Hey guys, I have never bought a bulk lot before so some advice would be great!
Earlier today, I came across a guy who was selling 1kg of coins for SGD25 (around 16 euros, I think). The coins were all minted after 1970. From my experience of viewing bulk lots on eBay, this seems really costly. How much does 1kg of coins usually cost in your area? Are there better deals on the Net?
Most coin lots 80%+ would have been searched through so it’s good when your starting out or a date run of common coins but other than that not much. Ideally look for local auction houses or house clearances there’s better chance that you will score better coins such a high exchange rate coins (USD,Euro,GDP,Swiss franc etc) older coins, better condition coins and on rare occasions silver which I got a couple of silver dimes, 2 post 1920 half crowns, couple of lower silver coins from U.K./Scandinavia and a stack of Swedish 1 krona 40% coins.
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"Foreign poundage" sells here in Maryland USA for about US$7/pound, about $15 per kilo, so about 8-10 euro per kilo. Your local coin shop or club, if you have one, would be a great place to start.
Am not sure about outside Australia but people seem to pay anywhere from $15-35 AUD per kilo. I buy 10kg lots for $120. As already mentioned, they will most likely have been searched already. They are great for starting out a collection. I only find a few new coins each 10kg lot and some upgrades. I still get a buzz out of finding those few new coins and I on-sell the rest for about the same price as I purchased so doesn't cost me anything. It is getting really hard to find unsorted lots. Most estates go through antique dealers and the coins end up on auction on ebay or the likes.
When buying bulk coins off EBay be aware that:
A) Many sellers buy bulk lots and take out most of the 50c - $5 value coins and nice specimens and sell them under a different account so what you are left with is real junk.
B) Sellers often place a a few teaser coins on the top of the pile to lull the buyer into thinking the lot if full of goodies. If you are getting a random selection you can pretty well guarantee the "choice" coins on the top are not selected in the random sample.
Although I have not bought bulk coins myself, every collector I know who has done so, had very similar experiences to those perfectly described by "Worldwidecollections" &/or "EKrabappel." Collectors who go this route are typically unsatisfied. Save your money & buy one good piece. Sure not as much 'eye candy' but at least you will acquire something collectible.
