New to this, looking for some help

Bthiet

I got into a discussion with my grandfather today and he has a very very extensive coin collection. He is looking to liquidate it and i am going to be in charge of selling all the coins. He was an avid collector and graded all the coins himself. I am looking for some good sources where i can get some general knowledge about coins and how to grade them, and how to spot out the different variations of all the coins. I am looking to maximize the selling price of all the coins and therefore want some knowledge. Just an fyi, the collection was valued in 1989 at over $70,000. Any help is appreciated

thanks

pharmer

You'll get lots of advice here from the very best in the biz. But a quick question, seems it would make more sense for a person who is knowledgeable about coins to do the selling, not a novice. Why are you "in charge of selling all the coins"? It's complex. Sounds like he may have many years experience while you have none?

AUandAG

Whatever you do, do it slowly and learn all you can.

Obviously, well maybe not so obvious, a lot of these coins will be easy to grade or verify and then sell.

Get to the library, better yet the bookstore and first things first get your hands on a Whitman red book.
This will give you a wealth of information.

Of course, don't clean or mess with them either!

Can your granddad help or are you going alone? Regardless you will get lots of info here on the boards.

good luck,
bob

Bthiet

He does not understand computers and everything, and i have been selling on eBay and other places for over 8 years. He says that he has all the details about every coin written down (including condition), but i just want to make sure he didn't miss anything when i go over them to sell them. I am just looking to attain some knowledge so i can understand what i am selling.

Bthiet

<< <i>Whatever you do, do it slowly and learn all you can.

Obviously, well maybe not so obvious, a lot of these coins will be easy to grade or verify and then sell.

Get to the library, better yet the bookstore and first things first get your hands on a Whitman red book.
This will give you a wealth of information.

Of course, don't clean or mess with them either!

Can your granddad help or are you going alone? Regardless you will get lots of info here on the boards.

good luck,
bob >>





He has already graded all them them. They have been graded and sitting in safe keeping for over 40 years. He was a very experienced grader way back in the day. He owned a jewelry store and examined them under magnification and everything.

NHSBaseball

Without trying to sound like a bummer, and without knowing what types of coins your grandfather may have, you may want to caution him that the late 1980's was the height of the coin boom, and that many coins still have not regained the values that they were going for at that time (for example, if his collection is heavy on common-date MS-65 Silver dollars).
I hope this is not the case in your instance, but I would definitely let him know not to automatically expect huge appreciation in his collection based on a valuation at that time.

JRocco

If your grandfather amassed such an extensive collection prior to 1989, before the explosion of the internet (sorry Al),
he must have made some fairly good contacts with some strong dealers along the way. Maybe he should see if any of his old contacts or B&M dealers can help him or at least point him in a good direction.

I agree with Pharmer that a collection like this should not be liquidated by someone with no numismatic experience.

Bthiet

<< <i>Without trying to sound like a bummer, and without knowing what types of coins your grandfather may have, you may want to caution him that the late 1980's was the height of the coin boom, and that many coins still have not regained the values that they were going for at that time (for example, if his collection is heavy on common-date MS-65 Silver dollars).
I hope this is not the case in your instance, but I would definitely let him know not to automatically expect huge appreciation in his collection based on a valuation at that time. >>



I understand. He just briefly described some of the coins he had to me today. He said he has a complete run of Indian Head Cents, and a complete run of Lincoln Cents among hundreds of other rare coins.

Bthiet

<< <i>If your grandfather amassed such an extensive collection prior to 1989, before the explosion of the internet (sorry Al),
he must have made some fairly good contacts with some strong dealers along the way. Maybe he should see if any of his old contacts or B&M dealers can help him or at least point him in a good direction.

I agree with Pharmer that a collection like this should not be liquidated by someone with no numismatic experience. >>




I understand. He has a great deal of experience, but he doesn't get computers at all. I am going to facilitate the sales and he is going to be in charge of all the grading and describing what everything is. I just want to have some background knowledge when i am doing all this and i am just looking for a place to get some.

ScarsdaleCoin

Get ready for a ton of advice.... Do you have a redbook? as good as anyplace to start

Bthiet

No, but i will be getting one.


Also just as a side note, he also has some bills in his collection. He has 21 $1,000 bills and 18 $500 bills. These are relatively easy to sell and grade and everything right?

Type2

WoW, just take your time post a pic and the board can give you a around figure to look for so you dont get the banana.

pharmer

Sure, selling is easy. Getting the best price and not getting taken is not easy.

Bthiet

<< <i>Sure, selling is easy. Getting the best price and not getting taken is not easy. >>




And thats why i am trying to learn some info about coin collecting before anything is sold. From what i have heard, the members on this board can be very helpful

Swampboy

<< <i>

<< <i>Sure, selling is easy. Getting the best price and not getting taken is not easy. >>




And thats why i am trying to learn some info about coin collecting before anything is sold. From what i have heard, the members on this board can be very helpful >>



You said a mouhtful.

Bthiet

anyone recommend any other sources besides the red book and this board that are "must reads" before i dive into this venture?

thanks, all your help is appreciated

tjkillian

Give us a sample list of the coins he has in his collection and post pictures of those coins. If he has silver/gold/copper coins from the 1800s, we will be able to give you our opinions on your coins. Some of them might be canidates for PCGS cerification.

List the coin, denomination, date, mintmark, and his assigned grade of a sample of thirty or so coins.

Tbar

Use a copy stand and take the best pictures you can. With high quality photos the coins will bring appropriate market value.

lonelyp

This sounds like an oppertunity to spend some real quality time with your grandad.

He has the coin knowledge and you the computer. Doing it together could be something you would remember for the rest of your life.

I would also keep at least something from the collection. Even if you are not into coins NOW.

seemyauction

Sounds like you are trying to get RETAIL for everything, even for a coin dealer that has been in the business for 30 years it is very difficult to RETAIL everything.


Here are some things to ponder on.

Where are you going to sell your product?

You mentioned eBay, if you have a digital camera that can take good pictures and you can take good pictures, ebay will cost you about 10% and you are doing all the work.

You have other options, Set up at coin shows, start your own web store, Live Auctions.

You are looking for some good books, the good books are written about specific coins.
Like "United States Early Half Dollars Die Varietys 1794-1836" by Don Parsley, but if you don't have Bust Halves, it won't do you any good.
So we realy need to know what coins you are trying to learn about to recommend good books. Be prepared to spend some money for good books, the one I mentioned will set you back 50-90 bucks if you can find it.

Spend time looking at other dealers product at shows, stores, and the web. How a product is presented means a lot especially when marketing an expensive item.

I'm only 1 opinion amoung thousands, seek as many opinions as possible. Some will give opinions and some will not.

Alan

messydesk

1989 is seen as the peak of the market for many popular coins known as "generics" (common date uncirculated Morgan dollars, Walking Liberty halves, Mercury dimes, $20 Saints). Many of those coins are trading for 1/3 of their 1989 highs, even in today's market where there are new price records being seen in non-generic series.

The best thing to do is to post one or two pictures of the whole collection (or large parts of it), laid out on a table, organized by type so that people here can make out what there is. You'll then be asked for more detailed pictures of some of the coins as people ask to take a closer look at parts of the collection. You'll learn a lot about what he has, if the grading was good, how to sell some of the coins, which coins to have graded by a third party grading service, valuations, and even how to take coin pictures. This won't be an "instant" process, but you should get a lot out of it. For a case study in what happens when someone with little experience looks for help here in evaluating an old (in this case rather spectacular) collection, I refer you here.

intocoins

Pardon me for being to the point. I think it is silly for you to be selling $70,000 (probably much more now) in coins with no experience. Most would not try this with years of experience. Another thing you must consider is taxes and how you would accept payments from Ebay (setting up PayPal acconts, etc....) , and all the shipping that is involved. It is much more of an endeavor than what it seems. My advise would be to contact an auction house or perhaps to cosign some coins to a local dealer.

However, If you are interested in coins and have no intention of selling for some time, buy the Red Book, ANA grading guide, and some specialty books of certain series. The Cherrypickers guide would be good for varieties and such. It may be worth your while to purchase a membership to PCGS, not only will you get The PCGS book of Grading and Counterfeit Detection you will also get 8 coins graded at the platium level. This makes your coins more desirable, especially for key dates and such. Look at coins on Ebay and coin forums. Read past post on this forum, go to shows and have fun.

Oh yes I forgot , It is very important how you list items for sale on Ebay. Some listings are proven winners and others are just a waste of time in my opinion.

Steve27

First you need to separate the high value from the low value items (hopefully your grandfather has already done this). Have the high value items graded by PCGS, NGC, or ANACS. Start selling the low end items on ebay, and use them to establish a good reputation. Then sell the high end graded material.

Bthiet

Thank You for all the help everyone. I am planning on taking a number of pics when i meet with him on thursday and i will let you all see what it is that he has.

thanks

Bthiet

i have been selling on ebay for over 8 years and have over 2000 positive feedback, i have just never sold coins on ebay. Also my grandfather is going to be incharge of describing the coins, i am just going to list them and i want to have some background knowledge when i do this. Also are there any coins that have increased in value since 1989? If so what kinds

pharmer

OK, sounds like a better plan now. Well since you have the selling part down, more experience on eBay than most people, you should just start a thread on the Buy, Sell and Trade forum when you get those images. Good luck to you and your grandfather!

CarlWohlforth

The coins doing the best now are the scarcest of the rarieties (or is that the rarest of the scarcities?) and coins that are in better condition than any other coin for that date.

Certain key date coins would likely be worth more if they were certified by PCGS. Dates such the 1877 Indian Cent and the 1909-S VDB Lincoln Cent would bring more if they were certified. The 1909-S VDB is a commonly counterfieted coin so certification provides a 3'rd party guarantee that the coin is real so adds value.

Please post what coins you are listing on eBay (over in the B/S/T forum) when you get that far, I'm sure many of us would like to take a look.

Good luck!

Silverstate

I would suggest anything that might be thought to be in the $500 or better price range be submitted to PCGS for grading.

You will then get your best prices.
On or off eBay !!

Goodluck.

Post links when you get stuff to sell.

There is always the BST board too!

leothelyon

Here's some good advice!


Leo

Bthiet

Thanks to all for all the advice. Once i get a list and some pics, i will post them here and on the B/S/T board so you can all see what there is and help me figure out how to precicely go about this venture.

pharmer

Hey gals and guys, are we gonna waive the fees since he's being so polite? Someone did remember to get his dues, right? Right?