Tips needed re: stores with "foreign coin" bins.

[thecrazyone]

I have now hit a few different locations where they have had a "foreign coin" bin and the price is low for each one.

My question to you guys is, what do you immediately look for first? Date minimums? Specific countries?

I know that various world coins will contain precious metals, but it's a bit hard for me to go to a bin and start looking at every single coin, when I have no background on these. I'm guessing Euro's are good grabs if they are cheap (since currently used today), but wanted to hear the strategies that you guys use.

Thanks!

[TXSTARFIRE]

I just grab ones that I like. For some reason I like coins with ships on them.

[thecrazyone]

I just grab ones that I like. For some reason I like coins with ships on them.

Thanks for that. I got a bunch of ones recently that are from Iceland, never even know that currency existed!

[Silver4face]

I just grab ones that I like. For some reason I like coins with ships on them.

As you might already know, British half pennies from 1937-1967 have ships on the reverse. The King George ones are worth more than the Queen

[Silver4face]

If the bin or box is small enough, I will go through ALL of it. I generally target LARGE coins for a variety of reasons.

[Recyclersteve]

Be careful about buying Euro coins as these may be hard to sell- unless you know of someone traveling to Europe soon. Keep in mind that many banks will NOT accept foreign coins- only currency.

Keep in mind also that the dealer may be buying mixed coins by the pound and therefore could offer a substantial discount and still make a decent profit. As an example, I know a dealer who buys foreign coins other than Canada and Mexico and pays only $3/pound. For Mexico he only pays $1.25/lb.

Coins I like:

Mexico 1 peso from 1957-67 (contain 10% silver)- these are nice decoys to keep on hand if you are robbed at gunpoint)

Coins made of 90% or more nickel from Canada, Ecuador, France, Netherlands, etc.

The old British pennies made of copper (about the size of a half dollar) (they look valuable and also make great decoys)

Just don’t spend too much on them. I often have been able to buy below the melt values.

Get a world coin catalog at a library. Study it and take some notes so you can carry a cheat sheet with you when you are out and about. Good luck.

[hobo finds]

I have heard of people making there own coin zoo, with coins with animals on them

[thecrazyone]

Thanks all for the info- was trying to find a quicker way to determine which ones might be PM's and what are junk. I guess I can always bring my magnet with me to at least determine whether or not they are steel/iron.

[highroller4321]

Be careful about buying Euro coins as these may be hard to sell- unless you know of someone traveling to Europe soon. Keep in mind that many banks will NOT accept foreign coins- only currency.

Keep in mind also that the dealer may be buying mixed coins by the pound and therefore could offer a substantial discount and still make a decent profit. As an example, I know a dealer who buys foreign coins other than Canada and Mexico and pays only $3/pound. For Mexico he only pays $1.25/lb.

Coins I like:

Mexico 1 peso from 1957-67 (contain 10% silver)- these are nice decoys to keep on hand if you are robbed at gunpoint)

Coins made of 90% or more nickel from Canada, Ecuador, France, Netherlands, etc.

The old British pennies made of copper (about the size of a half dollar) (they look valuable and also make great decoys)

Just don’t spend too much on them. I often have been able to buy below the melt values.

Get a world coin catalog at a library. Study it and take some notes so you can carry a cheat sheet with you when you are out and about. Good luck.

I actively buy euro and almost all other foreign exchange coins and bills.

[stas3000]

Keep in mind also that the dealer may be buying mixed coins by the pound and therefore could offer a substantial discount and still make a decent profit. As an example, I know a dealer who buys foreign coins other than Canada and Mexico and pays only $3/pound. For Mexico he only pays $1.25/lb.

Is that what dealers/coin stores normally pay for ordinary circulated foreign coins sold by weight? Or do amounts vary significantly store to store?

[Recyclersteve]

Keep in mind also that the dealer may be buying mixed coins by the pound and therefore could offer a substantial discount and still make a decent profit. As an example, I know a dealer who buys foreign coins other than Canada and Mexico and pays only $3/pound. For Mexico he only pays $1.25/lb.

Is that what dealers/coin stores normally pay for ordinary circulated foreign coins sold by weight? Or do amounts vary significantly store to store?

I think they vary QUITE SIGNIFICANTLY! I was only quoting one where I could access his prices easily.

[OneBiteAtATime]

First thing I look for if it doesn’t seem like there is an opportunity for silver (which just takes experience), is Canadian Looneys $1 and Twonies $2. Easy to sell / convert. If you find a “Pick 5 for $1 bin” or something they can be really good.

Also look for Euro for sure. May ask if they have any foreign paper they need to get rid of.

I also look for commemorative tokens. Sometimes sterling or coin silver stuff winds up in those bins. Check the rims for markings.

I used to do a lot more of this stuff and I miss it, but where I am now in Tallahassee, it seems like less opportunities than the middle of nowhere IL.