Some Lincoln cent questions... 1 1

[RichPres]

Three questions.  I have thousands of Lincoln pennies from our family collection--most of which are from the 40's-80's. Most of them haven't even been looked at or touched in over 50 years. I have rolls of red uncirculated pennies mostly from the 60's when most were collected.  It appears they have significant value (according to NGC guides), but would probably cost more to grade than their worth. My questions are:

--What is the best way to sell some of these coins that are maybe worth $5, $10 or more according to the guides?

--Most of my coins are not in AU-U condition. According to the guide (with exceptions) they are probably worth 5 cents which is probably a dealer retail price. Should I regard these as "spenders" or is there a market for such coins where I could sell them to a dealer at more than a penny?

--Lastly, I understand it is now illegal to melt copper pennies.  I understand right now the copper value is slightly above 2 cents/copper penny.  Is it likely that the copper coins would be worth keeping in anticipation of the law changing so that I could realize the copper melt value if the law changes?

Thank you!

 

[Teddy R]

My local dealer pays .03 each for junk wheaties. Go through them, then contact a local dealer and see if they're buying.

Edited October 25, 2023 by Teddy R

[Sandon]

   Welcome to the NGC chat board. I'll endeavor to answer your questions in order.

   1. If you're getting your prices from the NGC or PCGS price guides, bear in mind that these prices assume that the coins have, in fact, been graded and encapsulated by the service providing the pricing, even though this price would be far below the usual grading fee alone.  A few years ago, I asked a dealer who was asking $7 each for common date 1940s Lincoln cents (such as 1940, 1947 and 1948) graded MS 64 RD (Choice to Very Choice BU) by PCGS how he could sell certified coins for such a price, and he replied that PCGS had charged him a $7 per coin bulk (100 coin or more) submission fee under which he had submitted a number of BU rolls of these coins, that he had hoped to make his money on the coins that graded MS 66 RD or higher, and that he was just trying to recover the grading fee on the typical coins that had graded below MS 65. (Collectors who only collect certified coins or want them for registry sets will buy them.) He also told me that so few pieces had achieved the necessary grades to be profitable that he would not do this again. Dealers typically sell nice, single red Ch. BU or better common date Lincoln wheat and Memorial reverse cents in cardboard 2 x 2 holders for far below the prices in grading service price guides to the numerous collectors who are happy to collect such coins in albums. If such a coin lists $5-$10 in MS 64-65 RD on a grading service price guide, an equivalent uncertified coin may be offered with an approximate grade for twenty-five cents to a dollar or two. Just what dealers or collectors will pay for your coins will depend on their dates and conditions, but don't expect anything like these "$5 to $10" per coin prices based on such price guides. (If the "$5-$10" prices are for circulated, better date or condition earlier dates, dealers might pay 50 percent or so of the retail prices for unimpaired, correctly graded pieces.)

   2. Dealers (and some hoarders) typically pay 3 to 4 cents apiece ($1.50 To $2 per roll) for decent circulated common 1940-58 "P" (no mint mark) and "D" mint wheat cents, more for "S" mints and pre-1940s. Mass marketers sell large quantities of them. There isn't presently much of a market for circulated, common date Memorial cents.

  3. No one can predict the future with any certainty. I save every copper alloy cent I receive in change. Ultimately, there is a market for everything. 

    

[RWB]

This is the time period when young coin collectors from the 1950 and 60s are dying. They leave behind rolls of ordinary coins, some beautiful collectors' specimens, and lots of silver and gold pieces pulled from circulation or bought at "low" prices. Some material is quite valuable, but most is not. A useful approach for many heirs is to check with a competent local coin seller (many are incompetent, too), or got to a local coin club and ask for help.

[powermad5000]

As for circulated wheat cents, I have seen people selling these on eBay by the bag or by the pound. This is one way you can relieve yourself of the wheat cents that don't make the cut. As for the rest of the possibly uncirculated wheat cent rolls, a story of mine. My grandmother worked at a bank in Chicago and gave me an unopened roll of 1957 Wheat cents. 30 years later I opened that roll, selected the best cent with the least amount of blemishes and it only graded MS 65 RD. The point of the story? Just because they are in rolls does not equate that they will specifically grade high. You may have some in the rolls that were protected towards the middle of the roll, but not every roll opening results in 50 high grades. I agree also with @RWB that by the 60's and on, there were collectors already stashing unopened rolls of these cents from the time they were first minted. You might be better to not open these rolls and sell them as is.

As for loose AU and below, you might also be better off selling these as a "lot" on eBay. This way you do not have to spend ridiculous amounts of time listing each coin individually. You could sell lots by date and mintmark (as in 30 coin lot of 1971 D Lincoln cents). If they are post 1965 and in that bad of shape, I would return them to circulation. You can also try as @Teddy R suggested and take what you are trying to sell to a local shop or local dealer.

As for melting anything, I wouldn't. A coin is still a coin. I doubt that the law will change to allow people to destroy currency (melt) at will, so I would try these other suggested avenues.

 

[RichPres]

Thanks so much to everyone--just the information I was looking for.

[dprince1138]

Unless they have been reviewed before, I would recommend taking the time anf effort to review them, as there are many pennies with high values, such as the 1955 dbl die or 1969 small date.  Indeed, these are rare, and most likely there will not be any of note in your collection.  What I have done when reviewing dozens, if not 100s, of coins, is to familiarize myself with the high rarity rating varieties and low mint numbers and then see if any of the coins meet those criteria.

Sort of a schrodinger's cat of coins.

I will give an example;  Someone was selling an 1880 seated liberty dime, but did not realize that it was a low mint date.  I profited several 100 dollars on the resell.

The recommendation of asking a competent (and trusted) coin dealer or collector is a good idea.

Edited October 28, 2023 by dprince1138

[powermad5000]

Good point I missed. I may have assumed the OP had a basic understanding of what he has or does not already have. It would be a good idea to make a list of key dates (as the OP seems to be able to already navigate the price guides) and see if any of those key dates/varieties are loose in the mix (in addition possibly having a 1972 DDO).

Edited October 29, 2023 by powermad5000

[EagleRJO]

On 10/29/2023 at 2:41 AM, powermad5000 said:

It would be a good idea to make a list of key dates

I think getting a roll hunting mat, like the attached for Lincoln Cents, would work well and are not that much.  Saves you the hassle of trying to put the list together of more valuable coins and gives you a nice soft rubber like surface to sort on.

I have used something similar for quarters and half dollars I roll hunt, although after a while you remember the more valuable ones to look for.  But it's good to have a reminder right there.  And I use the mat for looking at other raw coins to so they don't get slide marks and just in case I drop one.  Particularly when wearing a cotton glove which make me nervous, even though I haven't dropped one yet.  

Edited October 29, 2023 by EagleRJO

[RichPres]

Thanks again for all of the great information!  Is OP "original poster"?  I was hoping it was that instead of old person--ha ha. Although old person would also be fitting. I was with my parents when we were collecting these coins through the 60's. It was a really nice family activity. They continued into the 70's and 80's after I was no longer in the house.  I am inventorying the coins (not all just pennies) now after having packed them around undisturbed for may years and many household moves.  I'm enjoying going through them and seeing notes and labels my parents had included. The spreadsheet continues to grow and is around 18,000 coins. Sounds like a lot of work but most are easy to inventory because they are in rolls (some in plastic tubes air sealed and obviously red and no doubt in some uncirculated state). The tubes must not be PVC because I see no green around the edges after 60+ years.  My goal with the pennies is to complete the project, keep a nice collection at home and put together a collection for each of my four grandkids--selling some of the coins off to purchase needed coins to fill in the holes.  Then I might start working on nickels, dimes, and quarters.  I hope to post photos of some of the more interesting coins here.  Thanks again!

[dprince1138]

lol, "old person".  I would certainly fite in that category..  I share my age in tortoise years.  I am 43.

[powermad5000]

Yes. OP is original poster, not old person. When you see OP in the threads, we are not calling people old. LOL! 

I myself, however, have no problem admitting I am an old person. 

Edited October 30, 2023 by powermad5000