Purchasing old copper coins
 

Ok, I know this forum is about precious metals, mostly silver and gold. I have been reading and hearing some things about the prices of other metals, like copper, increasing too. Today I was told by a family member that their friend had a bunch of coins that they are thinking of selling. They told me it was mostly old cents though, not much silver or gold. They told their friend to talk to me about their coins. I was just wondering if anybody had any ideas of how I should go about this. I know that cents made before 1982 are mostly copper and worth more than face value right now. Are common old wheaties or indians easy enough to get rid of that I shouldn't have to worry about getting stuck with them? I don't plan on sorting through a bunch of pennies to determine what I'll pay for a "collection". I don't plan on buying any 1909s VDBs or anything like that either, unless I can acquire them at low enough cost to get rid of them at a profit with little effort (I don't plan on cheating or taking advantage of anyone either though). I guess I'm wondering if anyone could give me an idea of what may be a fair offer to make, 1.5 cents for each wheatie and maybe 2.5 for each indian? Maybe more? Maybe less? I really don't know. I don't really have experience buying this type of thing, but I think it may be wise to diversify at least a little into some copper, you know, small change for incase the monetary system collapses. I'll say thanks in advance for any advice anyone can give.

Re: Purchasing old copper coins
 

2 to 3 cents for wheat pennies

At least a buck for the Indian head pennies.

If you are looking to invest in copper this would be a poor way to do it.

Go out and buy yourself some sheets if you want to invest in copper or sort through your pennies you get in change.

Way pay 3 cents for the same penny you can get at the bank for 1 cent.

You are buying "coins" not copper. Although if you can get the wheats for 2 cents a peice and the indian head pennies for like 50 cents a peace then you will be doing pretty good.

I would not sell the Indians for any less than a buck as that is what most go for in G-4 condition. Assuming they are of higher quality (better shape) and depending on the dates you may do real well.

After it is all said and done with you can take them all to a dealer and then cash them in.

Re: Purchasing old copper coins
 

I agree with PapaStiz, if you are trying to get into the copper market this is not the way to do it.

If you want to start a penny collection this sounds like it would be a good collection to start with.

One way that I deal with friends and friends of friends so that we stay friends after the sale is to have them pay for an appraisal at a local dealer and also see what the dealer will offer them for the collection. I will then buy the collection from them at the price the dealer would pay. The dealer gets an appraisal fee, I get the collection, and the seller knows that he got a fair price.

65GT350

Re: Purchasing old copper coins
 

I believe Onepence (not sure though) collects pennies and said the earlier pennies do have more copper, but that it's a dirty copper.

I don't know if that helps you or not.

Good luck.

MT Silver

Re: Purchasing old copper coins
 

yes ... I adore the pennies ...

... just as a spec play into a busted usd economy ... ie why spend silver/gold when one can spend the pennies first ...

inian heads sell for about a $1 at one local coin shop ... the other shop doesn't carry em .... i do not know what the coin shop buys indian heads for ...

i have never sold any pennies ... i think the market is too soft to sell at the momment ... when the usd crashes everyone well be scrabbling for pennies ... unkown how far the masses will take em ... will they obey the gov't protocals {like I encourage all to do} or will regions succeed from the union and set up their own currency ?? ... and if so will certain coins carry a premium {wheaties easy recognizable as copper} ... recently at a garage sale I bought like $2 in wheaties for $4 ... seldom do I do that ... i still can get wheaties at a bank on occasion ... most of the oldtimers who collect the wheats think in terms of 4x face value ... if you got the money buying the wheats is pretty neat ...

... one garage sale buddy collects the indians ... i guess he pays some nice premiums but I don't talk to him much about the issue ...

anyway it is nice to build various bonds with family and friends and trading coins can be fun & profitable.

oneness
dh