Question from a NEWBIE
kkravec
Posts: 2
Hi Everyone!
I have been lurking on the forum a bit and am hoping you all can help me out.
My Grandmother recently passed away and left me coins and bills that she's been holding on to for what I would say was most of her life. We brought them home last weekend (lugging a suitcase through airports and security with over 100 pounds of coins is not a lot of fun, let me tell you!) and now are trying to figure out what to do with them. There are rolls and rolls of old quarters, nickels, half dollars, etc. I'm sure that most are just old coins (like 10+ rolls of bicentennial quarters), but we're hoping there are some gems in the bunch.
What should we do? How can we weed through them to see what we should hold on to, sell, take to the bank, etc? Is there somewhere we can go without spending an arm and a leg to have them looked at? How can you find out if the place is reputable? Is there a good book?
Thanks in advance for your help!
kk
I have been lurking on the forum a bit and am hoping you all can help me out.
My Grandmother recently passed away and left me coins and bills that she's been holding on to for what I would say was most of her life. We brought them home last weekend (lugging a suitcase through airports and security with over 100 pounds of coins is not a lot of fun, let me tell you!) and now are trying to figure out what to do with them. There are rolls and rolls of old quarters, nickels, half dollars, etc. I'm sure that most are just old coins (like 10+ rolls of bicentennial quarters), but we're hoping there are some gems in the bunch.
What should we do? How can we weed through them to see what we should hold on to, sell, take to the bank, etc? Is there somewhere we can go without spending an arm and a leg to have them looked at? How can you find out if the place is reputable? Is there a good book?
Thanks in advance for your help!
kk
0
Comments
go to www.amazon.com and get the book there.
First, do not clean anything at all. This will reduce the value of the coins by a substantial amount. You should do some preliminary homework by buying a Red Book at any local coin store or a national book chain. This will tell you a significant amount about what you have and from there you may be able to ask better questions that are designed to help in a specific manner.
In honor of the memory of Cpl. Michael E. Thompson
Russ, NCNE
the red book certainly will help you starting out.
What I tell everyone who comes across inherited coins is this:
First, consider keeping the coins for yourself. It is wonderful reminder of your Grandmother, and perhaps you can hand it down do a child or sibling in the future.
Second, if you have no interest and are bent are liquidating the collection, be smart &
-Educate yourself as much as possible
-Shop around your collection to at least 3 collectors/dealers to seek opinions. Or, even coin shows in your area. Most people would be happy to give a free consultation.
-Buy a reference book or two, but remember there are rare varieties that may not be listed in the Red Book that may be worth quite a bit more than a price guide would say.
-Consider selling them yourself on EBAY if you want to get top dollar and have the time & patience. If you have limited time, consider consigning them to a dealer. There are many people who would help on these forums. And generally, they charge an approx. 15% commission.
-Never sell anything unless you are sure of what you are selling. The vultures will be out in full force, so beware.
-Get a general understanding of coin grading. Coins that are well preserved have values that can rise astronomically.
-Do not consider cleaning your coins. You will ruin them forever.
Good luck with your collection...
Lennie
"La Vostra Nonna Ha Faccia Del Fungo"
Thanks everyone for the quick and helpful replies! I will go get the Red Book and see what I can find out. I also won't clean anything or touch them (more than I have already).
Kudos to all in here - what a wealth of knowledge!!
Thanks again,
kk
Good luck with your collection...
-------------
etexmike
<< <i>email me at king_of_coins@hotmail.com if you are interested in selling them. I purchase estates and coin collections. >>
After you get a quote from him, eMail me and I'll give you a dollar more.
Russ, NCNE
find a few local dealers and have them go thru/bid on them....see if you just have "melt" kinda stuff and cull out anything better
get at least 3 opinions
<< <i>
<< <i>email me at king_of_coins@hotmail.com if you are interested in selling them. I purchase estates and coin collections. >>
After you get a quote from him, eMail me and I'll give you a dollar more.
Russ, NCNE >>
will that be an adams dollar russ?
<< <i><< email me at king_of_coins@hotmail.com if you are interested in selling them. I purchase estates and coin collections. >>
After you get a quote from him, eMail me and I'll give you a dollar more.
Russ, NCNE >>
will that be an adams dollar russ? >>
Nah, an Ike.
Russ, NCNE