buffalo nickels with no date
A buffalo nickel with no date is barely worth the nickel value of 5 cents. Yet there are listings of no date buffalo's asking over $1,000.00 and up to $2,000.00. Makes me this a money laundering system in play. Just a thought.
22 comments
krazzykats
·1 year agoI noticed that one large store chain has already increased and/or reset all pricing, so there were no longer any shelf prices ending in uneven pennies. Everything now ends in .00, .05, .10, .15, .20, and so on. There are no odd amounts like 2.23, 3.52,4.89, or 6.99 anymore—guess that was to be expected sooner rather than later.
Physical pennies are on the way out...The end.
á“šá˜á—¢
simba6
·1 year agoWonder if they will have to be surrendered like they did with gold?
reallynicestamps
·1 year agoWonder if they will have to be surrendered like they did with gold?
Basically, our banks stopped handing them out.
So when businesses deposited them, they went right back to the Royal Mint.
For several years after the end of the penny, my bank had a big jar to drop your extra pennies in with the money going to an animal rescue charity.
No force was required, the penny was being dropped because it was no longer a useful coin.
A coin dealer friend in Montreal was buying pennies at the time they were being phased out.
He paid 1.5c each for them . A roll of 50 purchased for 75c.
Then he sorted them during the hockey game. Relaxing down time.
The pre 1974 ones went to a metal company in the USA to be melted for the copper.
The newer ones were re-rolled and cashed in at the bank.
Just a mildly profitable side hustle.
jimill
·1 year agoI am thinking about putting all my dateless worn nickels one eBay and selling them for a $1.00 and in the description telling them they are getting screwed at that price since they barely worth a nickel. Maybe when they clicked on the listing they would read about the scammers out there selling almost worthless coins. Cannot rely on eBay to do the right thing and kick these scammers off eBay.
kathiec
·1 year agoKick them off for what? If they're accurately describing the item they're selling eBay has no standing to dictate the sale price they assign to it.
ed8108
·1 year agoeBay is King and makes rules & policies
eBay can enforce or decline to enforce policy and rules
Everyone should read the eBay user agreement for enlightenment
kathiec
·1 year agoHuh?? What does any of that have to do with my post? Yes, eBay makes rules and policies. But federal law prohibits them from dictating what a seller can ask for an item. So there's no issue of enforcing or not enforcing policies here. I stand by the statement that if the item is accurately described there's nothing eBay can do.
ed8108
·1 year agoSince Law is nothing but technicalities, please cite the specific federal rule or statue.upon which you are placing reliance that ebay cannot with it's user agreement utilize to help deter an outrageously high item asking price
kathiec
·1 year agoSherman Antitrust Act on the federal level. Forty states also have laws regarding price gouging, limiting its prohibition to essential goods and services.
ed8108
·1 year agoPlease feel free to submit by private message a brief in support of your position
worldcoinauctions
·1 year agoSaturday at my store I had someone come in with the Jovita Idar quarter, the one with all the text on the reverse built into the image of Jovita. They were dismayed to find it is only worth a quarter... they had another one "this one is old!" it was a well circulated 1989 quarter.
People are hoping they have struck it rich, they think there are coins in circulation that most are just too foolish to know are worth thousands. The internet doesn't help. Yesterday I clicked on one of those clickbait things about "quarters worth thousands" the picture showed circulated Washingtons. The actual list started with a 1927 full head standing liberty and worked back to 1796..... sure, in circulation?
simba6
·1 year agoCould just not be the most expert numismatists? It's worth more as bullion.
am1-58
OP1 year agoagree with you.
ittybitnot
·1 year agoIt's worth more as bullion.
@simba6
The only time nickels had any "silver" content was during WW2...but since the coin has no date, that would be impossible to determine unless one had a NAV. I suppose you are joking...LOL.
simba6
·1 year agoSadly I'm not. Inflation is hitting harder that they say.
The cost to produce a nickel is approximately 7.42 cents as of recent estimates.
Composition and Production Costs
Factors Influencing Cost
Current Context
For the most accurate and up-to-date information, refer to reports from the U.S. Mint or financial analyses of metal markets.
reallynicestamps
·1 year ago@simba6
It may cost more than a nickel to make a nickel, but the coin never stops being a nickel.
If you grow an apple and sell it for five cents, the buyer can only eat the apple once.
If you make a nickel and spend the nickel, the buyer can then spend the same nickel, and their buyer can spend the same nickel, and their buyer can spend the same nickel, and their buyer can spend the same nickel, and their buyer can spend the same nickel .....
Because a nickel isn't a thing, it is a symbol.
@krazzykats
Cash is on its way out.
We dropped the penny some years ago, but Canadian stores (and Australian, they dropped it even earlier) still use the "0.99" pricing.
If the buyer pays cash, they get no change from a dollar.
If the buyer uses a card, the exact price is charged.
This might possibly encourage a few people to use cards, which the banks love.
They make money on cards and lose money on cash.
BTW. Since we also have sales tax which is not part of the advertised price, that $9.99 item would actually be $11.38 here in BC.
If I pay by card, I pay $11.38.
If I pay with $11.40 in coins, I get no change.
If the charge had been $11.36 I would get a nickel in change.
At the end of the day, it's not even a rounding error.
gosimus
·1 year ago@am1-58
< Makes me this a money laundering system in play >
I could name a dozen more effective and less complicated ways to launder an amount of money. I think the listing is from a seller who either (1) believes genuinely/mistakenly that a worn-off date makes the coin valuable, or (2) is underhanded and fishing for a sucker. At least you didn't bite.
am1-58
OP1 year agoI agree there are other more productive ways but $2,000 fifty or more times would be nice spending money. If you are not in a hurry, just may avoid some taxes.
cuzlarrylarry
·1 year agoOh I agree these sellers of these worthless nickels should be kicked off ebay
ittybitnot
·1 year agois underhanded and fishing for a sucker.
@gosimus
Yes, this ^^^^^^^^^^^^. Or the listing was just for show, so the buyer that bought the same thing at $40 thought he was getting a great bargain.
ed8108
·1 year agoIt appears manny people do believe that a sucker is born every minute