Working the Junk Bin

My favorite part of visiting coin shops is going through the foreign coin bin. Most of the stuff in there is stuff that's normally in there - British cupronickel, pre-Euro French stuff, aluminum post-WWII coinage, Canadian, Mexican, etc. - but there are other things that make their way in from time to time. My best find so far has been a 1903 25-centesimi from Italy. I don't feel bad about these finds because the dealer has already made the determination that he won't get much out of the coin since it's not silver or whatever, and I have found something that I care more about than the dealer does. Thoughts?

If both of you are happy with the deal then there's no issue.  

I don't have a junk bin at my local coin dealer but I always get to have a look through bulk lots he gets in.  He gives me a price that he's willing to take for the coins, it's usually a fair price, I buy them and we both go home happy.

Verweis : sherminator505the dealer has already made the determination that he won't get much out of the coin since it's not silver or whatever

<sigh>

If anyone wants to swap an aluminium German 1923F 3 Mark coin (junk you'd say) for a US Morgan Silver Dollar please let me know, or a 1946 English silver shilling for that matter.

Matt

Yesterday I found this coin in my local dealer's junk bin.  Paid $0.20 for it:

https://en.numista.com/catalogue/pieces7133.html

It's in VF+ condition and worth about $10!

I love going through the junk bin weekly!

Very nice! you should take a photo of it and stick it on this thread so we can all admire it.

https://en.numista.com/forum/topic26900.html

Just bumping the topic, but what strategies do the rest of you use to work the junk bin? Mine is simple- look for things you don't normally see.

First, go to non-knowledgeable coin dealers. When I went to a dealer in North Carolina, the owner had a 20 cent bin and I found a jamaica farthing from 1916 and this: https://en.numista.com/catalogue/pieces15923.html
the melt value is worth more than what I paid for it!!

Here's my advice.

- If it's a junk bin, there is something good in it. In more than two years of digging through junk bins from coast to coast, I have found exactly one junk bin that had nothing worthwhile in it, and the store owner even admitted as such when he brought it out (it was just full of British new pennies, Dutch 5-cents, German 2-pfennigs, etc.). All the other ones have had something worthwhile in them. Keep digging.

- Use both hands. You are there to get your hands filthy, don't try and deny it.

- Know your price point and be concerned over tiny differences. It seems like 5/$1 is the normal junk bin price here, but it varies from 18/$1 all the way to 3/$1. So when I'm going through a 3/$1 bin I have more discretion than usual, because I wouldn't want to spend 33 cents for a coin and then find the same type later on for 10 cents.

- Silver exists. In almost every junk bin, I have found at least one silver coin, even bins that I previously thought were picked clean. It helps to know in which years silver was removed from circulation in which countries, and it also helps to know that modern Mexican coins that say "N$10", "N$20", or "N$50" instead of "$10", "$20", or "$50" have silver centers. (Lots of people think that bimetallic coins from the 1990s cannot be made of silver!) But with enough practice you will be able to spot silver just by its look. Until then, you'll make mistakes - here is a little gallery of non-silver coins that I bought because I thought they were silver:


But the gallery of silver coins I found for way below their melt value is much larger:

my trick is try to rich the bottom.. most of people look in the surfice or half way so a always have to see the bottom of the container! well, i think im going to the flea markets this weekend    

My best junk bin find was a BU 1967 South Korea 5 Won. Paid 10 cents and sold it on Ebay for about $100. Most US coin dealers just do not care about world coins, for which I am grateful  

I've had numerous great finds in junk bins. The best ones (that I can remember) I had was a 1960 Katanga 1 Franc for 1 euro and a 1819 Russian 2 kopeck for 1 euro.

Funny story. There is a coin shop in my hometown that has a 5 for $1 bin that I like to go through. The owner always used to ask if I found the gold coin he tossed in there. That is, until I found one! It was a Friday and he was there and I was perusing as usual when I came across a 1906 5-peso. I said, "okay, either this is a fake, or I finally found that gold coin you've been taunting me with all these years!" He colored up a bit, looked at the coin, then wandered off with it. He came back with a $20 bill which he paid me as a "finder's fee." Didn't get that coin for 20 cents, but it was cool.

Verweis : sherminator505Just bumping the topic, but what strategies do the rest of you use to work the junk bin? Mine is simple- look for things you don't normally see.

That's precisely what I do during the  summer markt here in Leeuwarden. It's the best place to get all kind of silver coins for no money  B).  
One Barber quarter in VF state for 25 eurocent   .... well, it happen to me.

Verweis : Lotus07I've had numerous great finds in junk bins. The best ones (that I can remember) I had was a 1960 Katanga 1 Franc for 1 euro and a 1819 Russian 2 kopeck for 1 euro.

You certanly mean 1961, didn't you?
Anyway that's a great finding. Katanga coins (there are only 3, don't count the Katanga cross as a coin) are rare and expensive.

Verweis : Dutchgalego

Verweis : Lotus07I've had numerous great finds in junk bins. The best ones (that I can remember) I had was a 1960 Katanga 1 Franc for 1 euro and a 1819 Russian 2 kopeck for 1 euro.

You certanly mean 1961, didn't you?
Anyway that's a great finding. Katanga coins (there are only 3, don't count the Katanga cross as a coin) are rare and expensive.

Yeah, I mean 1961. Forgot the exact date since there has passed quite some time from when I got it!

This bloke got down and dirty with the coins. Back breaking operation. I like checking right at the bottom. I picked up a nice Italian centesimi this way for 25p!

I have the same strategy. I look for coins I haven't seen or are in excellent condition. The best I have found was a 1939 Latvian Santims. I bought it for .20 cents and it was worth $15.00. I've only one silver coin in the bin.  

Verweis : lykanmy trick is try to rich the bottom.. most of people look in the surfice or half way so a always have to see the bottom of the container! well, i think im going to the flea markets this weekend  

A lot of good stuff ends up on the bottom- especially the really cool small pieces that most people overlook.

My best find in a junk bin was a UNC 5 para coin worth about 50 dollars.