Value of coins

arlea1957

Good morning, I had dinner last night with friends and we have been discussing the wife's mothers coin collection that belonged to her deceased husband. Apparently he was an avid collector travelling far and wide to complete his sets. Once he passed she had NO idea as to the value of the coins and wants to sell them but is afraid to let them go for evaluation or to put a price on them. Now to my point.... how many of you keep a record of what the value of your coins are in case of this type of scenario? Any advice on how to handle this would be appreciated also. I've just started collecting in the past year and have been keeping a record of the coins I buy what I paid and what I think they may be worth (which at this point is not much...lol). I find this tedious and would rather not but would hate for my wife to have to do it after it was toooooo late!

Monstavet

The most important thing is to clearly document what you have (type, year, mintmark, any variety) and the grade (either what you grade it, or a third party grading service). Having that information would greatly facilitate a non-numismatist in determining the value of the coins in a deceased loved one's collection. You probably should document what was paid to give some reference, but to me that number is of limited utility. Prices fluctuate through time....sometimes up, sometimes down. Certainly the price paid for a coin 30 years ago would not be that helpful to a spouse selling the coin today.

Another good thing to include in the inventory would be the names of some trusted fellow collectors or a reliable, honest dealer (Bwa-ha-ha!) who you have found that could facilitate your spouse if she decides to liquidate.

roadrunner

Do keep the price of what you paid for your coin on a label affixed to the coin's holder. Month and year too. If you don't want others to know what you paid then use a letter code as most dealer's do. Periodically update the value of the coins either in a journal, computer file, or on the coin holder. A simple excel spreadsheet works fine.

roadrunner

merz2

Heritage put out a wonderful book about this subject a couple of years ago.Get her a copy of it.

09sVDB

Check out Coin Elite at Trove Software

pharmer

It can be tedious, but it can mitigate the problems you are worried about. Definitely a value adding component of a collection, that many won't take the time to do. I save time by putting 9 pcgs/ngc slabs or 12 anacs slabs on a flat bed copier/ scanner, only have to write the cost, date and source on the copy.

Russ

I keep an Excel spreadsheet that includes the cert #, coin type, cost and market value. A copy of it, along with my will and all the other necessary keys, combinations, passwords and instructions are in my safe deposit box. The designated executor has a key to the box and is on the signature card.

Russ, NCNE

carl

If they trust you, you could get the Red Book, for instance, and sit down with her and spend some time going through all, most or just some of the coins. Again, if they trust you, you could make her an offer for the entire collection unless of course the price would be out of affordability. As for my collection I kind of do the same as already mentioned by using an Excell spread sheet to document all coins by sets, rolls, proof and uncirc sets, etc. I list what they are, approximate condition, approximate price based on the Red Book and list the Red Books date and edition. I have a cover sheet explaining that the prices are approximate, conditions of coins are guesses, names of friends that are coin dealers that would buy the whole mess if necessary.

morganbarber

I don't know what part of PA you are in, but I suggest you look up Michael Dixon.