When I'm gone . . . . . coin photos added
Russell12
Posts: 364 ✭✭✭✭
It's not imminent, I'm just preparing, no one in my family it too interested. I have three sections to my US coin collection, 1-Album collection, 2-Slabbed collection and 3-junk silver. For the album collection I've listed the key dates in each album and the"retail" value of the books with an expectation of about 60-75% of the retail value. The junk silver is easy. For my slabs it's an ongoing PCGS AU or better Type Set. Should I base what they should expect to sell it for on Greysheet prices? Would a dealer pay full Greysheet pricing for the slabs?
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Personally, I have it planned everything to be boxed up and sent to Heritage.
They run various auctions and fill want-lists.
No muss. No fuss.
peacockcoins
I would suggest the following to simplify your collection:
Any pieces in the album collection that you feel has a significant retail value of say more than about $300 or thereabouts, send them in to PCGS for grading and keep them. Sell the rest of the album pieces to a local dealer.
Sell all of the junk silver to a local dealer.
You will then be left with a nice collection of graded examples that you can be proud of and pass along to your heirs for auction if they wish.
Depends on what the coins are for Greysheet. 10 to 50% back for most things. Premium items (5 figure coins) could get more. Common modern stuff is going to be more like 50% back.
While 75% of retail is likely for key dates, the other album coins may not come close to 60% raw. There are a lot of Mercs (most) that will get priced at melt, for example, at low uncirculated or lower regardless of retail.
I think it is better to provide guidance on where to sell it than how much to sell it for.
If the dealer senses that your heirs have little knowledge or interest in the coins ... how low can you go. Don't die with your coins.
I'm thinking of making this into a bumper sticker
It's true, though. If you can live without your coins at the end, why not be there to see them off to new ownership? I cannot imagine one's heirs being more knowledgeable about the collection and its worth.
Dead Cat Waltz Exonumia
"Coin collecting for outcasts..."
Tell you what, have them buried with you in the coffin. I'll remove them and put a check for the full amount in with you...
ANA 50 year/Life Member (now "Emeritus")
Thanks for the comments. Isn't the Greysheet wholesale pricing? Isn't that what dealers would buy at?
Greysheet (and all other price guides) are just that: price guides. They are not price specifics. No one is going to honor prices in a list someone else made. Coins are just not that fungible.
James
You all will look for me?
Slabbed coins- consign to auction house.
Junk silver- easy to sell either locally or to a big bullion company
Albums- calculate what everything is realistically worth and try selling it either locally, shop it around at a show, or list it on eBay.
Personally, I have it planned everything to be boxed up and sent to Heritage.
That's exactly what I have arranged.
Member ANA, SPMC, SCNA, FUN, CONECA
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https://youtu.be/pDxgCWiSnkE?si=TN9HnAGn9Qi7ECnC
They buy at the lowest price they think they can get away with. It's business.
It's just a bus stop wait, my friends..
Sometimes, it’s better to be LUCKY than good. 🍀 🍺👍
My Full Walker Registry Set (1916-1947):
https://www.ngccoin.com/registry/competitive-sets/16292/
Yup, they're not afraid to make obnoxious offers...And, when you're selling, the GS is overstated, but when you're buying, it's understated....Same old tricks. The best stuff should go to a reputable, well-publicized auction house, so that the true market can decide.
Sometimes, it’s better to be LUCKY than good. 🍀 🍺👍
My Full Walker Registry Set (1916-1947):
https://www.ngccoin.com/registry/competitive-sets/16292/
It's not that simple. Yes, it is what a dealer would pay if he wants the coin to retail. Dealers do not have markets for all coins. So if a dealer is buying coins that he's going to have to flip to the dealer who is going to retail them, he's going to offer you less.
HA would be the main plan if for some reason I was unexpectedly not around anymore, but for some that have had admirers that I consider friends, there will be an explicit list of pay or play prices and contact info. For some coins Id rather friends have a direct opportunity without having to battle it out, but everything else gets consigned.
This is, of course, for unexpected situations. Provided there's no surprises, I would liquidate all but a few before my mental acuity starts to deteriorate beyond my control.
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All well and good in theory, yet generally when that happens the subject is disillusioned into believing they are still in control. (It'll probably take a loved one to differentiate between the two states of mind.)
peacockcoins
This is getting depressing
Our daughter has all the instructions as to the location of the coins.
She has a detailed listing of each coin.
They are mainly slabbed De's.
explained to her about valuation/greysheets, coin archives, coin mintage, etc.
I explained to her about the various venues whether auctions, dealers, etc whom she can contact.
Afterwards, I asked her what she is planning to do?
She said without blinking... "keep the coins".
So....the sale starts next week???
From what I've seen from you and a large number of members the coins you all own are very desirable and worthy of a top auction house sale. I'll bet the coins the rest of us own don't make the cut.so wouldn't GC or Ebay be better - and do it while you are alive keep some of your best coins around with instructions how to dispose of them.
I guess there is something to be said for having a post-mortem auction of your collection, in a way, it immortalizes your name among the coin community and makes your collection a legacy.
At the same time, with a niche area like pioneer gold, a top tier type collection is not beneficial to the market as a whole, nor will it net the most. Majority of collectors have somewhat of a budget to adhere too, and if they were spaced out, they might buy several of the coins at strong market prices. However, a blowout type auction being discussed will limit the amount of coins they'll be able to target, and thus the collection won't reach its full potential as if it were parted out strategically one by one.
This is what happened in 2014, with the Riverboat collection. One of the top sets of all time, but the nature of the sale ended up suppressing the market until Covid times. Some of the coins in that set should have been $1 mil or more at the time, but may have only brought 650-750 K. The market subsequently was pretty flat for close to a decade after that, but the pacific co $5 should have brought a million then, and in its most recent appearance should have been 1.7-1.8 instead of 1.2.
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The ability to buy something at a depressed price is good for the collectors still alive. So it makes sence to sell while you are still alive and have a little control. I guess there are several ways to make money. Be an auction house. Be a dealer that usually turns a profit moving inventory. Or be a collector who holds important and desirable coins over time and sells into a hot market. Good Luck with that Mr. Collector. I have been a collector for a long time and things I've paid low prices for decades ago are thousands of times higher - so much so that I wouldn't buy today. Nevertheless, I would have made more money in the stock market - just not fun. IMO, 95% of us collectors are not going to get rich, so we better not be collecting coins to make money.
I don't understand this. Why is the sale price (twice) assumed to be not the correct market price?
I was told by my favorite dealer as a YN in the 70's that his buy price was 60% of "retail". I remember this as Red Book prices. I didn't ask for specifics, but I infer it covered the typical collections of the time, including album collections
Another local dealer seemed to be far lower.
Given the change in the coin market since then, I'd expect dealer buy prices for album collections of 60's circulating designs (the typical collection I assume usually offered) excluding actual key and semi-key dates to be less than 60% of "retail", maybe a lot less.
Aren't Greysheet prices "wholesale"?
The simple truth is that there is no wholesale price when selling average material. When it is time to sell for any reason, you either take the best offer you can get or keep/donate your coins.
My suggestion based on experience: If you are a typical collector like most, try to sell something you have collected just to see what it would bring if you wanted some money.
Yes , and almost every dealer offers 30% less than grey sheet prices. It’s kinda nutty.
I’m hoping my daughter can wait until her retirement she’s 44 now. By then she should do just fine even if she screws up. I’m throwing in a GC submission form if she wants the easy way. GC should still be around in 25 years, hopefully same terms.
This thread reminds me of the lyrics, "There will be one less coin to carry on. To carry on. . .
peacockcoins
Seems like it could take a long time to sell, depending upon the contents, which explains the additional 30%.
I've only looked intermittently on eBay but that's not "retail".
My impression is that it's mostly a one-way market.
There's an argument to be made that the second time could be the "correct" market price, but I think that the 2014 prices act as somewhat of an "anchor" so to speak, when trying to establish a trajectory. It's speculation, combined with the testimony and opinions of the collectors and specialists who were participating at that time.
Not as much speculation is needed to assume that many of the Riverboat pieces would have sold for more, had they not all been offered in an avalanche style sale. That was basically all of the trophies, coins that one may need to wait decades for, all at one time. Immediate liquidity becomes an issue for the wealthy the same as it does for the middle class, and with such a narrow collector base, collectors had to make some difficult decisions. I'm sure you can understand how flooding the market with many of the top examples of a given series is not the strategy that works best for maximizing sale prices.
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I'm guessing that GS is what dealers use to buy from and sell to each other. You're not going to get full GS if the buying dealer wants to sell it to another dealer and not lose $$$.
How can you even talk wholesale when 100 1892 au55 Morgans aren't exactly like each other in all respects and therefore aren't of equal value?
Okay, here are four coins from my collection, what would I reasonably expect to (currently) sell them to a dealer for? The point of my OP was to be able to leave a list for when I'm gone.
1922 Lincoln Cent No D, Strong Reverse
1917 Standing Liberty Quarter No Stars Type I
1937-D Buffalo Nickel 3 Legs
1838 Capped Bust Half Dollar Reeded Edge Reverse "Half Dol."
just for fun, one more . . .
Personally, I'd send those coins to an auction.
Never considered that, how would I set up my heirs to do that?
Tell them what company to call. You can't really set it up in advance
Ghostbusters?
chopmarkedtradedollars.com
Actually I have all my coins broken down into groups of Great Collection auctions. I filled out the forms and numbered them according to which group to sell 1st, 2nd 3rd etc. spaced over a period of years, I even have the labeled shipping boxes and bubble wrap in my office. my daughter just has to match the coins to the forms. james
Sure. If they have the best platform. Just make sure they don't cross the streams.
If by, "Ghostbuster" you mean Heritage, I agree.
peacockcoins
What happens when they change the form? What if they went out of business or simply charged addresses? I think i would have stopped at lotting them and designating GC. The rest seems like a possible wasted effort if you have to redo it because of the aforementioned.
Who ya gonna call...?
@jmlanzaf . i have had to redo twice in the past 5 years. What will happen? My daughter who is head librarian for 3 towns will adapt. That is life and in some cases death. James
Here to you having to redo it every five years, for a very long time!
@Russell12 . I agree. My pancreas doesn't. but I do. LOL James