Unsearched coin rolls used to be very popular. Nowadays they’re still sold, but not as much as before. The lure of an unsearched coin hoard of Morgan Dollars or Indian Head Cents is just too tempting. But is it too good to be true?
The story goes like this. Someone says that they bought a huge hoard of Lincoln cent pennies from an old lady in her 80’s. She rolled these and put them away over 50 years ago (Right before the Wheat Pennies were discontinued. Clever ha?). Now, she needs the money and so she sold them. And because the buyer doesn’t have time to search through them, he/she will be selling them unsearched for $4.95 a roll. And the seller also explains that he/she took a sample roll and found a 1913 D, a 1933 P, a couple early “S” mintmarks, and 2 steel pennies. So the seller says that anything could be hidden in these unsearched rolls. Even an 1909 S VDB (or so the story goes)!
The truth is, these rolls have been searched over and over again. So there’s practically nothing left in these rolls. There’s nothing left to search for. There could be some nice dates thrown in the rolls by the seller, but that’s about it. This is done to get the buyers to tell everybody what they found. This would attract more buyers for the sellers.
If a buyer did in fact buy an unsearched hoard from an old lady, I would bet that they would search through them first. After all, a collection stashed away 50 years ago would definitely reveal a treasure today. The reason is, some dates may not have been worth enough to collect back then (sometimes because the coins were just minted). But, they may be worth it now. Furthermore, the coins would have less wear on them because of less circulation. So these coins could be worth a pretty penny just on their grades alone. A lot of dates aren’t worth much in lower grades, but are worth something in higher grades.
So the next time you come across a dutch auction and the seller says it’s unsearched, you know it’s not true. They can say that it has or hasn’t been searched. It doesn’t matter. The important thing is that you pay regular market price for it. If it’s overpriced, just go to another seller. I’ve noticed, that the bigger their story is, the higher their price is. And sellers do this to every type of coin out there. I have seen unsearched Mercury Dimes, unsearched Morgan Dollars, unsearched Indian Heads, unsearched everything. Just buy elsewhere if the prices are too inflated. This will help you avoid paying the high fees for nothing.