Cherrypicking is the art of searching through coins, looking for the specimens that have been overlooked for some reason. When searching through rolls of coins that you from your local bank, you might be cherrypicking for die varieties or older dates (such as looking for Wheat Pennies among the circulating Lincoln Memorial Cents out there today.)
Another popular form of cherrypicking is done at coin shows, when the cherrypicker carefully scrutinizes dealer stock, looking for die varieties that the dealer has overlooked. A more low-end form of coin show cherrypicking is searching through the pick bins and junk boxes trying to find coins that are worth substantially more than the dealer asking price.
Coin show cherrypicking of all types involve similar dynamics, so whatever your method of searching, consider these tips for success.
Another thing to think about, when looking through organized stock, is keeping the coins in the same order that the dealer has organized them in. Usually, U.S. coins will be in year order, with the individual Mint marks grouped together under each year. Sometimes dealers aren't too picky about the Mint marks as long as the years are in order. Whatever his filing system, always be respectful of this, and if you pull a coin out of the box to examine it, be sure you put it back in the proper place.
World Coins and sometimes U.S. Commemoratives will be in alphabetical order. It only takes a small effort to keep your finger in the spot where you took the coin from, or to lift the next coin up a bit so it sticks out, if the box is tightly filled. Keeping the dealer's stock in proper order is not just an act of common courtesy; dealers watch and appreciate people who respect their time and organization, and this can be reflected in the prices you pay when it's time to negotiate!
First of all, it has been my experience that this latter type of pick box, the type with the individually priced coins being sold at a flat-rate discount, tend to not have very many bargains. Although thorough, diligent searching has, once in a while, produced a real treat, most of the time dealers use these boxes as a sort of sucker lure. A survey of 3 such boxes on 3 separate dealers' tables at the 2007 ANA World's Fair of Money Show in Milwaukee proved to me that even after taking 50% off the marked price, the coins were still priced at, or above, the average retail asking price!
The best type of pick box for finding honest to goodness bargains is the flat-rate so-called "junk box." These are boxes into which the dealer has thrown coins that he has determined are not worth his time to catalog and price individually. Sometimes coins get thrown in there just because they're low grade. Other times, the coins might be high grade but just really common. Some dealers even throw in their "attribution challenges!" This latter type of pick box is, by far, the most profitable and most interesting for the cherrypicker! In reality though, most pick boxes contain a mixture of two or more categories of these types of coins. (Attribution challenges are coins that the dealer can't find in his coin catalogs. These are most often seen in World coins, but I've even found genuine U.S. Pre-Federal Colonial Copper coins in junk boxes marked "Misc. Tokens - $2 Each.")
Bring your own loupe or magnifier - Always bring your own magnifier rather than hogging the dealer's!
Don't bogart the light source - If someone comes to look at the $1,000 Morgans, don't wait for the dealer to ask for the use of his own lamp. Offer it!
Don't be a cheapskate - Always try to spend at least $20 or more any time you tie up a spot at a dealer's table for an hour or more. Find something you like if the pick bin doesn't meet the minimum purchase.
More Coins Quick Tips
Another popular form of cherrypicking is done at coin shows, when the cherrypicker carefully scrutinizes dealer stock, looking for die varieties that the dealer has overlooked. A more low-end form of coin show cherrypicking is searching through the pick bins and junk boxes trying to find coins that are worth substantially more than the dealer asking price.
Coin show cherrypicking of all types involve similar dynamics, so whatever your method of searching, consider these tips for success.
The Basics of Cherrypicking Organized Dealer Stock
Cherrypicking dealer stock, such as the boxes of slabbed coins or 2x2's, generally requires that you have a lot of back and forth interaction with the dealer. Typically, he'll hand you one box at a time to look through, and if you're fast, you might be pestering him several times in a short period of time for more coins to check. In such a scenario, it is important to be courteous and patient, and to only pull out and set aside the coins that you are pretty sure you're going to buy. The reason is that the dealer must go to several different places to put back any unsold coins you've pulled out.Another thing to think about, when looking through organized stock, is keeping the coins in the same order that the dealer has organized them in. Usually, U.S. coins will be in year order, with the individual Mint marks grouped together under each year. Sometimes dealers aren't too picky about the Mint marks as long as the years are in order. Whatever his filing system, always be respectful of this, and if you pull a coin out of the box to examine it, be sure you put it back in the proper place.
World Coins and sometimes U.S. Commemoratives will be in alphabetical order. It only takes a small effort to keep your finger in the spot where you took the coin from, or to lift the next coin up a bit so it sticks out, if the box is tightly filled. Keeping the dealer's stock in proper order is not just an act of common courtesy; dealers watch and appreciate people who respect their time and organization, and this can be reflected in the prices you pay when it's time to negotiate!
The Etiquette of Cherrypicking Pick Boxes and Junk Bins
Pick boxes and junk bins are usually flat-rate priced offerings. The coins are sold at a fixed amount each, sometimes with a quantity discount (such as $1.00 each or 12 for $10.) Occasionally, the pick box coins will have individual prices on them, and the box itself will have a sign that says "50% off marked price" or something similar.First of all, it has been my experience that this latter type of pick box, the type with the individually priced coins being sold at a flat-rate discount, tend to not have very many bargains. Although thorough, diligent searching has, once in a while, produced a real treat, most of the time dealers use these boxes as a sort of sucker lure. A survey of 3 such boxes on 3 separate dealers' tables at the 2007 ANA World's Fair of Money Show in Milwaukee proved to me that even after taking 50% off the marked price, the coins were still priced at, or above, the average retail asking price!
The best type of pick box for finding honest to goodness bargains is the flat-rate so-called "junk box." These are boxes into which the dealer has thrown coins that he has determined are not worth his time to catalog and price individually. Sometimes coins get thrown in there just because they're low grade. Other times, the coins might be high grade but just really common. Some dealers even throw in their "attribution challenges!" This latter type of pick box is, by far, the most profitable and most interesting for the cherrypicker! In reality though, most pick boxes contain a mixture of two or more categories of these types of coins. (Attribution challenges are coins that the dealer can't find in his coin catalogs. These are most often seen in World coins, but I've even found genuine U.S. Pre-Federal Colonial Copper coins in junk boxes marked "Misc. Tokens - $2 Each.")
Courtesy While Cherrypicking the Junk Boxes
This would seem obvious - you sit down and start sorting through the coins. But there are some considerations that the wise and courteous cherrypicker takes note of.- Consider your surroundings - Are you at a coin show, taking up 50% of the dealer's table space while you pick through $2 coins? Maybe you can move off to the side, or not occupy his only chair (at least when someone else steps up.)
- Is the pick box, or your pile of picks, blocking his high-priced trays? - Be aware of someone behind or next to you trying to look at the $1,000 coins below the glass, and be quick to make way for a moment!
- Does the dealer appreciate your presence? - Some dealers are happy to have someone sitting at their table, industriously searching through his stock (even the cheap stock) since it makes his table look popular and busy. But other dealers would consider you a nuisance, deterring potential customers. Be aware of how your dealer feels, and simply ask if you're not sure! He's unlikely to run you off, but you'll gain some perspective from his reply, and he'll gain some respect for you because you were courteous enough to ask.
Bring your own loupe or magnifier - Always bring your own magnifier rather than hogging the dealer's!
Don't bogart the light source - If someone comes to look at the $1,000 Morgans, don't wait for the dealer to ask for the use of his own lamp. Offer it!
Don't be a cheapskate - Always try to spend at least $20 or more any time you tie up a spot at a dealer's table for an hour or more. Find something you like if the pick bin doesn't meet the minimum purchase.
