I went to the bank yesterday to deposit some checks, and I picked up two rolls of the new Presidential $1 coins. There are 25 coins in a roll, and you pay the bank $25 for each. That seems to make sense. What doesn’t make sense are the people paying upwards of $35 for each roll on eBay.
Considering most eBay sellers overcharge for shipping, you could be looking at a 50% to 75% profit on a product that can easily be found for face value. Maybe I’ll pick up more rolls next time I visit the bank and list them on eBay.
If anything, there’s the possibility that some of the coins will be in a condition good enough to warrant grading and could be sold for more than $1. If the roll I opened is any indication, the mint rolls contain coins that are not in “mint” condition.
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Do you really think these things are going to catch on? I doubt it.
No. I think they look like game tokens and I don’t think collectors will be into them. On the other hand, if collectors don’t like them, they could prove to be rare in good condition down the road. As far as the public goes, I think they’ll be accepted and used even less than the Sacagawea $1 coins.
While in theory you are correct and could make a bit of money, I’m finding it harder and harder to make a profit on these types of ventures. With ebay fees, paypal fees and the time it takes, it would probably not be worth the time for most to do it. That being said, there is definitely a possibility of making moeny for those that have no other revenue source…
Seems like a lot of work for $5 – $10 profit. I think you’d have to do a lot of volume to make it worth your time. The nice thing is that your investment is immediately liquid, should the “market” dry up.
What bank did you get these from? I read that they wouldn’t be released until tomorrow (2/14/07).
The official release date is Thursday, but my teller may not have known. She was excited someone even knew about the coins.
It was a Wachovia branch.
The new mint rolls are only issued for a few weeks and then those coins are delivered in mixed rolls. If you can time it right it’s possible to make some cash, but once they’re not easily available there will be a lot of people trying to sell them because there will be a large supply.
Interesting situation. I knew they were coming out but I didn’t know you could get them in a roll. Are you keeping yours or selling?
Unbelievable. My guess is that they are creating the impression on ebay that the coins are somehow rare because people don’t know where to get them. Collectors will see right through this, but others may not. The only other thing I can think of is that people are paying a premium for coins minted at different Mints, such as Denver, which typically puts a “D” on the coin somewhere. Depending on the number minted at different locations, the value over time could go up or down.