Help! Inherited HUGE coin collection. What now?
voicepianocoach
Posts: 12 ✭✭✭
Our grandpa just passed away and he started coin collecting as a kid and passed away at 95! We have an enormous collection and I’m taking them to a dealer tomorrow to possibly get cash as we have no interest in the actual collection. From what I’ve researched some seem valuable but there are so many (thousands!) that we don’t have the time to go through. I would like your opinions on 1) what to beware of with a buyer and 2) if I decide to list them, the best places to do so. eBay blocked me from doing so yesterday since they weren’t certified coins. Very confused by that as well.
0
Comments
Start posting pictures if you can. Also, do not clean them or alter them in any way,
Do yourself a favor, while honoring your grandfather's work, and take your time with this. Don't be in a hurry to cash out, as it may be interesting for you to see why he was so passionate about putting a collection together in the first place.
Find a reputable dealer to appraise the collection, but go there with a general knowledge of what you have.
Dead Cat Waltz Exonumia
"Coin collecting for outcasts..."
""""""""eBay blocked me from doing so yesterday since they weren’t certified coins.""""""
Yeah that sounds real likely
Something seems FISHY here
Dealer or an full service auction house like Great Collections. If I were you I would call great collections and tell them what you have. Assuming it isn't a bunch of clad foreign and mint sets, I bet if you instructed them to maximize the return and cert what they needed to, they could come up with a plan and timeline for you. They offer advances if the collections warrant it. Ian knows coin/collection liquidation. A few can do it as well, but not many better when comparing consignment returns unless you are working with an established dealer with a better rate at HA. Even then you have a lot of mouths to feed going that route and anything short of great coins get crammed in a lesser auctions at HA.com that will bear lesser results. Ebay might do similar for you but that is a lot of work
Most routes with similar results require existing connections & business history to maximize. You can cold call Great Collections and still get VIP service
11.5$ Southern Dollars, The little “Big Easy” set
Post some pictures. Also contact either Great Collections or David Lawrence Rare Coins
1) Don't be in a rush if you want to maximize your return. I wouldn't just go to the first local dealer that pops up on Google, especially without any references.
2) It's possible/likely that some of the more valuable coins will only bring you what they're worth if you get them slabbed. We'd need more info on what you actually have to advise you on that.
3) If you do decide to retail the more valuable coins yourself, it'd probably be worth sending them to Great Collections (or another auction house) as opposed to listing on eBay. The small difference in fees will be more than worth it since you have no experience selling coins. You won't have to take photos, worry about postal issues, or deal with returns. GC can also send your coins to CAC (don't ask!
) if warranted.
4) Coins that are common and well-circulated are probably best sold in bulk, unless you have unlimited time on your hands.
You can call HA or GC and they will come to you to evaluate your collection if it is that large. They can also get it slabbed and then auctioned off. They send me a letter every other month or so that details what I just typed above
100% positive transactions with SurfinxHI, bigole, 1madman, collectorcoins, proofmorgan, Luke Marshall, silver pop, golden egg, point five zero,coin22lover, alohagary, blaircountycoin,joebb21
Slow down or you will be squandering your grandfather's legacy.
If you as the beneficiary don't have time to go through them then a dealer likely won't either. They'll possibly just shoot you a price based on what they can see and then dig through it later, especially if you are very anxious to just cash in.
I sell and buy coins on ebay all the time and they would not have banned you for the reason you stated unless you were attempting to list incorrectly. If that is the case then it is another hint that you need to step back and take a deep breath.
Post some pictures here and get some feedback for starters.
I would get more than one dealer's offer to start with. If you're looking for just a quick cash transaction you'll leave money on the table. Buying a Red Book of US Coins is a cheap way to learn what you inherited and approximate retail value of the coins. You won't get retail from anyone so don't have that expectation.
Since there are so many, find coins that are encapsulated in plastic with the name of a major grading company like PCGS, NGC, ANACS, and ICG and describe them here or, better yet, post pictures.
I will post some pictures here. They’re coins of all sorts, some mints collections and most loose arranged by years.
Ebay said that not allowing me to list was due to their new managed payments and they don’t allow selling of coins unless you’re an established coin seller. This is a very new thing. I have been an eBay seller for 20 years so I’m very familiar with their system and it was very specific about what I couldn’t list. Stay tuned for pics
If you don't have the time to be bothered it would be best to just to just dump them in a Red Kettle (Salvation Army), cash them out at the bank, put them in a coin star machine. Oh yeah, sorry the old guy died.
This is a troll. DO NOT DO THIS.
Haste makes waste!
Many dealers will see someone coming in with a large inherited collection and no idea what they have and see fast money for themselves. Some are good and will help you get a fair price. Some are worse and will ask to be left alone with the collection, then swipe a couple good ones and return the rest to you with a "not for me" response. If you give an approximate location of where you are, you'll get recommendations for who can help you. With a very large collection, expect to have to pay an appraisal fee, which may be waived if they buy a big chunk of what you have.
Start by posting a picture of the entire collection as you see it. From that picture, people here will help you sort it out into assorted categories and ask for more pictures.
Keeper of the VAM Catalog • Professional Coin Imaging • Prime Number Set • World Coins in Early America • British Trade Dollars • Variety Attribution
As others have noted above, fast = less money for you. Also, we have no idea if you have common date coins with little value or higher dollar value items. Old coins are not necessarily valuable for example. I would not get your hopes up for a windfall until you know what you got.
Does the collection include gold coins? If yes, start with those in terms of pictures and if you can, throw together an inventory sheet in Excel. This will help you keep track of your sales, realistic values, etc.
I think the op is a troll
Maybe... But your even more of a troll...
Two+ years ago I went through a variation of your situation. In short, I talked to a few dealers and identified one whom I came to trust. Then I hired him to evaluate the collection and prepare a written appraisal based upon the price a dealer would reasonably pay. I made sure he had no expectation that I would be selling to him or even selling at all. That appraisal cost me a little over $100.
With this approach, I had some real and fair numbers about the collection, and I knew which coins stood out with higher value. THAT was my solution and one I recommend. ...I did spend three months visiting a couple of coin shows to talk to dealers before I felt comfortable picking one to be the appraiser.
My strategy is about collecting what I intend to keep, not investing in what I plan to sell.
Okay here comes a big photo dump.
One more here for contacting Great Collections.
Great transactions with oih82w8, JasonGaming, Moose1913.
Have fun. Share your tales.
REally? Did you look at the pictures?
If you aren't able to value them yourself and don't know someone you can trust to do it I would suggest you posting your general location (city & state) and asking for help from someone in the area to come and look at the collection. When you get some names you could ask for reference on this Forum. Pick a member who other long term members know and find trustworthy and you will be fine.
Well after seeing the photos I agree mostly common junk silver and low value coins and modern sets and some just face value.
I do see (1) 1972-P Eisenhower that should be checked for which type it is. Even in low grade a Ty 2 should bring you $40-$50. All the silver should be checked for better dates and varieties.
After looking at your pictures, I would suggest getting offers from two or three dealers and taking the highest one. Any time you spend on this collection will not yield you any added revenue worth the time invested. You have a lot of face value stuff, bullion stuff and widgets.
No auction house will have any interest in that material, so forget Great Collections, Heritage or Stacks'.
I see nothing worth certifying.
That is an accumulation of low end material that your grandfather had fun with. Most of the value is likely to be in the bullion.
You all are AWESOME. Someone posted above about grandpa’s legacy and I totally agree. He was PRECIOUS to us. I know that he had a terrible situation where his mom threw away his baseball card collection in the 1930s due to a move and that devastated him so he started collecting coins.
Also, the person to whom I went is a trusted jeweler and we have been using him for 20 years. He is very fair and knowledgeable. He will be sorting them in front of me so no swiping.
@voicepianocoach Unfortunately a lot of it is not worth much above face value. There is some silver there for sure. Most of what I see would be worth melt value only. My gut reaction is to recommend:
All half dollars dated 1971 and later and all other coins (cents, dimes, nickels, and quarters) dated 1965 and later and put into one pile. More than likely you'll get the same value depositing into the bank as you would with a dealer. Note, some of the items might be technically worth more but very hard to get the value out of them.
All cents from the 1940s and 1950s into another pile and deposit into the bank. Or sell as an unsearched roll on eBay. You can point to this thread if you like.
All the half dollars dated 1948-1964 into one pile and sell at melt.
Unfortunately you won't get much out of any proof and mint sets except for silver ones.
The rest you can check with a dealer and you'd have winnowed out the vast bulk that isn't worth much.
Good luck and hope you find the way to sell that works for you.
Looks mostly like common stuff, a lot of it wouldn't net you much over face (or melt) on eBay after you account for fees and shipping. Doesn't mean there's not something better in the group but I wouldn't get my hopes too high.
Agreed.
Non-silver coins (clad) spending money as it's face value.
Silver coins (1964 and before) is worth about $15 to $18 per $1 of silver coins.
Basically that's it, besides the odd older coin (I saw a worn bust half, maybe worth about $30).
"“Those who sacrifice liberty for security/safety deserve neither.“(Benjamin Franklin)
"I only golf on days that end in 'Y'" (DE59)
Looks like run of the mill collection and likely just worth the silver value for most pieces pictured unless there are some better dates mixed in there. Find a reputable dealer and go from there. You will likely be sent home with some of it with the advice of "just spend it" - Do that. It's fun to spend Ike dollars and older coinage just to get it back into circulation.
Pick a few keeper pieces to remember your grandpa by and Happy Holidays.
Click on this link to see my ebay listings.
There is a booklet published by the American Numismatic Association that may be of help:https://www.amazon.com/Managing-Settling-Numismatic-Estate-Collection/dp/0896370321/
There are half dollar rolls that say 1965-70. Go through these and set aside any that are dated 1970, as these are worth more. The others (65-69) are 40% silver and worth more than face value, but a little less than half as much as those 1964 and earlier.
The Constitution dollar (fuzzy blue box) and proof Washington halves (fuzzy maroon box) are also 90% silver.
There is a dark half dollar from the early 19th century in this picture that warrants a better picture of both sides being posted here:
The quarters in the small round plastic holder might add up to a full set of the 50 state quarters. If so, there might be someone here that would want the set.
Silver dollars from 1935 and earlier should be minimum $20 each.
The silver certificate with the yellow seal is a WWII North African issue. In the condition shown, the one I see is probably a $20 note. These were also made in $5 and $10 denominations. They were issued to soldiers in WWII that were in North Africa. In case the Germans took over North Africa, they could be demonetized. Did your grandfather serve in WWII there? If so, this would be a cool memento of his service to keep.
Keeper of the VAM Catalog • Professional Coin Imaging • Prime Number Set • World Coins in Early America • British Trade Dollars • Variety Attribution
pick out a least one coin and keep it in memory of your grandpa
if you have children keep one for them too
your collection, your choice but doing this may keep grandpa's spirit alive
Let us know what you do
Best of luck!
Kennedys are my quest...
Just remember pre-1965 is 90% silver, halves from 1965-1970 are 40% silver. S-mint Ikes are 40% silver if there are any mixed in with the rest.
Go ahead and spend the state quarters.
I think the old littleton envelope stuff might have a following(not me so not real sure).
If that 1899 Morgan is a philly coin then it is a better date and worth more than bullion.
You can also spend that beat up red seal $2, it will probably make someone's day.
Collector, occasional seller
Try to get close to spot for the silver. I don't know the exact pricing (others here would know), but I'm guessing $20-$25 each for the pre 1935 silver dollars. As someone above wrote, 1965 and later pennies, nickels, dimes and quarters are spending money. Half dollars from 1965-1969 have a 40% silver content, so they may be worth $3 - $3.50 each. Some Ike dollars from the early 70s may be worth between $2-$4 (others here would know better than I). Dimes and quarters 1964 and earlier are worth the their metallic silver value.
The only penny post 1930 really worth keeping would be the 1931 S. A few others may be worth a few dollars, max. Wheat back cents from the 40s and 50s may be worth 2 cents each, if you can find a buyer.
The early Lincoln cents worth keeping are the 09S, 09S VDB, the S and D mint marked coins from 1910 through 1915, the 1922, and 1924 D.
"Seu cabra da peste,
"Sou Mangueira......."
I wouldn't take this stuff to a jeweler. The don't usually deal with coins so their offers will be lower than a dealer or a coin shop. From the pictures, there isn't really any thing much in high value, mostly junk silver, so I would recommend taking it to a local coin shop or a coin show if there is one near you. You can also list them on the BST here to sell too.
Collector
87 Positive BST transactions buying and selling with 53 members and counting!
instagram.com/klnumismatics
That $2 red seal is a 1928 series, so it is better than spending money.
As others have said, a lot of what is there will be just face value. The silver coins, including sets that contain silver coins, should be put into a separate lot and sold for their current silver value (they are extremely liquid). The modern mint and proof set coins that do not contain any silver coins should be put into another lot. They might bring a bit over face value.
If you don't know which coins contain silver buy a copy of the "Guide Book of United States Coins" (the Red Book) or the "Handbook of United States Coins" (the Blue Book) and look up the silver content in them. Those books are available at just about any bookstore and are not expensive. These books will also guide you in the value of any older coins you find in the lot.
Sadly it's not worth much. So any auction house is off the table.
Agree with the above posts.
The job will be simpler and the opportunity to get ripped off much lower.
Proof/mint sets might be better on ebay if you can get around that managed payments mess.
You can use this site to get an idea of bullion value for the silver coins.
Lance.
@voicepianocoach.... Welcome aboard. Please look carefully at advice above... The advice given AFTER you posted the pictures. Much of what you have is not of great value, however, there is family sentiment. Other coins look as if there is some value.... an experienced dealer can be of great value here. Not sure if your jeweler friend is a numismatist of experience. Best of luck and let us know how things transpire. Cheers, RickO
The guy must of loved his Velveeta cheese and to have lived to be 95! This just blows my mind! I won't touch the stuff knowing it's full of plastifiers to make it soft. Anyone here thinking Velveeta cheese might not be so bad after-all?
Leo
The more qualities observed in a coin, the more desirable that coin becomes!
My Jefferson Nickel Collection
This looks like local dealer type stuff, but get more than one opinion/price
In addition to the pre-64 dimes, quarters, and halves, there is also silver in some nickels minted during WW2, they are easy to identify, because they have a big P,D, or S over the dome in Monticello.
I liked the picture of the currency, because I see a North African Silver Certificate sitting on top. This was made during WW2, and was used in North Africa. The yellow seal is the key identifier. They wanted special identifiable so if things went the wrong way and the bad guys seized the money, the US could declare them worthless.
Another thing to look for in your currency is a star in the serial number. Some of those can be worth more.
Join the fight against Minnesota's unjust coin dealer tax law.
probably tried to list lot under us coins for over $2500
you don't know that.
I should clarify that the local
person to whom I’m taking it specializes in coins and collectibles as well.
On the issue of Velveeta - I don't think I've ever purchased any, but I've used a box or two to store coins in for a long time. Sturdy boxes with tight fitting lids. Grandpa knew what's up.
Good luck liquidating the collection.
Seeing the pictures, it turns out to be exactly what I expected. Most collectors do not have anything of special value. They collected for the fun of it; not to create a museum quality collection.
Share your general location here to get a recommendation to a dealer or go to the ANA site: money.org where you will find a list of dealer members by state. Make an appointment to take the collection in. A good dealer will be able to go through the whole thing and make you an offer in an hour or less. This will not squeeze out every dollar that can be had, but it will save many hours of your time and prevent exposure to online scammers.
Thanks so much for all the info. He did serve in WWII but in Germany. Maybe he traded for something to get these.
Also, you mentioned a closer picture of the dark coin. If it’s the one I’m thinking it’s almost completely smooth and I can’t make anything out other than general outlines.
there is a lot of silver value there. that is more than face value.
besides that I see some "Barber" coins that sell for abve silver value for "common dates." Better dates get better money.
I see peace dollars and morgan dollars. the "common dates" sell for a bit over silver value. better dates bring more money.
the big "silver dollars" from the 1970s are generally not silver .. they are "clad" ... that is the same material modern quarters are made of. outside of checking each one for a particular "special variety" you've got spending money there. they are neat for mementos for the grandkids and great grand kids.
indian cents are more than face value. if you sold them on your own you might approach 1 dollar each for "common dates." Better dates bring more money.
and all of the money offered will depend upon the honesty of the dealer approached. an if an indian cent is worth, say, 80 cents on ebay, there is no way even an honest dealer can pay that and also pay the rent.
you have commemorative coins, those values depends if they are silver dollar sized or are just "clad" half dollar sized. at minimum the silver dollar ones have silver value and also some collectible premium, but full retail value of all of them can be looked up on ebay.
I know you don't have a lot of time to do this, but you can spot check a few of the item's value on ebay to get an idea.
I also see some mint sets of a particular year's coins in one package. you can spot check them on ebay. look for 1983 sets as one example. there are also "prestige sets" that bring some decent money.
you have quite a number of silver half dollars. those were 90% silver up to and including 1964. from 1965-1970 they were 40%. nickels made during WW2 (war nickles) are 35% silver. in various mint sets they had some half dollars and dollars that also have silver content. if you want to get an idea of silver value of "common date" and "common coins" go to http://coinflation.com
there also a number of better date lincoln/wheat back cents in there. those are worth well more than a cent.
you might also look up that inauguration medal on ebay.
.
.
as mentioned don't be in a hurry to sell. you can lose value when it is sacrificed for speed.