ADVICE AND A NSWERS NEEDED

aidensgrandpa

Hi all. I just got started looking at my coins I have had locked away for about 20 years. I really don't have any knowledge about the business. I have a lot of questions about the coin collectable business and I will ask a few of them each time I post. All answers will be appreciated.
When I was younger I had a good job and had some extra money to spend. I had a customer who was a coin collecter and bought and sold them. Not knowing anything about coins I depended on him to do me right. I think he did to the best of his knowledge but I still don't know if what I bought was any good. First question. I bought about 300 1988-1991 silver eagles for about 7 bucks each. I have seen that APMEX is buying them for about 35 bucks and change so I know that I made out good just on the silver alone.. These coins came in a small square milk white plastic container with a green cover on them. My question is are these coins only worth the silver in them or is it possible they could have collectable value. Also 3 or 4 of them have a pretty gunmetal toning on them. Does that help or hurt? I wonder if I will be subject to the taxman on the profit I make? I assume so. Next question. I bought some silver dollars that were from the estate of a person called redman or something like that. They were enclosed in a capsule with his name on it. I think they were graded but am not sure what grade they were. 64 or higher I think. I have not been able to put my hands on them and will get more info later. Would the grading still be valid? Thanks to all. More questions later.

llafoe

The Silver Eagles are referred to as ASEs (American Silver Eagles). They are worth melt plus approximately $3. The toned ones may carry a little premium.

Yes, profit is taxable.

The Redfield Collection slabs carry a premium. As with all older slabs, some may need to be cracked out and submitted to PCGS, others will be better off in their original slabs.

The Redfield Collection was a huge hoard of silver dollars which had belonged to a man named Lavere Redfield. Redfield was a simple farmer early on, but then he slowly began saving and buying up junk stocks, and a few of them eventually turned out to be good investments. As he kept investing and gaining wealth, he also starting buying up silver dollars straight from the bank. He would buy a $1000 bag of silver dollars, take it home, and toss it down the coal chute of his house to his basement. When he finally died, there were over 400,000 silver dollars in his basement, one of the largest private silver dollar hoards ever discovered. This coin is one of those that sat in Lavere Redfield's basement for all those years. [Abon Enterprises]

Coinlearner

......EVERYTHING,,almost can be found in the search box. Best to put in one or two words that best describes what you are looking for.

MsMorrisine

#1) Don't clean them.


Collector Value on bullion ASEs, is limited to high grade 69 and 70 coins. The rest are more or less silver value. Coloring could help or hurt depending upon if it is considered ugly or pretty. But when it comes to selling for silver value, it does not matter.


Taxes, yes.




I'm new and not sure of the Redman you mention. All of the info off the labels would help, including the types of coins, year, mint mark, grade etc. You've not provided enough info to go on.

Rampage

I do believe the Redman you refer to is the Refield Hoard, which should be left in those holders. Do not break them, do not crack them, do not submit them to any service for grading. Leave them as they are. The silver eagles are as others have mentioned. You did fine on those. Even at the$7.00 per coin when you bought them, that was the going rate at the time. I remember a time I could have bought them for $6.00.

RB1026

Hi Allen,

Welcome to the Forum! There is a lot of good solid general collecting info available here that will get you pointed in the right direction "The Collector's Guide Book"

Best of luck to you!
Roger