Tips from MT Coin Collectors
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re: Tips from MT Coin Collectors
Posted by OnTheBrink on 12/27 at 7:47 am to RickAstley
quote:

was he referring to the bank picking through the rolled coins first?


As someone mentioned above, he was referring to employees. He also says customers will come pick through them for certain years and what not.

quote:

I am not against ordering rolls of half dollars if they are not already picked for silver.


Best I could gather from what he told me, they order them and that's what they get. They have no idea. I believe mine will order whatever amount I want, granted it has to be a large value. They will not place an order for me to get $50 worth. The reason he orders now is because there are others in the area who are after them. I think he placed a $500 order.

Also, the bank I speak of is BoA. My wife still has a military account with them and it is a block from my office, so it makes it easy for me to go in and establish a relationship with the employees.



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Posted by drewnbrla on 12/27 at 7:58 am to HeadyMurphey
quote:

The silver content is worth more than the monetary value. I believe they contain 95% silver.


Dimes, quarters, half dollars and dollar coins minted 1964 and prior are 90% silver. For a short period starting in 1965, Half dollars were minted with 40% silver and then I believe in 1976 all coins were minted with an alloy composite. Coins dated 1964 and prior are what's referred to as junk coins, unless they are graded. Those are 90% silver and people collect them mostly due to the silver content.



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Posted by RickAstley on 12/27 at 8:43 am to Lsut81
When you go through your collection, the value of the coin may be worth more to a coin collector, or someone looking for the particular composition of the coin.
A 1964 quarter is worth the value of its content in silver. A quarter in 1910 might be worth more to a coin collector for its rarity. That is one reason I will hold on to a coin specific to a date period, simply because a coin collector will see it as more valuable due to the limited supply.



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Posted by RickAstley on 12/27 at 8:46 am to matthew25
Thanks for the information. Do you store your coins, if so how? Or are you reselling them?


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Posted by RickAstley on 12/27 at 8:50 am to OnTheBrink
Thanks, there are 4 banks within two blocks of my office that I can walk to. I already walk to my bank for managing my checking/savings and I know the tellers there as is. I wouldn't be against doing a clean sweep of buying loose half dollars from all of the banks nearby once every few weeks or so. But ordering large sum of half dollars appears to be more useful, if it isn't picked from the time of order to the my reception of the rolls.

Also do you return the picked rolls back to your same bank when you are finished? Or by chance do you save up a certain amount before making a deposit.



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Posted by Broke on 12/27 at 8:54 am to RickAstley
I just get a feeling that you are missing a wonderful world of coin collecting by dicking around with these really crappy coins. Or am I missing something here? Why not go after the really good stuff?


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Posted by LSURussian on 12/27 at 9:09 am to RickAstley
quote:

I wouldn't be against doing a clean sweep of buying loose half dollars from all of the banks nearby once every few weeks or so. But ordering large sum of half dollars appears to be more useful, if it isn't picked from the time of order to the my reception of the rolls.


I seriously doubt you will find enough pre-1964 silver coins doing that for you to even make minimum wage for the amount of time you take doing it.



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Posted by OnTheBrink on 12/27 at 9:10 am to RickAstley
The reason I mentioned BoA specifically is because I have had much more success finding halves there than local ones. You can literally walk out a back door to my office to a local bank but all they carry is two dollar bills. I work in a downturn area with a handful of local banks and BoA seems to be the only one that carries them at all.

I left BoA a year ago for a credit union and they carry nothing. Just basic change.

To be honest, I have around $550 worth sitting in a box under my bed. I haven't depoited them yet, nor have plans to right now.

I also have $55 worth of IKE dollars, and around $55 worth of Susan B Anthony dollars. I really like the Susan B dollar. I have 50 $2 bills which are in sequential order. I have just been acquiring what is listed because I think they are cool currenices.

I am going to start getting Morgan dollars soon.



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Posted by Lsut81 on 12/27 at 9:13 am to RickAstley
quote:

When you go through your collection, the value of the coin may be worth more to a coin collector, or someone looking for the particular composition of the coin.



Everything I have is pre 1964.... What is the best place to look up specific values on coins

This could take days if not weeks to go through every single one, but I'm sure it will be fun nonetheless



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Posted by Broke on 12/27 at 9:15 am to Lsut81
quote:

Everything I have is pre 1964.... What is the best place to look up specific values on coins


I buy a price guide from the coin store. But you can find that info online.



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Posted by RickAstley on 12/27 at 9:16 am to Broke
I have a real coin collection that I am developing, as well as an interest in picking out silver pieces that come across.
My real collection is very small scale, I have two buffalo nickels, a handful pre-ww2/ww2 nickels, 1 indian head penny, 1 peace dollar, and well over a 100 wheat pennies between 1917-1958.

Then I have some silver pieces between 1955-1964 that I keep separate. Also I have several hundred pennies between 1959-1981 that I keep in a separate bag.

I wish to purchase some new storage vehicles for preserving coin quality of the rare coins I come across. I also want something that is good for bulk storage of my silver lots and copper lots.

Lastly, I have a large selection of coins that I've already picked through once, but at some point if I get really bored with my time I might go back through them and look for mint errors of key years. I certainly want a more advanced knowledge of coin collecting, but I will not shove it all down my throat at once without developing some sound practices.


This post was edited on 12/27 at 9:18 am

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Posted by Broke on 12/27 at 9:21 am to RickAstley
My collection has turned towards mint errors and unique stuff like shipwreck coins. Just picked up a nice graded piece from the El Cazador.


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Posted by RickAstley on 12/27 at 9:21 am to LSURussian
I won't argue over the amount of time that will be wasted in this process. I've already sunk several hours into picking through all of my spare change I have stored in jars over the last 4 years. I got skunked on every coin except pennies. The benefit though is I have an improved eye for what to look for on the coins, as well some knowledge of a particular date with minting errors and value of coins.


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Posted by Lsut81 on 12/27 at 9:21 am to RickAstley
Follow up.... Is it worth cleaning old coins or is it better to let them be?

If the former, what is used to do this without ruining them?

TIA



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Posted by drewnbrla on 12/27 at 9:22 am to Lsut81
quote:

Everything I have is pre 1964.... What is the best place to look up specific values on coins


PCGS online coin values



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Posted by Broke on 12/27 at 9:23 am to Lsut81
quote:

Follow up.... Is it worth cleaning old coins or is it better to let them be?

If the former, what is used to do this without ruining them?


Get advice before cleaning anything. Keep the patina if it's a nice old piece. I clean mine with either soap/water and a toothbrush or olive oil and a toothbrush. VERY time consuming though.



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Posted by LSURussian on 12/27 at 9:24 am to Lsut81
quote:

Is it worth cleaning old coins or is it better to let them be?

Unless the text on the coin is completely illegible, cleaning a collector coin makes its value decline, not improve.



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Posted by Lsut81 on 12/27 at 9:26 am to drewnbrla
quote:

PCGS online coin values


Holy frick, I don't even know where to start



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Posted by RickAstley on 12/27 at 9:41 am to Broke
Yea I saw my first double headed Lincoln penny this past weekend which makes it all the more interesting to study the coin for errors. And then there is a market for well defined pictures on the coins. Such as the eagle on the back having 'Full Talons' or blurred blobs. I have a few full talons at my disposal.

Do you go to the bank and buy rolls and pick those? Or do you search for specific coins online and grow your collection that way? I have a $100 bill I want to use on coin roll hunting until payday tomorrow. It is just hard for me to determine if I just buy quarters, dime, nickels, or pennies since half dollars are unavailable, and dollar coins aren't very interesting unless they are big dollar coins.



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Posted by Broke on 12/27 at 9:50 am to RickAstley
quote:

Do you go to the bank and buy rolls and pick those?


I don't pick anything. I buy from other collectors or ebay. Also, don't fall for these mint errors that are bull shite. Most of the time it's so small I can't even find the error. I buy mostly misstruck coins or clipped coins. I have one planchet also.



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