Selling the majority of my personal collection is much harder than I thought it would be

jessewvu

I've been a pretty avid collector over the past 5-6 years, some may say flipper, but I've been able to accrue a fairly nice modern coin collection. However, I have to sell most of it to pay for a house refinance. Going from a fixed 6.25% 30 yr loan to a fixed 3.6% 15 yr loan has made it exceedingly obvious to me that it's a no-brainer and I have to sell the coins to make it happen. The hard part is picking exactly which coins I want to keep as I really do like the majority of them. I have sat down and looked at each one, thinking, do I really want to sell this one... Hopefully I'll be able to keep at least one registry set complete and going. I think I like the American Buffalo coins the most and those will be the very last to go.

It looks like we will save at least $200,000 in interest alone going to the 15yr loan so, in 15 years, I can tell the wife I'm due a $200k coin collection, right!?!?!

In the interim, I bought my first Dansco 7070 album and am looking forward to filling some low hanging (read cheap) slots and will probably refocus my collection to older coins when we have money to do it.

So please post some nice, CHEAP, coins that would fill a Dancso 7070 so I have some hope

291fifth

Sell all the modern coins and don't look back.

When you do your 7070, stop with 1930.

AnkurJ

Im doing a holed coin 7070. Most coins are under $25-$50, and its great fun!

CarlWohlforth

I often advise collectors to sell something. People who buy for years without ever selling anything often are shocked by the selling process. I think it is a great education that makes for wiser future purchases.

In your case using proceeds to lock in lifetime low interest rates really is a super investment! I'd say you are due to spend a good chunk of dough on coins once the new loan is paid off!

Ciccio

I want to build a 707 because I am sure it will teach me a lot of your history (I am italian) but I don't have enough knowledge (and money) to build an outstanding album.
Just bought few cheap coins at the CoinFest and last week at my B&M. All under 50 bucks.

Good luck picking the coins you want to sell!

notwilight

I understand completely. There are some awesome moderns that most of the guys saying "good choice" have never even held. As a dealer of moderns, I had to make a rule "no collecting" or I would be constantly stressed over what to sell. I believe Julian posted that he has a similar personal rule.

TheRegulator

Buy some old Dansco folders and collect from circulation- as cheap as it gets and an absolute blast. They may become the most meaningful collections, as well.

7over8

<< <i>Sell all the modern coins and don't look back. >>



NOT a well informed comment. Fortunately, the moderns with high bullion content and low mintages have treated us very well in the last few years....

unlike our matured classics, which have stagnated or decreased in value......yes.....and that includes "keys" as well.

Dog97

<< Going from a fixed 6.25% 30 yr loan to a fixed 3.6% 15 yr loan >>
I know the feeling, it's rough trying to chose who gets to stay and who has to go so don't put yourself through the turmoil, sell all those jokers and refinance!

cladking

<< <i>

<< <i>Sell all the modern coins and don't look back. >>



NOT a well informed comment. Fortunately, the moderns with high bullion content and low mintages have treated us very well in the last few years....

unlike our matured classics, which have stagnated or decreased in value......yes.....and that includes "keys" as well. >>




A lot of moderns have done quite well over the last couple years.

I'd expect it to not only continue but to accelerate.

jmski52

<< Sell all the modern coins and don't look back. >>

NOT a well informed comment. Fortunately, the moderns with high bullion content and low mintages have treated us very well in the last few years....

I would be willing to bet that any of the investors who followed ericj's thread and acted accordingly for the past 5 years or so have done a whole lot better in terms of monetary gain than the fellow who has made a practice of dissing Modern Bullion for those same past 5 years!

66Tbird

<< <i><< Sell all the modern coins and don't look back. >>

NOT a well informed comment. Fortunately, the moderns with high bullion content and low mintages have treated us very well in the last few years....

I would be willing to bet that any of the investors who followed ericj's thread and acted accordingly for the past 5 years or so have done a whole lot better in terms of monetary gain than the fellow who has made a practice of dissing Modern Bullion for those same past 5 years! >>



Nailed that one! I compare my two spreadsheets of classic and eirc's low mintage modern approach and the difference is smiling shocking. Both did better than the DOW but one was waaaay better. As far as common stuff, modern comems, different mint gimmick sets, even 30's thru 50's items I'm on my way out. I have a feeling breaking even there will be hard in the end.

BAJJERFAN

Not to be nosey, but that looks like a $500K mortgage that you are refinancing.

RYK

I have been through about three cycles of collection purges over the last eight years. I recommend selling the coins that are most easily replaced. I also recommend selling the most valuable coins. While this is counterintuitive, I doubt you will really miss them, and they will go a long way toward paying down your debt and giving you the feeling of financial security.

Late last year and earlier this year, I sold my most valuable coins and used the proceeds to pay off the house. I am enjoying living in a house that I own more than I enjoyed owning these trophy coins.

cornbread

<< <i>Buy some old Dansco folders and collect from circulation- as cheap as it gets and an absolute blast. They may become the most meaningful collections, as well. >>


I'm doing a collection of wheat cents this way. It began when I picked up a few old press-in folders at a local shop and started poking through a big jar of wheaties that was sitting at home. It was kind of fun . I always know exactly what I need for my other series, but I don't keep track of this one. I love getting a wheatie back in change and taking out the folder to see if it's one I don't have yet.

But yeah, a $200K savings in interest? You are definitely due for a few nice coins.

jsf

Congratulations on your decision to re-prioritize and re-arrange things.

You'll find the right collecting route, in time. Find a "secret" set to work on, something economical to keep your hand in the game. I'm trying to settle on one or two.

I went through a similar, modern selling phase which began a couple of years ago. I've just got a few mint sets left to get rid of. Clearing house is a great feeling, if you don't think about selling at a loss on a few things. Grin and bear it. Dauber up.

ed. - actually, I sold a complete date set of Morgans, a complete FBL near-gem or better date set of Frankies, and I don't know what else. So it wasn't just moderns. The point is getting down to a focused, core collection and staying within certain scaled-back parameters based on your new-found abilities to exercise patience in your future purchases. That, and you're just flat too broke to do anything besides pay attention, if you can even afford to do that. Been there, done that.

BlindedByEgo

Frankly, once you make the decision - and get started - it gets easier. Especially when it is for a very worthy goal.

Onedollarnohollar

I had a similar dilemna. Finally I decided to purge without prejudice, raising funds was the goal. I did keep a few of my Morgans, and my one 2008/2007 reverse silver eagle, but those would go if needed.

I found it much easier as I went along and don't really miss the hoard.

SaorAlba

I have a fairly significant sized collection. I could sell all but a couple of coins, the 1867 2 cent piece that my grandfather was given in 1897, and an 1861 British halfpenny that came over on the boat. Everything else would be fair game for the right price.

MidLifeCrisis

I think selling the majority of your collection to refinance your home is a good idea. The hard choices you make now about what to keep and what to sell will give you a chance to redefine your collecting priorities and goals, and when you are ready to begin collecting again, you will be more focused and will have a better understanding of what you really value in a coin - rarity, eye appeal, historical connection, popularity, whatever.

I have "purged" my collection like this a couple of times - keeping only a few of the best pieces. Although I wish I had some of the coins back, I'm very happy with how my collection has turned out and I've come to strongly believe the adage "less is more".

bstat1020

<< <i>I think selling the majority of your collection to refinance your home is a good idea. The hard choices you make now about what to keep and what to sell will give you a chance to redefine your collecting priorities and goals, and when you are ready to begin collecting again, you will be more focused and will have a better understanding of what you really value in a coin - rarity, eye appeal, historical connection, popularity, whatever.

I have "purged" my collection like this a couple of times - keeping only a few of the best pieces. Although I wish I had some of the coins back, I'm very happy with how my collection has turned out and I've come to strongly believe the adage "less is more". >>





You know you could have just rolled the cost of your refinance into your loan and not sold any coins right????

Overdate

<< It looks like we will save at least $200,000 in interest alone going to the 15yr loan so, in 15 years, I can tell the wife I'm due a $200k coin collection, right!?!?! >>

What will $200k buy in 15 years? Just wondering.

jessewvu

The problem is we paid off 20% of our house and the market drop has taken all the equity out, so we need to come up with 10% of house value plus the cost of new doors and carpet. Its going to be about $40k when all is said and done with closing costs an all. That's about 90% of my collection value and a good chunk of savings.

Our local federal credit union will let us refinance with 10% equity and not have to pay PMI.

I think now that I have actually started selling the coins I am a little more comfortable with it and it seems that I am now thinking about selling some that I wasn't planning on to build our savings back up. I started collecting coins as an investment mostly, so I knew I might need to sell them, it just came sooner than I thought.

Not a 500k house, about Half of that. Our area is kind of expensive and that is an average price for the sq foot.

I think I had (have) a mini hoarding issue or something. However, It does feel good to purge every now an then.

puritan9

I wish you the best of luck, and hope you received what the coins are worth & maybe a little bit more.

Bayard1908

<< <i>The problem is we paid off 20% of our house and the market drop has taken all the equity out, so we need to come up with 10% of house value plus the cost of new doors and carpet. Its going to be about $40k when all is said and done with closing costs an all. That's about 90% of my collection value and a good chunk of savings.

Our local federal credit union will let us refinance with 10% equity and not have to pay PMI.

I think now that I have actually started selling the coins I am a little more comfortable with it and it seems that I am now thinking about selling some that I wasn't planning on to build our savings back up. I started collecting coins as an investment mostly, so I knew I might need to sell them, it just came sooner than I thought.

Not a 500k house, about Half of that. Our area is kind of expensive and that is an average price for the sq foot.

I think I had (have) a mini hoarding issue or something. However, It does feel good to purge every now an then. >>



If you have no equity, seriously think about whether you should become a renter.

drei3ree

<< <i>I think I had (have) a mini hoarding issue or something. However, It does feel good to purge every now an then. >>



Yes, purging does feel good because it means you get to rebuild! Remember, in the end, it's all about the hunt.

COALPORTER

must be expensive carpet and doors. I only calculate 25K for 10% of half of 500K?

BAJJERFAN

<< <i>The problem is we paid off 20% of our house and the market drop has taken all the equity out, so we need to come up with 10% of house value plus the cost of new doors and carpet. Its going to be about $40k when all is said and done with closing costs an all. That's about 90% of my collection value and a good chunk of savings.

Our local federal credit union will let us refinance with 10% equity and not have to pay PMI.

I think now that I have actually started selling the coins I am a little more comfortable with it and it seems that I am now thinking about selling some that I wasn't planning on to build our savings back up. I started collecting coins as an investment mostly, so I knew I might need to sell them, it just came sooner than I thought.

Not a 500k house, about Half of that. Our area is kind of expensive and that is an average price for the sq foot.

I think I had (have) a mini hoarding issue or something. However, It does feel good to purge every now an then. >>



The anorexic collectic!!

Coinsponge

I would be curious to know what percentage of market value a person would expect to reveive these days from a dealer on a 100K collection sold in bulk.

Waltz

The 1859 and 1863 indian cents from Cicero were sold by me on Ebay about 2 months ago! Seldom do I discover the owners of mid grade coins after they enter the general world!!! I bet he bought them both at the same time from the same dealer.

sonofagunk

I know how you feel. I just decided I am going cold turkey and selling EVERYTHING (even melt silver I had in a can for 35 years) and I am just realizing how much work it is. Probably not as much as collecting the coins, but at least that was fun.

fastfreddie

<< <i>I've been a pretty avid collector over the past 5-6 years, some may say flipper, but I've been able to accrue a fairly nice modern coin collection. However, I have to sell most of it to pay for a house refinance. Going from a fixed 6.25% 30 yr loan to a fixed 3.6% 15 yr loan >>



This is off topic but you should ask if there is a 'no cost' option where by you don't pay any closing costs for a bump in the interest rate. Your 3.6% may increase 1/2 to 3/4% but you can avoid any out-of-pocket costs, lower your monthly payment and term, and best of all keep your coins!

I just read where you're upside down and need a new down payment to meet the lenders requirements! Best of luck. If you find a viable solution let us know because many of us are in the same boat.