? about coin worth and advice needed

DanK48043

I know they have books out there that give you prices on coins, but isn't a coin technically only worth what someone else would be willing to pay? Does the economy hugely affect prices of coins?
Would you suggest purchasing coins now while the economy is in the crapper or are sellers holding on to them in hopes that we turn around soon?
Do sellers generally use the books to price coins or is pricing more of learned process you gain from experience?
Any pro's or con's on purchasing through eBay, or is it better to just deal in person?

Ok, as far as advice needed, here is a little history:
My husband, along with his younger brother and sister inherited TONS of random coins (I'm talking hundreds, maybe thousands) that have been passed down from his GGGreat Grandfather. Nothing was organized, labled or priced just hidden in various money bags throught his home...typical of Grandparents I guess, Ha!
My husband being the oldest and most established (if you will) plans on organizing and continuing the collection to be passed on to the next generation.
His sister instantly saw dollar signs when we researched a few of the coins and now wants to cash in a couple to help with her college loans. Husband says no way, he tried to get her to understand it's not even about the money, but continuing on his Grandfathers passion. She doesn't get why we would just sit on all this money especially with the economy the way it is.
Anyone have any advice on how to get her to "get it"?
Are there any good beginner collecters websites or books out there?
Also, what is the best way to store the coins? Hubby would like to display them somehow, but doesn't to risk any further damage to the coins.
Thanks

FilthyBroke

That's a lot to answer, and it'll be a learning process that could take some time. These guys I'm sure will give you their best advice.

To start, I'll tell you that many people do sell some of their collection to pay bills when times get tough. That's a personal choice, I've done it. But that doesn't stop me from wanting to pick up more when I get the chance. That's just how I collect. I often buy something that I regret later, and sell for a loss, no big deal. Learning experience.

The market is going to be your call, too. All we can do is speculate.

For US coins, I use RedBook as a starting point. For World or Ancients, I go online to various sites such as Wildwinds, but that's just me. These guys have tons of resources I'm sure. Market prices for coins are all over- Ebay auction results, I think Heritage lists final hammer prices, CoinArchives.com, these are just a few.



Collecting is ultimately what you make of it. But from experience I can say that just being here on the CU boards will help immensely. Best of luck.

ormandh

Well.... If the three them inherited the coins then all three should have a say so. You probably would want to see what you have by using

guides or better yet take them into a coin shop and have them appraised. A dealer will sometimes charge a small fee and let you know what you actually

have. Make it a point to let the dealer know up front that you are not interested in selling. With a fair value in mind then your husband could buy the shares

of the coins from brother and sister or divide up the collection.

It probably is not the best time to sell, but I think that if you are expecting the coins to go up in value as opposed to losing value, it's 50/50.

The coin market could take a dive next month. Who knows. JMHO. Goodluck. -Dan

FilthyBroke

As Dan said, an appraisal is probably a good idea. Grading is subjective, yet often crucial to value. This is where the appraisal would benefit you. In fact, I'd probably get several different appraisals, just to keep them honest.

olmanjon

It seems to me that the first thing you should do is to take your collection to a dealer and have him divide the stuff up in three piles of equal worth. since your husband and brother and sister inherited these coins, each should be able to do what he or she desires to do with it. Not all of us collect things. If your husband wants to keep this collection going then he should have the opportunity to have first crack at buying the sisters share. He really has no right to tell her what to do with her share unless there is a will and he gets everything in the collection. A dealer can appraise the estate to let you know what it is worth. Now as far as the coins themselves are concerned, there are some numerous dont's. Do not clean them to make them look pretty. This destroys there value. Place them in 2 x 2's holders(which you can buy from any coin dealer). Do not press them into coin folders with your thumb. This will cause a big old thumb print to show up years later and destroy the value also. You do not indicate if they are US or foreign coins. I got the impression they are US. R.S. Yeoman's red book is a guide book of US coins. This book will tell you about how much dealers will sell there coins for. Not how much they will pay. If they are foreign coins there are three different Krause catalogs available. One for each century. This forum that you are on here is for foreign coins. If you need more info please post again. If they are US coins you can go to the US forum. It sounds like you might have the start of an excellent collection. If your husband wants to keep it for future generations, then now is the time to get your kids interested in collecting. Good luck with this new pursuit, Olmanjon

IloiloKano

<< <i>It seems to me that the first thing you should do is to take your collection to a dealer and have him divide the stuff up in three piles of equal worth. >>

Ricke

good things said so far. I think we all have that to deal with in the back of our minds. My kids don't collect, and my wife would be lost in what to do with them. Personally, I would prefer my coins end up in the hands of people who appreciate them as much as myself - not people who hold on to them out of some obligation to me... Therefore I have to consider that down the line.

Unfortunately, my parents have a few items that they treasure that I know I will end up with - and as much as I hate to say it, I have no desire to be bound to.

Couple of things, though. People who sell things they know very little about tend to get bottom dollar. If you have that many coins, there may be a great value there. Take the time to find out. Take it to an expert, too - but give it some time and don't be in a rush to make any sudden moves.

There's a lot of good storage techniques out there. From flips and airtite containers, to professional grade slabs. Things to consider most in this area are humidity and exposure. Coins should be stored in a fairly chemical free environment - so don't use any storage that involves adhesives of any sort. I use archival flips, which I buy for around 7 bucks for 100 count. I don't work with nearly the quantity you're talking about, so that works for me, but I'm sure you can find less expensive ones - just make sure they are archival quality without PVC

ajbauman

<< <i>Well.... If the three them inherited the coins then all three should have a say so. You probably would want to see what you have by using

guides or better yet take them into a coin shop and have them appraised. A dealer will sometimes charge a small fee and let you know what you actually

have. Make it a point to let the dealer know up front that you are not interested in selling. With a fair value in mind then your husband could buy the shares

of the coins from brother and sister or divide up the collection.

It probably is not the best time to sell, but I think that if you are expecting the coins to go up in value as opposed to losing value, it's 50/50.

The coin market could take a dive next month. Who knows. JMHO. Goodluck. -Dan >>




I would agree that an appraisal would be in order and then your husband could just keep the collection going by buying out his brother's and siters's shares.

The first thing that you should know when handling coins (especially high value ones) is that you should handle them carefully over a soft surface, like a jewelry mat or soft cloth. You should probably also wear cotton gloves and/or handle the coins by the edges only. Fingers can leave oils and other materials on coins that will destroy their surfaces and thus their value over time.

As far as storing there are several ways that people use. The nicer albums (Dansco, etc...) can be great ways to store medium value coins. You will probably want to get the higher value coins sent to PCGS or NGC to get them "slabbed". This will add even more value and will also help keep them protected.

As already mentioned, the Red Book is a great place to start to get a feel for approximate prices on US coins. Krause has a catalog that you can purchase for each century for the world coins. Both books, and more, will probably be availalbe at your library if you wouldn't like to purchase them.

If your sister in-law needs the money and isn't interested in coin collecting it's best not to push the issue.

Best of luck!

spoon

What they said.

First priority: storage.
If it's all still loose rattling around in Crown Royal bags or cigar boxes, get them into coin holders. JPs Corner is a good place for supplies, and often the cheapest. Always be careful to use materials not containing PVC as these will destroy the coin. The best out there are Saflips (see bottom of page here) which are used even for rare high-value stuff, though cardboard 2x2s (here) are just as good for most stuff. The cardboard holders come in different sizes and allow for convenient display in three-ring binders. When using the cardboard ones be sure to flatten the staples with pliers so that they don't scratch other coins (or just get a flat-cinch stapler!). Airtites are also good and allow for a bit more flexibility in how you display your coins. Whatever you do, always handle the coins with care - by the edges to avoid fingerprints, and never clean them in any way. If there is green goo on them it may be PVC residue, which can be removed with a quick soak in acetone - that's about the only acceptable case for cleaning, though this is more preservation as the PVC unchecked would erode the coin.

Next priority: Identification.
You can't know how much something is worth until you know what it is. Getting an appraisal from a competent, trustworthy dealer would be helpful. But if you don't mind taking your time and would like to learn more as you go, do it yourself! Determining value will be necessary and will take some long familiarization with the material, but before that you should figure out what you have. These books will help and also give ballpark figures for values, but by all means are not definitive:

US coins: The Official Red Book: A Guide Book of United States Coins
World coins: Standard Catalog Of World Coins 1901-2000 aka "Krause"
- This one comes in different volumes for each century, most are issued annually and you should do fine with one a few years old for half the cost.

Then: Grading.
Once you figure out what you have you'll need to understand how the market evaluates condition. This takes a bit of experience. Asking for help will probably be essential to get started. Each of the books above have primers on grading and there are a few websites out there too. Looking over the shoulders of more experienced collectors will really help.

Now: Determine value.
Lots of ways of going about this. Above all else experience matters here. The catalogs are usually close, but not always, and sometimes ridiculously off. A good way to get a feel for actual market values is to just spend some time shopping around for the things you have. When selling through a dealer you will be selling at a discount (he has to make money too!).

Good luck!

coachleonard

a coin should never be worth just what someone else is willing to pay for it..... too many knucklehead coin offers out there in the world. It SHOULD be worth a combination of what someone is willing to pay and what YOU are willing to let it go for. Any number of people may offer me just $100 for my 1793 Chain Cent-- and i would tell them ALL to take a hike! ha ha

DanK48043

Many thanks to all of you for your great advice, I passed on every reply to my husband and he too is very appreciative.
We both realize that gaining knowledge and experience is going to take some time and we are both looking forward to
having a new hobby we are both interested in.

A couple of people questioned whether the coins are US or World, I would say we have an even mix of both, but
the US coins seem to be a little easier to find information on. (he went out and bought the 2009 US coin book last night)
We are having a difficult time with all of the Asian coins, especially the ones that have NO English markings or date.
A good majority of them are the dark brown coins with the square-ish cutout, from what I have found online they aren't particularly
valuable...although they are pretty cool looking!
Anyways, thanks again!

wybrit

The folks here are second to none in being helpful for inquiries like this, which is why I do still like this site, even though I don't come here much anymore.