Money Making Idea

I don't know anything about old coins. I only have
recently become interested because my mother wanted
to know what was in an old slot machine my dad used
to put coins in he thought were interesting.

Don't tell anybody this idea, because it could be
a real money-maker. Shhhhhhh.

I was looking at

http://www.pcgs.com/prices/

and I saw Kennedy half-dollars (6784 2003-P) for
$500. Why not get a brand-new, uncirculated half-dollar
from http://www.usmint.gov, hold it for two years,
then sell it for $500 a mere two years later
for, geez what, 100,000% profit???

Shhhhh, don't tell anybody.

On Thu, 10 Feb 2005 11:58:15 -0500, Al wrote:

I don't know anything about old coins.

It sounds like you don't know too much about new ones, either (but,
then again, neither do I g) ... I haven't been collecting for much
over a couple of years, and I sure didn't know the difference between
a proof and a BU when I started out. But please read on ...

I only have
recently become interested because my mother wanted
to know what was in an old slot machine my dad used
to put coins in he thought were interesting.

Don't tell anybody this idea, because it could be
a real money-maker. Shhhhhhh.

I was looking at

http://www.pcgs.com/prices/

and I saw Kennedy half-dollars (6784 2003-P) for
$500. Why not get a brand-new, uncirculated half-dollar
from http://www.usmint.gov, hold it for two years,
then sell it for $500 a mere two years later
for, geez what, 100,000% profit???

Shhhhh, don't tell anybody.

Umm, this price is most likely for a very rare variety of proof
Kennedy half dollars of 1964 (the first year of issue) called "hair"
Kennedy halves. A proof coin is produced differently than normal coins
meant for circulation. I doubt that you could achieve what you are
after by holding uncirculated normally minted coins (although you
could actually do it, it would just take you a few more years g). A
"proof coin" is made by using polished dies and, sometimes, with
polished blanks (or planchets) as well. You can see yourself like in a
mirror with a proof coin. But uncirculated, normally minted coins, do
not exhibit this quality. Proofs are usually specially minted for
collectors and are only put in circulation by someone who is desperate
for the change and doesn't know that they could make a lot more money
by selling the thing to another collector! But they are legal tender
and are occasionally (rarely) found in pocket change.

In this particular case, a small series of proof Kennedys was
produced. Apparently, Jackie Kennedy did not like the way JFK's hair
was depicted and had them change the design a little bit. The rest of
the proofs were done according to the changed design, and only a small
amount of "hair" Kennedy half dollars remained from the first mintage.
That's why they are exceedingly rare and command such high prices.

But who knows what is in that old slot machine of your Dad's?? You
might eventually hit the jackpot g. Good luck!

--
Bob Hairgrove

On Thu, 10 Feb 2005 11:58:15 -0500, Al wrote:

I was looking at

http://www.pcgs.com/prices/

and I saw Kennedy half-dollars (6784 2003-P) for
$500. Why not get a brand-new, uncirculated half-dollar
from http://www.usmint.gov, hold it for two years,
then sell it for $500 a mere two years later
for, geez what, 100,000% profit???

Al,

If you look a little more closely, you'll notice that the $500 for
that coin is in a column labled "68". That refers to the condition of
the coin.

It's a little too detailed to get into here, but the basics are that
coins are commonly graded (in the US) on a scale of 1 to 70. A coin
that grades at MS (for Mint State) 68 is an almost perfect coin,
meaning that not only is it basically perfectly struck, and has no
wear on it, but there are just a couple of tiny marks on the coin from
where it contacted other coins. When I say "tiny marks", I'm talking
about marks you'd need a magnifying glass to see. Because of the way
coins are handled after they're struck, this is a very rare thing.

If you look a couple of columns over, you'll see that in the "65"
column, the same coin is $10. An MS-65 coin is still better than what
you'd probably get if you ordered coins from the mint.

If you've got any other questions, just ask.

take care,
Scott

Bob Hairgrove wrote:
On Thu, 10 Feb 2005 11:58:15 -0500, Al wrote:


I don't know anything about old coins.


It sounds like you don't know too much about new ones, either (but,
then again, neither do I g) ... I haven't been collecting for much
over a couple of years, and I sure didn't know the difference between
a proof and a BU when I started out. But please read on ...


I only have
recently become interested because my mother wanted
to know what was in an old slot machine my dad used
to put coins in he thought were interesting.

Don't tell anybody this idea, because it could be
a real money-maker. Shhhhhhh.

I was looking at

http://www.pcgs.com/prices/

and I saw Kennedy half-dollars (6784 2003-P) for
$500. Why not get a brand-new, uncirculated half-dollar

from http://www.usmint.gov, hold it for two years,

then sell it for $500 a mere two years later
for, geez what, 100,000% profit???

Shhhhh, don't tell anybody.


Umm, this price is most likely for a very rare variety of proof
Kennedy half dollars of 1964 (the first year of issue) called "hair"
Kennedy halves.

I don't think so.
http://www.pcgs.com/prices/frame.cht...nnedy_half_mod
There is a section below for proofs, but no notation at all
that these are anything but regular coins, as far as I can tell.


A proof coin is produced differently than normal coins
meant for circulation. I doubt that you could achieve what you are
after by holding uncirculated normally minted coins (although you
could actually do it, it would just take you a few more years g). A
"proof coin" is made by using polished dies and, sometimes, with
polished blanks (or planchets) as well. You can see yourself like in a
mirror with a proof coin. But uncirculated, normally minted coins, do
not exhibit this quality. Proofs are usually specially minted for
collectors and are only put in circulation by someone who is desperate
for the change and doesn't know that they could make a lot more money
by selling the thing to another collector! But they are legal tender
and are occasionally (rarely) found in pocket change.

In this particular case, a small series of proof Kennedys was
produced. Apparently, Jackie Kennedy did not like the way JFK's hair
was depicted and had them change the design a little bit. The rest of
the proofs were done according to the changed design, and only a small
amount of "hair" Kennedy half dollars remained from the first mintage.
That's why they are exceedingly rare and command such high prices.

But who knows what is in that old slot machine of your Dad's?? You
might eventually hit the jackpot g. Good luck!

--
Bob Hairgrove

Scott Stevenson wrote:
On Thu, 10 Feb 2005 11:58:15 -0500, Al wrote:


I was looking at

http://www.pcgs.com/prices/

and I saw Kennedy half-dollars (6784 2003-P) for
$500. Why not get a brand-new, uncirculated half-dollar

from http://www.usmint.gov, hold it for two years,

then sell it for $500 a mere two years later
for, geez what, 100,000% profit???


Al,

If you look a little more closely, you'll notice that the $500 for
that coin is in a column labled "68". That refers to the condition of
the coin.

It's a little too detailed to get into here, but the basics are that
coins are commonly graded (in the US) on a scale of 1 to 70. A coin
that grades at MS (for Mint State) 68 is an almost perfect coin,
meaning that not only is it basically perfectly struck, and has no
wear on it, but there are just a couple of tiny marks on the coin from
where it contacted other coins. When I say "tiny marks", I'm talking
about marks you'd need a magnifying glass to see. Because of the way
coins are handled after they're struck, this is a very rare thing.

If you look a couple of columns over, you'll see that in the "65"
column, the same coin is $10. An MS-65 coin is still better than what
you'd probably get if you ordered coins from the mint.


So, they must come from either the Japanese or the Mafia.

But, all seriousness aside, the 67's are $75. So, you spend (invest)
50 cents in 2003 and you can sell it for $75 in 2005?

If you've got any other questions, just ask.

take care,
Scott

"Al" wrote in message
...
Scott Stevenson wrote:
On Thu, 10 Feb 2005 11:58:15 -0500, Al wrote:


I was looking at

http://www.pcgs.com/prices/

and I saw Kennedy half-dollars (6784 2003-P) for
$500. Why not get a brand-new, uncirculated half-dollar

from http://www.usmint.gov, hold it for two years,

then sell it for $500 a mere two years later
for, geez what, 100,000% profit???


Al,

If you look a little more closely, you'll notice that the $500 for
that coin is in a column labled "68". That refers to the condition of
the coin.

It's a little too detailed to get into here, but the basics are that
coins are commonly graded (in the US) on a scale of 1 to 70. A coin
that grades at MS (for Mint State) 68 is an almost perfect coin,
meaning that not only is it basically perfectly struck, and has no
wear on it, but there are just a couple of tiny marks on the coin from
where it contacted other coins. When I say "tiny marks", I'm talking
about marks you'd need a magnifying glass to see. Because of the way
coins are handled after they're struck, this is a very rare thing.

If you look a couple of columns over, you'll see that in the "65"
column, the same coin is $10. An MS-65 coin is still better than what
you'd probably get if you ordered coins from the mint.


So, they must come from either the Japanese or the Mafia.

But, all seriousness aside, the 67's are $75. So, you spend (invest)
50 cents in 2003 and you can sell it for $75 in 2005?

Anything above 64 is tough to find. I have searched hundreds of
uncirculated half rolls and have a few that may possibly get a 65 from the
respected graders. And, a couple that I could hope for a 66. I have never
found a 67 or better in a roll. The $75 and $500 reflects genuine
difficulty in finding such an unblemished specimen. If they were easy to
find, the retail for them would be $1.00.

But, yes, it is possible to pull a coin out of a roll for face value and
cash in big time. That is why I look. I have searched uncirculated half
rolls since the mid 1980s and have yet to find a half that would justify the
expense of having it submitted for grading. I have set aside nicer
specimens that may be worth a small premium, if I find a buyer that agrees.
That's it, though.

Bill

Where do you guys get rolls of Half Dollars? The few local banks I
frequent always have a few loose coins in their drawers, but never have
any rolls.....

Charlie

"chasd2" wrote in message
oups.com...
Where do you guys get rolls of Half Dollars? The few local banks I
frequent always have a few loose coins in their drawers, but never have
any rolls.....

Charlie

Our two local banks order them from the Fed. Sometimes there are unc rolls,
sometimes there are circulated, with silver, and sometimes there is nothing
but circulated clad. A few years ago, I latched onto some new uncs
(ultimately, two $1,000 bags worth) that were not even supposed to be
released yet. I sold roll after roll on eBay for $40-$70 each. Also made a
few hundred special ordering and forwarding a bag (the second bag and btw,
the bank kept insisting they could not guarantee what dates or condition
were in the bag), for a dealer in the eastern USA.

It turns out the two bags were overrun of the halfs that were made for the
mint sets, and they were not supposed to have been released for another two
months or so, but somehow had been shipped to the KC fed reserve and two
$500 boxes ended up at the local bank where I latched onto them. When I
listed my first roll auction, I was hoping for something between $15 and $20
for a winning bid. What I got was a flurry of emails from dealers across
the country, wanting to know how I got the halfs and would I sell them some
rolls. I sold some in bulk and listed many more rolls and acted as
middleman for the one $1,000 bag. There was a third bag at the fed that we
could not get, because of no cooperation somewhere up the chain. It was
fun.

Bill