A worthy anecdote
Posted: Thu Apr 28, 2011 7:13 pmI am reprinting this quote from the Copper thread; this anecdote can be applied to selling/purchasing any of these metals. Indeed it contains a lesson that can be applied in all walks of life!
pennypicker wrote:
"I remember back in 1970 my 6th grade teacher was paying .15 cents for any mercury dime and .11 cents for any silver rosie. I also had an adult neighbor who was also paying .15 each for merc's and wasn't buying silver rosies.. At that time you could still find silver rosies in change and every once in a while you would find a merc. These two people were paying a 50% premium for mercs not for their metal content but because of their different and older design in the hopes that this older and different design would bring a large premium some day. Now with the vast increase in the price of silver the value of a merc over a rosie is negligible at best. Some dealers, including my local dealer, charges NO premium over rosies for common date, average circulated merc's.
Both my teacher and neighbor made bad choices in the regard that the .15 merc now has the same value as the .11 rosie or the .10 rosie that they could have found in change.
Point being is the wheat back will take the same path. When copper reaches a certain point the wheat and Lincoln cu memorial will sell for equal value. Some sellers will ask only a negligible premium for '40 - '58 wheats. Only the value of the copper in both coins, regardless of the different reverse designs, will be of importance to buyers.
Anyone today who is buying two cu memorials instead of one wheat for the same price will be very glad they did years from now. Why? History always repeats itself and I never forgot what happened to my teacher and neighbor .
Future prediction: Years from now Lincoln cu memorials will sell for .10 cents each on ebay. At that same time 1940 to 1958 wheats will sell for .10 to .11 cents each. Pre '40 wheats will sell for .12 cents and up depending on the date."
pennypicker wrote:
"I remember back in 1970 my 6th grade teacher was paying .15 cents for any mercury dime and .11 cents for any silver rosie. I also had an adult neighbor who was also paying .15 each for merc's and wasn't buying silver rosies.. At that time you could still find silver rosies in change and every once in a while you would find a merc. These two people were paying a 50% premium for mercs not for their metal content but because of their different and older design in the hopes that this older and different design would bring a large premium some day. Now with the vast increase in the price of silver the value of a merc over a rosie is negligible at best. Some dealers, including my local dealer, charges NO premium over rosies for common date, average circulated merc's.
Both my teacher and neighbor made bad choices in the regard that the .15 merc now has the same value as the .11 rosie or the .10 rosie that they could have found in change.
Point being is the wheat back will take the same path. When copper reaches a certain point the wheat and Lincoln cu memorial will sell for equal value. Some sellers will ask only a negligible premium for '40 - '58 wheats. Only the value of the copper in both coins, regardless of the different reverse designs, will be of importance to buyers.
Anyone today who is buying two cu memorials instead of one wheat for the same price will be very glad they did years from now. Why? History always repeats itself and I never forgot what happened to my teacher and neighbor .
Future prediction: Years from now Lincoln cu memorials will sell for .10 cents each on ebay. At that same time 1940 to 1958 wheats will sell for .10 to .11 cents each. Pre '40 wheats will sell for .12 cents and up depending on the date."