I inherited a coin collection... where do I start?

DadsCoins

Hello. We have recently inherited a suitcase full of coins, proof sets and old paper money. I have two young sons and would love to get the family involved in collecting since we are already off to a big start. I am afraid to go to a shop and leave the collection for appraisal without having a clue of it's real value. I have no interest in selling anything, but would love to know what it's worth. Can anyone point me to a good source (books or websites) to get started doing the research? I really would appreciate any information or advice you have to offer. Thanks so much.

Signed,
Confused in California

FLBuffaloHunter

A Red Book is a great place to start on finding out what you have and what it's general worth is.

dan8402

Buy "A Guide Book of United States Coins 2008" also known as the Redbook. This website is also a very good resource. If you stick around, you will learn a lot.

291fifth

Step one is to buy a Guide Book of United States Coins. Nearly any bookstore or coin shop carries them.

Study it before you do anything more.

Don't clean any of the coins or paper money!

RYK

This is what we mean by Red Book.

Don't clean anything.

Have fun!

Steve27

The 2008 version is out, but I could only find an image of the 2007 book (US coins):




For world coins try this book by Krause Publications:


And this one for small size Federal Reserve Notes (FRNS) by Oakes and Schwartz:




they should all be available at your local public library.

ModernCrapNut

Redbook 2008 is also available on Amazon.

This forum is a great source of information.

storm888

As stated, buy the Red Book.


DO NOT take your items to your local dealer.
You will likely get ripped-off, if you do.


You can ask questions about your items here,
before you decide what you want to sell and
how much money you want for it.

TwoSides2aCoin

<< <i>The 2008 version is out, but I could only find an image of the 2007 book:
>>


That's the Numismatic Bible ... However... for some of what you have, you'll need other books.

millennium

Be wary of PM's from this forum. Before you sell to anyone...ask here in this forum for all to see.

CoinMeister

Welcome to the forum. If it were me, I would first do a lot of reading up on coins. I would talk to several dealers and poke around at a show or two in your area. There are several good books for research value only, "The Red Book" which you can use for general value and mintages but usually out of date for pricing. You can get these books at nearby book stores or a library. If you are looking for pricing on proof sets and the like, you can get a good feel from current closing prices on "the bay" or the Grey sheet. For individual specimens, you must first understand grading. If you over grade a coin, you could be a little disappointed when you are offered less that you thought. If you undergrade a coin, you will rip yourself off. So do your homework before you finalize a deal. Good Luck!!

blu62vette

Where are you in California? They may be a forum member in your area who can help show you a few things and wont try to purchase or rip you off.

Also you may want to turn on your private message feature.


Welcome to the boards!!!!

Greeniejr

Your best bet would be to buy a copy of the Red Book (A Guidebook to US Coins by Yeoman). It has approximate retail values and pictures of a lot of coins. The prices aren't great but they are at least an indicator of what you have. If you are looking to get your children involved it is also a way to start them down the path of collecting. If you are looking to liquidate you should look at the Blue Book for approximate wholesale prices. Good luck.
David

UtahCoin

Post a few pictures of the group and maybe we can get an idea of the types of things you have. If this was collected (or accumulated) in the 60's and 70's, a good chance that is not worth much, but you never know. Proof sets and such from then are not worth much, but maybe he put together a Morgan set?

DadsCoins

Step #1: Buy 2008 Book
Step #2: No Cleaning
Step #3: be aware of people trying to take advantage of me
got it!

I will be searching through these threads for more tips on handling and such, as well as trying to learn the lingo. I don't think we'll be adding anything to the collection until we get it all sorted out, but I think it's going to be fun doing the research. I have no interest at all in selling any of it as I want my children to inherit it all some day. Thanks so much for the support! I'll be sticking around.

Doogy

here is what i'd do:

buy the books the others have mentioned

don't clean the coins, it kills the value!

get the suitcase in the middle of your family, teach each member to touch a coin only by the coin's edges (this preserves the surface from your corrosive body oils).

then, find some neat, shiny coins that may be silver in composition. to tell, look for pre-1964 US coins that have 90% silver. you may want to find these first and have the family put them into the adhesive 2x2" coin holders or maybe coin flips. another family member may be tasked with looking up the coins you've placed in "flips" to see the relative value. talk about the presidents/designs on the coins, as this is a good time to learn US/World history too!

i think this kind of interaction will certainly be fun for you and your family, and i'll bet your cherish the time that you got your boys interested in a worthwhile hobby!

BobGreene

Yes, definitely pick up a copy of the Redbook. The values listed might not be accurate but they're a good indicator of what's valuable and what isn't.

DO NOT attempt to clean any coin for any reason. Also, hold the coins by the edge between your thumb and index finger, because the oil from your skin can etch your fingerprint into the metal and cause permanent damage.

In addition to the Redbook, I also suggest Coin Collecting for Dummies. It's a very good book and easy for those with little coin collecting experience to read and understand.

Good luck and please feel free to ask any questions you may have. Remember.. the only stupid question is the one that was never asked.

FLBuffaloHunter

A "Black Book" is a good book to get for the US currency. A ANA Grading Standards book will help you detrmine the condition your coins are in which greatly affects their value.

UtahCoin

The "Photograde" book might be easier for a novice.

morganbarber

Obviously, everyone's advice has been the same good ideas. I would like to add that you should not get too excited or expect too much. A lot of older people hoard stuff of questionable value. You should do your due dilligence, but may find that the time spent in learning the coins' value does not convert to finding a lot of value.

BobGreene

This is another good book for currency.

jmski52

I am afraid to go to a shop and leave the collection for appraisal without having a clue of it's real value.

Don't do that! You've had some good advice right here already. If you aren't interested in selling and your sons are interested in collecting, start the process of learning. I assure you, it will be interesting and fun. In addition to the books, you might consider a subscription to Coin World. Good Luck!

JL3Eleven

My advice would be to put away the coins in a safe environment and not even look at or bother figuring prices. First before you get carried away with cost and prices you need to actually learn about the coins. Read every book or magazine article you can even websites (Teletrade, Heritage, Ebay, PCGS) and study up on all coin types to learn a good foundation. After you have a good understanding you can start to concentrate on one series but dont limit yourself from the start.

Step 1. Hide coins Step 2. Learn about Coins Step 3. Rediscover the Coins Step 4. Use new found knowledge on said coins.

My Two Cent Piece, JL3Eleven

ricko

Welcome aboard... ask your questions here.. you will get plenty of help and expert inputs. Cheers, RickO

VTCoins

<< <i>DO NOT take your items to your local dealer. You will likely get ripped-off, if you do. >>




Storm888, do you know his local dealer?

Russ

<< <i>DO NOT take your items to your local dealer.
You will likely get ripped-off, if you do. >>



I guess I'm lucky. From the comments around here, it appears that my local dealer is the only honest one left. He always pays fair money for collections that come in his shop.

Russ, NCNE

FLBuffaloHunter

<< <i>

<< <i>DO NOT take your items to your local dealer.
You will likely get ripped-off, if you do. >>



I guess I'm lucky. From the comments around here, it appears that my local dealer is the only honest one left. He always pays fair money for collections that come in his shop.

Russ, NCNE >>


I don't think it is wise to rely on the integrity of an unknown dealer.

VTCoins

<< <i>

<< <i>

<< <i>DO NOT take your items to your local dealer.
You will likely get ripped-off, if you do. >>



I guess I'm lucky. From the comments around here, it appears that my local dealer is the only honest one left. He always pays fair money for collections that come in his shop.

Russ, NCNE >>


I don't think it is wise to rely on the integrity of an unknown dealer. >>




The local dealer also may be legit.

STONE

Congrats on the inheritance.

Hope theres some great stuff in there.

TwoSides2aCoin

Trust is a must or your game is a bust
Let me start by saying
Lincoln cents with wheatbacks are bountiful.
If they're red all the better.

On nickels look for full horned buffaloes, attention to hair details on front.
On Jefferson, detail on reverse, especially the steps of Monticello.
Washington quarters , Franklins, Walkers... ? Mostly going for spot price unless you have BRIGHT UNCIRCULATED pieces with full mint luster, or certain key dates

1921 is a key year for Mercs and Walkers.

There is so much to tell you it would take weeks.

"Have fun with coins " is what David Hall will say !

PrivateCoinCollector

<< <i>

<< <i>DO NOT take your items to your local dealer.
You will likely get ripped-off, if you do. >>



I guess I'm lucky. From the comments around here, it appears that my local dealer is the only honest one left. He always pays fair money for collections that come in his shop.

Russ, NCNE >>



Yes, you are lucky.

DadsCoins

This site is just a wealth of great information. I am taking all of your advice to heart so keep it coming. At this point I have left everything in the sutcase so I could grab it easily in the event of fire or something like that. I live in Orange County and wild fires are an annual event in this area. I am looking forward to involving my family in this hobby that thrilled my Dad for so many years. I should mention that my items are only a quarter of the entire collection. My three siblings each got a share as well. My Mom just divided it into "equal looking" piles and passed it on to us. None of us know anything about the coins and currency we received. This should be fun!!

jmski52

Taking the coins to an unknown dealer, before learning about what he actually has in his possession is like playing russian roulette. Why would you do that?

coinandcurrency242

welcome

Monstavet

When the fire comes a burnin, don't forget to grab the kids, too! After the coins of course. Maybe make the kids carry the coins?

BlackBeard

Be careful who you let know what you have and make sure your kids don't tell anyone. You don't want to unknowingly invite a burglary.

Edit: to the boards!

Russ

<< <i>We have recently inherited a suitcase full of coins, proof sets and old paper money. >>



That reminds me. In April I bought a "suitcase" collection. In fact, it was two suitcases. One of them was one of those airport styles with handles and wheels on it.

Russ, NCNE

TwoSides2aCoin

Call your siblings and tell them to get their butts over here, too

cladking

Welcome aboard.

Don't get in a hurry to start a collection. Don't forget if you don't have
many of the coins you are interested in then you can trade for them.

Connecticoin

That reminds me -- we have not heard about the "Darth Vader" collection recently.

storm888

"<< DO NOT take your items to your local dealer. You will likely get ripped-off, if you do. >>

Storm888, do you know his local dealer?

///////////////////////////////////////////////////////////////////////

Nope.

And, hasty generalizations about most groups of
folks are usually dangerous. No so much so with
collectible dealers.

Therefore, I must - with due apologies to the huge/imagined
population of "honest" dealers - stand by my "voice of
50-years experience" advice:


DO NOT take your items to your local dealer. You will likely get ripped-off, if you do.


I think the word "likely" leaves enough room for politeness and truth.

I am NOT bashing my own gang, just trying to keep it real.

SanctionII

Welcome.

I live in the SF Bay Area and years ago lived in Orange County. Too bad I do not live there now, I could meet you in a public place and take a look at what you have and give you my thoughts (I have done this before for persons like yourself).

Your share of dad's collection may be full of coins that are neat, but not of large value. Then agin, they may have substantial value. You never know until you figure out what you have. Doing that is part of the fun, and who knows, you may get the collecting bug. If you do, you will be hooked for life.

This place is a great place to go for information on a wide variety of topics. People here have a lot of knowledge and experience and are willing to share same. Things can get to be pretty wild and rough sometimes, but overall the benefits from this place far outweigh the detriments.

For your information and pleasure, I suggest you go to the search box and type in "Recently Acquired Coin Collection, The Return" and hit enter. I thread will pop up that was posted earlier this year covering a family in a position similar to yours. They inherited a collection assembled by their grandfather, knew nothing about coins and boy did they have a wild time. They posted pictures of the coins, which are quite valuable, and it set off a firestorm of activity on this forum. One of the best threads in a long time. If you have some time, by all means retrieve and read through that thread. It is a treat and it may give you a hint of what you may be in for

N8

MUST HAVE PICTURES!

So one suitcase is 1/4th of the collection?? Wowza that must have been a lot of coins I would suggest taking your time to go through and catalog what is there and then start doing the research. This forum and the Redbook, as most have told you, are excellent places to find information on any U.S. coin that may be in there. You should also check out the different tools at PCGS.com - you will have a lot of pictures, prices, and information at your fingertips. Posting pictures here if you are able to is a good way to learn what condition the items may be in and is a treat for all the members (do a search on photo uploading to get plenty of help if you need it).
Go slow, ask questions, have fun, oh and did I mention

MUST HAVE PICTURES!

morgansforever

Click the link below to view high res U.S. coins, and valuable information.

Buy a Redbook, gain some knowledge, good luck in your adventure.


Coin facts link

slucas

Wow! It was nice not to see a single "fresh meat" comment. Way to go guys (and gals).

Shortgapbob

Welcome to the forum. I love that you are interested in getting your family involved with the collection. I pretty much can only offer the advice already provided, but I would also recommend passing the advice along to your siblings as well. The collections may have been divided up in a similar looking manner, but a different date or mintmark can mean a fortune in this hobby. Therefore, you may want to make sure that your siblings don't rush out to sell quickly without properly looking at the coins. They may "leave money on the table" if they sell.

XXX

Start by sending it to me.......









J/K...................LOL

CarlWohlforth

<<SanctionII>> is not a dealer and would provide impartial and very valuable advice. Too bad he won't make it to your area soon. It is dry where you live to storage isn't a concern as long as you don't clean. The division of coins may not be fair because condition and rarity rather than volume dictate value.

Anyway you want to learn and don't need to sell in a hurry. That is the best start! You can take your sweet time learning about what you have. I use the Red Book all the time. You can identify each coin by denomination, date and mintmark. Then you can take a wild stab at condition (grade) based in the guide lines in the Red Book.

Do you have a camera? No biggie if you don't, but we will all be demanding photos if in the off chance you come up with a rare date coin.

Russ

Russ, NCNE

fc

the best way to start is to take me into your confidence and let
me cherry pick the best stuff. i will offer you 60% of what i think it
is worth. trust me, you will do alright.

priv msg me. if it is junk i will just turn around and ignore you.

;-) lol.


buy a price guide and start learning how to grade and identify
problem coins.

Heywood

Also visit us on the currency forum- there are many knowledgeable and helpful people there.