I just inherited a large and seemingly RARE coin collection - want to give back to family - HELP!
Comments
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I will answer questions that seem to have popped up, and that are odd to me, as this was a genuine post.
1.) The "Inherit" in the title was just something I mistakenly threw into the subject header. I should have worded different. It was not meant to be taken so literally. I simply meant that she handed them over to me. Looking back, bad choice of wording.
2.) I spoke to my friend several times between yesterday and today. She was aware that the gold itself was valuable, but had no idea that there could be coins that were in good enough condition that they might be worth something to a collector.
3.) Her father was a tax attorney who did not trust the dollar, so he bought and collected as much gold as he could, and it wasn't necessarily a "hobby" for him, as much as it was a backup in the event the value of the dollar became worthless. She said this was beaten into their heads as they grew up - to have a backup plan.
4.) Her family is not poor. Her kids will be more than fine, which I kind of thought, but it was not my place to assume. Regardless, with this amount of value, I still do not believe it is appropriate and that is why I came here.
5.) She and her husband are happy I have alerted them that there could be coins of value to collectors. I have been in touch with @MFeld and will work with him on an appraisal for them at which point they will decide what they want to do.
6.) I AM NOT NOR HAVE I AT ANY POINT WANTED TO KEEP THIS.
7.) I AM NOT NOR HAVE I AT ANY POINT FELT IT WAS MY DUTY TO MAKE DECISIONS FOR THE FAMILY.
8.) I solely came here for help on whether or not I should pay to have the items appraised, if anyone could tell me (at a glance) if these were as rare or valuable as I thought (since I am a novice), and if anyone could point me in the right direction.
9.) I am 48 years old, she is 78. I have known her and her family for over 35 years. I am not in the market to screw anyone over.I came here for help on coins and how to handle them. I did not come here to be judged on what my decisions are, nor whether anyone thinks my posts is legitimate.
From this point on, I am no longer responding as I have gotten in touch with whom I need.
Thanks for all those who were helpful and supportive.
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I've stayed out of this thread because I expected major confusion and wildly differing bits of advice. However, with this update you have given I will suggest the following-
1) Keep to your stated desire to stop posting. There is nothing more needed by anyone here and you do not need to waste your time or to be brought into genuine or trolled debates.
2) Meet with Mark Feld and trust him. He is the real thing and you are lucky to be able to call him a resource.
3) Good luck.
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Good job OP!
I would only add one bit of information. The Krugerrands, $20 Liberty, and other gold coins are incredibly valuable irrespective of their value to collectors. Collectors are only a subset of those who will buy gold. You’ll soon discover if any are in good enough condition to carry a significant numismatic premium, but most of the inherent value will likely derive from the metal content. I’m sure you’ve surmised that by now.
Best of luck and I sincerely hope it works out well for everyone.
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"I also have all United States Mint Proof Uncirculated Sets (whatever that is - sorry, I am still a novice)"
@Dnice8 you should have taken the advice Sparky64 gave you back on May 18 to buy a Red book
After all these years my wife still thinks I'm sexy. Every time I walk by she says "What An Ass"
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Much sound advice has been offered in this thread and it looks like Dnice8 is on the right path for handling this collection. Unfortunately, trollism seems to have set in, as it usually does, so I would like to ask a moderater to CLOSE THIS THREAD, please?
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Let's turn it into a contest or giveaway!
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According to coin facts the $3 coin is worth at least $2000 if EF. That is just one of many that you have. You have thousands of dollars in gold melt alone. I am just stunned that her kids could be so ignorant when there mother was going to give them thousands of dollars in gold.
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I'm not sure why you are being so critical. At least you deleted your prior criticism. She asked for help and got it.
A Red Book wouldn't have helped her with the K-rands...
All comments reflect the opinion of the author, even when irrefutably accurate.
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@markelman1125 said:
According to coin facts the $3 coin is worth at least $2000 if EF. That is just one of many that you have. You have thousands of dollars in gold melt alone. I am just stunned that her kids could be so ignorant when there mother was going to give them thousands of dollars in gold.I agree, totally mind boggling that inheritors would be so indifferent to free money.
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.
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@logger7 said:
@markelman1125 said:
According to coin facts the $3 coin is worth at least $2000 if EF. That is just one of many that you have. You have thousands of dollars in gold melt alone. I am just stunned that her kids could be so ignorant when there mother was going to give them thousands of dollars in gold.I agree, totally mind boggling that inheritors would be so indifferent to free money.
Yea if My family members offered a collection like that I would have taken it and ran
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Package it up detailing the inventory and contact Great Collections to auction it off.
"When they can't find anything wrong with you, they create it!"
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It's like no one actually reads the threads....
All comments reflect the opinion of the author, even when irrefutably accurate.
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Not really on topic, but I hope the OP feels free or is offered to keep a few of the interesting and less valuable coins. It would be a nice tangible reminder of the friendship and how she refused to take advantage of it.
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A very eye opening and educational thread. I discovered there are two clod posters I'd never want to do business with or trust with any opinions on a subject like this.
10-4,
My Instagram pictures
Erik
My registry sets5 -
After reading this thread, it appears that consulting with Mark Feld is the way this is headed. He may suggest local dealers in Houston known to be reputable, including Bonnie Sabel and U.S. Coins.
John
Keeper of the VAM Catalog • Professional Coin Imaging • Prime Number Set • World Coins in Early America • British Trade Dollars • Variety Attribution1 -
Another good reason we should welcome newbies; the Forum can always use more members who can comprehend the written word.
"Inspiration exists, but it has to find you working" Pablo Picasso
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@ElmerFusterpuck said:
Lots of good advice given here, I'd listen to folks like @MFeld and @BryceM. You mentioned you live in Houston. There is a good coin shop there called US Coins, juts off of I-10 near exit 761. I've visited that shop several times, they are very reputable. If you are shopping around for selling that gold, give them a call or bring a few of the coins by there.This. US Coins is an excellent shop work with, I have sold them gold numismatic coins in their shop, we sat down and worked out the value in a straightforward and honest way before agreeing to price.
Best, SH
My online coin store - https://desertmoonnm.com/0 -
@spacehayduke said:
@ElmerFusterpuck said:
Lots of good advice given here, I'd listen to folks like @MFeld and @BryceM. You mentioned you live in Houston. There is a good coin shop there called US Coins, juts off of I-10 near exit 761. I've visited that shop several times, they are very reputable. If you are shopping around for selling that gold, give them a call or bring a few of the coins by there.This. US Coins is an excellent shop work with, I have sold them gold numismatic coins in their shop, we sat down and worked out the value in a straightforward and honest way before agreeing to price.
Best, SH
And I forgot to mention, Ikea is almost right across I10 from US Coins so you can do you home shopping at the same visit!
My online coin store - https://desertmoonnm.com/0 -
Not sure why one would suggest closing this thread. There is lots of helpful information that extends beyond the OP's original query.
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@1northcoin said:
Not sure why one would suggest closing this thread. There is lots of helpful information that extends beyond the OP's original query.And, frankly, a minimal amount of trolling.
All comments reflect the opinion of the author, even when irrefutably accurate.
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Trolling is when someone makes a deliberatively provocative comment or post and waits for people to take the bait. ..
The trolling was done by the initial post -
After all these years my wife still thinks I'm sexy. Every time I walk by she says "What An Ass"
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@Mizzou said:
Trolling is when someone makes a deliberatively provocative comment or post and waits for people to take the bait. ..The trolling was done by the initial post -
SWEET. Then it looks like I accomplished my goal. You've been responding. Thanks for pointing that out for people
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@Dnice8 Looking at the picture with the 1oz coins you have at least 50 1oz gold coins 1coin is worth approximately $1860 per coin in gold melt alone. The pile of gold you have is worth at least $90,000. From the pictures you gave us you have a collection worth $100,000+ in value. I recommend doing your research yourself carefully to inform your friend the true value of the collection. It’s a great responsibility handing a collection valuable enough to buy a house or pay for college.
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@JBK said:
Her kids need to put down the electronic distractions and start paying attention to the real world.
No need to denigrate anyone. More likely the kids are grown with distractions like a job and family, though we have no idea and no reason to speculate.
On a related note, "electronic distractions" are actually more relevant to the real world than coin collections.
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@Davideo said:
@JBK said:
Her kids need to put down the electronic distractions and start paying attention to the real world.No need to denigrate anyone. More likely the kids are grown with distractions like a job and family, though we have no idea and no reason to speculate.
On a related note, "electronic distractions" are actually more relevant to the real world than coin collections.
Yes, of course, there could be other factors. It was just a commentary on how this person's kids couldn't recognize over $100,000 worth of gold as being valuable. Whatever the reason, that's kind of sad in my book. And I suspect they aren't alone.
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@JBK said:
@Davideo said:
@JBK said:
Her kids need to put down the electronic distractions and start paying attention to the real world.No need to denigrate anyone. More likely the kids are grown with distractions like a job and family, though we have no idea and no reason to speculate.
On a related note, "electronic distractions" are actually more relevant to the real world than coin collections.
Yes, of course, there could be other factors. It was just a commentary on how this person's kids couldn't recognize over $100,000 worth of gold as being valuable. Whatever the reason, that's kind of sad in my book. And I suspect they aren't alone.
Her "kids" are likely in their 50s as she is in her late 70s.
All comments reflect the opinion of the author, even when irrefutably accurate.
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I agree, totally mind boggling that inheritors would be so indifferent to free money.
Yea if My family members offered a collection like that I would have taken it and ran
All that I ever got were left over bills to pay.
I tossed them
Frank
BHNC #2030 -
Quite an interesting thread.
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Trolling is when someone makes a deliberatively provocative comment or post and waits for people to take the bait. ..
The trolling was done by the initial post -
SWEET. Then it looks like I accomplished my goal. You've been responding. Thanks for pointing that out for people
@Dnice8 after all the negative things I posted about your situation, you responded with a comment that made me laugh and a heart. I thought I 'd get a rise out of you sooner - you have the patience of a Saint.
After all these years my wife still thinks I'm sexy. Every time I walk by she says "What An Ass"
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@Mizzou said:
Trolling is when someone makes a deliberatively provocative comment or post and waits for people to take the bait. ..The trolling was done by the initial post -
@jmlanzaf said:
@JBK said:
@Davideo said:
@JBK said:
Her kids need to put down the electronic distractions and start paying attention to the real world.No need to denigrate anyone. More likely the kids are grown with distractions like a job and family, though we have no idea and no reason to speculate.
On a related note, "electronic distractions" are actually more relevant to the real world than coin collections.
Yes, of course, there could be other factors. It was just a commentary on how this person's kids couldn't recognize over $100,000 worth of gold as being valuable. Whatever the reason, that's kind of sad in my book. And I suspect they aren't alone.
Her "kids" are likely in their 50s as she was in her late 70s.
“she is”, not “she was”, and that’s probably a very important difference to her, her family and her friends.😉
Mark Feld* of Heritage Auctions*Unless otherwise noted, my posts here represent my personal opinions.
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Hi @Dnice8 and welcome to the forum. I have followed this thread with interest. I must admit, I cringed when I saw your initial post as there is generally some rather unpleasant initiation ritual one must suffer through when first posting on this site. Hopefully, you have gained more in information than you lost in respect for some of our members.
I finally chose to respond because I'm so happy you selected @MFeld as your contact person. Mark has unselfishly helped most of us at one time or another on this forum, including me. A classier act cannot be found here or anywhere in the numismatic community, in my humble opinion.
Tim
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@Mizzou said:
Trolling is when someone makes a deliberatively provocative comment or post and waits for people to take the bait. ..
The trolling was done by the initial post -
SWEET. Then it looks like I accomplished my goal. You've been responding. Thanks for pointing that out for people
@Dnice8 after all the negative things I posted about your situation, you responded with a comment that made me laugh and a heart. I thought I 'd get a rise out of you sooner - you have the patience of a Saint.
And why would you force her to strut out her sainthood? Smh...
All comments reflect the opinion of the author, even when irrefutably accurate.
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@pointfivezero said:
Hi @Dnice8 and welcome to the forum. I have followed this thread with interest. I must admit, I cringed when I saw your initial post as there is generally some rather unpleasant initiation ritual one must suffer through when first posting on this site. Hopefully, you have gained more in information than you lost in respect for some of our members.
I finally chose to respond because I'm so happy you selected @MFeld as your contact person. Mark has unselfishly helped most of us at one time or another on this forum, including me. A classier act cannot be found here or anywhere in the numismatic community, in my humble opinion.
Tim
Thank you. I get it. I wouldn’t totally trust my post, either. I posted it in the middle of a stressful situation and didn’t think through how it would come across.
I’m not a veteran of these boards and I don’t blame anyone on here at all for second guessing my motives. It’s cool. Life is too short to worry about stuff like that. I’m just grateful for all the help I did receive. Truly. Y’all are all great (including that crabby @Mizzou 😊)
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@Dnice8 said:
Thank you. I get it. I wouldn’t totally trust my post, either. I posted it in the middle of a stressful situation and didn’t think through how it would come across.
I’m not a veteran of these boards and I don’t blame anyone on here at all for second guessing my motives. It’s cool. Life is too short to worry about stuff like that. I’m just grateful for all the help I did receive. Truly. Y’all are all great (including that crabby @Mizzou 😊)
Lol - I am an 11 year veteran of this board and I get ridiculed on the regular, which is why I only post periodically. At least it has taught me to be less thin-skinned than my previous self. Anyway, welcome to the forum. We sensitive types hope you stick around. It's worth it.
Tim
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ignore the plonkers...
Previous transactions: Wondercoin, goldman86, dmarks, Type21 -
@jmlanzaf said:
@JBK said:
@Davideo said:
@JBK said:
Her kids need to put down the electronic distractions and start paying attention to the real world.No need to denigrate anyone. More likely the kids are grown with distractions like a job and family, though we have no idea and no reason to speculate.
On a related note, "electronic distractions" are actually more relevant to the real world than coin collections.
Yes, of course, there could be other factors. It was just a commentary on how this person's kids couldn't recognize over $100,000 worth of gold as being valuable. Whatever the reason, that's kind of sad in my book. And I suspect they aren't alone.
Her "kids" are likely in their 50s as she is in her late 70s.
Yes, most likely the case. But that was not stated until later on...
Either way, gold is gold, and I think everyone should know that gold has value.
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Thank you! She gave the collection to me while I was at her house with another friend. I didn’t open it up at her house. When my friend and I left her house, as were driving away I said “Wouldn’t it be great if there was a mint condition Buffalo coin or like an old Indian coin in there? I’ve never seen one outside of the internet.”
Then, we got home and I opened the box. The first thing I saw was the book of Gold 1880’s coins. I almost fell over. I immediately called her before flipping through it all and said “No way. This isn’t appropriate.” My other friend and I have been in a weird state of shock since, but we’re both committed to helping, and now that she’s aware, all is good. It was just such a funny and weird series of events.
The good news (for me as a newbie), is that I am getting to keep all of (or at least most of, as long as it’s not super valuable) the silver collection. It may not seem like a big deal to most collectors on this site, but to me, it is. I had been scraping and saving every penny, dime, quarter, etc. in an effort to try and make a collection for myself, and to leave something behind for my niece and nephews. Now, I have a really cool collection of coins with historical significance, although not monetary significance, to show them and to leave for them in my will. I’m so happy! I don’t care about the value, I just genuinely love the history behind the coins. It makes me value money more, and I hope to instill this into them.
Sorry for the long post.
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@Dnice8 said:
Thank you! She gave the collection to me while I was at her house with another friend. I didn’t open it up at her house. When my friend and I left her house, as were driving away I said “Wouldn’t it be great if there was a mint condition Buffalo coin or like an old Indian coin in there? I’ve never seen one outside of the internet.”
Then, we got home and I opened the box. The first thing I saw was the book of Gold 1880’s coins. I almost fell over. I immediately called her before flipping through it all and said “No way. This isn’t appropriate.” My other friend and I have been in a weird state of shock since, but we’re both committed to helping, and now that she’s aware, all is good. It was just such a funny and weird series of events.
The good news (for me as a newbie), is that I am getting to keep all of (or at least most of, as long as it’s not super valuable) the silver collection. It may not seem like a big deal to most collectors on this site, but to me, it is. I had been scraping and saving every penny, dime, quarter, etc. in an effort to try and make a collection for myself, and to leave something behind for my niece and nephews. Now, I have a really cool collection of coins with historical significance, although not monetary significance, to show them and to leave for them in my will. I’m so happy! I don’t care about the value, I just genuinely love the history behind the coins. It makes me value money more, and I hope to instill this into them.
Sorry for the long post.
Please don’t apologize - I wish there were more long posts like that!
Mark Feld* of Heritage Auctions*Unless otherwise noted, my posts here represent my personal opinions.
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I forgot to mention that there is “collectible bullion bars and ingots”
Rare one might have $100 in say silver but sell for several hundreds
The same idea applies— the chances of having one is low because they are rare, but you never know
This site’s precious metals forum has people that can tell you what you have.
Current maintainer of Stone's Master List of Favorite Websites // My BST transactions1 -
PLEASE let us know what the resolution to this is?
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Show us please "all of (or at least most of, as long as it’s not super valuable) the silver collection"!
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It will take quite a while before I have any resolution, it sounds like. I have to send a bunch to be graded and then I will know the appraisal value. From there, she will decide what to do.
I haven’t even looked at many of the silver coins yet. I’ve got everything in a safety deposit box now and am giving myself a break for a few days. Going to go hang my niece and nephews. If anything comes to fruition, I will update!
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@Dnice8 said:
It will take quite a while before I have any resolution, it sounds like. I have to send a bunch to be graded and then I will know the appraisal value. From there, she will decide what to do.I haven’t even looked at many of the silver coins yet. I’ve got everything in a safety deposit box now and am giving myself a break for a few days. Going to go hang my niece and nephews. If anything comes to fruition, I will update!
Please do not “go hang” your niece and nephews! 🤭😮
😉
Mark Feld* of Heritage Auctions*Unless otherwise noted, my posts here represent my personal opinions.
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Really depends on the nieces and nephews
7
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