Advice please

lisieuxs

We've recently acquire coins from my father in law, and also have several we bought early 80's. I've called a couple of places,and taken a few coins over to have looked at, guy said they looked clean, and that the coin market is like the stock market, ups and downs. I have 40 morgan silver dollars in coin containers that say AU XF on top, others are in plastic with card attached stating MS-Bu- 65-60-63, etc. The one coin dealer said best bet is to sell on ebay individually. I did sell a lincoln coin abit ago, but didn't state it had scratch and gouge, so I was trully embarrassed. I've been reading coin books, and did put one morgan up for bid the other day. Such variables in prices, I'm totally confused. Appraisals seem very expensive and with so many coins would cost a small fortune it seems. We are planning to go to the Long Beach Show next weekend,so maybe I'll get some answers there, but you seem like the experts from what I'm reading so any advice would be so appreciated, thanks in advance Sally

Russ

Welcome aboard! Got proof JFKs?

It sounds like you're starting slow and easing in to it; that's an excellent approach. Some research, asking a lot of questions, hitting a show are all the smart things to do. From what you've described it may very well be that eBay will be the best outlet for the coins. The material sounds like much of it is what a dealer would give you little for.

Hang around here for a while, read and ask these guys questions. That's what I do, and they've been a fantastic (and free) education.

Russ, NCNE

jbsteven

<< <i>That's what I do, and they've been a fantastic (and free) education. >>



hehe Russ is our Special Ed member





could not resist

Baley

my advice is don't be in such a hurry to sell the coins.

get a recent price list, and find out what they're approximately worth, if the grades on the holders are accurate, realize that when you sell to a dealer you receive less than if you sell on ebay, but ebay is also more work and to realize top dollar you must accurately photograph and describe the pieces. start with a redbook (guidebook of united states coins) and maybe a book on coin grading, the ANA guide to grading is excellent an in like its 4th or 5th edition. learn a bit about coins before rushing to sell them.

also, consider saving several of the best ones (highest graded and/or valued) for the future, both yours and your heirs.

hope this helped, good luck.

bulloncoins

Hello lisieuxs.......Welcome.
Baley's advice makes very good since to me!

danglen

Hi and welcome to the forum.

You are in the same position that a lot of folks experience when they inherit a coin collection. You want to cash them in, but want to make sure you get what they're worth. The only way you will get market value for your coins is if you sell them in an open forum such as eBay, or find a collector who is willing to pay you retail prices for the coins. To determine what the retail prices should be for any particular coin, you need the knowledge that can only be gained from years of looking at coins. Therein lies the problem.

You can pay to have your coins independently appraised (by someone who is not a potential purchaser of the coins), and it will cost you some money, but when everything is said and done, you should know what the coins are worth if you want to sell them on eBay.

If you go to a reputable dealer, they will make an offer that is considerably less than the retail value of the coins, but you have to understand that dealers have to buy at wholesale prices in order to make a profit at what they do. That doesn't mean that they are trying to cheat you, but as in every other business, dealers try to buy low and sell high.

If you are going to the Long Beach Show, I would consider showing the collection to three dealers, and if the prices you are offered are comparable, take the best offer and run.

One final thought would be to become a collector yourself. By the time you figure out how to grade and price the coins you have, you might find yourself wanting to keep them

coinguy1

Sally,

Please feel free to stop by our table at the Long Beach show (I believe it is # 632) and I'll be happy to give you a free appraisal. I can't grade coins too well based on images, but I'm pretty good when I can evaluate them in person.

DCAMFranklin

<< <i>Sally,

Please feel free to stop by our table at the Long Beach show (I believe it is # 632) and I'll be happy to give you a free appraisal. I can't grade coins too well based on images, but I'm pretty good when I can evaluate them in person. >>




Sally- You should JUMP on this very kind, generous offer. You'll be in very fine hands.

keets

........and maybe you should consider just keeping the coins, at least in the short term because it sounds as though you have a modest interest in the hobby and no need to liquidate your little collection. why not pay another visit to your local dealer and pick up one of the aforementioned books about grading and general values. talk some with the dealer and ask questions here. coins can be rather fascinating once you learn something about the minting process, history, design and so on. don't make an early-collector-fatal-mistake and get wrapped up in $$$$$$$'s!!!!! it may spoil a lifetime of enjoyment for you.

al h.

lisieuxs

Thank you all for your much appreciated advice. Believe me I do plan on keeping many of the coins, think I'm already hooked, but I don't really need 10-1879 0 morgans, do I?LOL I've already told husband that for all occasions I will be requesting coins, don' t think I'll ever look at change the same way again. Just looking at some and wondering where they have been is just so fascinating to me. Mark thank you for your kind offer, we will be stopping by and I'll bring a few coins with me. One more quick question if I may, why so many different prices on the 1981 S proof sets? Like every other coin we have I think 10 sets of those also, none with the elongated S that I can see, but what makes the price fluctuate so? thank you all again for the kind welcome, sally

Petescorner

Not to be nosey or anything, Sally, but Long Beach is a long way to travel from Afghanistan, isn't it?

ah

I to am in a similar situation as you (lisieuxs) and I am trying to pick up
as much knowledge as possible from this pool of knowledge, Collectors Universe

cladking

Don't give up on having the type 2 '81 sets. They can be hard to spot without
having both types in front of you. Both the dollar and the cent have substantial
premiums if they are type 2's. There is also a premium if all the coins in the set
are type 2. Since gems too can have premiums it makes for a wide range of val-
ues for this date.

morganbarber

Easiest advice ever: Buy a Redbook... See cooinguy1.