What To Do With A Collection
Kraquin
Posts: 2 ✭
My elderly father-in-law has been collecting coins for about 20 years and wants to let them go. The thing is he has A LOT, hundreds, but nothing individually that valuable. Maybe some silver dollars, half dollars that are of a decent grade, a few proof sets, state quarter sets etc.. The thing is he gave me a bunch to sell because he doesn't do any kind of online buying or selling. He marked on them what his bottom dollar is. I did some checking and his bottom dollar is retail. I'm thinking the easiest way to dispose of it is for him to come up with a figure for his entire collection, knock off 10% and shop it around locally. If someone gives him that then call it a day.
Any suggestions much appreciated.
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Comments
10% off retail probably won't generate much interest. With common stuff (not bullion, of course), 50% off retail might not, either.
Teach him how to sell on ebay if he has a computer. He'd probably get a lot of pleasure selling.
If he won't do that, then shop the coins to three dealers and take the highest. Explain to him that ebay and paypal each take a bunch and shipping is expensive in the fact he'd probably have to buy all the necessities to ship properly.
bob
If he thinks he is going to get anything close to retail for a lot such as you describe he is dreaming. If you offer them for 10% less than retail they will laugh you out of the shop.
Much of what you describe will bring little more than face or silver value. Dealers are flooded with "stuff" like recent proof and mint sets. Pull out any individual coins that are actually scarce or rare. Those may actually bring decent money. Then convince your father-in-law that he needs to be more realistic in his asking price for the rest of the collection.
Selling collections such as this is not easy.
I'd separate it out by coins with numismatic (collector) value, coins with bullion value, and coins without much value beyond face value.
The bullion stuff (random silver coinage) is easy. Put that in one grouping and get a couple different dealer quotes. Selling silver on eBay is easy, but the fees eat up a lot of what you might get locally.
For the collectible stuff, if it's like most accumulations, 90% of the value will be in 10% of the coins.
Proof sets wholesale at 25-30% back of retail. 10% will work for bullion. Common date type stuff like Morgan's or Barber's have a bulk price.
Thanks for all the responses and tips. I kinda knew it wasn't going to be pretty.
we just had someone with a deceased grandfather's collection
here is the recent thread about the collection - https://forums.collectors.com/discussion/1047729/help-inherited-huge-coin-collection-want-to-sell
negotiating price with your father-in-law sounds like the hard part here.
ebay wants 10%, paypal 2.9% and then you have to ship insured with tracking. there is a fee calculator out there.
as you already know... the coin shop's gotta pay the rent....
ask questions, post pictures, etc.
wish you success on coming to terms over pricing.
unless he is in a very big need of money...talk to him about passing it on to "grandchild" who will remember him.
Just a thought on my part
Kennedys are my quest...
I sent you an PM with an idea.
How old is "elderly"? If he's seriously old and needs the funds, and you can afford it, maybe the kind thing to is to tell him you sold them at his price, give him the money, and do what you will with the coins on your own.
Or perhaps suggest that he donate them to a charity and write his number off on his taxes.
Also agree that gifting to a grandchild is a good choice.
LIBERTY SEATED DIMES WITH MAJOR VARIETIES CIRCULATION STRIKES (1837-1891) digital album
above $200 or $250 (?) donations require a letter from the charity to the donator so the irs can see it.
@Kraquin.... Welcome aboard. As you can see from the above responses, his collection is worth far more to him than it will be on the market (unless there are one or two special coins in there). Mint and proof sets sell for 50% of initial price generally.... unless they contain silver. Then add melt price by weight. Good luck, Cheers, RickO
Post some pictures so we have a better idea of what it is worth
Thanks
Frank D
I like what @savitale suggested, if you can swing that. Merry merry. Peace Roy
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It's $250, but if the total deduction amount is under $5,000, it is on the donor to put a value on it. All the receipt from the charity will say (in brief) is "We received xxxxx, no goods or services were provided in exchange for this contribution." From $500-$5,000 the donor is responsible for assigning a value. Over $5,000 the donor needs an appraisal to support the value claimed.
ModCrewman, CPA
My collection probably falls along the lines of your F-I-L, although it may contain a bit more silver (as they are Whitman folders of all denominations cents thru dollars pretty much from late 1800's thru today in many cases - - though later with silver). I have never considered it a source of future income thru liquidation. Rather, it is something I've treasured and enjoyed over the years, and would hope my kids & future grandkids would enjoy having & keeping up-to-date during their lives after I pass. I second others' sentiment that, if he can afford it, your F-I-L pass it down as well, or maybe you consider buying it to pass down or disperse to family members as gifts. Best of luck!