What do you do with coins you no longer need, but they aren't very valuable?
airplanenut
Posts: 22,382 ✭✭✭✭✭
To start, a little background/context: I took flying lessons in the summer of 2007--when I was in college and had limited funds--and needed a way to pay for it. Part of the money came from working that summer, and part came when I went through my collection and sold a fair number of pieces. This marked a turning point in my collection: I was becoming much more disciplined about not needing to buy something if I went to a show and otherwise waiting for the right coin. Much of what I sold fell into the category of "I probably shouldn't have bought this" and I was left with a smaller collection, but one where I can say I enjoy everything in it. My budget has increased over the years (would you know, a career pays better than college!), but I've tried to maintain my discipline when adding new coins. I don't buy a ton, and I'm (usually) happy to wait for a better example if doing so is warranted.
Every so often, I'll look through at least a subset of my coins, and each one can fall into a broad bucket or two:
-The only example of _______ that I have (a type, a kind of toning, a special date)
-A coin that I can describe for you from memory, or at least recall it without looking up photos
-A nice coin, but when I see it, it gets the "oh, I forgot I had that" reaction
-A duplicate, because there are some designs I really like, and I don't mind having a few as long as there's a reason (ie, the same type with different toning--even if they aren't monsters, but are just nice and original and unique--but I wouldn't have, say, two totally identical, generic white MS65 Morgans or Walkers)
The last two categories are the ones I'm thinking about right now. I have some coins which I wouldn't buy today because they aren't different enough from something else I already have, and another example is notably nicer (higher grade, more attractive color). But unlike back in 2007, there's nothing wrong with the coin, and I don't have any regrets buying it. Heck, I still like it, just not as much as some other pieces. I'm debating keeping them, but I'm hung up a bit on their value. You can choose numbers based on your financial position, but for me, none of the coins are worth life-altering amounts of money (nothing in my collection is, even the stuff I'm nowhere near considering selling), but if a coin is worth, for example, $100, that's a trip to the grocery store (sans eggs), and I spend that without thinking, whereas $500-$1000 covers travel costs for a short trip or a chunk of a bigger ticket coin that may be in the offing, which feels much more useful. The majority of my coin purchases are in the $100-750 range.
I've sold almost nothing from my collection since 2007, and now I'm a bit stuck and am curious how others approach moving on from coins you like, probably wouldn't miss if you didn't have them, but at least individually aren't worth enough to return a significant amount of money to use elsewhere. If that $100 coin were worth $500 (again, substitute any appropriate values--maybe for you it's $10k and $50k), this wouldn't be nearly as difficult a question in my mind, but at $100... I can't really decide.
And for the Simpson's fans, this reminds me a bit of Mr. Burns...
Comments
I've thought about the same thing. Other than setting them loose in the CoinStar machine, if they are semi-unusual like Kennedy Half dollars (ie, you don't get them in change anywhere), you might leave one on the table at a bar or restaurant. You would be surprised how people who work for tips (I used to be one), actually like to collect coins.
Lastly, donate them to the boy scouts (they still have a coin collecting merit badge).
Now if you think it might be worth "something" (ie, $100 on a old silver quarter), you could try Ebay. Sell them in lots and set a low reserve). Good luck. Make sure you get enough cash to cover the shipping. and explain why you are getting rid of them. One man's junk is another man's treasure. Or so I am told.
I too have this type of problem and probably on a much larger scale. I was thinking of selling them in groups on eBay or on line elsewhere. My problem is I dislike going to the Post Office. The P.O. is getting more and more like the DMV anymore. So now I’m just sitting on them and like you trying to come up with a plan. So I’m going to keep an eye on this thread for some solutions.
Thanks for putting this up Jeremy👍
What do you do with coins you no longer need, but they aren't very valuable?
Very simple.
Use as, Show and Tell, research and examples.
>
When I realize I won’t miss a coin that’s been sitting around in my collection, I move it along. Even if it only brings $25-$50 dollars at auction, that little bit of cash is more useful than keeping around a coin I don’t have strong feelings about.
I've given some to YNs.
I've sold some (it got to the point that the lower value ones just weren't my effort to sell).
I've kept some just because it wasn't worth selling and I still don't know when/how I'll divest.
I've been told I tolerate fools poorly...that may explain things if I have a problem with you. Current ebay items - Nothing at the moment
If they are sub-$10 pieces, I often add them as a bonus to something else I recently sold. I also give them to friends and/or YNs.
Maybe a healthy purge and splurge.
I contracted a go getter forumite years ago in a better area (more coin shoppes per capita) for a 13% fee.
There was no way I could deal with listing that much stuff on eBay , so he got the fee and I was confident he maximized profit for the both of us.
Hundreds of Buffalo nickels , Indian head cents , 90% silver that didn’t suit me sitting in piles …
I sat back and got the checks , then you can get you something you like in the now and feel lighter .
Good luck!
It's all about what the people want...
I got carried away with 21st century type and now have probably 100 slabs worth maybe $15-25 each that just take up space. My thought is to bundle them up and take them to a local show to see if a dealer might buy the lot for inventory. Else, give them to a local club to use as give-always. I care less about the money than making sure they are put to good use by somebody.
To address a few points above:
1- When I say "not valuable" I'm not trying to say they're worth so little that it's not worth the time to sell, rather each individual piece may not make a notable change to my bank account, although perhaps the combination of a few pieces might. For the really inexpensive stuff (I've got loads of Indian cents I picked up for 50 cents or a dollar as a budding collector), those will likely go to kids at some point. I think of these differently because the former are coins that are still (somewhat) in line with what I collect, where the latter makes up an accumulation that hearkens back to a bygone era of my collecting and there's almost no way it's worth my time to sell them.
2- Actually doing the selling isn't an issue... I've been selling on eBay consistently for 22 years (consignments, not pieces from my collection), and between there and the BST (and possibly some dealers who could be interested in specific pieces), this is the easy part... if I decide to part with something.
Gee, you sound a lot like me... please don't take that as an insult
I hate you now
Just for that...next time Lakes and I set up, you should just donate it all to us at the table
I've been told I tolerate fools poorly...that may explain things if I have a problem with you. Current ebay items - Nothing at the moment
Been there with my collection too. I don’t regret the coins I’ve sold. Individually, it didn’t seem like
much, but the $50-$200 coins added up to enough money to do something else with. Maybe the value you have can be seen adding up to something more exciting.
After 50 something years in the hobby, I have my share of raw coins in the $100 range.
With many of the coins I had the room to pay for grading and send them to auction. I didn't make much but it was an easy way to cash out and move on. The extra funds are going towards much better coins that will be easy to sell in the future.
For me this is all about not leaving my family thousands of coins to deal with. I hope to leave them with really nice coins that could be sent straight to auction, if they wish.
For me, if it’s something I won’t miss and it has value, then sell it. Even if it’s not a big total, the feeling of adding some funds and at the same time making the collection more orderly is worth it.
Since you're not asking about selling approach, but want to know what others would do with such coins, I would have no regret in unloading them. This allows redirecting their value toward another coin or coins which better fit your current collecting interests. I also think this has the residual benefit of not feeling burdened by a mass of coins that ultimately become a nuisance when reviewing the collection!
"Got a flaming heart, can't get my fill"
Every few years, I set up at a local show and play dealer for the weekend. My coin budget and yours sound very similar and I purged a LOT of the excess in the same category as yours. I've probably done it 5 times over the course of of my collecting career of nearly 20 years and it's been super fun experience each time to just get completely immersed in the business and hustle of a weekend coin show.
Give that a try one of these days or hop in with Lake, Windy or Boch, grab a table or two with them and have fun.
Click on this link to see my ebay listings.
I would either:
-Spend them, if they’re only worth face.
-Sell locally, if worth a little more, as selling online would not be cost-effective due to shipping.
-Give them as gifts.
-Give them to YNs.
-Trade them in for something I want more.
Sometimes, it’s better to be LUCKY than good. 🍀 🍺👍
My Full Walker Registry Set (1916-1947):
https://www.ngccoin.com/registry/competitive-sets/16292/
I set up at a few local shows to sell most of my "extras" and lower value coins that I wasn't interested in keeping. Sure, it is a day (or two) of your time, but I had a blast. You could also advertise your coin imaging service as well.
A big hurdle is getting a couple of cases, lights, etc. (I still have my cases and would part with them).
“In matters of style, swim with the current; in matters of principle, stand like a rock." - Thomas Jefferson
My digital cameo album 1950-64 Cameos - take a look!
I was losing interest in keeping around this showcase I assembled several years ago:
https://www.pcgs.com/setregistry/collectors-showcase/world-coins/radiant-collection-numismatics-exonumia-atomic-age/3232
All low value coins. Some are silver, so there's some value there that could go to some more stuff I'm interested in. Two of the art medals are worth keeping. I posted it on instagram to see if anyone of my followers would be interested and there was scarcely a bite. I might be stuck with this in my closet in perpetuity now. No idea what to do with it.
Phil Arnold
Director of Photography, GreatCollections
greatcollections.com
I've been collecting seriously for 40+ years. Over the decades my tastes have changed. I think this is fairly common for most long term collectors. Every 2 or 3 years I sit down and go through my collection, and I 'cull out' coins I want to sell. It's a PAINFUL process, as I love them all, and I have a hard time letting go. As a series collector, I use the funds to upgrade my core collections (primarily Barbers and SLQs). I used to sell these extras via eBay, but I get much better results on Great Collections, without the hassle. That wasn't true 10 years ago, but it is now. Lots of eyeball on their auctions. Many of these coins only sell for $50 to $250, but when you sell 20 or 30 of them, it adds up!
Dave
Phil,
That's quite a cool set . Very thoughtful and meticulous in its assembly. I enjoyed viewing, reading, and contemplating the future. What great comments about each.
I find it hard to believe there was little interest. Maybe the price scared them.
My favorite seemed to be the bicentennial of the Navy.
Thank you!
Now and then I bite the bullet, endure the hassle, and sell a bunch of things like that (though I don't have many such bunches left and I've gotten much better about not acquiring more). I use the proceeds toward the one or two or three really good things I buy in a year. Stuff that's trivial in value but still cool I give away to kids.
I have done give-a-ways and given some for Christmas and birthday gifts.
BST transactions: dbldie55, jayPem, 78saen, UltraHighRelief, nibanny, liefgold, FallGuy, lkeigwin, mbogoman, Sandman70gt, keets, joeykoins, ianrussell (@GC), EagleEye, ThePennyLady, GRANDAM, Ilikecolor, Gluggo, okiedude, Voyageur, LJenkins11, fastfreddie, ms70, pursuitofliberty, ZoidMeister,Coin Finder, GotTheBug, edwardjulio, Coinnmore, Nickpatton, Namvet69,...
I had quite a bit of drek from my early years. About 250 IHC’s, 3000 LMC’s, several rolls of dateless Buffalo nickels, etc. etc etc. Everything was raw, no slabs. Another collector friend also had a good sum of childhood coins. We contacted a local estate auction company and consigned with them. 15% sellers fees.
The IHC,s brought $2.00 each and the LMC,s brought 9¢ each. He had several of the blue Whitman albums of LMC, missing all key and semi-key dates, they brought a crazy price of $38.00 an album. Considering the overall condition of our coins, we both were very satisfied with our results.
Auctions can be chancy , be we did alright.
Wall of HONOR transaction list:WonderCoin, CoinFlip, Masscrew, Travintiques, lordmarcovan, Jinx86, Gerard, ElKevvo, PROMETHIUSS88.
When I retire in a few years and I have the time and patience to go through all my stuff like that I’ll probably consign everything with you to sell on eBay if you’re still accepting consignments.
@airplanenut - find a local dealer who buys collections (I used to know a few up there, but...).
They'll give you a **fair **price, albeit not a _generous _ one (they have to make their expenses and a few dollars, and it costs time & money to sort through, price, wholesale stuff they can't easily sell, etc.).
ANA 50 year/Life Member (now "Emeritus")
Sell everything and buy an airplane.
Maybe take them with you to a coin show and use for bargaining.
They are stored in Junk boxes. At my table - shows they are very popular, sell well. Helps pay expenses.
J, Well said my friend. Yes, these are the things that we think about. I have bundled up extras and made some decent trades, and gifted goodies to kids often. Have a good day. Peace Roy
BST: endeavor1967, synchr, kliao, Outhaul, Donttellthewife, U1Chicago, ajaan, mCarney1173, SurfinHi, MWallace, Sandman70gt, mustanggt, Pittstate03, Lazybones, Walkerguy21D, coinandcurrency242 , thebigeng, Collectorcoins, JimTyler, USMarine6, Elkevvo, Coll3ctor, Yorkshireman, CUKevin, ranshdow, CoinHunter4, bennybravo, Centsearcher, braddick, Windycity, ZoidMeister, mirabela, JJM, RichURich, Bullsitter, jmski52, LukeMarshall, coinsarefun, MichaelDixon, NickPatton, ProfLiz, Twobitcollector,Jesbroken oih82w8, DCW
No need to go to the post office anymore, use eBay labels (they give you a good discount) and schedule a pick-up or put the packages in your mailbox with the flag up.
it's crackers to slip a rozzer the dropsy in snide
Hard to say without knowing what your coins are, but for me there's no better way than a big ol' lot on eBay. Every couple years i go thru my collection and cull out the duplicates and non-core stuff, say a little goodbye and pile them into a single lot. And its fun watching it get bid up, it always gets bid right up where I think it should be. And I never look back and miss them (well, except the bullion value of the common gold) and the collection is now fresh & streamlined, and all the better.
Speaking of which, time for a spring cleaning.
I take unwanted coins to my LCS and give them to the owner, who uses them to give our Young Numismatists a bit of a boost in their collecting. Coins in the $100 range might be a bit too high for this purpose, but I could see giving away a bunch of Kennedy halves that are stagnating in a drawer to no real purpose. My life tomorrow without them would be just like my life with them, but a bit happier.