Need Inherited Collection Appraised - Help

RobHB

My brother-in-law's father recently passed away and left a safety deposit box full of coins that had been in the family back to his great-grandfather. He claims the collection is worth over 100K, but no one really knows.

Any suggestions as to how to proceed with an appraisal and sale of these coins? We're in Houston.

Thanks.

Rob

BowTieCoins

I can help with Lincoln cent, PM me a list if you would like.

Chris.

F117ASR

Well it would be good if you get them graded first. But before you send them post the pics here so that we can help. Though may I suggest keeping this amazingly old collection that has been in your family for generations.

LindeDad

If there worth that much all I would say is Heritage is in Dallas. It might be worth the trip.

kranky

Do you want to sell them or get them appraised?

If you only want an appraisal, you will probably have to pay someone for their time. About how many coins are there altogether? 100? 10,000?

If there aren't all that many coins, you could get the Redbook from the library and get an idea for yourself. Do you have any experience with coins at all?

clw54

Are there any specific coins that are known to be in the collection that make him think it's worth 100K?

RobHB

The family wants to sell the collection and split the money amongst the siblings.

My brother-in-law didn't know the details, they have a third party inventorying everything this week so I'll get a list right after he/she is finished. I'll hopefully see the coins at some point later in the week also.

He said it's almost all silver - half dimes, silver dollars, etc. - no other specifics at this point.

Thanks.

meos1

Inventory the collection. Buy a redbook. Use it as a guide. The price in this book are retail. Post pictures here on coins you are uncertain about or need grade assessment help with. I would hesitate to do anything quickly. Seek the counsel of several individuals.

Dan

F117ASR

Take your time and don't jump on to anything too fast.

ER

Hey Rob, maybe you can use the $3000 that you have monthly for coin investing to start buying the collection. You have zero risk here.

Cam40

You could call or go by a couple different coin shops in town (US Coins on I-10, or Collectors Coins in Bellaire)
And or a book store to buy a coin book if you wish to research on your own the aproximate grade/value of the coins
there are.

ER

In 3 years, you would have paid it off.

RobHB

<< <i>Hey Rob, maybe you can use the $3000 that you have monthly for coin investing to start buying the collection. You have zero risk here. >>



It's my wife's sister's husband, and we're not close to that side of the family. Plus, family and business don't mix as I've learned the hard way in the past.

They want to sell it as one lot and split the proceeds amongst the siblings.

Longacre

I like the Redbook idea. Use it to get a general idea, because everyone thinks their collection is worth more than it really is. If it is really a substantial amount, then there are a lot of great dealers on these boards that can assist with a better appraisal.

mozin

Since the collection proceeds are going to be distributed amonst a number of people I would suggest you get paid formal appraisals from at least two reliable dealers. Chances are most of the coins will not need exacting values but at least you will have a better idea of the worth on the more valuable pieces. The valuable pieces probably should get slabbed before being sold if you want full value. You need to locate at least two dealers in your area that have good recommendations from people you trust.JMHO

Neptune

Post them on the BST board and let's have a hay-day.

Cameonut

I also like the Redbook idea to make an inventory of what you have. With little experience, you probably wont' get the grades right, but you'll have a comprehensive list and an initial estimate.

What to do next? Finding a dealer you can trust can be a difficult task - some of the suggestions from board members for dealers in the Houston area would be a great start.

In my area, banks often have access to appraisers for just this sort of issue. They are paid by the hour and will give their assessment of grade/value. I know a couple of these people and they are trustworthy. If asked, they may also give you an offer for the lot. It will be well below wholesale, but some people just want to move on with the estates.

TorinoCobra71

Make sure you keep an eye on the third party, Coin Collections that are getting liquidated are known to come up a few missing pieces! Too bad we lost another collector.

Regards,

TorinoCobra71

ddink

Be sure to take 50% off whatever Redbook says the coins are worth--the prices in there are notoriously inflated.

KurtHorn

Get some idea of whats in there, then call Heritage, B & M, ANR, and see who will come take a look. Much safer than inserting yourself into the middle. Make sure there is someone with you when you take a look. You don't want to be accused of taking the best stuff. Most families opinions of safe deposit box holdings grow like a tall tale. It starts with, oh Dad he has at least $100 worth of rare coins stashed away., then it becomes a $1000, then $10,000 etc. When we opened my Grandmother's Safe Deposit Box the giant hoard turned into about 100 common date circ Morgans...

CarlWohlforth

I think it would be great fun to look at that collection. If I lived around there I would love to view it and make an offer.

It is in every dealer's interest to offer the lowest amount that is large enough to get the deal done. It seems likely the dealers will know more about the value of the coins than the family. So it is probably worthwhile to hire a dealer to work on your side. It might be best if you can find a trustworthy and knowledgeable numismatist who wants to work with the family for a percentage. Someone who is offered %10 to sell the collection will work to maximize the proceeds as that will maximize his payday.

Patience is also required to maximize the value. Some (many?) of the coins will have more value if certified. That takes time. The family would still need to track each coin to make sure everything is accounted for.

RobHB

Met with my brother-in-law today. We plan to go to the bank on Wednesday to watch the "neutral" party inventory the coins. Apparently they are just in one big bag in the safety deposit box. I'm going to bring a video camera, digital camera, and some coinholders so they don't just toss anything that could be valuable back in the bag.

Thanks for all the advice. Any other suggestions?

Rob

ER

<< <i>Since the collection proceeds are going to be distributed amonst a number of people I would suggest you get paid formal appraisals from at least two reliable dealers. Chances are most of the coins will not need exacting values but at least you will have a better idea of the worth on the more valuable pieces. The valuable pieces probably should get slabbed before being sold if you want full value. You need to locate at least two dealers in your area that have good recommendations from people you trust.JMHO >>



U.S. Coins on Katy Freeway
Heritage in Dallas

Cam40

one thing....expect a huge let-down on what is expected the coins will bring.
unless there are alot of mint-state key-date coins (rare(er) coins).....you
may not be offered anything close to 100K.
Good Luck.

RobHB

<< <i>one thing....expect a huge let-down on what is expected the coins will bring.
unless there are alot of mint-state key-date coins (rare(er) coins).....you
may not be offered anything close to 100K.
Good Luck. >>



I'm skeptical also about the 100K figure as I have no idea where his stepmother got this number from; the one thing that really intrigues me is that supposedly these coins were handed down from his great-great-grandfather, so there are lots in the 1800's and there may be some nice key dates.

Thanks.

Rob

RobHB

Just a quick update to say I haven't gotten to see the coins yet. Now the family is squabbling (surprise, surprise) and they've decided to split them up evenly by number of coins (each sibling gets so many). I told them this was crazy, that one coin could be worth more than all the others put together. They don't seem to care.

Oh well, we'll see what happens.

RAD

Uh oh........sounds like the beginnings of a perfect storm!!!! I would make sure that if this last option is the final one, that the coins be assembled into equal numbered groups by one individual (the one with the most coin sense), but then have each sibling draw numbers to determine the order in which they get to chose a group, with one exception---the individual that determines the groupings HAS TO PICK LAST!!!! Bout the only way to make sure each group is pretty equal in value!!!

sonofagunk

I wonder what ever happened with this. For some reason I had a bookmark to it, so I must have thought it was going to get interesting

Obiwancanoli

In the life insurance business, there's an old saying...

"A Widow's perspective is a lot different than a Wife's"

A Death in the family changes the dynamics, markedly in many cases. Here, it seems, greed pushed common "cents" out the window!

TPRC

I have always felt that the best way to handle collections of any value was to find a reputable dealer in your area and then to ask and pay for, on an hourly or lump sum basis, an appraisal for insurance coverages purposes. That would be a replacement value appraisal. Advise the dealer that you do not intend to sell, even if that is a possibility and unless it is untrue. In that way, the dealer has no real incentive to do anything other than what he is contracted to do and that is to appraise the collection at market value. He also knows that his appraisal may be used in the future. In that way you are armed with knowledge and information, this helps avoid family squabbles and, in general, it minimizes ripoffs.

Of course, key to this decision is choosing a reputable dealer; however, there are many, many out there and there are also many ways to find a reputable dealer.

The downside, of course, is that you must pay for this because a knowledgeable dealer is entitled to be paid for providing his professional opinion. Rates vary and range from about $100 - $250 per hour. In my opinion, this is money well spent and most dealers/appraisers are very efficient in performing their task.

I am curious to know what others think of this as I have advised several people to do just this.

questor54

<< <i>I have always felt that the best way to handle collections of any value was to find a reputable dealer in your area and then to ask and pay for, on an hourly or lump sum basis, an appraisal for insurance coverages purposes. That would be a replacement value appraisal. Advise the dealer that you do not intend to sell, even if that is a possibility and unless it is untrue. In that way, the dealer has no real incentive to do anything other than what he is contracted to do and that is to appraise the collection at market value. He also knows that his appraisal may be used in the future. In that way you are armed with knowledge and information, this helps avoid family squabbles and, in general, it minimizes ripoffs.

Of course, key to this decision is choosing a reputable dealer; however, there are many, many out there and there are also many ways to find a reputable dealer.

The downside, of course, is that you must pay for this because a knowledgeable dealer is entitled to be paid for providing his professional opinion. Rates vary and range from about $100 - $250 per hour. In my opinion, this is money well spent and most dealers/appraisers are very efficient in performing their task.

I am curious to know what others think of this as I have advised several people to do just this. >>



Exactly the right approach. The squabble will be about which dealer to chose, but the executor of the estate has the last word in that.

leothelyon

<< <i>Just a quick update to say I haven't gotten to see the coins yet. Now the family is squabbling (surprise, surprise) and they've decided to split them up evenly by number of coins (each sibling gets so many). I told them this was crazy, that one coin could be worth more than all the others put together. They don't seem to care.

Oh well, we'll see what happens. >>




I thought this was hilarious. What a great time to be a numismatic in the bunch. "Here Aunt Claira, you can have the shinny 1882-S dollar and I'll take the not so shinny 1895.

The hoard must of had a curse since no-one came back to report the results of this conquest. Perhaps they all were killed!

Perhaps this is how all those great grand daddy hoards on ebay get their beginnings!

The horrors I get thinking what will become of my collection...........'they're just nickels man! The fool collected nickels! And to the bank counter machine they went' What a nightmare that would be.


Leo