Inherited uncirculated coin hoard, what do to?
bigtom23
Posts: 1 ✭
My father in law was into coin collecting, and part of that hobby was collecting various uncirculated coins from the US Mint from 2000 - 2014. There is a mix of rolls and bags containing dollars, half dollars, and quarters.
We have a few coolers like the following filled with these coins:
If I wanted to sell some of these off to clear space, should I expect to just get face value for them? Would it be worth to hold onto them for future value?
I see on eBay that they seem to sell for slightly over face, but a local dealer told me he would just be able to give me face value for them. I don't think eBay would be worth the hassle for me, so I don't know if the dealer is the best option?
I took a few out for pictures, which you can see here:
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Oh lord I would hate to know what he spent on all those mint products....
Most will be face value some may have a little premium
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Step 1 - Seek out a qualified PCGS/NGC Authorized Dealer that does qualified appraisals.
Step 2 - Get a qualified appraisal done - Not a Buy offer, but a real fee-based Market Appraisal.
Step 2 Caveat - If it is all the same type of stuff as in the photo, modify Step 2 to be "create an inventory by Denomination, Date and Type.
Step 3 - Decide what if anything you want to keep as mementos etc.
Step 4 - Decide if you want to wholesale it en masse, or take a shot at selling it yourself. The Appraisal should include both a retail and "expected" wholesale value (if the appraiser is worth his salt). Do not let anyone TELL you what the right thing to do here is. I have seen it work both ways, but consider the time and energy it REALLY takes to take that on.
Step 5 - Sell the rest via wholesale (easy but less return) or retail (more work, but higher return). If you choose the wholesale route, talk to a few dealers and pick the one that YOU are most comfortable with.
Start spending! Maybe you could pay your rent or mortgage with those half dollars.
Have you unpacked it all? Does any go further back than 1999 or did he start with the state quarter craze? Very little of it is worth more than 25% more than face, if you can find a buyer. The easiest to clear space would be take to a bank, there could easily be more than a couple thousand dollars worth there. You might try a Craigslist advertisement, if you are willing to take the risk. The problem with eBay is they take a cut and shipping takes a cut and most people would rather not put in the effort for little return.
Are there any proof sets or only circulation rolls and bags?
See if you have a local coin club and if collectors in the club would be interested in the rolls/bags for face + some nominal percent (2-5%).
Its kind of cool to see a collection like this but its a damned shame its value doesn't go up by much over a lifetime. There might be a few keepers in there somewhere. If you have kids, give them a list of what to look for and put'em to work.
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There are a few modern specialty dealers here. Maybe one of them will wander by and share their thoughts.
Some people love to roll search, maybe someone local would be interested as shipping cost would be prohibitive.
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AMRC's advice is SPOT on!!!
http://www.ebay.com/itm/262840554461?ssPageName=STRK:MESOX:IT&_trksid=p3984.m1559.l2649
While it is good to have an expert look them over, it is not worth paying for. You will probably end up losing money overall. Quarter rolls sell for a premium but they are so common no dealer is going to pay up to get them. A bag of modern Kennedy's will go for more as they were not released in general circulation after 2001 (I think). Anyway, post some stuff in the BST forum here and see if people are interested.
Totally agree with the above. If everything is modern, the above is spot on.
Probably won't get what was paid to the USMint, but should at least get face+. Heck, for the kennedys, I would do above face and I don't even collect them.
I did go through, recently, for a 3rd pass of cleaning things out and put over $1500 of bank rolled SHQ and Prez$ back into circulation, at face value. Taking up too much room and didn't care to try to piece it out. Still have at least $500+ more sitting around (1999 Delaware from the mint and bank, etc)
I've been told I tolerate fools poorly...that may explain things if I have a problem with you. Current ebay items - Nothing at the moment
I just talked to a dealer this week who said he had taken over $10,000 of uncirculated coins to the bank in the past year. Just takes up too much space and ties up too much capital to make it worth holding onto.
You assume it all the same as what is in the picture. If you have bought as many hoards as I have, you will realize that is a bad assumption. However, as stated, if it is all the same, then you are correct. I just ethically cannot make that leap when giving advise.
Darn too bad it wasn't filled with silver coins!
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Your best bet is probably to just cash it in for face ... which appears to be quite substantial. The costs involved with selling that kind of material for more than face would probably be higher than the premium you might get.
Ya gotta admit, those coolers look cool stuffed full with those rolls and bags
If there are any Proof Sets in there, they are worth more than face value.
The rolls and bags (2000-2014) are worth only slightly above face value; best to sell for face value to a dealer.
Many folks build up accumulations of modern coins like this, hoping that they will go up in value.
But they do not go up in value, because so darn many were made.
At least he didn't spend all his $ on booze or lottery tickets. The face value is still there.
Pay $25-$50 for a table fee at the next local coin show and sell the stuff for something over face value. It's not like someone has you "over a barrel" by offering face value. Just tell them you'd rather spend them. If you've got the time, crack the rolls open and pick out the most flawless specimens for longer term keeping and spend the rest.
I don't see why rolls or bags of Penn, Delaware and other state quarters wouldn't be worth some sort of premium. When they were first issued didn't these trade for a $1 or so? Make a list of the oldest coins and just flip through Ebay. See what similar coins are bringing. Everything you have is likely listed on Ebay. Should be very few surprises. If you have questions just ask them here. You can always spend them. That may take months but that should be the least of your worries. That first cooler didn't appear to have anything on top of great interest....show another photo. You don't need a PCGS/NGC dealer to do an appraisal on this stuff. You can do 95% of it yourself. Make a list of all the rolls, proof sets, bags, etc. Post that later on here.
Excellent point. Even if they are all modern, but there are special commemoratives or bullion, obviously those would be worth way more than face.
Deposit them in your bank. Quick and easy.(remove the proof sets).
value impaired by opening boxes.
you might can move them on ebay. if you list them as set runs, you may be able to move them better and with lower fees.
PM set
I am faced with the same dilemma but luckily for me my brother was a silver hoarder. He left me coins whose melt value alone was $20,000. I would seek out someone who's hobby is searching for error coins in modern coins. They will pay a slight premium.
Just take an inventory on paper and list them here on the Buy, Sell, Trade forum at $11-12 per quarter roll, 27.50 per bag. $15 per roll for Kennedys, $27.50 per pres dollar roll and $35 per Native American roll. Buyer pays shipping. You'll probably get some people to pick through them and send you checks and avoid the PayPal and eBay fees. Whatever doesn't sell and you don't want to keep as momentos just take to the bank.
When I saw those I immediately thought that the profit potential would not pay for the coolers they were stored in. Sad but not much value above face unless you search each and every one for errors, etc. The get a table at the next coin venue would answer your questions quickly.
Are there any rare varieties for those dates?
Put them on eBay for those wanting to search rolls for coins like extra leaf quarters?
I'd keep 'em. Just because.
Some great advice from AMRC....Unless you do not want to expend any effort.... then just take them to a bank...There does not appear to be any great profit potential there (unless there are other things in the cooler and other coolers that we cannot see). Good luck, Cheers, RickO
The only way to extract more than face value from those coins would be to submit the best ones at a high enough hit ratio to justify the grading and marketing costs, and the time factor - and then spend considerable time trying to sell them at a profit in a lackluster market for these types of coins.
Even if you were in the 95th percentile of grading skills, it's questionable that it would be worth the time. Making the best deal you can with an interested party would be a much more elegant solution, from your standpoint. A dealer who specializes in this type of liquidation is your target market.
I also have a similar accumulation, and my intention is to eventually spend the time looking through the coins with a critical eye - but only as a hobby.
I knew it would happen.
I suggest you purchase an issue of the greysheet and separate all the rolls that bid more than double face. Starting in 1995 and later bid for all Kennedy rolls starts at $22! I feel there has to be a buyer for these at more than pennies on the dollar. There are also several of the quarter rolls that qualify.
There are a couple of desirable varieties that may be in there;
2000-P Sac$1 Wounded Eagle
2004-D 25C Wisconsin Extra Leaf Low and High
2005-D 5C Speared Bison
Just a couple off the top of my head.
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I wouldn't trust an appraisal. Most dealers are modern bashers and they just might tell you to spend it all over the phone.
There will be some good stuff in there but finding it and selling it is likely to prove difficult.
I think the first thing I'd do is go through and get rid of the "junk". it would break my heart but a lot of those rolls aren't going to be worth the effort of selling or holding them. I'd go through and save the nicest few coins from such rolls and haul the rest to the bank. Other stuff like the better date rolls, including some of the later date states coins that don't have a premium yet, I'd set aside. The PA, TN, IL, and DE rolls might be saleable now especially if they aren't very choice. The mint bags bring premiums but most aren't large.
What you probably need to do if you just want to dump it and do the least work is contact a wholesaler but shipping will be onerous if you try to ship the low premium stuff with it.
Some of those coins will do pretty well going forward but the problem with ultra-moderns is that most were saved in extremely large numbers. When the states quarter program began people started saving new coins again just like in the old days when the coins were silver. But they overlooked some of these coins so retaining them will probably be beneficial.
If you have a few coolers like that, some one In your family needs to take a complete inventory and look through all those coolers to see what you have. The mint was selling some much more valuable stuff during this time period, including platinum, gold and silver commemoratives that could easily be hidden among the accumulation.
First step is a complete, thorough and accurate inventory and write it all down.
Full series runs may sell better on ebay
I would take the coins to a bank before I sold the items to a dealer for face value. I agree with those telling you to pull valuable varieties and rolls that have a premium. You can cash in the rest.
Exactly so. If Father in law was buying these rolls and bags from the Mint, maybe (hopefully?) he was also buying gold and silver coins, maybe even platinum or rare old coins too.
Most of the modern bulk rolls and bags, as most have said, have no-to-low premium above face value, and depending upon the value you place on your time and effort, may not be worth doing much more than depositing at the bank, but there are exceptions that might be worth selling individually or in larger lots.
Do an inventory, and as others have said, separate out the items that are worth, based on comparators, more than some amount you determine above face value, say 50% or 100% or more, and see if you can get more for them.
Good luck.
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If you can't make enough over face to justify blowing them out on the Bay - spend them.
Or just put in y eBay store at cdn bid plus 50 pct.
If only he bought silver and gold ussues...
This is a good point.
It seems like there would be good ways to sell this off on eBay if done right.
Unfortunately, there is not much market for these.
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Don't take my advice. But, I'd hit a coinstar.
I get this stuff all the time, there might be a few(very few) rolls worthy, but even then ebay fees will eat up most above face.
I have taken countless rolls like these and bags to the bank.
Last big collection I bought had 5k worth of bags and coin rolls . receipts were approaching 45k in mint costs , went to the bank with all of them. 40k loss, at least the guy who bought them had passed on so , really not his loss.
Why would you take out of rolls to give Constar their 10% when you can get face at banks?
And be there for 3 days.
I wouldn't go to a bank
Large set lots on ebay
But the rolls will be easy to deposit fast. And some banks still have free coin counters if you have an account. I'm keeping 2 different ones on retainer right now.
A list can be posted here and the masses can give an idea of value.