New to this, selling large family collection - what to grade, how to proceed, any other advice.
Bec
Posts: 23 ✭
Hello, my husband has decided to sell his collection inherited from his grandfather. I don't really know what the industry would deem "large". It is many thousands of coins, all types, several hand written binders of data - so we consider it to be a large collection. Pics here are a few I pulled from a box of about 300 Morgans. What I know about Morgan dollars I learned last night on this site. That's it. So I went through and pulled a few that seemed of interest. Trying to determine the best way sell - individually over time? Auction? To sell this life's work and make big mistakes due to our ignorance would be sad for us both. So we are taking our time and working to get educated in general and determine a starting point. it is overwhelming to say the least. Any advice, connections, starting point, things to avoid, etc. would be greatly appreciated. PS, not sure I'm uploading the photos correctly.
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Couldn't see pics - needed a log-in. You can post pics directly here. "Edit" your post (click on the gear icon in the upper right corner of your post), and then click on the last icon in the row of icons above the text box (looks like a mountain inside a box) and find your photo on your PC to upload to the post.
General advice:
1) Understand what you have.
2) Understand how grading impacts value.
3) Understand the market, both retail and wholesale, so you are not asking too little or expecting too much.
You don't have to be an expert on the above points, but if you have a general understanding it will make things easier and you will be more confident in your decisions.
As a footnote, people here will be happy to give free advice, but if you decide to walk into a coin shop to show off your pile of coins, be prepared to pay an appraisal fee or to sell at least some decent stuff to them to make it worth their time.
The urls are broken... no images. First of all, don't clean any coins or dip them in any solvent. Next, if you Google Red Book of Coins, it's a great place to start. Be patient. It sounds like your grandfather spent a while putting the collection together. .. who knows, it might spark an interest! ;-)
BTW... welcome to the forum...
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Photos wouldn't open from my phone. Trying again. Can someone let me know if you can see them?
Thank you for the feedback! I got the photos to work.
nice looking coins .. good luck
Thx - I can see them. It looks like those coins are loose - pls be sure to handle them only by the edges.
Since they are loose you will need to identify the date and mintmark (if any) of each of them. No one will expect you to guess the grade/condition, but the date/mm will tell you if it is a rarer coin.
Hi thanks, yes they are almost all loose organized in cigar boxes and handling by edges and with gloves. I guess now that I have an idea what to ask, when is a coin worth getting graded? Is there a threshold? Like over $100?
With several hundred coins to go through, and no knowledge of them in your household, I suggest finding a local coin club and asking a member for their help in understanding what you have and the approximate value. This will get you started and you can then approach selling the coins with more knowledge.
Be patient. Selling for a fair price can take persistence.
Over $100 is a good starting point. To properly liquidate the collection yourself you'll need to take your time and learn a lot. If you are in a major metro area, there is likely many coin clubs with people that could mentor you through the process.
There are a number of members here that will do eBay consignments for people and only charge you a small fee. That way you're sure to get good photos and everything labeled/categorized correctly. For anything under a couple hundred bucks that can get you market value for your coins. This is what I would do for the majority of my own coins if I didn't already have a photography set-up and experience with eBay myself.
One of the first tasks will be to differentiate between what are collector coins versus junk silver (and just junk).
IG: DeCourcyCoinsEbay: neilrobertson
"Numismatic categorizations, if left unconstrained, will increase spontaneously over time." -me
You'll get lots of advice here, some even contradictory, so just soak it all in.
Just my own opinion....slabbing (getting graded and put in a sealed holder) is sometimes over-rated. A coin has to be worth enough to cover the associated costs. Having a coin professionally graded (such as by our host PCGS) serves to confirm authenticity and get a grade. If the financial upside is there then it might be worth it, but for lower value coins it usually isn't.
Wow. Yes, daunting indeed.
All good advice, but especially these.
Welcome to the forum
I like the fact you are patient and willing to take the time to learn what you have. Who knows maybe you will even catch the bug. If I remember correctly Charmy, "the penny lady" got her start by researching some coins she inherited. Now she is one of the top coin dealers in the country.
Here is my advice:
If you don't need the money right away, be patient and sell the coins slowly.
Look for, and join a local coin club. If it is a good club you will learn a lot about coins, and meet some experts.
Attend coin shows, and when you go to sell, sell at a coin show. There are many dealers their so you can play them against each other. If you are patient, and talk to a number of dealers, you will get a good idea of the value of what you have. If some dealers don't like your coins, don't be discouraged move on to the next dealer until you find someone that wants your coins.
Keep posting on this forum. There are some amazingly knowledgeable people on this forum. Some people can be rude, but most of us are nice.
Join the fight against Minnesota's unjust coin dealer tax law.
The two Morgan Dollars you posted will be base value coins for Morgans. Both are common dates. The 1880-S is MS-60 at best though it may just be a cleaned AU. The 1887-S has been cleaned and is now retoning, but the retoning can't save it as it has a very unnatural look. Even base value Morgan Dollars should easily bring at least $10 each in today's market as they have considerable silver content.
Buy a current copy of the Guide Book of United States Coins, known as the Red Book. Read the text and then check through the collection and pull out any coins that seems to have high catalog values. Don't Clean anything!!!!!!!!!!
Check out the features of the PCGS website as there is a great deal of very useful information to be found. Don't be in a big hurry to sell. Wait until you seem to have a feel for the market.
Thank you for such detailed advice! Taking it all in. We are located in the Central PA area. We definitely plan to set aside a small collection for our children.
Thank you. Hadn't thought of a coin club!
@Bec ....Welcome aboard.....There is great advice in the posts above. You have a very large task ahead of you... so my recommendation would be to find a knowledgeable coin collector to help you.... Yes, get a Redbook....this can give you basic knowledge of rarity and when you get help on grading, the values noted there will act as a guideline.... Those prices are often high and not reflective of the market... so just be guided by them. Good luck, keep asking questions here and let us know how things progress. Cheers, RickO
Oh, yes - important to point that out. The prices are just a guide to show relative value. If a common coin is worth X, and a rarer coin is worth 5X, then you will have an idea based on what the common coin actually sells for.
Thank you! We were just discussing going to a coin show so good to know that's a good start. I must say I do find it fascinating. I can see why there are so many of you!
Interesting! I watched a video on cleaning. My first reaction to your thoughts is that I don't believe any to be cleaned. My husbands grandfather was a meticulous man and collector. But after watching the video I can see it! Now I will be able to spot it on other coins. Thank you!
Will keep you posted! Thank you!
side note - the 1880 S does not look to be cleaned. Has mirror finish and cartwheel luster.
Welcome to the forum @Bec.
You will gain a lot of knowledge here Soak it in doses. Try not to get overwhelmed.
You mentioned thousands. I assume they are different and not thousands of Morgans. You will need a lot of patience as each type of coin has it’s quirks. Patience will be measured in months.
Red Book is a must for the US coins.
Any foreign coins?
It has excessive marks for a coin in MS (Mint State). Hence MS60.
Will keep you posted! Thank you! > @Hemispherical said:
Hi, yes, thousands, like at least ten thousand, of all sorts of US coins. Not sure about foreign. Will check the books.
Thanks again! Learning so much just today!
Lets hope there is some gold in there!
Extensive research of ten thousands coins are just too much for anyone to go through especially for a beginner. You would have stop before you reach the 1000 mark. As a result, you would still ending up selling the whole lot to a local dealer. And most likely, prices would be a lot lower than what you had expected.
My suggestion is to learn as you sell on the BST forum here. For example, put some coins into a bundle with value of couple hundreds dollars each. Provide all coins with clear photos of both side. Let the public decide and make the offers. Some members will even advise you if certain coins are out of place.
Start chipping them away~
Pretty sure there is. Haven't looked for it yet but the books say it's there.
Good advice. Thank you!
I'll share my similar experience...
Last summer I co-inherited several hundred coins. My brother wanted me to buy out his share at a fair price. So I spent months doing my homework and learning. I regularly attended local coin shows and talked to dealers, learning what I could. I spent time reading articles, reading through this forum, and asking questions here. I joined a local coin club. (I collected as a youth and have the "collector" gene, so I was motivated to do all this work.)
After four or five months I had identified a dealer I trusted, so I hired him to appraise the entire set. It cost a little money and took a few hours, but he recorded what I felt was a fair price were I to sell to him, i.e., the rate at which a dealer is apt to pay. I used that pricing list to know how much I needed to buy out my brothers.
My point is this. To determine a fair price for the set and to know where/how to sell it, one ought to invest a lot of time and thought into it. The less you are willing to put into it, the less you will get and the more doubt yo\u are apt to have about the transaction. On one extreme you could just call up a dealer and ask him to make an offer for the whole lot. On the other extreme, you could try to be as savvy as you can and sell them one-by-one (such as on eBay). You may not find it worth your time and energy to try to squeeze out the most you can. But there is middle-ground, and I think you'll feel good about selling these if you invest some time in learning and doing research - as it seems you are doing now.
It is great to read that you see your inherited collection as something special and more than just an asset to cash in. Great to read that you want to show respect for the work and pride built up by your husband's grandfather.
My strategy is about collecting what I intend to keep, not investing in what I plan to sell.
Do you have eBay / PayPal acct?
One option - Start Coins at 99c or BV - the market will bid them up. You could group in lots of 4. Take look how others selling theirs and the bay will even use that as template. In this way you could test water c what they bring.
None of Coins you have shown appear to be worth slabbing. It cost me $50 each recently to have 2 coins slabbed regular service (with shipping and fees added). Unless these coins big ticket this is not something us regular folks can afford or want spend money on unless the coin worth enough justify this. Blow them out on the Bay is one option. Let the market decide what they are worth.
Otherwise - Any estate I do I charge for my opinion (based on my time) as I have to do a complete inventory (country, denom, date, MM, grade, and values - and price it (wholesale / retail). Generally I give the client a wholesale / retail value once analysis complete. This fee refundable if I purchase estate or parts. I have been in the business since 1990 plus handled many estates and have network of business partners (other dealers) who add synergy to the process.
The coin market has been southward of steady. This is confirmed by the Pcgs 3000 - the market has dropped considerably since the 89 crash. Last few years is impact of decreasing demand due to lower pop of collectors. Bullion prices have been trading in a narrow range for sometime. Are you in Houston area - feel free PM me. I have handled many estates, very experienced.
Individually this would require thousands of photographs. In large lots, people bid conservatively..... so maybe not so easy, and maybe not best for their circumstances.
to factors determine value: Rarity and Quality of the coin.
I use the PCGS Price Guide for Graded Coins to get an idea of which years/mint marks are the rarest and have the greatest value. These are the coins you should focus on. Then focus on not so rare coins that are in exceptional condition.
The Price guide is a bit on the high end but use it to help you determine which coins in a series (i.e. Morgans) are the money coins.
“The root problem with conventional currency is all the trust that's required to make it work. The central bank must be trusted not to debase the currency, but the history of fiat currencies is full of breaches of that trust.” - Satoshi Nakamoto
The Pcgs price reflects retail prices for slabbed Pcgs coins. I would suggest the handbook of US coins which provides dealer buying prices.
I strongly disapproval Ebay as a method of selling at this moment for OP.
For example:
What would happen if OP tagged the coin as BU while the coin was on the lower grades? We might see lot of returns and Items not as described.
How about wrong mint mark, poor picture etc on the title and description? It could potentially cost OP hundreds or even thousands if it was a high value coin.
Once again BST from here is still a better choice. You can see what our members are offering while under no obligation to sell.
This is where you need to start. How much time are you willing to devote to the effort?
I disagree this wb cumbersome process requiring thousands of photos coming out gate.
Coins could be grouped / photoed in lots of 4 or in roll quantity (see how eBay sellers do this). You could photo / list as you go and take your time. No need for it all at once.
At the Houston Summer show where I was set up I could multi task - photo newps and list for retail on the bay during slow periods. One sold (retail) before show over. I get a message in my phone then put coin aside to ship to buyer.
Thank you for sharing your experience. It is very similar to mine. My brother is an amateur collector and recommended I start with a post here. so glad I did. Yes, the collection is quite special. So many years of love.
This thread is helping me determine that. Based on everyone's response I think we should expect to tackle this methodically and over a pretty long period of time if we want to do it ourselves. We like the idea of at least trying because it will give us an opportunity to really explore his notes and enjoy the coins for a while. But I can see that it may get overwhelming really quick. Thanks.
Good points. I have seem some threads with people sharing these types of negative experiences.
I haven't read through the thread yet, but in case anyone hasn't said it yet..... don't clean your coins in any way.
But it is an excellent, quick source to see which year's/mint marks are the keys which tells the seller which coins to focus on.
“The root problem with conventional currency is all the trust that's required to make it work. The central bank must be trusted not to debase the currency, but the history of fiat currencies is full of breaches of that trust.” - Satoshi Nakamoto
I do have an Ebay acct. Not ready to list any yet but am def considering that avenue. I just posted a couple I was looking at last night as a starting point. There are so many. I have learned today that one of the ones I posted (at least) was cleaned. This post has already tripled my knowledge
Thank you for the resources. Will contact if we decide to go that route!
Thanks
It's been the number one comment 
Whenever I come across a thread like this here or on a different forum, I always look to see if not cleaning has been mentioned. I am surprised by the amount of times I am the first one to say, particularly on other forums. I always feel it is one of those things where time is of the essence. Someone can unintentionally ruin a collection by " wiping" it.
I would be happy for the suggestions of people who can assess value. Central Pennsylvania. Thank you!
Pareto Analysis for Coins: This technique helps to identify the top portion of causes that need to be addressed to resolve the majority of problems. "80/20" rule, under the assumption that, in all situations, 20% of the coins are 80% of the value.
This ratio is merely a convenient rule of thumb and is not nor should it be considered an immutable law of nature.
What this means is that of the thousands of coins, say 2000, 400 have 80% of the value, and 1600 coins have 20% of the value. If you mess up and sell something in the 80% cheap, it is not a big deal as there is not much $$. But something in the top 20% has significant value, and messing up on that can be VERY costly.
There are a lot of sharks that want to rip through a collection from a novice, skim off the top 5% of the coins, with 60% of the value, or whatever, and offer 20% or less of the real value, and then your left holding the stuff that most people do not want. It is raw meat in front of hungry lions.
The key is separating the coins and focusing on the good stuff. For example, Wheat back cents, circulated, from the 1950's have very little value, mostly in the 5 cent, at best, range, with a few $$$$$ exceptions. If there are a lot of those, a quick cull will put most, if not all, in the virtual junk pile. This will enable you to get some $$ by dumping something so the real $$ coins can get real focus.
I had a quasi similar event after my sister and her husband died. They owned a gaming store, and among the assets were 100,000+ cards from a game called Magic the Gathering. They had been part of the development team, and had really good stuff, but I knew nothing about it. Most of the cards were 1 cent, if there was a market, but some cards sold in excess of $2000 each, and 2 sets (Alpha and Beta) sold for over $20K each set. They fit in a small box less than 6 inches long, among all the stuff, but it took some time to sort, organize, learn, and be educated.
For anything that even looks remotely $$, like Morgan's, etc. as a starter, put them in the 2x2 holders, making sure not to staple the coin, and flatten the backside of the staple flat so the teeth do not scratch and coin, and label them with type, date, mint mark, etc. and ORGANIZE them so you can find them again.
Remember, you will do this once, and there is no Do Over cards for mistakes, while dealers do this almost every day, some for 40+ years, and some will not be the nicest or fairest.
The early bird gets the worm. Don't be the worm.
I would suggest going through your grandfather's notes before doing anything else.
He may have noted the high-value or interesting coins.
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Good luck!
Great perspective. Helpful. Thank you!