Little Help?
bellalunatoo
Posts: 5
Greetings, Everyone *
This is my first time posting in a forum, and I'm as green as you can be regarding most issues on coin collecting. Accordingly, I'm hoping I might glean some sage advice from you veterans on how to go about organizing an inherited collection and getting it appraised
In a nutshell: my father had what was essentially a "secret hobby": everyone knew he collected coins, but it was a pasttime he preferred to keep to himself. While I think he hoped he was investing in rarities that would go up in value, his interests and attractions were broad - Walking Liberties, Buffalo Nickels, Wheat Backs, Kennedy Proof sets, Franklin Mint collections, an occasional foreign coin, some silver and gold ingots ... you name it. Unfortunately, although he'd buy the occasional book on collecting, his stash was never itemized or organized. The result: my mother and I are now faced with the Herculean task of sorting through this trove of what is probably both Trash AND Treasure!
Can you give me any suggestions on the best way to tackle this? How do I go about finding someone who can give my mother an honest appraisal? And is it true (as Dad considered it a prestigious outfit) that Franklin Mint sets are worth very little? Any advice would be greatly appreciated -- Thanks Much, and Happy Summer!
This is my first time posting in a forum, and I'm as green as you can be regarding most issues on coin collecting. Accordingly, I'm hoping I might glean some sage advice from you veterans on how to go about organizing an inherited collection and getting it appraised
In a nutshell: my father had what was essentially a "secret hobby": everyone knew he collected coins, but it was a pasttime he preferred to keep to himself. While I think he hoped he was investing in rarities that would go up in value, his interests and attractions were broad - Walking Liberties, Buffalo Nickels, Wheat Backs, Kennedy Proof sets, Franklin Mint collections, an occasional foreign coin, some silver and gold ingots ... you name it. Unfortunately, although he'd buy the occasional book on collecting, his stash was never itemized or organized. The result: my mother and I are now faced with the Herculean task of sorting through this trove of what is probably both Trash AND Treasure!
Can you give me any suggestions on the best way to tackle this? How do I go about finding someone who can give my mother an honest appraisal? And is it true (as Dad considered it a prestigious outfit) that Franklin Mint sets are worth very little? Any advice would be greatly appreciated -- Thanks Much, and Happy Summer!
Arthurian Dreamer
0
Comments
<< <i>How do I go about finding someone who can give my mother an honest appraisal? >>
If there is a coin dealer in your area, give 'em a call. Somebody who is a member of the ANA (American Numismatic Association) should be trustworthy (though there are plenty of good dealers who aren't members.)
Get an opinion from a local dealer, and if need be, ask questions here for a second opinion.
<< <i>And is it true (as Dad considered it a prestigious outfit) that Franklin Mint sets are worth very little? >>
Depends on what kind of sets you're talking about. Many sets of medals might have bullion value, at least. And the Franklin Mint produced a number of legal-tender proof sets for foreign nations.
- Marcus Tullius Cicero, 106-43 BC
You can also post a list of what you have, with grades, if you father left you that information, for responses of an idea of value.
Also, if you have a coin dealer look at it, do not jump at the first offer -- shop it to other dealers and/or run it by this forum. That way you will have a better chance of getting fair value for your collection.
You likely know this, but do not attempt to clean any of your father's coins without checking first. Make sure you handle them by the edges.
Buy Yeoman's Red Book (A Guide Book of United States Coins), and catalog what you have. Franklin Mint issues may be harder to value, but check ebay completed auctions to see what similar items have sold for.
Lots of info in this similar thread:
here
Don
And my condolences on the passing of your dad.
re collection: knowing what condition any given coin is crucial to its value so, when you learn to grade or
have someone reliable that knows how to fairly accuratly grade coins,then you will have a good idea what
the coin(s) are worth.
though grading coins via pictures isnt the best way, its a good way to have others formulate a grade,thus
estimated value,given the pics are not too `over/under exposed` or fuzzy.
if you possible can, take pics of some and post the pics here. some of us have alot of experience grading coin pics,and are pretty good at it too.
hey, free grading service right here. not a bad deal.
If you have the ability to post pics, there are many here who could give you an idea of what the coins are worth. And we love pics
"Holeyman", I appreciate the ANA tip (I need to become more familiar with the various organizations.) Also, there ARE sets of foreign nation coins among Dad's Franklin Mint collections; I'll have to write up a list! One item is a 2-volume set of leather and gold embossed books called the "Medallic History of Mankind." Each volume comes with an accompanying book profiling each gold-plated coin with events such as "Prehistoric Man Learns to Control Fire", "Greeks Create Foundation for Western Literature", "The Great Wall Protects Newly Unified China", "Copernicus Changes Man's Concept of the Universe", and more. Something tells me I'm going to need intravenous coffee ...
Thanks, too, for your welcomes, Duiguy, Coinhusker, SFDukle, Cam40, and Dork Girl (somehow, I doubt you are
Something I forgot to mention: this collection weighs a TON, and is currently stored under lock and key in two huge file cabinets. Is weight lifting a common hobby among you guys (and gals???)
Thanks again, you wild and crazy "Coin Heads!"
<< <i>Is weight lifting a common hobby among you guys (and gals???) >>
Only among the lucky ones! Sounds like a fun hoard!
...But be careful where you swim. These are shark-infested waters.
Part of taking good care of the coins is not cleaning them.
There are very few of the Franklin mint items with a substantial premium. This will probably
change in time since these tend to be extremely good quality and were often made in small
numbers. The coins and medals often depict important events or people and were sometimes
sold in the "originating" countries in significant numbers. (though most were sold in N America).
It's good not to be in a hurry to sell since this can lead to serious errors.
Be careful about learning too much about the coins or you'll become the next weight lifter here.
Thanks for your greeting and additional thoughts on the FM sets. I was shocked at how little some of the sets went for on eBay when I first started scouting around last year, and am frankly puzzled that they don't seem to be held in higher regard. The images are striking, and in some cases highly unusual (among the oddities are a large copper coin featuring an Amish Family and a proof coin of Stone Henge.) I hope you're right about them regaining their status as desireable collectors' pieces.
"Be careful about learning too much about the coins or you'll become the next weight lifter here. "
I think I have a loooong way to go before I'll be regarded as a coin guru here -- "No Worries!"
I just checked out the thread you recommended - quite the tale! Also, many similarities to my own situation. I hope (especially for my mothers' sake) that we're equally lucky by scoring a few spectacular finds (if the emoticon for "Joy" doesn't appear, please imagine it!
I just found out I can borrow a camera that takes better pics than my own from my husbands' workplace, so I promise I'll post some pics soon. Thanks again for your help!