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Converting my Dad's legacy into box of 20 pieces

YorkshiremanYorkshireman Posts: 4,494 ✭✭✭✭✭
edited October 25, 2017 12:30PM in U.S. Coin Forum

My late father left me several dozen rolls of Red BU Lincoln cents , mostly 1959-1963, with a few 1955's.
I don't collect cents.
My hope was to get enough graded as MS 66 reds or better and generate enough cash to buy a few significant classic coins. I want to leave them as his gift to my sons.
Every time i sit down to pull out some for possible grading, I Get overwhelmed because I am not good at it.

I am more than willing to share the proceeds with someone who can help, but couldn't find anyone.
Is that an unreasonable hope?
I just can't bring myself to sell them for roll bid knowing there must be some good ones there.

Thoughts and suggestions would be most appreciated!!

Yorkshireman,Obsessed collector of round, metallic pieces of history.Hunting for Latin American colonial portraits plus cool US & British coins.

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    TomBTomB Posts: 20,732 ✭✭✭✭✭

    This might read as a bit harsh, but the way I see it there are two really good pathways for this endeavor.

    The first is to exhaust your homework options. Put in the time and effort in order to grade these with accuracy and precision yourself (likely a tall task) or find out who the red copper gurus are (this really ins't that difficult a task) and approach them with an offer or suite of options. These options don't pose a large barrier to entry so I would assume they might be obtainable.

    The other option is extremely simple, straightforward and economical. Send them in as a bulk submission with a minimum grade requirement and you will pay a reduced fee and only receive coins back at your magic grade or higher.

    Thomas Bush Numismatics & Numismatic Photography

    In honor of the memory of Cpl. Michael E. Thompson

    image
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    messydeskmessydesk Posts: 19,703 ✭✭✭✭✭

    The only way you might come out ahead here is by picking the best coins, sending them as bulk, and specifying a minimum grade of 66. Unless you have a 60-D small over large date, 65s are always losers, so best not to have to pay for them. Many of the 66s aren't going to make you your fee back, either.

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    ms70ms70 Posts: 13,946 ✭✭✭✭✭
    edited October 25, 2017 12:40PM

    I think what you are planning to do is great.

    I like TomB's option #2, but before doing that I would give #1 a try first. Just do some homework on any key varieties in that date range.

    Great transactions with oih82w8, JasonGaming, Moose1913.

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    GRANDAMGRANDAM Posts: 8,375 ✭✭✭✭✭

    Even if sending in bulk you will pay a reject fee of $2 per coin (last i know of fee) for all coins that don’t grade if at least 60% don’t grade

    GrandAm :)
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    291fifth291fifth Posts: 23,942 ✭✭✭✭✭

    Sadly, the coins of those dates are really not worth slabbing unless you can get exceptionally high grades. Your chance of finding such high grade pieces in the rolls is very low. If the coins have sentimental value just keep them in the rolls as is. Don't throw good money after bad in a futile attempt to get very high slabbed grades.

    All glory is fleeting.
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    BillJonesBillJones Posts: 33,484 ✭✭✭✭✭

    The trouble with all of the rolls from 1959 to 1963 is that they are not worth much. I've seen them sell at face value in club auctions. The 1955s could be better, but it's going to be really hard to mine much gold out of this vein of ore. The high grade, MS-66, Red coins are hard to find when you are starting from scratch.

    Retired dealer and avid collector of U.S. type coins, 19th century presidential campaign medalets and selected medals. In recent years I have been working on a set of British coins - at least one coin from each king or queen who issued pieces that are collectible. I am also collecting at least one coin for each Roman emperor from Julius Caesar to ... ?
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    topstuftopstuf Posts: 14,803 ✭✭✭✭✭

    Here's a case where you gotta really take a hard look at any potential value.... (which can be discovered by showing up at a coin shop with the pile).....and then assess whether these should head for slabs or Coinstar.

    I can tell you ONE SURE THING.
    Do NOT give little bags of ....coins.... for Halloween junk.

    I swear there's a special news service that picks up on foolishness like this.

    :D:D:|

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    JBKJBK Posts: 14,765 ✭✭✭✭✭

    I would flip through them and pick out any stunners for future consideration and then list the rest on eBay and see if anyone nibbles.

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    WildIdeaWildIdea Posts: 1,875 ✭✭✭✭✭

    I have coins that were my Grandfathers that my Dad gave me. Granted, they weren't rolls of Lincoln cents but about 30 coins he brought back from his time in Africa and the Middle East during his service in WWII. A few are really neat, but it's not the coins themselves though that impress me but that my Grandfather thought to save them and that connects me to him in one little way.

    Maybe consider dividing up the rolls by number of kids and say here ya go these were Grandpas and let them decide what coarse to take. Done! Maybe they include your advice if they want to dispose of them. They may prefer keeping them the way they are.

    Funny though, my Dad once gave me a duffle bag with 80+ rolls of circ Lincoln cents and said check them out. They totally sparked a desire to build my core collection of MS early date Lincolns. Then with his blessing I sold the rolls for 5c each and bought a MS 10 peso gold piece. We decided together that was easier and neater than having 20lbs of copper sitting around. It's cool we can do this together, maybe Granddads coins could do this for you and your kids?

    Also, as others have stated, I've sent in rolls on bulk grade and had all of them come back as NO and had to shell out 200 bucks so that's not always a win and frankly I'm not trying again to see if it was my bad grading skills or the grader judgement, even though I know there is a different bulk grader now. I'm not into rolling those dice.

    Good luck with your decision whichever avenue you take!

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    topstuftopstuf Posts: 14,803 ✭✭✭✭✭

    Insurance/burglary

    :o

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    jmlanzafjmlanzaf Posts: 31,936 ✭✭✭✭✭

    Don't bother. If there were so many gems in rolls, roll bid would be higher. You will end up spending more money than you net. I've put similar rolls in a coin star

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    BaleyBaley Posts: 22,658 ✭✭✭✭✭

    @JBK said:
    I would flip through them and pick out any stunners for future consideration and then list the rest on eBay and see if anyone nibbles.

    This is where i come down on this too.

    I'd get comfortable with a good light and magnifier and whiskey one winter afternoon and sort the coins into piles of unc, choice, and gem.

    Reroll the gems and put em away, and reroll and blow out the rest on ebay..

    If you must , select the best of the best and submit for grading, but don't get your hopes up until they come back..

    Even then, good luck turming a profit, after accounting for postage, and your valuable time and life force.

    Liberty: Parent of Science & Industry

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    RegistryCoinRegistryCoin Posts: 5,111 ✭✭✭✭

    A box of twenty nice coins, it seems to me, could be achieved after many, many, many well considered trades.
    This may or may not take as long as learning to grade but may be more fun and/or educational.

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    ECHOESECHOES Posts: 2,974 ✭✭✭✭✭

    Why not a box of 20 from those very Lincoln's?

    ~HABE FIDUCIAM IN DOMINO III V VI / III XVI~
    POST NUBILA PHOEBUS / AFTER CLOUDS, SUN
    Love for Music / Collector of Dreck
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    AUandAGAUandAG Posts: 24,538 ✭✭✭✭✭

    Your Dad has a connection to these coins and would not have any connection to the new coins (other than by purchase). Therefore, I'd recommend that you leave as is and transfer ownership to your children when you think the time is right.

    They will appreciate (if they new your Dad and are old enough) the coins that HE owned.

    bob :)

    Registry: CC lowballs (boblindstrom), bobinvegas1989@yahoo.com
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    ldhairldhair Posts: 7,123 ✭✭✭✭✭

    You really need to understand Lincolns before sending them in for grading. Not something you learn fast.

    Larry

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    ElmhurstElmhurst Posts: 775 ✭✭✭

    You need at least 67 on these for it to pay.

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    OldIndianNutKaseOldIndianNutKase Posts: 2,700 ✭✭✭✭✭

    I too own a number of 1958-1968 rolls of UNC Lincoln cents. In my Will I will suggest that these coins be gradually turned back into circulation for some young numismatist to find. Same with my rolls of IHC's that are circulated. I will pass to my children my significant collections that I collected later in my collecting experience, with some advice. And I will pass my father's colection of IHC's that he collected exclusively out of circulation. And ask that we just appreciate his acomplishment rather than complete it.

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