How to Evaluate a Collection's Value

Autos4Alex

My grandfather's coin collection is being split up between his 4 grandsons. He has ~500 silver dollars of various types. The oldest are from 1885 and they go up through the 1930's, some are have labels like Near Mint. I've been tasked with putting them into 4 equal piles so everyone gets rough equivalent value. Any suggestions on where to start with such a task? I'm a expert level baseball card collector and understand that condition can turn a $20 card into a $200 or $2000 card. From a few searches, I've gathered the same is true for coins. Any idea on where to start? Some possibilities I thought of:

Bring them to a shop and get some help?

Put some scans on here for help?

Pick out the best 10 and send them in for grading to validate assumptions

Silver dollars aren't that valuable, splitting them round robin by date would suffice

Other than condition any super rare issues I should be on the lookout for?

Thanks for any help you can provide

guitarwes

Lots of variables with 500 Morgan and Peace dollars. An equal split of 125 each for each grandkid would probably short someone. All of your suggestions is what I would suggest you do to be fair for all. It may cost a little money and time for evaluation, but if one of the 4 gets jipped because of a key date/grade, that would cause more problems in the future.

.

Buy a Redbook and familiarize yourself with the better dates and grades. Then maybe you all could get together and enjoy time with family and go thru the coins.

TomB

Howdy and I am sorry for your loss.



Buy a Red Book, which is also known as A Guide Book of United States Coins and can be found for perhaps $20 new at larger book chains or local coin shops. Spend a little time with the book to familiarize yourself with the basic points of grading and what might be better dates in the series you are looking through. It might also be best to spend a few dollars upfront with a dealer or trusted collector to give a written estimation of the value of the coins and to pick out any coins that are worth substantially more than the others. If your own research and the written estimation are fairly in agreement that the coins are basically worth the same then you might split them up any way you like. If, however, one or more coins is likely to be worth significantly more than the others then you have to decide what to do next. In the latter event, I would suggest starting another thread with specifics and images, if possible. Lastly, many of us are quite trustworthy (but not all on this board) so if you tell us what state you are in you may get a PM from someone who could offer to help.



Good luck.

TopographicOceans

As Tom said, get a Redbook

Based on condition, coins can be worth anywhere between melt value and hundreds of thousands of dollars.


First look for rare dates. You can use PCGS Photograde to get an idea of grades here.


The fairest way to divide them is to sell them and divide the money.

Or you can make a spreadsheet listing each coin and assign a value based on a constant source (say the Redbook price) and sort it by high to low value.
Then you seperate it into two piles.
Have another grandson do the same thing, spliting each of your two piles. So now you have 4 piles.
Then the other two grandsons who didn't sort, each get to pick a pile (you can flip a coin to decide who goes first).
Then the last two piles are given to the two who sorted them, based on a coin flip.

Autos4Alex

Thanks everyone, the Red Book looks like the perfect way to start. I appreciate all the feedback!

291fifth

Put each coin into an individual paper 2x2 with no markings on the outside. Divide them into four piles. Put each pile of 2x2s into a separate box and number them from 1 to 4. Make up four cards numbered from 1 to 4 and put them in sealed envelopes. Have each of the recipients pick one of the envelopes with you picking last. The number in the envelope is the number of the box that will be received. I suspect that this method will generate the fairest distribution of the coins and will avoid having to put any values on the individual coins.

lkeigwin

Nothing divides a family like money. I like the random, blind approach. If you try to assess value someone will win and someone will lose, inevitably. At the very least someone will be unhappy, if not all of you.



If this random-thing isn't appealing then I'd pay a trusted expert to assess the value of each coin, and pay him accordingly.



The Redbook is certainly a handy thing to have, regardless.

Lance.

Bochiman

If I were to go and leave something like that to multiple grandkids (or kids for that matter), I would want it to go a little like:





1st: If any of the grandkids were collectors or HONESTLY interested in collecting, I would want them to get first pick. I don't care if it is "fair" or not....would be MY wish.



2nd: If multiple were interested, then I would want them to take a fair number (total # / # of kids involved) of THEIR choice of the coins. Draw straws to figure out first choice and (s)he draws. Then next one draws. Last one in the round to draw, draws twice and it goes backwards. Rinse, repeat.

Kids not wanting the coins get to split the leftovers and can sell or do whatever.



3rd: If none of the kids are interested and they just want money. Sell and split.

MrEureka

If I had a coin shop and you walked in with the coins and explained the situation, I wouldn't charge you to split the coins into four piles. Instead, I would split the coins up and ask you to relay my offer to each grandson. I would think most dealers would be glad to do the same. Just don't expect a written appraisal, or expect the dealer to jump through any hoops.

Unknown

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BryceM

It's possible one of the coins will be worth more than the other 499. You never know when a key date in decent condition will show up. Since nobody else has said it, be incredibly careful when handling them. Don't clean them, polish them, rub them, or even touch the obverse/ reverse surfaces until you know what you have.



Good luck!

lunytune2

I would separate by dates and mint marks . Out of 500 their has to be many multiples. Divide as many as you can that way , then seek help here with the leftovers. With dates we can tell you if they are valuable or not.

CoinZip

Appraising Your Coin Collection

TwoSides2aCoin

Download the photgrade app. Judge each coin like you would a card. Go to ebay and see the values as compared to your grades compared to the photograde app.



Ascertain the values and sort them into legitimately equal values. Put letters on each group and toss them into a hat. Each person picks a letter out of that hat and takes the box corresponding. Voila . Easy peasy. Nothing to it.

au58

Does anyone want the coins? Why not sell them all and divide the money?



If all four sell their shares of the coins separately, at least one will get less and feel cheated.