Wheat Penny Purchase Question

[Steelers0626]

This guy has 42 pounds of wheat pennies aprx. 6880 wheats. He saved them all from his sweet shop store he has had since the early 50's. What would be a fair offer? He wanted like 3 cents a wheat, should I say 2 cents a wheat? He is also a friend of a friend of the family, so not some random guy. Any input would be appreciated.

 

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[waseeker]

3 cents sounds fair. My local coin shop is paying 3 cents each right now. You'll probably be the first to search them so there could be earlier dates that would bring a bit more if you then decide to sell.

 

[madwest]

Face Value is $70.
Melt value is $150.
Asking price is $205.

Offer $175. If he doesn't take it, give him the $200.

 

[Merc Crazy]

3 cents each is a great price. Wheats fetch 5 cents each on the open market. Heck, if you don't want to give him 3 cents each, I gladly will.

 

[CoinFetcher]

I just scored a whitman book of wheaties for 5 bucks 1909 -1940 during my lunch break. Mostly full book with many semi key, and few, what I think are key dates. here, let me just spell it out:

1909 vdb
1911 d
1912 d
1913 d
1922 d
1924 d ( in XF or AU ) maybe someone could help me grade it
1933 d

that is it for the semi-precious scores from my first wheatie purchase.

 

[Merc Crazy]

I just scored a whitman book of wheaties for 5 bucks 1909 -1940 during my lunch break. Mostly full book with many semi key, and few, what I think are key dates. here, let me just spell it out:

1909 vdb
1911 d
1912 d
1913 d
1922 d
1924 d ( in XF or AU ) maybe someone could help me grade it
1933 d

that is it for the semi-precious scores from my first wheatie purchase.

No keys, but a good buy for $5.

 

[BuffaloBoy]

this.

Face Value is $70.
Melt value is $150.
Asking price is $205.

Offer $175. If he doesn't take it, give him the $200.

 

[ArkieBassMan]

This guy has 42 pounds of wheat pennies aprx. 6880 wheats. He saved them all from his sweet shop store he has had since the early 50's. What would be a fair offer? He wanted like 3 cents a wheat, should I say 2 cents a wheat? He is also a friend of a friend of the family, so not some random guy. Any input would be appreciated.

There is nothing wrong with trying to negotiate a lower price, but at 3 cents each you can't go wrong. At that price you can buy them, search them, then resell them (if you wish) and get all of your money back if not a little more. At worst you break even and have a ball searching nearly 7000 wheaties. This is a no-brainer.

 

[stefen]

The basic problem I have found is that it's hard and time consuming to get rid of the pennies...rolled or by the pound...

If it were my choice I'd offer a cent and a half for the lot...

Maybe counter with 2 cents...

good luck...

 

[Solid Rolls]

3 cents per wheat is a darn good price.

 

[Merc Crazy]

Man you guys are a bunch of lowballers. Just bag 'em up and toss 'em on ebay for $250, someone will buy them. I'd know, I've sold something like $500 face in wheats on ebay.

 

[CoinFetcher]

I got 1922 D posted on ebay ( first time ever posting anything - had a coupon for a free listing )

someone already bid on it for 12 bucks! more than double my money on the first penny! 4 days to go on the auction...

 

[MrSchulz]

You can pay 2 1/2 cents a piece. Thats what my dealer pays. So two pennys = 5 cents.

 

[BuffaloBoy]

any update on this?