Please Bear with me for an "Old Hat" Question

markg2

I'm sure you hear this all the time. I searched the archive before posting this question but didn't find a similar message. When you wind up with a coin collection from a relative and you are totally "coin illiterate", how does that person go about evaluting the collection for worth?

Geoman

Welcome to the boards! Before you do anything, such as trying to clean a coin, get some books at your library and read up on them. One book, "Guide to United States Coins" by R.S. Yeoman is a good starting point for US coins.

bulloncoins

Learn everything you can about each coin befor you make any decisions! Try to find a local coin club member who might enjoy helping you. Coming to this board was a great start. A lot of smart people here. Look and Learn. Don't sell anything until you know what you have!

Best of luck.

JoyofCollecting

Mark,

Welcome to the boards. A good way to get a high-level, overall view of the coin market would be to go down to Barnes & Noble and buy Scott Travers' book entitled "Coin Collector's Survival Manual."

I think it gives a pretty well-rounded and unbiased view of how things work in the coin collecting marketplace. But remember, a little bit of knowledge is dangerous...so go slowly.

WACoinGuy

If you find something that looks like it may have some value, take a picture or scan it in and post it here. You'll get lots of opinions as to the grade of the coin, which will help you pinpoint it's value even closer.

Depending on whether you want to keep your collection or are considering selling, you may also want to pick up the "Handbook of United States Coins" by R.S. Yeoman (the Blue Book). This guide lists the wholesale prices of your coins, e.g. what you could expect to get for them from a dealer. The Guidebook (the Red Book) lists what their retail values are. Both of them are good sources of information.

markg2

Damn. I forgot to mention the most important element. Since these coins have come into the possession of a relative (and I am holding the collection for safe keeping presently) who is not interested in collecting rather in need of and could certainly use any "windfall" income from the sale of the collection or part of the collection. So, with that in mind, let me then reask a question or two.

First, finding a coin club then an interested member is not an "impartial" consult. The results "could" wind up being greatly in favor of the person with knowledge. Since this was not offered, I doubt it exists, but I'll ask anyway. Is there not some kind of independent and reasonably priced assessor?

Second, let's say "I" peruse the collection looking for "old" coins. Is there a book that lists all coins by their denomination, age and condition and then their approximate value?

MadMonk

Sounds like you have some healthy scepticism. Thats good.
This is a can of worms. "The Coin collectors survival manual" is an excellent suggestion.
Yeomans books are good. Get an ANA grading guide as well.
Coin dealers can be honest, and not so honest. You have to do the bulk of the work.
Every coin club I've ever had contact with has been a negative experience. Newbies are looked upon as fresh meat. That's a real shame. Put together an inventory, and possibly share it with us.
If you start getting PMs for people offering to buy a certain coin, be careful, and check into that coin.
What part of the country are you in?
As far as books for dates, denominationsThe "Redbook" and "Scott Travers real price guide" arent too bad.
Good luck!

markg2

I just checked our library. They have only two of his books: One-minute coin expert and rare coin investment strategy and zip for Redbook. Here are some that they do have that looked good:


2003 North American coins & prices : a guide to U.S., Canadi 

2003 standard catalog of world coins / by Chester L. Krause 

Bear

Why do people keep saying "bear with me"? Im a bear, but I cant be with everyone.

Im an old bear and I get tired, so instead of bearing with you I might have to take a nap.

dorkkarl

get a MINIMUM of three opinoins. be present during at least part of the appraisal. if the dealer runs through a bunch of coins at a time, ie a quick once-over glance & then a price, thank him for his time, then cross him off your list.

whatever you do, GET COMPETING APPRAISALS!!!

K S