Options
Help with an Inherited Collection
Mike_P
Posts: 7 ✭
Long story short, I had a relative who passed away about 6 months ago, and I've spent this time working through everything. We had no idea he was such an avid coin collector, but we must have literally 50 "slabs" full of these. I joined here to get some advice on how to proceed, so I started in the Q&A forum. Someone there suggested I post some pics here.
Someone else suggested I find an appraiser and shop several buyers if I want to sell. I wondered if someone could tell me what you think of these? I'm just learning what all the references mean.
Sorry for being such a rookie amidst so many veterans.
Thank you in advance.
11
Comments
Use eBay to search for like items and determine approximate worth. You have collector quality stuff. Great Collections is a low cost auction venue that might work for you.
If this is a relative sample, your relative had good taste in coins.
I would give Ian at Great Collections a call.
They will sell the coins for you and you will have no "eBay headaches."
Ok, you have the grades. That's a good start. Look on this site for the price guide. That will give you an idea of the value. Those are retail values so you may not do that well, but it is a starting point.
Lets see the rest of the 50's slabs. Judging by the first 7 slabs, there is a chance that we are talking about 5 to 6 digits in value.
I agree that Great Collections.com would be the easiest and probably the most effective way to dispose of this collection.
Nice coins. Would love to see more of the collection . . .
1947-P & D; 1948-D; 1949-P & S; 1950-D & S; and 1952-S.
Any help locating any of these OBW rolls would be gratefully appreciated!
Great place to start https://pcgs.com/prices/
PCGS also has a FANTASTIC iOS and Android app called CoinFacts.
Some good advice already shared. Good luck, looks like a great collection. Condolences on the passing of your loved one.
Gonna get me a $50 Octagonal someday. Some. Day.
I’m glad you came here to ask advice. I see some pretty darn nice coins here. Do your research such as CoinFacts auction results along with eBay and I think you’ll get a good handle on their value.
With that said. It would also be a great starting point for a great collection.
Have fun.
On the Q&A you had only posted the SEGS Morgan but the other stuff in PGCS plastic looks good. Your relative had some nice stuff.
Conservatively -
1987-W $5 as bullion gold $325
1931-S 1c $150
2010 $1 $17
*1885 $1 $125
*1867 5c 200
1878-S $1 $100
+1885-S $20 $1650
starred items maybe 10% more,
$20 maybe CAC and $20%
even with shooting angles distractingly a touch off, more than close enough for gov't work
Some nice stuff there. If the other 40 or so slabs are PCGS and of this caliber material, you should do well.
Good luck, Donato
Donato's Complete US Type Set ---- Donato's Dansco 7070 Modified Type Set ---- Donato's Basic U.S. Coin Design Set
Successful transactions: Shrub68 (Jim), MWallace (Mike)
Wow! Thanks for all the quick responses! It sounds like I definitely need to connect with Great Collections. This is the first I've heard of the site.
I'm sorry the pics came out so huge in my post. That is probably a little obnoxious to some people. I have a few questions. What does the letter after the year signify? Like the bottom coin in my pics with the 1885-S. What about the numbers above the bar code in that same pic? If there is genuine interest, I could post more pics. It just takes a little time to go through that, plus I don't know if it would be appreciated by the forum to crash the joint with lots of pics.
I don't know how much of the information needs to match when searching eBay, but I see a wide range of sale prices when I search exclusively sold items. Here's a few more pics I had taken but didn't include in my OP.
very nice stuff!! I'm glad the relative doesn't have home shopping network type of stuff and actually has good quality stuff!
Many members on this forum that now it cannot fit in my signature. Please ask for entire list.
The letter after the year is a mintmsrk, such as S for San Francisco. The barcode stuff is just internal to the grading company.
I have lost touch with values but that 1909s cent is fantastic.
IMHO you have a lot of stuff that a dealer will buy outright at prices competitive to the various auction venues after you knock out the commissions you will pay!. Learn a little...and if you are ebay savey...list them at what they should sell for fixed price or list them on the Buy,Sell,Trade here but it will be tougher here because you are not well known. The solution to that is to allow a paypal transaction so the buyer has protection.
The "S" signifies the "San Francisco" mint where the coin was minted or made.
The numbers above the bar code on the coins that are in the PCGS slabs are the numbers that you can use to look up the coin on the PCGS website.
Donato
Donato's Complete US Type Set ---- Donato's Dansco 7070 Modified Type Set ---- Donato's Basic U.S. Coin Design Set
Successful transactions: Shrub68 (Jim), MWallace (Mike)
It is an interesting mix of coins. Some whimsical modern stuff and some serious collector coins. Looks like he had fun with his collection and left you a nice windfall in the process. Well done.
You are in a very fortunate situation that all of these coins are slabs. For all of the coins in PCGS slabs, go to this page:
https://www.pcgs.com/cert
and enter the certification number. This is the 8-digit number after the slash. The site will tell you exactly what the coin is and provide PCGS' retail value for the coin. You won't get exactly this price when you sell, but if you do this with all the PCGS slabs you will be much more educated about what you have and you can make a more educated decision about what to do next.
LIBERTY SEATED DIMES WITH MAJOR VARIETIES CIRCULATION STRIKES (1837-1891) digital album
As others have indicated, it appears your relative was a coin collector rather than someone who bought from telemarketers. As you are new, the coins in the plastic slab from pcgs or Ngc probably have a better chance of being collector coins. Entering the coin, denomination, and grade say ms64 or vf30, into google or eBay, will get you some info...if any other coins have that green sticker that the 1885 dollar has, you should post a pic, as it has a better chance of having value as people sent the coin in twice to be evaluated.
Very nice !!!
A couple of those coins just might upgrade thereby bring in more moola. But than you would need to find someone who knows how to grade coins.
The more qualities observed in a coin, the more desirable that coin becomes!
My Jefferson Nickel Collection
You need much more advice than the time I have to give you. First and foremost, avoid coin dealers at all cost. Most will attempt to rob you blind. Ebay is good provided you already have an established account with good feedback and maximized discounts. If not you could try one of the online auction houses.
The whole worlds off its rocker, buy Gold™.
BOOMIN!™
Wooooha! Did someone just say it's officially "TACO™" Tuesday????
I'd call cac, explain that the collector died; the green sticker equates to a dollar sign; also certified N/P coins that have not gone to cac should be shipped for their approval and/or offers. You would net a lot more that way than through GC. Also Heritage Auctions makes good offers through their coin buyers, explain why you are selling and ask for offers. Alternatively you could try auctions on high end coins.
Where are you located? I'm sure someone here would know of a reputable dealer nearby, or even a coin show nearby, you can be referred to where you'd be able to talk to lots of dealers.
Not at all, just glad to seeing you getting good advice and not selling for pennies on the dollar as sometimes happens.
Welcome to the forums. You will receive much advice here, some of it actually good.
Take your time to learn as much as you are willing to. Knowledge, mixed with a firm basis in reality and reasonable expectations, will be your best asset in maximizing value when disposing of the collection.
A great start, as has been mentioned, is to look at CLOSED transactions on eBay. I've had many, many people tell me "but I saw it listed on eBay for two times what you're offering". Heck, I can list a circulated 1987 D Cent for $300 on eBay - but it sure won't sell for that. You must look at closed sales.
So, coin by coin, look up closed listings for exactly the date and condition listed, along with the certifying company (looks like mostly PCGS). If you run into items like the SEGS-holdered coin (not easily found on eBay for other reasons), post it here and ask.
If you want to be hands-on, eBay may be your best choice. If you are willing to cede control and are willing to accept possibly slightly lower net proceeds, Great Collections is very trustworthy. An auction house like Heritage may be overkill for coins such as you have exhibited. No doubt you will be PMed (private messaged) by several folks looking to help you. Take your time deciding.
Lastly, if you are settling an estate, make sure that your CPA or tax attorney is completely aware of what you are doing, and keep records of both proceeds and any costs you have incurred directly.
Best of luck to you - and nice 1909 S Lincoln!
Check out my current listings: https://ebay.com/sch/khunt/m.html?_ipg=200&_sop=12&_rdc=1
Sorry for your loss. Well he wasn't a junk collector that's a good thing he had a good eye. I would look at some of the other auctions as well some will do a lower % of commission that can kill you if your paying to much if you do it all with them they will take care of you and they will get rid of any of the odd stuff as well for you. If you need some info just PM me and I will pass you the info I get 0 for doing it but you can save 10% or more looking around no need to pay 15% or 18% commission.
Hoard the keys.
Just in case it wasn't mentioned above, if you have any "raw" coins, meaning not in plastic slabs, whatever you do,
do NOT clean them. Leave them be.
Great transactions with oih82w8, JasonGaming, Moose1913.
Sorry for your loss.
There is some good advice. I would also give some warning.......not all dealers are going to be fair. Some will definitely try to rip you off as, the lower amount they pay to you, the more profit they make.
Converse to that, not everyone is trying to rip you off.
You need to either find a referral that can be trusted, or educate yourself a bit before selling. It is a good guide to look at a price guide and get an idea, but there are factors that can increase (or decrease) the amount you may get.
That CAC sticker on a few coins? Should increase what you get. Green is good, a GOLD sticker is even better.
If any of the coins are in "older" holders, particularly certain types (doilies, black, etc, depending on the company), that can increase the value as well.
Toning....the "discoloration" of a coin, can also increase value (or, in some cases, decrease it as well).
Each coin has a mint it came from. So, an 1885 silver dollar is "different" than an 1885-S or 1885-CC silver dollar, in value, even if the plastic they are in says the same grade.
After the grade, depending on the type of coin, you may see "RD" or "RB" or "BN" (for copper coins). This is a statement as to the color and amount of RED (natural color when minted). It is usually used in the value of the coin as well.
For silver dollars, you have a DMPL (Deep Mirror ProofLike). That is highly valued. There is also a designation of "PL", for ProofLike". These increase values.
If your relative wasn't a CAC submitter, and/or had held some of these coins for a long time (the ones with the green labels may have been held by him for awhile), he may not have submitted them to CAC, where they MAY get a sticker. So, finding someone to help you submit them, if they hadn't been submitted, would be a good thing. Collectors don't get charged if the coin doesn't sticker, but dealers do.
Depending where you live, there may be trustworthy members nearby that you could ask to meet in a local place to chat about things, even if you don't bring the coins but just want overall advice, or someone may be able to recommend trustworthy dealers.
If you were in the Seattle area, I would offer myself, or even a couple other members I trust and have been around here for awhile. Members are all around the US (and world).
There is also the time factor. Do you, and anyone else who has a piece of this pie, HAVE to sell right away? Do you have time to research? Sometimes, an auction may be the right thing, sometimes you lose too much in commissions. There are multiple ways to sell....there is a Buy/Sell/Trade here on this forum, there is GreatCollections (great guy who runs it and he can help get things to CAC as well, I do believe), local dealers, etc.
Some ways to sell are quick and you may sacrifice extra money. Some ways will take longer and more work. May not be worth it, depending on the coin(s).
From the looks of what you have posted so far, none of the coins are toned. So, that wouldn't be a factor. Some have older labels and may warrant a CAC sticker, or even an upgrade. Hard to tell from some pics.
Also, to be honest on the plastic holders..... PCGS is usually the king. NGC would be second and, depending on the type of coin, could be close in value or not even close at all (more recent coins ("moderns") in particular). SEGS.....kind of way behind them. There are others, as well, but I don't see those pics above.
I'm sure there are many that would be willing to help and give advice. If you learn to use the PM (Private Message) function here, you can PM me, if you want, and, like I said, there are probably others willing as well.
While most are good people, be wary of sharks in the water....
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
People can chime in, but I suspect that the modern stuff such as the silver eagle and recent gold coin are best sold to a local dealer since the value is so close to spot.
So true...and the nonsense about every dealer trying to rip you off is going to cost you money. Even things like the $20 gold have such low margins with dealers that paying GC or someone else 10-20% of the value is more criminal than 80% of legitimate coin dealers. My local folks (NOT the cash 4 gold places) make $50 to $100 on a $20 gold which is way less than you would end up paying eBay or GC.
You have shown us some nice coins, and all (so far) have been slabbed. This indicates that your relative was more than an 'accumulator' of coins. Great advice has been given above....and I am sure some of it is a tad confusing to a non-collector. Take your time, continue to ask questions. Depending on how much work you are willing to do, the results will vary. Cheers, RickO
If you do the Ebay please let us know.
Best place to buy !
Bronze Associate member
So much here to respond to. I just have to thank everyone for their advice and knowledge. We are far from being prepared to present everything together to anyone. I really want to take inventory of it all and take my time learning as much as I can. The death took place about 6 months ago. All of these where randomly placed throughout his house and in several storage facilities. There was a lot of other things we had to go through, including an estate sale, selling cars, and now the preparation of selling his house. All that to say, I've only been able to look closely at a fraction of the coins.
Regarding eBay, I have been active as a seller and buyer for years. I'm not a power-seller by any means, but I do have a 100% approval rating after about 400 transactions. When I searched the values of the coins I did look at, I did filter to look only at sold items. I don't think I scrutinized all of the details like the location they were minted in and the grade. This will be a long process. I'd like to create a spreadsheet with all the information and take pictures of each. Maybe I could then put all that in a zip file and deal with auctioneers who aren't necessarily close to me (near Detroit, MI).
Here's a question. How would one determine if a coin is worth keeping? Is that something an honest appraiser would share, or are there places on sites like Great Collections where you can enter coin information and see trends of their value movement?
Are the coins yours or do they have to be shared with other beneficiaries?
If you are wondering if any are worth keeping you might be a "closet collector" and not know it yet.
When you finish your research you should be able to figure out which are key or better dates and they should always be worth keeping. You may find others that you enjoy looking at and enjoy learning more about their history, both signs that you may be a collector.
If they are yours and you don't need the money take your time doing your research and you will end up answering your own question.
For sure, if I could I'd pick out a favorite and keep it as a reminder of your relative.
EDITED TO ADD: Don't be afraid to keep coming here with questions. You will always find a friendly bunch of folks here who are willing to help.
it's crackers to slip a rozzer the dropsy in snide
If you aren't going to collect and there is no sentimental value, then I don't think I would label any coins as "keepers". Just a blunt assessment.
The market goes up. It goes down. Certain trends come and go. Only a true rarity would even come close and then, it would likely be something that would be worth selling no matter what anyway. Particularly if you have to share.
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
Here's a question. How would one determine if a coin is worth keeping? Is that something an honest appraiser would share, or are there places on sites like Great Collections where you can enter coin information and see trends of their value movement?
I'm presuming that your question is really, "How can I determine which coins have the best potential for appreciation in value?"
This is where numismatists will disagree. We all have our own guesses, but they are just that-guesses. And biased ones, at that. My advice is to collect coins, not invest in them. Past performance is truly no indication of future value, and, yes, coins do go down in value, too, sometimes by quite a bit.
You should save some of these items if you wish to remember your relative through owning them, but other objects or possessions will serve the same purpose. You might also consider saving anything that appeals to you as a collector, if there is any appeal there. Don't save anything in anticipation of a higher market in the future, as we just don't know which coins will go up, down or remain the same value in the future. If you want to save a couple of items on speculation, understand it's more of a gamble than an investment.
Most investors would consider an investment that doesn't change in value over 5 or 10 years to be a loser. I don't think that most collectors who own a coin for 5 or 10 years that hasn't changed in value would consider that coin a loser. This is one of the differences between a coin collector and a coin investor.
Good advice all around, but @sellitstore that sounds like great advice to me.
Donato
Donato's Complete US Type Set ---- Donato's Dansco 7070 Modified Type Set ---- Donato's Basic U.S. Coin Design Set
Successful transactions: Shrub68 (Jim), MWallace (Mike)
You could advertise your coins here on our sale section. Maybe somebody will offer you good money here and you wont have to pay any fee. I sell on Ebay and they charge me 10% which I feel is way to much. But I still sell there because well I guess I been selling there for so many years now. Thats all I know.
The fee is irrelevant, it's the net proceeds that matter.
k
Mike P is it? Nice coins by the way and sorry for your loss.
I am glad you found this website first. Those are some great coins. Take your time and enjoy it as much as you can. Sorry for your family's loss. Many of us have helped people in your situation many times so please ask questions as you go. It's always helpful to get unbiased advice from knowledgeable people who don't have a financial incentive in the outcome.
If you sell on eBay definitely open a store for a few months , the 4(??) % you save on final value fees will definitely be worth the cost to open the store. Also insure higher value coins thru USPS option (I don’t think the shipsure option -or whatever it’s called - will cover coin losses but they’ll take your money) and ship bubble envelope inside a box - coins seem to disappear in route more than other items. Make sure you don’t put amount paid for postage/insurance on the shipping label, that’s a definite lure to thieves
As several people have said, you need to decide what your goals are. There are many worthwhile goals: Short term profit, long term profit, satisfaction from keeping the collection for yourself, etc. Nobody here can tell you what you SHOULD do. That's up to you.
One thing I would caution is that you CANNOT become an expert in this area in a time frame measured in days or weeks, and probably not even months. If you want to become 100% knowledgeable before you sell these, don't even try.
Fortunately, you don't need to be an expert. You need to know enough to get a fair price for whatever you want to sell. Great Collections will do a fair job selling these for your. Other major auction houses include Heritage (ha.com) and Stack's Bowers (stacksbowers.com). Based on what you've shown so far, you should have enough to be treated fairly by any of them.
I would caution against selling these on eBay with the pictures you have. Pictures are important. Compare your pictures to the pictures at the three auction houses above and I think you'll see what I mean. You could easily cost yourself hundreds or even thousands of dollars per piece if you try to sell them yourself on eBay with those pictures. Sorry, but that's just the way it is. You could try to become an expert on coin photography -- but again, not quickly.
If you say what part of the country you're in, there's a decent chance that you can get recommendations here for someone local to you who would treat you fairly in person. That's an option if you don't want to go the auction route.
Or you could simply keep them. They're nice pieces.
First learn about the market for coins whether it's up or down before planning any sales. Sounds like you don't have any problems with money especially with a sale of the house. Since you have been selling on ebay for some time, you won't be getting your feet too wet when the time comes to sell or not. You have inherited many nice high grade coins. I'd enjoy them for some time and start out very slow, take your time, put them in a safe or bank deposit box. You might go as far as forgetting about them. Have any children, nephews? They would love seeing and learning about those coins as well. But building your knowledge base in whatever involves money is very important but I believe you already know that.
The more qualities observed in a coin, the more desirable that coin becomes!
My Jefferson Nickel Collection
Here's a question. How would one determine if a coin is worth keeping? Is that something an honest appraiser would share, or are there places on sites like Great Collections where you can enter coin information and see trends of their value movement?
It's worth keeping if you research the coin and take a liking to it. That means you've become a collector.
CoinFacts is a great resource as a price guide, although it's not always current and it may not be representative for the prices you might get at auction or even in a private sale. But, it's a good starting point, especially since the coins are graded already.
If you are experienced with ebay, that might be a good venue if you have enough time to devote to the project of selling. Great Collections is fine, but you need to understand that there is a downside risk unless you specify a minimum bid, and that also takes a little research to establish a good starting price point.
I see an abundance of good advice in the above replies, so as others have said - take your time. Your relative actually did know what he (or she) was doing, and they did have a good eye for collectable coins. It took them years to become knowledgeable in making those purchases, so do them justice by learning what you have before you sell it.
Nice coins, nice collection. I'm sorry for your loss.
Oh, and as MS70 mentioned - if some of the coins you find are loose, or ungraded and unslabbed - do not clean them in any way. They may have been candidates for grading that he/she intended to have graded and they may be nice coins as well.
I knew it would happen.
If it was me I would weigh a couple of things.
If the answer to #1 or #3 is yes, then I think the advice that you've been given here for venues to sell the coins have been great. If you're looking for a quicker, less hassle avenue - then consigning them with a place like Great Collections is probably your best bet. If you're willing to put in the work (and potential aggravation) of selling your own coins, dealing with shipping, returns etc. than mabye Ebay is your best bet. You could also try to sell some right here on this website as people suggested. Obviously people here know what they are, understand the value and you could be sure you're dealing with people who have a history.
If the answer to #1 and #3 are no - then you can take your time. You can decide which coins you really like, for whatever reason, and you could keep them. You could also keep the ones that are the most valuable if you wanted to go that route. If you havea bunch of relatives who were related to this person, perhaps you could each take one as a memory of that relative. I know I have a variety of items (not coins) that I keep that belonged to my different grandparents and I love being able to look at them and remember them.
Like everyone above me has already said - you're relative had good taste and you're in a good spot. If you have the luxury of time - Take it.
"Take your time" is generally a good idea. However, if settling the estate in a timely manner is important, I believe that the important advice has already been given.
"Learn as much as possible" is also generally good advice for a collector but "Learn as much as necessary to achieve your goal." is probably more appropriate here. If your goal is to turn these coins into cash, I think that you have most of the information to achieve that. Learning more about these coins appeals to this biased audience, but may not be your goal. If it does, great, and welcome to our collecting community.
I'd agree with those who recommend auction with Stacks, Heritage or Great Collections. I've sold through all three over the years and my choice would be Great Collections. They will set reasonable minimums for you, if you choose that option. They will also send in coins for possible CAC stickers and I'd ask if they would be willing to select candidates for this option. I don't think that Stacks or Heritage would be bad choices but this material might get overlooked in their larger sales and could be relegated to weekly or other smaller sales. I also have had bad experiences with Stacks and Heritage while Ian Russell of Great Collections has treated me well and has an excellent reputation for honesty.
Ebay is a possibility but, as mentioned, sharp pictures are required. Even then, results could be spotty, so I'd try a few at a time, and judge the results against numbers from Heritage archives or other recent sources.
Combination of quickest, easiest and best results with least effort would be GC (or Stacks or Heritage).
Sorry for your loss. It’s refreshing to see a situation where the deceased collected quality coins. Usually these situations involve a pile of so-so stuff that is worth a small fraction of what everyone imagines will be a huge windfall.
I’d divide the coins into categories:
Finally, download the app called PCGS Cert. You can scan the bar code of the coin (if in a PCGS holder) or enter it manually and you’ll get a “Price Guide” value. It will also include a link to CoinFacts with up-to-date, price-realized auction data for the exact date/mintmark/condition of the coin you are scanning.
Best of luck. Can be a fun, memorable, rewarding way to remember your relative.