Finding and identifying proof coins in circulation has been a topic floating around the social networks lately. They are out there. People find them all the time. Proof coins make it into circulation in a variety of ways: theft, desperation, accident and ignorance top the list of vectors. I know for a fact there is a 1976-S Clad Proof Washington Quarter out there that should be in my collection.
Most of the proof coins being found in circulation are current series coins:
1985 United States Proof Set
Lincoln Cents
Jefferson Nickels
Roosevelt Dimes
Washington Quarters
Kennedy Half Dollars
There are also proof small dollars out there but they don't circulate as widely and are not searched by very many coin roll hunters. The Kennedy halves don't circulate much either, but hunters hit the halves pretty hard.
First off, lets get some myths out of the way.
Proof is not a grade or condition. It is a unique production method which uses specially polished and specifically prepared dies, polished planchets, and a slightly different minting process than the normal business strike coins you handle every day. Once a proof, always a proof.
There is a myth floating around that a proof coin is one that has never been touched by human hands. This is kinda true up to a point. They get handled by gloved hands and robots when they are packaged in sets at the mint. Handled when someone cracks open a set. Handled when found in circulation. Nonetheless, it is still a proof coin, albeit an Impaired Proof.
Proof coins are not the most valuable. Believe it or not, individual proof coin prices are often very affordable, often in the $1-$10 range. There are top grade mint state coins that command a premium in the thousands. Look up the auction records for a 1978 Lincoln Cent in MS68. You can pick up a 1978 Proof Set for less than 6 bucks (~$3 shipping) on eBay right now.
Proof coins are not 'Perfect'. They can be just as flawed as any coin out there. There are die varieties, missing mintmarks, and errors as with any other date. As they are handled, they experience wear and damage. They may have been real close to perfect when minted, but even then, PR69 and PR70 grades are few and far between for most dates. They have gotten better in recent years with improved quality control.
IDENTIFYING A PROOF
I'm going to focus on Modern proof coins as these are what you are most likely to encounter. Modern proof production began in 1968 after a 3 year hiatus in the mid 60s. Whereas proof coins were previously produced in Philadelphia and bear no mintmark, production was moved to San Fransisco and have the corresponding S mintmark. Cents were produced with the S mintmark in proof and business strike issues from 1968 through 1974. Nickels bore the S mintmark in proof and business strike issued from 1968 through 1970. For everything else, if it has an S mintmark, it's a proof coin. Naturally, there are exceptions to this rule but you are not likely to encounter such specimens, so, roll with it.
DIAGNOSTIC #1: Proof coins have characteristics that distinguish them from business strike coins. The dies and planchets are highly polished. This gives the coins a reflective mirror surface.
Mirror finish and cameo devices are the
dominant feature of modern proof coins
In the early stages of die use the devices would have a sharply contrasting finish than the fields. The effect is termed 'Cameo'. Development of the die preparation procedures over the years now gives proof coins the cameo finish as a normal feature, with Deep Cameo and Ultra Cameo being added to TPG designations. The mirror finish can make photography difficult, especially for guys like me.
Proof coins are struck with higher pressures than business strike issues and are struck repeatedly. The result is sharp detail as you can see in this image.
DIAGNOSTIC #2: Proof coins have a square edge.
The upsetting process does not bevel the edge of proof as is done with circulation strikes. Having a beveled edge makes it easier to pick up off a flat surface. This square rim is visually distinctive.
In this image the Proof is on the right, circulation strike on the left.
DIAGNOSTIC #3: Proof coins are just a little bit thicker. Here's those same two coins edge on. Boy this was a hard shot to take with a Bloggie!
Circulation strike on the left, proof on the right. Click the image to zoom in. Note the beveled vs square corner of the rim. Look real close you'll see the proof exhibits just a little bit of Finning. They ain't perfect.
PROOFS IN CIRCULATION
As I mentioned, a proof coin is always a proof coin. Once it enters circulation and takes a few hits, it takes on the classification of Impaired Proof. Small abrasions and contact with clothing will quickly destroy the mirror finish.
1982-S Impaired Proof
It can remain highly reflective for some time, especially in the close quarters in and around the devices. The rim and facia are exposed to wear and damage as any coin in circulation. Contact with organic acids and the oils on fingers often results in toning atypical for a proof coin. With enough circulation, the cameo finish can be ruined beyond recognition. There will still be the mintmark and square edge to use as identification markers, at least until those are destroyed beyond recognition.
The Impaired Proofs don't hold value. They are essentially worthless, holding only face value. They can still fill a hole in an album, but when an intact proof can be had for a few dollars, these busted up pieces are relegated to spending the rest of their days as novelties.
SILVER CONTENT
1964 and earlier proof dimes, quarters, and halves are 90% silver. Starting in 1968 the proof dimes and quarters were struck with clad composition while the halves were struck in 40% silver. In 1971 the halves were done in clad. Along came the Ike Dollar, struck in 40% silver in 71 and 72, followed by silver or clad in 73 and 74. Along comes the bicentennial, quarters, halves and dollars were struck in silver or clad, with proof and uncirculated versions. From 77 onward, no more silver...until 1992 when silver proof sets came out bringing 90% dimes, quarters and halves in addition to clad versions. These silver proof sets continue to this day. It's possible for these silver proofs to make it into circulation. There are reports of these being found.
UPDATE
Here's a 1982-S found in circulation in June 2017. It was found by Denise Catania and presented in the Coin Opp facebook group.
Back in the day if you had a coin you wanted information about (What it is, What its worth), you took it down to the local coin shop to show it to the grumpy guy behind the counter. Technology has seen a reduction in brick and mortar coin shops as dealers turn to digital photography and online sales to market their wares and dispense with all those leasehold expenses. One feature that has been lost is the ability to present our coins to someone with experience who can answer questions.
I've got a guy who wants to send his coins out to get an opinion on what it is and what its worth, but there is no place to send them. If you have die varieties you can submit them to Wexler or Wiles (I understand Coppercoins is taking a break for a while) and that's great if you need a document for a TPG, but what about all those coins you inherited from your long lost uncle or the odd coin you found roll hunting? Another consideration is the cost. Wiles charges $8 plus return shipping to attribute your discovery. Someone with a box of coins will find this cost to be prohibitive.
Being the ever watchful entrepreneur, I'm thinking 'that's a great idea, start an Opinion Service'.
There's a huge population out there who come across a coin but don't have the knowledge to determine what it is or even where to look for more information. For some, just grading the coin is out of their realm of expertise. I see people who talk about sending that 1942-D to PCGS to get it graded. They'll charge a lot more than the coin is worth. Before spending that kind of money, it sure would be handy to get a second opinion to find out if it is worth sending in.
Lots of things to consider. Shipping the coin to be looked at, what I would actually do with the thing, shipping it back, security, lost mail, not ripping people off. Most importantly it would have to be affordable. There's a lot of stuff out there that's not worth a whole lot. Sending in a 1943 Mercury Dime in Fine condition to find out what it is and what it's worth can be a waste of their time and money if I'm charging a buck to look at it. Next, I'll get a pile of people who want to email a photo and get an idea of what it is and what it's worth, to avoid the shipping and opinion fees. This ends up wasting my time. Get on facebook, there are groups for that. Facebook groups and coin forums are great for a topical discussion but nothing beats having someone look at it in person. If there is no local coin shop to stop by, you are pretty much on your own.
Send me the coin, a SASE, and for a $2 fee, I'll tell you what I think. What is it? What's it worth? Can you grade this? I can probably answer most of those questions. If I can't at least identify the coin, I send it back in the SASE along with your fee. Chances are that if I can't identify the coin it's in Chinese or so badly damaged it wasn't worth sending in to begin with.
Don't send this.
It would be prudent to establish some guidelines as to what not to send. Common dates, coins with holes, and a lot of low grade stuff should not be sent. I'm solid with US and Canadian coins but no good with a lot of foreign issues. It would make sense to nip those in the bud before spending the postage. This works out as most of the stuff people find in their change is US and Canadian to begin with.
I expect that from time to time I would encounter a remarkable coin that needs additional measures to ensure it's safe return to the owner. In these instances, I'd need a system in place to charge for special handling. Paypal can handle the billing, even let me print a shipping label for first class mail with signature confirmation and insurance.
Other product and services can be added. A deluxe service has the coin placed in an airtite holder. An owner could choose 1st class shipping both ways with appropriate fees involved. If I ever get the store in shape, offering the coin for sale can be an option. This little blog has had over 10000 pageviews already and it hasn't been 3 months. I suppose I'll go through a couple of pots of coffee and put this service in place. There is a need for it.
Comments are open. I'd love to hear what you think.
I hit the half century mark last month. Closed my diner the previous month. Not really working right now although I do pick up some work with my previous employer from time to time. It's a pretty good gig. I put in a couple of weeks work, it pays my bills for a couple of months. I spend the rest of my time working on other projects. Maybe I'll get the farm in a better situation this year. It's a sure bet I'm spending more time on my coin hobby/enterprise/thing.
I was poking around today looking for a part for the mixer-thought I'd bake some bread. I was sidetracked when I found a couple of Whitman Bookshelf Albums. These are older albums no longer being produced, but they are of excellent quality ad make a nice presentation for a set of coins. I showed them off in a facebook coin collecting group and people wanted to buy them.
I picked these up for I think 5 bucks each. I could sell them but I'm not going to make much of a profit. I'd do better to fill them with all these Lincolns I have around here. I've got a pile of sets I've been working on in various albums: Whitman, Dansco, albums and folders. They just keep piling up. I may as well move them out the door. I'd like to step this hobby up a notch, do more buying and selling. This has been a pretty good month already. Picked up a pile of Canadian Large Cents for a real good price, already sold a few to take the edge off the investment. I've almost got a complete set fro 1858 to 1920. I'm not too attached, though. I won't mind selling them off to pay for my Lincoln Habit.
I've had a lot of time to think for the past couple of months. I kinda like this semi-retirement thing. I sleep whenever I want for as long as I want. Eat whatever I like, do whatever pleases my fancy. You should try it. I've only got a few more payments on the mortgage, then my bills will be about $600/month, including groceries. One thing I'll say about living in the woods...it's Cheap! I've got a little money, and a little coming in here and there. I'm thinking I can make a pretty good go of it just doing my coin thing.
My Youtube videos are coming along. I'm getting some subscribers here and there, but it needs a whole lot more effort if I'm to make a little extra income from that project. I've got an idea that would make lie easier for people searching rolls. I'll let you know about that when the time comes. In the meantime, I've got a pile of coins to record, sort, identify and sell. It takes a lot of time but I've got some time to spare just now. I figure I'll invest more of it into getting a coin business off the ground. It's a natural progression of the hobby. Just like everything else, you get out of it what you put in. If nothing else, I'm bringing in a few hundred a month doing something I enjoy.
It seems like most of the population has no idea that valuable coins are floating around in circulation, or that some coins can be valuable. The US has not had a major design change in decades. There have been changes to the reverse design on cents, some nickels, and all those state and ATB quarters, but for the most part the obverse is the same. This year has a P on the cent. Jefferson turned his head, and Washington was modernized, but we have the same Presidents on our coins going back for over 50 years. Kennedy halves don't get used all that much. A lot of people don't even know halves are out there. Cash registers only have slots for 4 different coins. Dollar coins are a novelty. We've had the same Lincoln Cent for over 100 years. Washington quarters started off 85 years ago. Jefferson nickels go back 79 years, Roosevelt is the new kid on the block at 71 years. Some of these kids don't even know who Roosevelt was. The coins used most, cents through quarters, are essentially the same used for 4 generations.
Our circulating coinage has become as comfortable as an old shoe. We've been using them all our lives. We can tell at a glance what denomination we have, then toss it all in a coffee can without a second thought. My grandmother uses to say a nickel would buy a loaf of bread. I don't remember back quite that far, but I do remember bread for a quarter. Inflation over the last few decades has gradually brought up the price of everything. Pocket change does not buy what it used to. As our society becomes more cashless with debit cards and electronic transactions we are using money less. When I had the diner, a third of sales was electronic. At Christmas that climbed to 90%. Little attention is given to coins. It's a hassle and a bother. Old change gets treated the same as new change. It all goes from the store to the coffee can, then the coinstar machine counts it up for us so we don't have to roll it.
There's a lot of interesting coins to be found in circulation, if you find that sort of thing interesting. You can build a complete collection from circulation if you know what to look for. Some of those coins can be valuable. There are old dates, rare dates, silver, copper, and foreign coins that are overlooked. There are 3 ways coins have value.
Face Value: The value shown on the coin.
Melt Value: This depends on the metal composition of the coin
Numismatic Value: Date, mintmark, and condition determine rarity and value
Coin Roll Hunting is a hobby where people can search through rolls, picking out those interesting and valuable coins. People do it all the time and have some success. Depending on your level of experience and coin knowledge you can conduct a search and find different sorts of coins. A Deep Search involves looking closely at the details on a coin as a jeweler looks at a gemstone. You don't need to get that intense to find stuff. Just keep your eyes open and know what to look for and you can pick out some collectible coins.
A Topical Search can be done by anyone with a little knowledge. You don't need special magnifying glasses. Just lots of change. Instead of looking at how many feathers on the left wingtip of the eagle, you look at the profile. Indian? Keep it. There's silver out there that is worth 14 times the face value of the coin. A quarter worth $3.50? Yup. They are out there. Find a few of those and you can pay your cell phone bill. Let's have a look at each denomination and I'll offer up some pointers as to what to keep a eye out for.
A general rule: If you don't know what it is or what it is worth, keep it.
Cents
Before the Lincoln Cent were made, the US produced the Indian Head Cent.
The front (obverse) has a portrait of an Indian with a war bonnet. On the back is a wreath and ONE CENT. Old and worn out these are still worth about a buck.
Wheat Cents have Lincoln on the front. From 1909 to 1958 the reverse has wheat ears and ONE CENT.
These are collectible. If you have a bunch of them they are worth about a nickel each. Some dates can be worth considerably more. The 1909-S VDB pictured here has a market value of hundreds of dollars. If you see the wheat design, pick it out of circulation. You can take a closer look at it later.
Nickels
Buffalo nickels have a buffalo on one side, an indian on the other. If you find a buffalo on one side and Jefferson on the other, leave it. Buffalo nickels with the date worn off are worth a quarter or more. With the date intact, about a dollar. Certain dates and mintmarks can be worth a handsome price
V nickels have a big roman numeral V (5) on one side, the head of woman on the other (Lady Liberty). FIgure a dollar or two for a well worn V-Nickel, with better dates being better money.
Jefferson Nickels with a big letter, P D or S, over the dome on the back were made during WWII and contain silver.
The copper and nickel was needed for the war effort so silver was used as a substitute. These War Nickels are 35% silver. That silver content makes these worth about a dollar regardless of the condition the coin is in.
Silver Dimes, Quarters, Halves
Look at the edge, if its a sold white-grey color without a brown stripe it may be silver. Date will be before 1965. The current price of silver is around $17/ounce. These pre-1965 coins are 90% silver. One dollar in face value in any combination will weigh about an ounce, giving these silver coins a melt value of about 14-15 times their face value. If you keep your eyes open you'll find silver now and then. Kennedy Half Dollars are unique in that they were produced with 40% silver from 1965 through 1970. The edge is white-grey but they are only worth about $3.50 each. Still not a bad haul for 50¢.
Dimes
If the portrait has wings on its head, it's a Mercury dime.
Back side will be similar to normal dimes but different when you get a good look.
Find an old one with a Greek looking head on the front, it's a Barber. No, not a hairstylist. Its the last name of the fellow who designed the coin, Charles Barber.
Barbers are over a century old but are still found from time to time. There are older dimes. If you find something you can't identify, go to the General Rule: Keep it until you can identify it.
Quarters
Liberty standing, holding a shield, eagle in flight on the back
The same Barber design: Greek looking head on the front with a spread eagle on the back
Halves
Half Dollars don't circulate like they used to. You may come across one on occasion to discover their size and prominence sets them apart from quarters: They weigh twice as much.
Ben Franklin and a Liberty Bell
Portrait of Liberty walking in sunshine with a perched eagle on he back.
The Barber design
Dollars
If its BIG, keep it, invite the customer back or go back to the place you got it.
Dollar coins have long been desired by vending companies but the old silver dollars and the more modern Eisenhower dollar coins are just plain big and clumsy.
The large dollars are not in circulation. You can't often get them at the bank. People don't spend them...usually. If you come across one, snatch it. Eisenhowers, if not dinged up, are worth a couple bucks. The old Peace and Morgans are highly collectible and usually worth more for their numismatic value than silver value.
Ikes were produced from 1971 to 1978 then cancelled. In 1979 the US Mint unveiled that hideous small dollar coin with Susan B Anthony on the front. The Pet Rock was more popular. After 3 years the SBA was also cancelled. The public simply had no interest. Another attempt at producing a small dollar coin for circulation was made in 1999. This was supposed to have the Sacagawea design but it was not ready in time so that awful SBA design was used for a year with the same results. Go figure. In 2000 the Sacagawea design was used, this time with a hange in alloy to give it a more golden appearance. The coin was widely promoted, with 5000 pieces being hidden in Cheerios in place of the secret toy surprise. If you can get one of those Cheerios Dollars, they are worth Big Money. These are still produced, but have been relegated to being a commemorative style coin. The next attempt at a small dollar is the President series. Again, these are as attractive as a sack of hammers and as useless as tits on the Pope.
The Morgan Dollar, named for the designer George Morgan. Uncirculated examples sell in the $50 range for common dates, well into the 10s of thousands for rare dates. Even well worn they will fetch $15-$20.
The Peace Dollar, so named because production began shortly after World War I, with 'Peace' shown prominently on the back.
I get on the social networks, talk to people, read what they post and I gotta tell you it breaks my heart some of the stuff I see. Someone posted a picture of a $50 Star Note and explained that she could not afford to keep it. Another poster talked about a $150 Amscope and did not want to spend the
money. I advised her to sell some coins to get the scope. This coin hobby we all have going on offers a great opportunity. You put money into it at the start, but once you get some knowledge and experience, you can let the hobby take care of itself.
I know it's tough out there for a lot of folks. I've explained that an extra couple hundred bucks a month is enough for most families to improve their situation. We're not talking a fortune...50 bucks a week. It would be enough to keep that Star Note. In a few weeks, it would pay for an Amscope. Keep it up for a couple years, you'd have every piece of equipment you can think of: scales, scopes, loupes, calipers, cameras, copy stand, computer, printer, and stuff that hasn't been invented yet.
I've talked about selling coins online, but that was part of what goes into it. There's shipping, packaging, sending and printing invoices, handling payments, dealing with deadbeats, handling returns, photography (I'm not even close to an expert in that area, let me tell you), tracking inventory, and more critical subjects that need discussion such as consistently finding decent coins at a decent price without getting ripped off. It's clear that I have a whole lot of explaining to get enough information out there that one can jump right in. If you just can't wait for me to describe all the subtle nuances involved, jump right in on your own and start selling stuff.
The best way to learn is firsthand, seat-of-your-pants, trial and error, get your hands dirty, sink or swim. You've got the coins. If you have ordered online, you've got some things on place (Paypal account, involved in some facebook coin groups, coins worth selling) and have some idea what to do (sound packing of shipments, how to take a decent photo). Consider selling a couple of items as a practice run. You'll learn more from that first sale than you would from reading every article in my blog. If this is your first time selling you might let your buyer know that it may take an extra day for you to get your act together.
You have a coin collection. Start a money collection: keep the money from sales separate, use it ONLY for your con hobby. Buy equipment you want or need. A fine camera will help you sell coins easier and for a better price. Buy supplies needed to keep the project going. You get a better price on 100 envelopes than you do for 5. While you might start with 5 envelopes, at some point you'll want to get ahead of the game so you can keep your costs down. Buy more coins. There are deals out there to be had. You've got to do your homework. If you sell some items, then spend the money on your electric bill it's the same as spending your coin collection.
There are some DOs and DONTs when selling
DO
-Identify your coin, take the best photos you can, start bidding at a fair price or BIN at a price you are happy with. If you can sell for 10% over your cost, that's pretty good. -group coins together as needed to bring the estimated sell price to $10 or more. Shipping on small value coins makes for a poor sell. -include shipping costs in your listing. $3 is fair, covers USPS 1st Class with tracking, and cost of the envelope, maybe a shipping label. -have the coin ready to ship when the listing goes active: coin is in a holder, envelope, bubble wrap, mailing label, your paypal account in place. -read the rules of the group and STICK TO THEM. -offer a full refund of the purchase price for coins returned in 14 days, and be flexible with that 14 days. This means you don't touch the money for at least 3 weeks.
-keep the money separated from your paycheck and household money. This is your coin money. Use it only for your coin enterprise. Consider a dedicated checking account with it's own debit card and Paypal account just for coins.
-describe the coin in detail, including features and flaws. It does you no good to try to hide a defect-that will get you the coin returned.
-sell several items at the same time and let people know you will combine shipping.
DON'T -expect to make a fortune. This is your first time out. Getting your money back plus a couple bucks is a fine start.
-try to sell BS. People can smell it through their screens.
-list a price or starting bid below what you would accept. You WILL be expected to ship at the selling price.
-start plastering your pocket change all over the place and expect good results. You'll end up getting booted from the group.
-refuse to ship because you made a mistake or are not happy with the selling price. This is in your control.
-overgrade, make false claims, misrepresent the coin, inflate the price, or make promises you can't deliver
-charge more for shipping than absolutely necessary. Cover your costs: envelope, packaging, mailing label, insurance if that's included, inkjet printer cartridge, paypal fees, and nothing else.
-get emotional about your coins. Be willing to let some go so you can move ahead.
-spend the money as fast as it comes in. Set a target, say, a $30 scale. Keep at it, you'll get there. when you do, your reward will be waiting.
-don't buy junk, don't sell junk.
Coin Roll Hunting offers a unique opportunity in that you can find valuable coins and get them for face value. There are die varieties and errors that can be sold for a few bucks. A decent WAM will sell in the $5-10 range pretty easily. A 72 DDO #3 will get you a $20 bill. A few 40% silver halves will quickly give you some working capital. For lower value coins, group a few together if need be to get the value of the group high enough that it's worth more than the shipping cost.
Selling coins is the next level up in coin collecting. Make the leap. Test the waters. I can't promise you'll make a fortune. You can turn some unwanted coins into cash and put that cash to good use improving your hobby. You can repeat the process, picking up some extra money regularly, doing something you enjoy. You can use the hobby to pay for itself. There is more to life than working for the man and scrapping by eating ramen noodles. You have to put in the effort. You have to do your homework and have a good idea what you are doing. Stick with it, picking up some extra cash here and there, you'll be able to move into buying and selling higher value coins. Keep reinvesting your sales into the hobby. Build your stock, keep it turning over. People do this all the time.
I'll get back into the two most common questions:
What is this?
How much is it worth?
Assuming the coin has been identified and accurately graded, it's a fairly simple matter to look up the value. There are books, magazines, and websites that have price guides.
Coins Magazine
This was a staple for me growing up. I cut my teeth on it. It was a couple bucks, had interesting articles, a pricelist for everything, and classified ads. It's 5 bucks for a copy if your local bookstore carries it. Subscriptions are less than $23/year, 12 issues
Dealer Pricelists
Back in the day there was no such thing as online buying. I sent off for pricelists, received them in the mail. No photos, just a list of coins with grade and price. Every month, I'd get another pricelist in the mail.
Redbook
Probably the best known book listing US coin values. Updated annually. Around 15 bucks for hardcover. I guess they have some MEGA book out this year but I've not checked into it.
Blackbook
Plenty of information. Has a grading section which describes the condition of each coin in each grade. About 10 bucks, paperback.
Greysheet
Updated every 2 weeks, this is a staple for dealer to dealer prices. Every quarter they produce a comprehensive pricelist with updates for everything. Everything.
USA Coin Book
An online sales platform much like eBay, but just for coins. The pricelist is easy to navigate but the prices are somewhat higher than reality. I suppose this is a strategy to get higher bids, on which they draw a 2% commission.
Numismedia
I think this is the most accurate representation of fair market values available online
eBay
No pricelist here, but you can get an exact listing of what has sold and for how much. Look to the completed listings.
PCGS
The old adage "Buy the coin, not the holder" is sent packing. What you have here is a proprietary price guide. These prices pertain only to PCGS graded coins.
NGC
As with PCGS, NGC prices reflect NGC graded and slabbed coins. Usually lower than PCGS. NGC offers price guide for many world coins
Now let's shred all of this...
Price guides are not an exact science. They are not written in stone. There are no rules. What you get in these pricelists are market analysis. Each producer of these pricelists creates the list in a different fashion. Some are based on auction records. Some use algorithms about which I can offer no insight. Some are updated frequently, others annually, and a few I have no idea what they are thinking. I don't know if they are all simply using the Redbook in their figuring. For higher grade coins with auction records the prices across all these different guides is fairly consistent. For low grade, low value coins, again, they prices are within the same ballpark. The stuff in the middle tends to have greater variance from one guide to the next. Some of this has to do with spot price. With a volitile market, the value of silver or gold can swing significantly over the course of a year. One guide puts out it's figures once a year when the price of silver is up, another guide puts our different figures at a time of the year when the silver market is down. While the calculating of price was accurate when the price guide was published, change occurs in the real world. Fact of the matter is coins are traded through negotiation. Several buyers interested at the same time on a specific coin can drive price up sharply. Supply and demand are the drivers of market value, not price guides. If you need up to date, accurate fair market value estimates, you have to do your own homework and come up with your own estimate. Compare several prices from several guides.
I primarily handle cents so I'll talk about them. Cents have that tonal description: Red, Brown, Red-Brown. I look in a price guide, I see a value listed for MS-65. This usually refers to a full red specimen and may not reflect the value for BN or RB specimen. Some price guides only list prices for MS-63, and offer no explanation of tone quality. Does it still refer to Red? Maybe. If it does, there is often no reference or listing to what a BN or RB specimen in that grade is valued at. Some do, but not all, and those that do don't cover all grades. You've got a MS-63 in full red, but the guide does not start listing prices for full red until MS-64. You are left in limbo.
On the other end of the spectrum are the low grade, low value coins: circulated wheats, Good Indian Cents, VG Roosevelt dimes, partial date Buffalo Nickels. The price guides may offer a value of 50¢ for a Wheat cent, but that does not mean you will ever realize that sort of market price. Who's going to spend 50¢ to a buck on a coin, then another $3 for shipping? Back when I was a kid I'd hit the local coin shop with a couple dollars and buy a 1948-D Wheat for 15¢, plus sales tax and I was a happy kid-one more knocked off my list. I watch videos of people coin roll hunting, pulling out wheats like they've won the lottery. They end up with 12 wheats in a box and they are about to pass out from the excitement. That one date is not really worth the 9¢ the book says, even if you have 100 of them. What you have is a function of the algorithm that is projecting values based on information fed into the computer. Look around at how those wheats are sold, you'll see 4¢ is closer to reality, and to get that 4¢ you need 5000 pieces. Sure, you can gather that many from circulation, but you may have to hunt through 400 boxes, 1 million pennies, to find them.
There is a big difference in values listed and prices that can be realized.
For the middle of the road coins, the Very Fine 1927 Wheat, XF 1935-D Buffalo, AU 1945 Merc, the price guides are a fair approximation and quite stable. These go into sets, people buy several coins at a time, throw one on these in the stack while they are at it. These are standard issure, run of the mill, older and more common. The prices won't see sharp spikes or drops. Publishing new price guides for these coins every other week or even quarterly is a waste of ink. The Redbook price from a couple years ago will still be as accurate, within a few cents, as the most recent edition. For most new collectors who came across a circulated business strike and wants to know what it's worth, a magazine from 5 years ago will be close enough to work with. There's not much difference between a price guide that says $14.50 in their publication 5 years ago and $15.50 today. You can lose half that difference by messing up a shipping label.
As a hobby, time is not usually included in figuring value or net on the sale of a coin. You'd like to make $20 an hour selling coins but spend half an hour photographing a $10 coin. That local shop with the 15¢ wheat was not investing in a coin. He was investing in a coin collector.
Price guides are just that: guides.
They are not written in stone. They are not gospel.
Each price guide out there has a different algorithm used to generate the data. One price guide may offer a value of $50 for a coin while another can show $100. Checking several guides, as well as auction records will offer a better range of value estimates.
Experience is the best guide of all.
What price you can realize can be far from the values in a guide.An experienced seller with an established reputation, well developed clientele, and active marketing practices will command a far greater price than a hobbyist looking to part with some extras.
Is a coin worth 10¢?
Is it worthwhile to try to sell a coin for 10¢?
Perhaps a roll of 50 coins in the grade shown will fetch $5 from a well known seller.
It may be that you can only reach $3 for those same coins with the buyers you know.
These are collector pieces. There is no set price. Prices are realized as the result of negotiation. Buyers are often willing to be more flexible with a reputable seller. Sellers can get higher bids when they have established a large customer base. Someone with no reputation and no history with any buyers will probably experience disappointment if they show up expecting top dollar for their goods.
A frequent question I get is "What would you grade this coin?"
There is a lot of hesitance coming from new collectors when it comes to grading coins. It may be they don't have the experience to know what it entails. Some think there is some specialized knowledge or certification required to account for all the mysterious subtle nuances of which they may not be aware. I talk to folks that only deal with TPG coins and if its not slabbed, its poison.
A PCGS slabbed Lincoln Cent
It comes down to confidence in one's own judgement. Without experience there can be a great deal of insecurity when stepping into unknown territory. Don't let it stop you from estimating the grade of a coin.
There are tools out there which will help guide you. Have a look at PCGS Photograde. This is one of the top TPG (Third Party Grading) services out there and is generally accepted as being accurate most of the time. On the site you'll find photos of every series of US coins in every grade level. If you don't know what your coins is, keep looking at the pictures until you find a series that matches your coin. To grade your coin, all you have to do it compare your coin to the photos, choose the grade that is the best match to what you have in hand. There's no magic here, no secrets or tricks, just a side by side comparison. For those times when you are not online, consider putting together a graded set for yourself. You could spend the big money and buy several slabbed coins in various grades, but chances are good that you already have coins in your collection assigned a grade with which you are confident. Set them aside, use them as a reference set.
Collect AG, G, VG, F VF, XF, AU, UNC. Collect several of each so you
can get a range of coins that fit in that grade. Come across a specimen you have not graded, all you have to do is compare it to the reference set. Over time you'll gain experience. Experience builds confidence. With enough experience, you can grade anything and be confident that your estimate is generally accepted as accurate.
As usual, I picked up a box of cents this week. There is nothing special or remarkable about this one, came from one of my pick up banks near the big box store shopping district. I have my coin account with this bank. The teller may or may not recognize me as I only go to this branch about once a month for a brief visit. I expect no special service or attention from the teller. This box is as routine as I could expect.
The result of this search
What makes this box special is the presentation: I'm doing a deep search on this box, creating videos to go with it, and keeping a tight record of what is found. You'll be able to follow along, watch the videos, post questions and comments here and on Youtube. It would normally take a few days to sort the coins, as I'm not usually in a hurry, and up to several weeks to work my way through all the dates. You'll be able to follow the progress here. I'll break this into chapters to offer a better explanation of what's going on at each step of the process
x Get the rolls
x Open em up, sort by decade, perform a topical search as I go
x Pick out the junk
x Inspect the picks from the initial search
x Sort decade bags into years
x Inspect each year
x Process the picks
List and sell the picks >In Progress
x Return rejects to bank
Get the Rolls
Simple and easy, $25 gets a box of 50 rolls.
Rotisserie Chicken and Fresh Rolls
I have several pick up banks so anywhere I happen to be offers a chance to pick up rolls. At the bank I used for this box I hold an account I use specifically for my coin enterprise.
I was in the area running errands so stopping in took no extra time or gas. Picked up some dinner while I was in the area.
Open em up, sort by decade, perform a topical search as I go
Video: Deep Search 1 New Box
A topical search involves picking out the quick finds: wheats, Canadians, silver, foreign, maybe some better dates as I come across them. A Deep Search has me inspecting nearly every coin in the box with a 10x loupe looking for die varieties.
Pick out the junk
Toss rejects aside
Video: Deep Search 2 Sort in Progress
This is pretty much a straightforward step done while sorting. I'll get most of the junk out of the way right off the bat, save me the trouble of handling them again at the next level of sorting.
Normally I toss these in the reject bucket, roll them up while watching a movie.
For this box I have counted them for the record: 187. I use the wrappers they came in first to save me the cost of using my own wrappers.
Inspect the picks from the initial search
Video: Deep Search 3 Rolls Sorted Recap
After the initial sort and search is done I've got the coins in bags according to decade and I have found a few coins that beg for more attention. If you can't contain your enthusiasm, go ahead and inspect them with a loupe. I picked out several wheats, a couple of Canadian cents, and a number of BU specimens but nothing remarkable in terms of errors or varieties. I'll set them aside for later.
Sort decade bags into years
This is a repeat of the decade sort process, except I'm separating coins by year. Again, I pick out coins that catch my eye and rejects that I missed in the first pass. Any coins that were tossed into the wrong bag can be picked out. I send them to the unsorted bucket to start the process all over again.
Gallon bag of a single decade
I don't get so many that it's a hassle. There is a place for every coin to go: forward in the process (sort by year), backward in the process (the unsorted bucket), and out (picks or junk).
For the sake of efficiency, I have an abundance of coins waiting to be sorted in the form of fresh rolls and decade bags (see video linked in the next chapter). Normally I sort a few minutes at a time. It keeps me from losing my mind! When I have enough of a decade to be worth my time, I sort into years in preparation for the next step.
Inspect each year
Video: Deep Search 4 Inspecting
When I need or want to inspect a specific date, I've got them already sorted in bags. I sort by mintmark right there on the inspection table. Most years only have 2 piles, a handful have 3 (S-mints). Coins to be inspected are laid out, face up. I inspect each coin with a 10x loupe, keeping in mind what particular details I'm looking for. I move from right to left so my hand is not bumping coins that have not been inspected. At times I drag my hand over a coin and flip it over. When I'm done with the obverse side of the batch, they are all flipped tails up. Any coins I have bumped or dragged, will automatically be reset to tails up so I don't miss out on a good find.
This process repeats until I'm done with that date and mintmark. Then it's on to the next.
Internet Lookup
I load the internet browser on the laptop with The Big 3:
I pull up the pertinent information on the date and mintmark I am about to search. This lets me refresh my memory with known varieties. My Cheat Sheet is a fine start, but as I mentioned, it barely scratches the surface of what is out there. Primarily it will point you to the best known or most valuable variety for the year. The Big 3, used together, offer the most comprehensive list of known varieties. In the event I find something, I can compare it with attributed varieties and immediately identify the specimen.
Process the picks (Working on this)
Identify
Photograph
Protect
Store
Record in stock list
List and sell the picks (Working on this)
Determine price or starting bid
Select venue
Assign lot number
Describe the coin
Add photos
Wheats: 8: 1937, 42, 44, 52D, 56D (2), 57D (2), about half of average
Canada: 2: 1951 George VI, 1982 QE2, lower than expected
Other: junky dime, about a dozen BU specimens, no S-mints from the 60s, 27 specimens pulled out to fill holes and upgrade a set being built from circulation. Several die chips and die cracks, I'll count them up at the end. A couple of handsomely toned specimens kept out, perhaps I will assemble a set.
Rejects: $2.14
Counting up the rejects, wheats, Canadians and the dime I come up with 2522 coins having a face value of 25.31. I might be off by a cent here and there in my counting because I can't believe a rolling machine would be over by nearly 1%. Some of these were customer wrapped rolls.
PICKS
1988 D RPM? needs further examination <<<This proved to be zinc rot
1995 BIE -SOLD $5 1995 DDR not attributed by the Big 3
2000 DDR CONECA DDR-019 -SOLD $1 bid
2000 DDR no matches on CONECA/Wexler/Coppercoins
2004 DDO
2005 DDR (2 specimens)
2011 WDDO-010
2013 WDDO-007
Population figures shown below are not statistically significant. It would take a great many boxes to develop an accurate population report. While these counts might be in the ballpark, a single box is subject to considerably more alteration. This box has only 2 S-Mints, and 8 wheats. This is far below the typical counts I've seen.
1980 25
1980 D 4
1981 31
1981 D 5
1982 39 I'm just going to sort these by date and mintmark without identifying
1982 D 2 LD/SD or copper/zinc
1983 33
1983 D 5
1984 27
1984 D 7
1985 24
1985 D 8
1986 17
1986 D 5
1987 11
1987 D 11
1988 24
1988 D 8
1989 26
1989 D 6
1990 29
1990 D 11
1991 20
1991 D 1
1992 12
1992 D 4
1993 73
1993 D 12
1994 25
1994 D 2
1995 27
1995 D 19
1996 37
1996 D 22
1997 36
1997 D 17
1998 32
1998 D 5
1999 36
1999 D 4
2000 43
2000 D 38
2001 40
2001 D 15
2002 22
2002 D 7
2003 28
2003 D 8
2004 30
2004 D 6
2005 38
2005 D 4
2006 40
2006 D 3
2007 39
2007 D 6
2008 18
2008 D 6
2009 10 T1: 4, T2:4, T3:2, T4: 0
2009 D 4 T1: 0, T2:1, T3:2, T4: 1
2010 42
2010 D 4
2011 39
2011 D 8
2012 52
2012 D 5
2013 81
2013 D 12
2014 111 from here down is 25% of the box
2014 D 9
2015 198 8% of the box
2015 D 18
2016 313 12.5% of the box
2016 D 13
2017 P 0
2017 D 0
Coin collectors need coin collecting supplies in order to best protect, store, and organize their coins. Options available to us are shopping on eBay, Amazon, and dedicated websites which specialize in coins and coin supplies. Being a hobby, some folks go easy on supply spending, preferring to invest their limited funds on coins. I understand that, I'm a bit of a tightwad myself. The result of this spendthrift attitude is that we buy our supplies inefficiently. We spend $5 at a time for enough supplies to get us by for the time being. Looking at price per unit, we spend the most and get the least. Seems to me we should do it the other way around: spend the least and get the most. Right now, each of us is working independently-shopping for specific items, looking up the best prices, and ordering those select goods of greatest priority in small quantities suitable for their own needs. If we simply got together, organized ourselves, and came up with a plan, we could all save a bunch of money by ordering together.
I've been rolling this idea around in my head for some time. It's a cooperative enterprise. It can work, but requires several ingredients. For this cooperative effort to be most effective, I'll explain things...
Lets define out objectives: -We want to save money -We want to get products of the same quality or better as we are used to -We want to get the most value for our hard earned dollars -We want to spend as little as possible on shipping -We want our stuff to arrive in good shape
Volume We can get better prices if we can put together some volume. Buying 100 2x2s is not going to get the best price. It takes 20,000 to get the best price. The same with tubes, storage boxes, pages, what have you. If we can get the volume, we can get the price. To get the volume, we need a bunch of people involved.
Payment To get the sort of volume we are looking at will take cash. I don't have it. Anyone who does have it would do just as well to buy the product, put it in storage, then sell it at the normal price and normal small quantities. We need to get the payments in from the people involved, get the stuff, pack it, and send it out. You will have to prepay for your supplies. This is no different than you are doing now: you pay Amazon now, get the stuff in a few days. The only difference is it will take a few more days.
Committment For this to work, all the people need to be committed. If some people back out of the deal, we won't have enough volume to make it work, nobody gets a thing. Don't be the guy who says he will do something then does not do what he said when the time comes
Uniformity Most of the products we need are common. The 2x2 cardboard cent holders I use are the same as yours. We all use cent, dime, nickel, quarter sizes. We don't all use cointain holders, we don't all use whitman 5 coin set holders. we don't all use pages. For those items we use in common, we focus our attention on. With more uniformity, we can reach the volume needed to get the high prices. Filling orders specifically with a wide assortement of items is more difficult, requires more inventory, and generally gums u the works
Shipping A big box gets the best shipping price. To get the best value, fill that box completely. A full box is better protected against crush damage during transit.
Timing I need stuff today, you need it next week, Joe wont need anything for months. Getting people on the same schedule will be needed. This requires a deadline. You meet the deadline or wait for the next batch.
Responsibility In our litigious society, someone must ultimately be responsible for handling the money, account for delivery, and do the work of buying, packing and shipping, and will need to get paid. I'm willing to do the job, have the space for all this stuff, and the means to get it shipped. This requires I come up with the prices, set the package contents, and perform. My reward is a small profit, same as Amazon or some specialty shop.
Best plan I've got so far is to put together packs of supplies. I can fill a Large Flat Rate Box (LFRB) with similar items and some flexibility. A single LFRB will ship anywhere in the continental US for $18.85 and hold a dozen 2x2x9 coin storage boxes and some other flat items. Those 2x2x9 boxes will hold specific goods, be it 2x2 holders or tubes, with a little room to spare for small add on items such as 2x2 tetra coin holders, 10x loupe, and cotton gloves. 12 2x2x9 coin boxes 1200 2x2 cardboard holders choose size by the 100: 1/5/10/25/50 200 2x2 vinyl flips no inserts 48 2x2 tetra 10x loupe 10x18 white cotton gloves
This is a bunch of stuff for a collector to purchase all at once. There will be the guy who only wants half that in order to save money. Fact is, for this to work, about 40 people would have to get involved at the same time, all buying the same thing. So...what are you folks looking for? What do you need? How much are you willing to spend?
How about you plan on taking a box in the next couple weeks? I'll need that time to nail down prices, secure supplier(s), and get people on board. Another week of sending out invoices, getting the money together, about a week for supplies to arrive, then a few days to assemble boxes and ship them out.
Banks and Credit Unions If you need some money, go to where they keep it...in the bank. Some banks won't give you rolls unless you are a customer. You'll be hard pressed to find one that will exchange your rolls for bills if you don't have an account. Ideally, you pick up rolls at one bank, drop them off at another. Use one bank for your personal checking account. If you have the means, use another bank for a coin checking account. Tipped Employees Keep
that waitress in mind. Tipped employees usually have BUCKETS of
change. Sometimes they know enough to keep the interesting coins. This
gives you a steady source of mixed coins without the hassle of a bank
teller, and a potential source for wheats/indians//buffalos/silver. If
they don't keep the interesting coins, they may pick them out for you if
they think a tip is coming.
Family, Friends, Coworkers Don't overlook people you know, especially if personal transportation is limited. Some of the people closest to you have an abundance of change they've been saving up for years. Even if they don't, they may be able to get to the bank for you and are the most willing folks to help you out. Count it up in front of them or count it up accurately and treat them honestly. Retail Stores Big box stores are not always willing to exchange rolled coins for cash. Supermarkets are much more flexible. Don't expect to walk out with a box of coins. These shops are good for a couple of rolls at a time. Tell them the nephews are in town and they are much more willing to fill your request. When shopping, paying with cash will get you change where a debit card gets you nothing. If there is a store you frequent or know the owner, they may be willing to pick up a box of coins for you from time to time.
Vending companies Arcade games, laundry, sodas and snacks, and car wash are the most commonly coin operated machines. There are companies that have these machines placed all over the state who hire staff to service the machines. Besides repair, maintenance and stocking, the coin bins must be emptied from time to time, with the coins returning to the home or regional office to be rolled. There is considerable volume, primarily in quarters. You'll have to find the companies, talk to the manage or owner, and arrange to purchase the rolls. Don't expect much in those rolls in terms of silver. These companies are usually aware of the metal value and pull it out. If they do, its a source of silver at spot.
Wishing well Not such a good source. These have been sitting in a pool for a while. Often, the pools you see at the malls contain chemical such as bleach and cyanuric acid to control algae and maintain clarity.
Church After passing the plate, volunteers often take the time to sort and roll the change that is donated. Talk to the elders, volunteer to help count and roll.
BU Rolls Coin shows often have dealers with a stock of BU rolls. Some have been picked over, with the more recent years still unopened. Those unopened rolls can bring a small premium for years with known varieties. 1969-S and 1971 cents usually sell for a little more as do 2005 nickels and 2009 everything. Sewn Mint Bags These are getting to be rather rare.
It takes money to make money. With Coin Roll Hunting, it doesn't take much money but it does take a lot of persistence. The hobby does not require a huge sum of money as long as you can keep cycling it. I know there are people out there who don't have much right now in terms of cash they can spend on the hobby, so some attention should be given to conducting this hobby productively while working with a limited budget. A particular advantage to this hobby is that you can find coins with enough value to be self-supporting. All you have to do is get it off the ground. Selling coins may not be of interest to you. There are plenty of folks who delve into coin roll hunting for the purpose of adding to their collection. If this be the case, then this article may still offer ideas for you to further your goals.
There are a few things that you'll need: access to lots of coins, information, and internet access. This lets you find it, identify it, and when you are ready, sell some for a few bucks. Once you have a few bucks extra to work with, things start to get a little easier. The appropriate term to employ here is Bootstrapping. You are starting with practically nothing, put back into the project everything you get out, and end up in a much better situation. You may have heard of the kid that took a red paper clip, traded it for something, then traded that, repeating the effort until he had a house. If not, check out his blog: One Red Paperclip. CRH is kinda like a snowball rolling down a hill, getting bigger as it moves until there is no stopping it. It just needs a little nudge to get started, maybe another here and there to help build momentum.
Unsuspecting boxes about to meet their fate
I know there are some young people who don't have much to work with. No job, no checking account, not much to work with as far as equipment at home, and not much in the way of a steady income to work with. You can get started with nothing, absolutely nothing, but this is difficult. This calls for the additional step of finding a recycling center that accepts aluminum cans, then scrounging up as many can as you can find or some other scheme explored out of desperation. Desperation brings mistakes and behavior which can damage your reputation. I'm not getting into that level of startup. If your situation is that dire, coin roll hunting is not the answer. Since you are reading this then you are online and I assume you can probably come up with a little money. I'm talking 30-40 bucks on the high end to get started, with another couple bucks per cycle until your little enterprise is up and running. Seriously, if you can't come up with that much then this project is not for you. For you people too young to get a job, this is a door that is wide open. All you have to do is get the project off to a good start. It will grow on its own if you stick with it. You probably won't get rich from just coin roll hunting. You probably wont make a living. However, you can pick up a few bucks, even supplement your income handsomely, and this can lead to something more further down the road.
SUPPLIES AND EQUIPMENT
Ideally, you already have most of the stuff you will need. If not, most of this is inexpensive and will fit in that $30-40 budget:
10x loupe (If you don't have a loupe, I have some available.
ziplock bags, cups, jars, storage containers, not necessary but can be helpful
digital camera, most cell phones have one. Someone you know has one.
internet access
some flat penny wrappers sure would be handy, ask at the bank
Later on when it comes time to ship a sale you will need:
a couple of shipping envelopes, 6x9 works fine, bubble mailers are better, manila will work
$3 for postage when the time comes, and you might not need that
2x2 plastic or cardboard flips (plastic does not require a stapler)
a roll of scotch tape or packing tape
When you are able to start making sales, that income will be able to keep up with supplies and move you further along.
COINS
Somehow you've got to come up with some coins, or some cash to buy coins, or access to coins. Chances are you know someone who has a change jar and would be willing to trust you with it for a while. There are plenty of sources for rolled coins. You can pick up a few rolls at the supermarket, convenience stores, and banks. Ask people you know if they can pick some up at their bank. Getting coins is not a big issue if you have the money to pay for the rolls. The challenge before you is to build stock-move from a few rolls to at least a box. The idea is to have enough stock that the project becomes efficient. I'll talk about that more later.
Because you are on a tight budget, cents are the denomination of choice. You don't have to do cents, halves are fine if you have your heart set on them-it's your project.. With cents you get more coins for your limited funds. More coins means more chances of finding something valuable. Because of their larger mintage figures (Lincoln Cents are the most produced coin in the history of civilization), there are more die varieties in cents than any other denomination. Lincoln Cents are the most collected coin in the world. This makes your finds more marketable. There is also a great deal of information available and plenty of it is freely accessible online. Since this is a new blog, I'll be focusing on cents as I populate it with posts and essays. It's kinda built into the blog that I'll be talking about cents most of the time. Even so, cents are a good choice for all these reasons. If you set aside hundreds of specimens, the cost is not a burden.
INFORMATION
I don't care if you have the best equipment in the world or a huge pile of coins. If you can't identify the coin in your hand, you'll be hard pressed to answer the two biggest questions:
What is this?
What's it Worth?
If you know what the coin or error or variety is, you can look up what it's supposed to be worth. Regardless of what some book or pricelist says, the true measure of worth is what it will sell for. You'll find out exactly what it is worth when you go to sell it. In the meantime, you still have to identify it. "Buy the book before you buy the coin" is sage advice. Rather than spend the money on a book, jump online to get the content without the cost. Look to these websites I call The Big 3: Coppercoins, Wexler, Variety Vista.
Coppercoins.com
This site is operated by Chuck Daughtrey. He's forgotten more about coins than I'll ever know. The site is focused on Lincoln Cent doubled die and mintmark varieties. The search feature allows you to look up a date and mintmark, and gives you a listing of each variety in the database, with a snapshot to make it easier to quickly compare it to what you have. Each of these varieties has close up images of a specimen, with die markers. Those die markers help you confirm the identity of your coin. The image quality is outstanding in most cases. The price guides shown with each coin are the closest to reality. Each variety will have cross references cited where they are known
Doubleddie.com, aka Wexler
John Wexler has been around for a long time, is well regarded in the numismatic industry as one of the top experts in the field. Besides Lincoln cents there are listings for other series. While this site centers around doubled dies and mintmark varieties, there is also an abundance of useful information to help you study up. The photo quality is not as good as coppercoins, but there are more shots of die markers. Wexler offers attribution services where, for a reasonable fee, you can submit your finds to be identified. Newly discovered varieties are updated frequently.
Variety Vista.com
Here we find CONECA listings. This database is a little less intuitive for navigating, almost clumsy, but the listings for cents are extensive. Photos are more numerous than the other two sites, and emphasize closeups of more devices. Prices are not necessarily a reflection of true market value and often seem to be placeholders for data rather than based on fact. The listings for cents are more thorough than the other 2 sites.
None of these sites are complete. Each offers information the others may not have. Taken together, a more complete picture of known die varieties is available to you at no cost. Thirty years ago I didn't have so much as The Cherrypicker's Guide (wasn't even written yet) and Breen was long since out of print. There are other sites out there with good information which I may add here should I find the ambition, but these 3 stand above the crowd. If you are not able to identify your coin, there are forums and social networks which can provide help. Back in the day if I had a variety that I wanted to identify there was only the one local coin shop to take it to. That old grump could not be bothered. I suggest you check out some facebook groups. They are free to join, you can post photos, and get responses directly from collectors, experienced coin roll hunters and professionals with years of experience. You'll get a straight answer, even if it's not the answer you are looking for. Not everything you find is worth keeping.
Armed with information and the tools to do the job you are ready to slide into a regular routine: get coins, check them out, dispose of rejects, process the keepers, repeat. Tools are a one time fee. Information is free. Operating on a tight budget leaves getting coins as the lynch pin of the operation and disposing of rejects as an urgent need to recover the cash. I see lots of people getting rolls when they have a few bucks available, then hurrying to get them back to the bank in time to keep the rent check from bouncing. This is paycheck to paycheck living. There is no money management here. I see this all the time. Having spent years in industrial contracting I've worked with guys making union scale wages who are just as broke as a guy making minimum wage. They get a check on Friday for $1500, on Wednesday they have no lunch and are asking to borrow gas money. This is no way to live.
Then there's this guy
Being broke is a situation. Being poor is a state of mind. While I'm hoping the above video is intended as satire, it underlines the notion that you have no control over your finances and raiding a coin collection as a solution. I would wash my laundry one sock at a time in the sink by hand in cold water before I had to use a part of the coin collection for face value. People wonder how proof coins get into circulation. The answer is simple: someone was desperate. Before you reach such a dire situation, take action to keep your head above water: sell those coins. If they have no value over face, turn them in for cash, then use the cash to pick up rolls. Better yet, take the steps needed now to put yourself in a better situation so that spending your coin collection on laundry never happens.
I've talked about setting up a separate checking account for coins, but getting to the point where you can come up with a spare $100 is tough for a lot of people when there is more month at the end of the paycheck instead of the other way around. It takes so little to improve your situation. Until you break the cycle of being perpetually broke, coming up with $25 for a box of pennies will continue to be a hardship. You may have to give up a lot of things you don't want to give up. Would you rather go to a movie with popcorn and soda or have a box of coins? What's the greater priority: a case of beer with some buddies or the opportunity to get out of that endless rut? Saving money is a decision. It's up to you to make that decision.
Working Inventory
These are the coins in rolls you are going to search and those that have been searched ready to go back to the bank. Think of this as a savings account. Increasing your stock level makes it more efficient in terms of productivity. One trip to the bank gets more rolls to work with. One trip to the other bank drops more off. For the same effort put into errands you have more coins to search. Set a target of $25-enough for a box of pennies. It's enough to get you through a weekend. Conduct your search, pick put scores of better specimens, cycle them through your drop and pickup banks. With each cycle you'll need a couple bucks to replace what you are picking out. Making a commitment of $5 per week should not be a deal breaker. I'm fully aware that there are weeks when $5 simply is not on hand-I was in my 20s once. Adding a few bucks at a time to this project will get you from practically nothing to a full box in a few weeks and eventually you will reach the point where you can get several boxes of cents at a time, or expand into nickels at $100/box. You've got to find a way to come up with a few bucks each week and keep this money separate from your wallet and keep it up long enough to start finding those coins with enough value to sustain the project without your continued investment. All you are doing is seeding the project. It may take a couple hundred dollars to get to the point it is efficient and your experience is such that you are making regular finds.
This working inventory can rise and fall. What matters is processing the coins and finding those more valuable specimens. Pull out a few dozen keepers out of a box of 2500, you are bound to find something noteworthy. During those times when your inventory is strong, pick out all you can and cycle them for another round. You may reach a point where you are pulling the goods out of rolls so fast that you don't have time to identify and store your picks.
I have NO IDEA what's in this bag. Schrödinger's Coins?
Should you get into a jam and need to come up with some extra cash fast, you can get into that working inventory. i.e., tap into your savings. If you've still got several hundred awesome picks to give special attention, you should know better than to turn them in for $10 in face value. One particular advantage to working with cents is the fact that hundreds or even thousands of them do not make such a temptation when you need to come up with extra money to pay the bills. The face value is not enough to save the day. Best to leave them be. During those times when your working inventory is tight is the time to go through your picks, fully identify what you have and list them for sale. Pretty handy thing to have when you need a financial shot in the arm. As they say...make hay when the sun shines. Still, you have to come out of pocket for the initial working inventory and regular funds to maintain or increase its level. It's neither practical nor possible for me to review your household finances. It's up to you to make the sacrifices needed to come up with a extra few bucks a week. Those facebook groups and coin forums can help you find the motivation. Get involved, interact with people, talk about your hobby, see what other folks are finding every day. As you learn the value of these coins you are pulling out, you are far less likely to spend them, even in an emergency. Quite the contrary. You'll have something marketable that can save the day, and knowledge of how to repeat the process to the degree you can bail yourself out of hardship. When you reach that point, the amount of working inventory becomes a non issue.
Limited Inventory
Back in high school, my little sister and her
friend raided my coin
collection to treat themselves to candy and soda. I was about 15 which
would put her at about 6 years old. Her understanding of property,
money, and value was not yet fully developed. They just wanted some
candy. The point to this story is to show that there are cases in which
keeping a large amount of raw, sorted, or selected coins is not a
practical option. It would be difficult to maintain an extensive coin
inventory in a college dormitory or fraternity. Back in the day I lived
in a couple of run down apartments. I've shared apartments with people
who have gone through my things. I've had my home broken into and my
entire collection stolen. In light of intemperate youth, siblings,
frequent guests, roommates, faulty doors and windows, and troubled
neighborhoods, it may not be productive to carry any more stock than is
absolutely necessary. Some sort of locking cabinet may be in order. The best plan in your situation may be listing
items for sale as fast as you find them.
A box of 2500 cents, or several, may not be practical in your situation. A deep search on 130+ dates and mintmarks can be daunting and lengthy. It ties up cash, takes up table and storage space, takes time to process, and can walk away. It may be prudent to pick out only a few select dates for inspection. A hunt for WAMs, Shield DDOs, 1971 and 1972 DDOs, with 1984 Doubled Ear thrown in for good measure can yield better results than a topical search for wheats. You may not hit every date and mintmark every time, but with each cycle, you learn what to look for. If you have never conducted a deep search on a box of cents, I recommend you try it. Your working inventory, target dates and search method are dependent on your situation, abilities and desires. There are no rules. All I can do is offer suggestions.
Get the Most Out Of The Rolls
A topical search will find wheats and silver real easy. It's quick, you can burn through a box in no time. You can cash a paycheck to pick up bulk rolls, devastate several boxes in a weekend and have the money back into the bank first thing Monday morning. Wheats are great to find, but their value is low at 4¢ each. Expand your search strategy to a deeper search. Taking the time to look for WAMs can give you a solid boost. They are easy to identify, 1 WAM in 10 boxes is worth as much or more than all those wheats, and you can sell it real easy. A DDO can easily exceed the value of a 90% Kennedy. This deep search is where the working inventory is key to the operation. A deep search demands you keep some of those rolls around for a while: You need the time to go through each coin because just about every year has something to find. If you get into sorting, you'll start to accumulate bags or containers waiting to be inspected. In my experience, there is a gain in efficiency in being able to inspect many examples of a specific date and mintmark rather than jump from one date to another. The percentage of time invested chasing down rolls and wrapping the rejects drops in relation to the value of the results of your search. I would estimate my sorted cent inventory to be around $400. I inspect the best part of a box of cents in a week, but its only a few dates. I can choose which dates to inspect at any given time, prioritizing those dates which yield the best results.
Quit Coinstar
It only takes an hour or two to roll a box of coins, be it cents or quarters. Paying 9% for the machine to count for you will bleed you dry at $45 for a box of quarters-that's a day's pay for someone earning minimum wage!.
Coin counting tubes and flat wrappers
Cents are cheaper at $4.50 for a box but if you don't want to be the laundry guy, roll them yourself and eliminate this expense. I don't see the sense in picking through a box of cents for 15 wheats
worth 4¢ each, then spending several times that value to get rid of the
box. Using coin counting tubes makes the job quick and accurate. Buying wrappers by the case is less than $6 per thousand on eBay. This puts the cost of wrapping them yourself at 30¢ per box. Saving and reusing those wrappers from customer wrapped rolls can cut that cost to zero. I posted a video on youtube on the subject of taking coins back to the bank.
Eliminate Special Trips
I live way out in the woods. To drive from here to the bank is a 30 mile round trip. I get 20 MPG in that truck. Gas is $2.50/gallon. Doing the math shows a special trip to the bank costs me $3.75, almost as much as the coinstar fee on a box of cents. If I'm not pulling that much value out of the cents I pick up, I'm losing money. Take advantage of where you are, pick up rolls when it is practical. Driving past the bank is the time to make a stop. When I wrap my rejects I store them in the truck for when I find myself driving by my drop bank. I save on gas but I have more working inventory. My pickup bank is down the road from my drop bank. I can kill two birds with one stone. If I need to visit the bank that holds my household account, I deposit rolls while I'm at it. Cash goes into the glove compartment for my next visit to my pickup bank. I also have a few bucks available to grab a couple rolls at a store if I happen to stop in. I don't bother to deposit quarters. 1 roll will be used when I stop to pick up bread and milk. 1 or 2 rolls will pay for gas for several days.
Sell Off Some Of Your Finds
I've talked about selling coins online and I'm sure I'll get into more details later. It's a sure bet that expanding from a topical search into a deep search routine will bring more coins of greater value. Put the best up for auction, put several together in a group to sell. If you want to make $50, you need to list at least $50 in coin value, probably more-not everything will sell and those items that do may not reach your desired price. When you make a sale, put that money back into the project. Get more equipment that helps you find varieties, consider a better camera that takes better photographs to improve your sales. You are the one benefiting from this. Reinvest those funds in yourself.
Selling is the point at which a whole new world of opportunity opens up. It gives you cashflow. In the face of low cost supplies, cashflow can give you whatever equipment you need. Once the equipment is in place, you have positive cash flow to put towards more coins which you can sell for a profit, or improve your situation. Before you sell, you have to identify what you have. Before that, you have to find something to identify. This brings you back to needing a working inventory, and for that you have to get the project going, even if its just a couple bucks here and there. All I'm showing you here is one potential path you can take to find opportunity. How far down that path you travel is up to you. There are plenty of people out there who are doing this every day. It takes time to gain experience and it takes a few dollars to get started. If you get involved for a while, you'll learn what things are, get a good idea of what they are worth. No matter what the future holds, you'll be able to grab a handful of coins and find something of value. That's a useful skill to have in your back pocket.
