Forum for discussing any topic related to investing in, collecting and saving US, Canadian, UK, and other Copper Bullion Pennies for their metal content.
I have a friend who has collected these for years and is trying to find the right buyer. By that I mean one who is motivated in acquiring some or all of this collection. I am not selling these, I am just helping or at least trying to help a friend.
I told him I would try and help him to get in contact with folks and I figured that coin forums would be a good start. This site was recommended by someone on one of those coin forums.
These are located in the Northern Indiana.
*************************************************************************************************************************** Ok I just got back from talking with him, Monday the 22nd
Now for some history, he has been collecting for over 40+ years. I did not want to release too much information because his health is not the best. He just got out of the hospital on Sunday so that is why I have not posted any updates. Yes Arizona did make an offer and yes it was fair. I am the one that was hoping he could get better and I am sure Dave can understand that. This is 40 years of searching and collecting. About 8-10 years ago this gentlemen opened a coin store. These pennies for the most part were part of his collection before that. So yes he has other stock of which I am not that familiar with, I know he has proof sets, unc sets, and I guess some of a bit of everything. He has been too sick to even contact Dave and fill him in on more of the details. So this should answer the question of why this can not be parted out. Dave even offered to come get them. Me not being a penny collector, but somewhat numismatics minded knew the offer was on the low end but I can not really blame Dave for what he did offer. If the owner gets to feeling better I am sure he will contact Dave soon.
I explained what I have done and he is ok with it. He did have one caveat about the BU Rolls of Memorials and Wheats. He told me there are very few in Bank wrapped rolls, the majority are in tubes. He cautions me that although they were unc's when they went into the rolls, there is no guarantee they still are. This I guess I can understand to some degree and the owners caution to me was, "what if three in the roll are now compromised". I can see his point and he does not have the time to go through each and every roll. I am going to try and help him but time is an issue so I am not sure how this will work out.
I do however know this, he is open to have serious buyers come take a look. Scheduling that will be the tricky part but it is doable.
So I asked him about things such as the 1909S VDB. He said he has a few but would not sell them like this as that is just to risky. He would not have a problem finding a buyer. Some of the other rarer pennies, the S mint he does not have full rolls but he does have some. So, what the numismatic mind would think is if a penny collector knew exactly what was there they would want some or most of it. I can not speak for the potential buyers, but I told him there are a few on here that are definitely worth talking to.
The coppers, he just wants me to take to the bank. I said that there are buyers on this board that would just buy those and more than face. This is something that I will leave to the owner and buyers to discuss.
So, I am going through the PM's and my emails and will forward his contact information as I said I would.....
This is a situation I would not want to be in but he understands that the buyer will want to make money so that is fully understandable to him. However, since Dave made him a fair offer and will pick them up, he is leading this for now. I can understand fully. I would just hope that a penny collector would want to jump at this, just for the varieties that by the numbers should be in this hoard.
They're are a little under 3,000 Indian Heads, over 800,000 Wheats, and over 300,000 coppers (rolled) from 59 on up....these numbers are not exact but are close. I think it is near 14,000 lbs or there abouts.
*** For the copper only buffs, he has about 640,000 coppers from 1959-1982 in 5 gallon buckets! ***** UPDATED LIST AT BOTTOM!!
This issue is these are not just 'pennies'. Most of these have numismatic value. I mean there are BU rolls etc etc, plus older pennies ...You can get an idea with these pictures. Better Pictures now. I am not the seller, I am just trying to get the owner in contact with a serious buyer, if that is possible. The coin forums answers are mixed but taking them to the bank is not really feasible and selling in small lots is not either. This is not a common hoard of pennies. This man spent many a night going through bags and bags of pennies to build this collection.
For those that are wondering, he is not a variety hunter. He did look for 55 DDO's but not 72, so that gives you an idea. I asked him about AM's and he looked at me funny. I asked about 69s, and although he knew about the recent find, he laughed about the time spent looking for those. So I can honestly tell the numismatists here, he did not really go through these. However, he did know what a cud was so that is probably out as is off centers etc. Oh well, by the odds, there is something to be found here, but you better have plenty of time on your hands. I look at halves and get tired after a box, this would be just plain daunting for me anyway.
So lets post the better pictures. Sorry about the last ones but that was my fault.
Here is some of the moderns. I think these are bank boxes??
So, that deals with the shelves. And yes, he said if the buyer was serious the shelves would be included. However the barbie dolls would carry a .25 cents surcharge. he actually got a kick out of what I told him. He asked why would you take a picture of that? What could I say?
So I was asked about condition. Time was short so I opened some rolls. I figured I wanted to know so I started with the 1909 VDB in 'Average Circulated'.......
Roll # 1
Roll # 2
Kind of what I expected. Still I do not have one in my collection and to see a roll of them was neat.
So , if I was a buyer I wanted to see what the F+ rolls looked like..
Roll # 1
Roll # 2
My reaction was there are no AU's in there but I did see red, not much but some. I would say the average grade was F-VF with the occasional EF. That was two of the seven rolls.
Time was getting short, I had been working all day and needed to get home so I grabbed a 1937s roll to look at.
Nothing special that I saw....just wheats, some red color but not that special.
So I know I have answered some of the questions and will answer more if needed. When I got home I noticed something. One of the pictures was not pennies.
Not sure what to think of State Quarters in bank boxes. This is a penny collection for sale.
So that brings me to what most here are thinking about, not the numismatics but the copper. Well here is that bulk load. He says that needs to go to the bank. I said why? It can be part of the "xxxx" great penny hoard. He looked at me and I said that is what it will be called. His name. I am not sure what to think of how he looked at me. I honestly can not say if he was happy or pissed.
So back to the list, again for the sale to go, the numismatics have to be considered. he has an offer from a dealer, whom will make money if he can buy it at that, but I think there is a better shot out there. The dealer knows he can make money on it, and quite frankly he would at what he offered.
Here is a list of the wheats - this is where the monies are at....
Whoa! Penny porn! How many steps from this basement up to where you can back up a truck to?
More seriously, is there an asking price? I just showed my wife the pictures and she asked if I was going to buy it. I just scoffed as if I would never spend that much on pennies, and she actually was surprised and thought it was an OK idea.
“They who can give up essential liberty to obtain a little temporary safety, deserve neither liberty nor safety” Benjamin Franklin
Are these all copper (82 and earlier) or are there some zincs included?
Former stock broker w/ ~20 yrs. at one company. Spoke with 100k+ people and traded a lot (long, short, options, margin, extended hours, etc.).
Please note that ANY stocks I discuss, no matter how compelling, carry risk- sometimes substantial. If not prepared to buy it multiple times in modest amounts without going overboard (assuming nothing really wrong with the company), you need to learn more about the market and managing risk. Also, please research covered calls (options) as well.
3,000 Indian Heads, over 800,000 Wheats, and over 600,000 coppers from 59 on up...and I forgot, I do not know how many rolls of zincs...BU ones at that...
email sent - spreadsheet should help you 'estimate' fairly. Remember one thing, his rolls listed as average circulation would contain all less than fine grade, the F+ will be greater than fine. The modern coppers and zinc I 'think' are BU.....he made the list..
This is pretty incredible. How long did this take to acquire I wonder? And to have the foresight to be so organized....wow.
"You can go if you want, but all they make are coins there"- Quote from the Philidelphia, PA visitors center desk clerk, after inquiring about going on a tour of the MINT
I am seriously interested, but man, this is crazy to try to calculate. Been at it here for a little while and I could run through it 20 times and get a much different number each time. What an awesome hoard though!! It really is impressive how nice and organized it all is.
“They who can give up essential liberty to obtain a little temporary safety, deserve neither liberty nor safety” Benjamin Franklin
Tell you what, here is what I did. I counted rolls in (AC) and took blue book value * 50 * # rolls....did this only for the wheats....the way I figure it it the AC column I chose the lowest value for G, then I took the number of rolls for the F column and did the same thing and then totaled. See in those F or better rolls, that price is not included no matter the grade higher than F. Therefor I think I get a ballpark for the wheats. As for the Indians and Coppers, well that would be someone who knows and that is not me. If a person was to say I think the wheats as listed is valued at 'X' and I will offer 'X - Y' then a baseline can be started. If that number is reasonable, I am sure the owner and buyer can come to a reasonable amount for all the others....at least that is how I see it. I am not sure if I can talk with him tomorrow, but I will let him know that he has folks SERIOUSLY interested. This site was the right place to come.
Where are you getting "book value" from? For circulated modern (under 100 years old) coins there isn't a very accurate "book". But I am still curious what book you are using.
If you can indicate what major city they are closest to, I might know someone who would want to fly out one way and see them. He would have to calculate the cost of renting a truck to transport them home.
Former stock broker w/ ~20 yrs. at one company. Spoke with 100k+ people and traded a lot (long, short, options, margin, extended hours, etc.).
Please note that ANY stocks I discuss, no matter how compelling, carry risk- sometimes substantial. If not prepared to buy it multiple times in modest amounts without going overboard (assuming nothing really wrong with the company), you need to learn more about the market and managing risk. Also, please research covered calls (options) as well.
It would also be good to know if these are on a ground floor or if the buyer will need to go up or down steps to get them. It might make a difference in what someone would be willing to pay.
Former stock broker w/ ~20 yrs. at one company. Spoke with 100k+ people and traded a lot (long, short, options, margin, extended hours, etc.).
Please note that ANY stocks I discuss, no matter how compelling, carry risk- sometimes substantial. If not prepared to buy it multiple times in modest amounts without going overboard (assuming nothing really wrong with the company), you need to learn more about the market and managing risk. Also, please research covered calls (options) as well.