how do you prefer to keep track of your collection? Insurance?
LATHYRUS21
Posts: 101 ✭✭
A Good friend of mine decided to open her collection to me yesterday...
OH MY WORD!!
I had no Idea.... I knew she showed a little interest In what I was doing with My small measly collection.... After she mentioned it i just assumed there would be only a few things, maybe a small collection like mine, nothing too big or special....
Oh boy was I wrong......
It contains a little of everything US. very little foreign from first look.
Anyhow, She has asked me to help her catalog everything and Possibly find somewhere to insure the collection...
Are their a company that insures Raw COIN COLLECTIONS?
what do you like best to keep track and catalog your collection?
Thanks in advance...
Best Answers
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TomB
Posts: 22,077 ✭✭✭✭✭
Contact Hugh Wood, Inc (HWI). They are the official numismatic insurers for the ANA. You must be an ANA member to insure through them, but the cost of ANA membership is trivial compared to the sum you will save when you insure through HWI. Typical homeowner's or renter's insurance does not cover a coin collection and purchasing riders through these policies is generally incredibly expensive.
Contact HWI.
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Hemispherical
Posts: 9,370 ✭✭✭✭✭
First I want to say thank you. Thank you for helping your friend. Your a good friend.
Many good points have already been mentioned. I would like to attempt to put them in order.
-inventory with description (year, mm, FV, type), quantity, and pic(s)
-valuation of inventory (FV, PMV, numismatic value/premium)
-protect the inventory, flips, slabs, albums, dehumidifier, etc.
-insure inventory, depends on valuation, @TomB posted an option, check around
-sell some of the inventory items for $ to collect more (get past the first couple steps, first)
When your able please some pics.
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Answers
Does she rent or own a home?
There is homeowners insurance but need to check with the carrier or get a special rider.
What is the collection?
She Lives in a manufactured home in a senior park and has 0 crime rate until her dogs potty on the neighbors lawn. lol/./
I Haven't got to far into it yet, but at first glance there are several books of mercs, Indian heads, Lincolns.,, buffalo nickles, susan b, Anthony, un-circulated rolls of 61, 60, 69, and a bunch of envelopes with separated cents, dimes, buffalo nickles, jeffersons back from 38 and up , couple other books of dollars that I haven't looked at yet..couple of sms sets of 43 cents, 60 lg and sm. all of the coins in books are in very good condition just glancing at the buffalo nickles, all had visible dates... military commem./ and presidential commem or dollars... some dating back to 1800,s.... the one roll of 61 lincoln cents is uncirculated and the bottom coin is flawless.... looks like it could be conditions census coin....I Get a feeling that What was taken out of the chest was not all of it.... Enough for me to suggest appraisal & insurance though.
should I open up the 69 lincoln roll? dont see why not considering what could be inside.....
i get to delve into it later tonight and Im excited to help because I get the feeling that her uncle whom owned the collection last did not use a digital microscope. the first nickle I looked at had a lot of die deterioration on one side then maybe doubling on the other, the envelope that it was in was only labeled with the date and denom. one other I did open were the 1942 jefferson hoping to see full steps, I found 2 black coins..... Whats strange is I didnt see any type of magnification in the chest of collectibles.
This set has been passed on in her family, some of the handwriting was her grandmothers, then her mothers, an uncle... they have all contributed to it....
wont take long to catalog it because for the most part the books seem to be in order...
she wants me to pick out some high grade coins that will bring in some $$$ so she can continue to add to it and its going to take a while to decide what can go without breaking up any complete sets if there are. The whole reason for needing to catalog and know whats there
.....
If I may take a moment to jump to conclusions:
From what you've mentioned so far, there is nothing worth appraising or probably insuring. I've seen many accumulations like that and usually most of the value is in the bullion value of the circ common date silver. Don't let your passion or excitement get in the way of good, old-fashioned reason.
You MIGHT find something valuable in there. But rolls of 60, 61 and 69 cents are nothing to get excited about. I dumped 20 rolls of 1963 BU cents into a Coinstar right before Christmas. 69 or 69-S? If it's a 1969 P roll, it's Coinstar fodder.
What is an "sms set" of 1943 cents and 1960 cents? There's no such thing if SMS is supposed to be "Special Mint Set". If you are talking about fancy put together commercial sets, they are dollar box items at most coin stores.
It sounds like you will have a lot of fun going through such an old family collection. Yes, there could be some special coins in there... from your description though, most of it is common and holds little to now numismatic premiums. Get it documented and then isolate the valuable coins for consideration. Cheers, RickO
Also important, value is based on recently sold prices (not Ebay asking prices) for the same condition. Since these are all raw, determining value is more difficult and means more risk for buyers aka lower selling prices.
Just to give one recent example, a complete set of raw Lincoln’s, excluding the 4 real keys, can be had for $300.
It would be fun to find a key coin in the collection, but will take time and effort of course.
You may be correct about the Bullion value... So far that would not need insurance.,.. Now, I did spend some time last night searching the bu rolls and came on top with a couple specimens that at least for the 1961-d are definatly cleaner looking than the one pictured in the price guide at ms67+... My guess is they would grade it the same or 68... maybe call it the finest in its grade....
Then went onto a jar of circulated 1964 coins and found exactly what I thought I might... Now im not sure if her Uncle or grandmother knew this but may have,,,,, Several of the 64's are the D/D small/large.... there even appears to be a Verticle D on one of them..
Those will add up... but still, if I dont see any gold, which i haven't yet then it may not be worth insuring....
I opened the liberty V book.... the expensive key dates for that particular album were not there... She has a long way to go.