pack it all up and head west. Stop at TJCF's and ask what rolls he wanted me to leave for him to search for varieties. I would specify that we are looking for BIG HITs here. Not ones and twos. Actually, after searching for varieties, I'd probably take the whole lot to HA.

Yeah, the person with the time could do this. He does not have it.

So interesting. What an awesome collection.

Yeah - it is. To see the organization is one thing. He told me tonight that the 630K coppers were once rolled and sorted by mintmark.....he just dumped them into the buckets...wow.

Now, if I were EthanA.... and I have been in this situation.... Here's how I'd play it:
I would offer to do the legwork for my friend. I would let my friend negotiate as hard as possible with the dealer, get to a #. Say it's $45,000. OK. Now I will not make a cent until I recover the dealer's offer of $45k. Every dollar OVER the offer - we split. Now I start working my fool tail off BIG HITS FIRST! Ebay or Heritage or Whatever off the Oldest Wheat Rolls. I'm going to work so fast and hard on this.... I may take time off work to knock it out. Bulk sell the coppers to HighRoller. Send the right years for variety searching to a trusted friend - they get a cut too.

He is my friend, I have known him about two years as I buy from him. I saw what was happening and wanted to help. I can not spend that much time though. I already have a full time job but I will help him as I can....

It sounds like the owner needs to sell and needs to sell quickly, so the above may not work; but that's what I'd do if I was the seller's assistant.

Yes that is true and it looks as if Dave is going to be getting a bunch I mean a bunch of pennies......that is unless someone says different.......

[EthanA]

Wow, I just heard from him and not a single person has contacted him about the possibility of buying the pennies. I find that odd as I sent the contact information to at least 10 folks I though were seriously interested.

Strange..

[barrytrot]

Did you do that the week of Christmas? Not everyone does business 365 days a year

[JJM]

COOL collection, thanks for sharing the pics.

Wow, I just heard from him and not a single person has contacted him about the possibility of buying the pennies. I find that odd as I sent the contact information to at least 10 folks I though were seriously interested.

Strange..

Surprised? Surely ye jest!

The internet has been around for a long time now, deals involving altruistic middlemen do not have a high track record of success (for a variety of reasons). Principally, in my opinion, is the medium involved.

Additionally....

You spent the past two weeks losing momentum, there's probably a lesson in there somewhere.

It's Christmas time, the absolutely worst time of the year to be attempting sales of anything that is non-gift related.

Most folks buying metals are (and have been) putting money into AU/AG at prices that haven't been seen in quite a while, you are competing against these other metals and limited budgets. Those are point and click or cash and carry sales, no sweat equity involved. Your sale is very SWEATY!

Most folks that are "penny wise" don't have $30K lying around to "jump on this"...

Its interesting. If I were to make an offer on this (and I'm not), I would go 5 cents on the wheats and 2 on the rolled copper. I think I could make good money on it. 40 cents on the IHPs. 1.1 on the bulk copper (beats the bank).

Well that sounds about right for what he has, sure that includes the 1909s but also the 1958's...you never know. I did not total up like that.

As someone who bought a rather large collection of copper, wheats and Indians once upon a time (and only about 5% of what is in this hoard), this sale really only makes sense on a local level. The amount of time and energy required to make it happen will most likely cause the buyer to regret the purchase in short order.

Your guy will be lucky to realize 2 cents per coin, for the whole shooting match.

[EthanA]

I know it is Christmas and most folks are home, oh well I tried and I hope I helped him at least make a potential contact....


The reason I posted that was he was wondering if I had given the correct information.


Oh well, Merry Christmas to all!

PS...I am not a middleman, I have no financial stake in this at all....just wanted to point that out.

[Catfish4u]

Wow, I just heard from him and not a single person has contacted him about the possibility of buying the pennies. I find that odd as I sent the contact information to at least 10 folks I though were seriously interested.

Strange..

You sure you sent all those pm's?

[EthanA]

Well I sent emails to those that I sent the spreadsheet to.............and answered the PMs yes.

[EthanA]

He has had some folks contact him, which is good. It is out of my hands now.


If you wanted to contact him and are interested in these pennies, by all means do so when you can..

[knibloe]

Group Buy??

[Recyclersteve]

Group buy? Can you imagine how hard it would be to split that many pennies fairly? Whomever did the work would deserve a pretty hefty fee for all the work!

[realhumancopper]

I think a group buy is a great idea. We need to get enough shareholders so that each share would be able to be shipped reasonably. The trustee or trustees would have to be paid for their work. With an accurate spread sheet the splitting would seem to be pretty easy. I think 20 shareholders sounds like a good number. 10 might be doable. I would enter the group. Hal. Any others please sign in!

[realhumancopper]

One thing I forgot: I think these should all be equal shareholders. Otherwise situations could come up that might make the dividing up of the hoard less than impartial........hal

[Recyclersteve]

How would ten or twenty people compete against one party who will travel to pick up the entire lot? Unless I lived really close by, I wouldn't want to fly or drive dross country for a small fraction of this lot. On the other hand, I'd like to see more than just one bidder. Just my own two cents...

[realhumancopper]

As I understand competition, we would compete by offering more. It would be a lot of work, and we would not be getting the type of deal that a lone Vulture would get. But probably pretty good, even after all the hassle. I worked in the coin business and managed a coin store in down town San Diego in the 70's. I have a pretty good idea of the deal a lone bidder will offer, and probably get.. A lot of coins are gong to change hands at face value. If 10 or 20 people could agree on how to proceed--probably impossible--something could be done. Of course, if I understand you correctly, the hoard will be bought by a person w/ good buying power who will treat it as a distressed sale and really grind the owner down.

hal

[EthanA]

Well I just heard that someone bought all the state quarters...so the process begins.

I think a group buy would be doable but am at a loss for the logistics of such an endeavor. I mentioned it to him.

[TheJonasCollegeFund]

I am close, I think, to this hoard. I would be available to help out any group deal, if needed.

.....and a truck!

[Recyclersteve]

One thing I'm curious about-- do the lone bidder and owner know each other? I'm quite sure the bidder didn't find out about this from the realcent site.