For anyone who has browsed coins on eBay, there is a very high chance you have come across listings for “grab bags” and “estate lots” with flashy photos of a hoard of coins or lustrous silver coins in a vintage cigar box. Listings like these have been common on the site for many years. They are some of the most consistently sold numismatic items on eBay, with many listings having thousands of sales over the years. A quick search easily turns up hundreds of these kinds of lots. I decided to buy a grab bag to see if it holds up to its hype.
Expectations
I settled on a $40 listing advertised as an estate lot of old U.S. coins and paper currency. Pictured was a huge pile of U.S. coins of various denominations and compositions flanked by Silver Certificates, Red Seal notes, gold vials, and bank bags, presumably filled with even more coins. It is hard not to be excited about or at least enticed by such a scene. The description was even more promising, stating up to $70 in value with at least one slabbed coin, gold, at least two silver coins and one silver bar, at least one coin 100 years or older, and all coins featuring iconic American designs.
Reality
A week later, it was in my hands. The packaging was good, and most items were individually bagged, wrapped in the packing label, and put into a standard bubble mailer. There were 19 items in the lot, which was more than I expected. However, the average value per item was about a dollar.
What caught my eye the most was the silver bar and vial of gold. The silver bar weighed just a single grain, even being packaged to guarantee its authenticity. Keep in mind that 1 ounce of silver is approximately 438gr, meaning the pure spot silver value of that piece is a mere 7 cents as of early January. I would not be surprised if the packaging cost more than the silver. The company that made it sells the silver bars on their website for $1.28 each with bulk pricing available upon request. Even more interesting to me is the small vials of gold flakes, which was impressive on the surface considering the scarcity of the metal. In reality, the vial is worth no more than 50 cents and consists of thin leaves that will seemingly disintegrate the moment you touch one. These vials are popular with estate-lot sellers, as many listing photos show them prominently displayed alongside various other coins. Even on eBay, you can buy a thousand 5ml vials for only $400.
The rest of the coins included 8 1940s and ’50s Wheat cents (with one being uncirculated), 2 Buffalo nickels, 2 silver dimes, an Indian Head cent, a steel cent, a proof quarter, a slabbed Sacagawea dollar, and a mint token used in older proof sets. The steel cent has a very odd surface luster with small streaks across its surface, leading me to believe it was possibly cleaned with a wire brush. The highest-value item in the whole lot is the slabbed dollar coin, worth maybe $4 or $5. Despite being promoted in the listing title and photos, I did not receive a single piece of U.S. paper currency. The whole lot, give or take, is worth less than $20, which is half of the listing price and less than a third of the “up to $70 in value” stated in the description.
Conclusion
My suspicions are confirmed—grab bags are rarely worth the price and hold much of their value in the allure of the surprise. I do not want to generalize, as my singular purchase is in no way representative of these types of listings as a whole, but I believe it can still offer some insight into the practices of some of these sellers. Many similar lots boast a good number of negative reviews saying the lots were not worth the price. The target audience for these lots is likely not seasoned collectors or those looking to maximize value, but rather those looking for a surprise or a jump-start to their collecting journeys. They do offer coins with iconic designs, which are staples of the numismatic community. However, it is more fun and cost-effective to look for those and a substantially wider selection of others at a local coin show or shop. While the allure of the unknown is tempting, knowledge and careful selection are the true treasures.