How to buy unsearched US Coin lots and collections

Don't get scammed by unsearched coin auction lots and collections. Learn some of the do's and don't when buying unsearched coins lots.

Instructions

Difficulty: Moderately Easy

Things You’ll Need:

• You reading glasses and attention.

1. It doesn't take long for buyers and sellers a like to see the many unsearched lots of US Coins. Ebay leads the pack when it comes to these so-called "unsearched" lots, so ebay will be our reference tool for this article.
   
   I have purchased several lots of unsearched coins and you can learn from my mistakes. All buyers must be cautious about these "lots" for several reasons. I will outline a few in this guide.
   
   The first thing to consider before bidding on unsearched lots and rolls is feedback. Ebay feedback isn't the only gauge of a seller's credibility, but it's the best place to start. If you click on a seller's feedback numbers you will notice many negatives and neutrals for most unsearched lot sellers.
   
   This less than positive feedback means that a few buyers were unhappy with their lot, shipping time, or the value of the lot they won. I look at each item of feedback (I set my page to show 200 at a time) and determine what each buyer is complaining about.
   
   If it is shipping or packing, then I don't get too concerned, but when they complain about the quality of coins, then I look over all relevant feedback for the past 30 days, thoroughly. It may take some time, but it is your money we're talking about, and there is nothing worse than purchasing a lot of coins and realizing you have been duped.
   
   
   Another "lottery" ploy is beginning a multiple item auction with a low starting bid, and describing the collection as unsearched with key dates, or searched, but including the key dates. The potential buyer is then informed that each coin is placed in a 2 by 2 and all is placed in a box or bowl. And with each bid the buyer will receive one random coin from this collection.
   
   Please don't fall for this scam. This type seller will always make a claim of owning thousands of coins, and your chances of getting a decent coin is nil. If the seller do
2. Another thing--don't assume the lot is actually unsearched, if the buyers leave feedback saying they found a key date. It is not difficult to figure out how they found a key date. Any person can purchase 10,000 wheat cents, buy a complete wheat collection with keys, place a key date in random lots of 1/2 pound of wheat cents and start listing the coins in these 1/2 pound lots.
   
   As you can see, eventually, a buyer will purchase a lot and get lucky, by receiving a lot with a key date. I have seen sellers ask in their auction descriptions to please leave feedback stating the key date, if one is found.
3. Another "lottery" ploy is beginning a multiple item auction with a low starting bid, and describing the collection as unsearched with key dates, or searched, but including the key dates. The potential buyer is then informed that each coin is placed in a 2 by 2 and all is placed in a box or bowl. And with each bid the buyer will receive one random coin from this collection.
   
   Please don't fall for this scam. This type seller will always make a claim of owning thousands of coins, and your chances of getting a decent coin is nil. If the seller doesn't reveal the type or date of the coin(s) they are offering, don't bid on the auction.
4. The second important thing to check is how the coins are pictured (i.e. , if the seller places a bunch of silver coins on top of obviously more numerous wheat cents). It is a common ploy to make the lot look more valuable. You don't want to buy a collection of 1,000 unsearched coins and find that 800 to 900 of the coins are common and worn wheat cents. It is a fact that many of these lots contain common wheat cents and a few common and worn Jefferson Nickels.
5. Next is the hype. This is how the seller hooks a buyer. The auction may start out as 1,000 unsearched US Coins with type, silver, silver dollars seen, etc. However, one may actually receive one or two heavily worn or damaged type coins and ditto for the silver dollars, while the rest of the lot will be common and worn coins. Ask yourself this: If you had 1,000 unsearched coins and you paid a good amount for them, but upon inspection you didn't see anything special, how would you re-sell these coins on ebay? Would you tell the true nature of the coins and maybe risk losing some money? You might and should, but some sellers don't.
   
   
   Well, many sellers put themselves in this position. They know that the coins are worn, damaged and not worth much, if any more than they paid for the them, so they list the coins as unsearched on ebay and hype the auction, hoping they can make some money, or at least recoup their losses. Anyone with common sense will know if one purchases a lot of coins they will look for the best dates and grade, then list these separately.
6. Take a look at the other items the "lot" seller is offering. It might be that they're selling other coins singly, and these coins are better grade and dates then the lots. It should tell the buyer that something could be amiss about the seller, especially if they're claiming the unsearched lot is a part of an estate lot or that they know nothing about the coins in said lot.
   
   
   It should be obvious that the seller has purchased a large estate collection, cherry-picked the coins, and then began selling the bulk of the collection as unsearched lots. It is hard to prove this, and some unsearched lots are legitimate, but one would be hard pressed to believe a dealer would sell unsearched coins without first looking through the coins and keeping the best. I know some do, but most sellers know that most large lots, searched or unsearched will contain more common dates of the same grade and date.
   
   
   We all know what drives dealers and collectors to purchase and collect coins. To discover that rare coin, or amass a collection of coins with the most investment potential, or with the best chance of selling at a profit. I don't care how many coins I purchase, or how much time it takes to look through them--I will search every last coin lot, until I'm confident I have found all the best and most valuable coins.
   
   
   I venture to say that most unsearched lot sellers have a good idea that most of the coins they purchase are common, or they wouldn't sell them as unsearched. It is much more profitable for a dealer to search through lots, or collections, for the best and most profitable coins, sell them singly and then sell of the remainder as rolls, lots and collections.
7. The fourth thing to consider is how long the seller has been offering their lots. I have seen sellers offering the same lot with the same description, for over two years! I kept an eye on one particular seller and checked their feedback periodically, for two-years. I never saw one buyer find a key date and eventually, they received enough negative feedback that they changed the auction format and description. Some desperate sellers will go so far as to open another account and begin selling the same lots from the same collection, but with a different slant and description.
   
   
   So, be very cautious about so-called unsearched lots and pay heed to the advice above. Most buyers are playing the lottery when they begin purchasing unsearched lots and their chances of winning this lottery are not very good. But, with well-reasoned logic, a potential buyer can sort through the hyped auctions, find true unsearched collections and come out on top. However, they are not the only buyers following sound advice on how best to acquire unsearched coin lots and will have to pay more for the true unsearched lots. In the long run, though, the more you spend on a decent lot of coins, the less will be wasted on a junk lot.
8. For those who think you're better off bidding on unsearched rolls, I have some more news for you. The most a roll of coins can contain is 50. And that is the Lincoln cents, while a roll of half dollar will contain 20. It doesn't take a lot of time to search any roll of coins. No matter how much the sellers claim they didn't have the time to search. Why would they sell a roll of coins that may contain a valuable coin, or key date? The answer is, they wouldn't!
   
   
   Many years of experience tells the seasoned seller that most rolls don't contain a rare coin. A coin is only rare and valuable, because you don't find them every day, or in most unsearched rolls. So, be very cautious when purchasing unsearched rolls.
   
   
   And don't think for a minute, that some sellers haven't perfected the art of re-crimping shotgun rolls of coins from the bank, either. It can be done and they are too often sold to the uniformed buyer.

Tips & Warnings

• Always review sellers reputation and ask questions.
• Don't let pictures fool you like a few silver coins on top of many copper cents.
• Remember, buying unsearched lots, rolls or collections is like playing the lottery. No matter how cautious a buyers is, or how honest the seller, there is no guarantee a lot or roll of coins has not been searched in the past. It could be that the lot of coins was searched several years ago, and the seller just doesn't know this fact.