user_64080's Blog

29 Dec 2016

The Practical Coin Collector

Coins | user_64080

There are several types of coin collectors, I fall somewhere between a speculator and a perfectionist. That is, I want to turn a profit while improving my collection with the best coins I can find. With this in mind, I have come up with a system that has grown my collection and allowed me to turn a profit. My system is simple, profitable, and continues to grow the value of my collection.

I started my coin collection with wheat pennies. As a completionist and perfectionist, my goal was to possess every penny in the best condition that I could find. This was the beginning of what later became my system. What I did was purchase pennies in bulk, looking for the best of every year and mint. I would sort them by year and put them in individual bags. Once I had the best coins out of the bunch, I sold the remaining ones that I did not want. I have bought a lot of wheat pennies in bulk and have always turned a profit. By swapping out the best ones and selling the rest, I have a collection that consists of almost every penny in near BU condition. With the exception of the 1909 SVDB, which I keep hoping to find amongst the piles of pennies I purchase. I can dream, right?

As I got older, my collection grew, and so did my responsibilities. With a mortgage, kids, and student loans, money was tight, my collection began to look like a way out of debt. With so many hours of work put into my collection, giving it up was the last thing I wanted to do. So I began to take stock of my finances, gaining a better hold on where my money was going in an effort to hold onto my collection. I went through every bill I had, eliminating things that I did not need, making sure I was getting the best deal possible by comparing the prices of everything, from insurance to groceries.

I was committed to getting out of debt and keeping my coin collection. I considered every alternative I could think of, refinancing my house, holding a yard sale, working odd jobs in the evening, you name it. Every effort was made to save money. I started drinking coffee from home, made meals instead of eating out, purchased off brand groceries, and deprived myself from expensive entertainment. In the summer, I abstained from running the air conditioner, in the winter, I turned down the heat and wore a sweater to save on energy costs. With all the effort taken to reduce my debt and hold on to my coin collection I still wasn't making ends meet.

Things started to look up the more practical I became. It wasn't until my kid lost his first tooth that things started to look a little brighter. I wanted the tooth fairy to give something cooler than a dollar bill. So I went to my bank and asked for some half dollars. I gave the bank teller $10 and she gave me a roll of half dollars. When I got home I opened up the roll to find that every coin was pre-1964. What a find! At that time my silver collection was small and incomplete, so I decided that I would sell them. I made several hundred dollars off of that $10 roll.

Over the course of the next year, I visited every bank in my area, buying up all their half dollars. Believe it or not, I found a lot of silver ones! While I didn't become rich or get completely out of debt, I definitely made a dent in my debt. To this day, everytime I visit a bank, I purchase all the half dollars available. The next time you find yourself in deep water, consider trading money for silver at your local bank, you might just get lucky.



Level 5

The same process used by many collectors. Unfortunately, most bank rolls no longer contain silver coins because so many people heard about how to do it.

Pliny The Elder

Level 5

Great blog. The information was interesting to read and inspiring. The links sort of muddy the otherwise nice message.

Conan Barbarian

Level 5

keep it up and don't loose your collection if you really want to keep it found out new ways to take a next step and you will eventually get there


Level 7

Great blog! I answered one today telling the guy that not only do I buy coins I collect penny's , nickels, quarters of all dates that I know will get a good grade nd I keep them. Some you can't tell they were in circulation. You did the right thing. It's to bad you had to sell them but you should also understand you enjoyed them and they helped you. Good for you. Mike


Level 6

You had quite a plan. Sounds like you are very serious about collecting. I have also found many silver coins in half dollar rolls. I also found a 1987-D, which was a collectors only coin. I've heard of 1970-D halves turning up in rolls too. Keep searching. I think many people believe all silver coinage stopped after 1964, and do not consider the halves from 1965-1970, that are 40% silver.

My Dad has searched through a lot of half dollar rolls and he's not sure he's found any pre-1964 half dollars. Your post has 3 links to non-coin collecting related websites. It almost seems like you're advertising for those companies.

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