How best to sell raw coins?
124Spider
Posts: 1,116 ✭✭✭✭✭
Hi,
As I upgraded my various collections, I saved the coins being replaced.
Now, I have a number of albums, most substantially complete, that I really don't care about. There are a number of decent coins there, worth $100 or more (red book value). The albums are Lincoln cents, buffalo nickels, Jefferson nickels, Mercury dimes, Roosevelt dimes, standing Liberty quarters, Washington quarters, walking Liberty half dollars, Morgan dollars (about 20 of them) and peace dollars (about ten of them).
In aggregate, they're worth (again, red book value) well over $10,000.
That's a lot of money, to me, and I would like to sell these, if, indeed, it is reasonably possible to get something even vaguely like red book value for raw coins.
No, I am not willing to sell on eBay.
What might I expect from a reputable local coin shop, relative to red book value?
Thanks.
Mark
Comments
Blue Book value.
For those albums, coin shops will probably base an offer primarily on the keys (and maybe semi-keys). I suspect if you'll be comparing this amount to red book value, you're likely to be disappointed.
In 2x2 in junk box.
If you don’t want to sell on eBay yourself, how about consign the coins so another can sell for you(?)
Try BST and sell it in lots to avoid 10,000 transactions. Ask low and be done with it.
BST is probably the best bet if you don't want to use eBay.
I used to sell to a company named Empire Coin, out of Scottsdale, AZ. I don't think they exist anymore, at least I can't find them. They were great. You could send them your coins (raw or graded), and they would send back an itemized Excel document in a few weeks with each coin graded, and how much they would pay for them. They also showed the amount they would list them for on their website. They would send full payment with the Excel listing. If you disagreed with their offer on one of more of the coins, you could send a personal check to them and they would return the coins you didn't want to sell. I think you had a couple weeks to decide. I never actually did that, as I felt their offers were more than fair. The entire process took 2-3 weeks, but it was a great place to sell your widgets. I wish they were still around.
Good luck,
Dave
You're not going to get anywhere near Red Book from a dealer or on BST or anywhere else easily. You would have to sell them one at a time on (not) eBay and I'm not sure that's worth your time.
First thing I would do is pull out all the bullion value stuff and just scrap it as bullion. If they are circ up to AU, there's essentiallyno numismatic premium on common date Mercs, Washington quarters etc.
All comments reflect the opinion of the author, even when irrefutably accurate.
He clearly doesn't want to "ask low" if he's trying to get near book value.
All comments reflect the opinion of the author, even when irrefutably accurate.
Doubtful, frankly, for common dates. Of course, since they publish like once per year, you can probably get well over red book for common circ silver coins.
All comments reflect the opinion of the author, even when irrefutably accurate.
The Eeyore of Numismatics strikes again.
Shower up. Brush your teeth. Leave the basement. Put that negative energy into a walk or some squat thrusts.
In my experience, dealers will look at the almost complete albums, take a greysheet price for the set based on the lowest condition coins, and deduct the value of whats missing to complete the set. You won't get anywhere near the 'value' of the stuff you have.
The best way to maximize value is to split out the key dates, semi key and better condition coins and sell them individually, and then deal with blowing out the rest as a bulk lot, but that takes time and effort.
Expect to be disappointed. The keys , some-semi-keys and bullion related coins will bring moderate offers but the common date material will likely bring very little above face value.
If REDBOOK value is over $10,000 you need to pick out the better coins to be graded and sell the rest as bullion.
Is it this place?
https://www.empirecoinandvaluables.com
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I second the BST, or maybe set up a table at a local show. It really depends on how much time you want to spend selling everything. Contacting a dealer might be quickest, but you’ll get more selling at a show or BST.
Type collector, mainly into Seated. -formerly Ownerofawheatiehorde. Good BST transactions with: mirabela, OKCC, MICHAELDIXON, Gerard
How is that "negative"? I actually read what the OP posted. You should try it. He specifically said he wanted to get near book value. That is the exact opposite of "ask low". I'll take a walk while you work on reading comprehension and respecting the wishes of the OP.
All comments reflect the opinion of the author, even when irrefutably accurate.
I also think the bst
Student of numismatics and collector of Morgan dollars
Successful BST transactions with: Namvet Justindan Mattniss RWW olah_in_MA
Dantheman984 Toyz4geo SurfinxHI greencopper RWW bigjpst bretsan MWallace logger7 JWP
@124Spider . I am going to be very blunt. 99% of coin collectors get skinned trying to sell raw coins. If you have anywhere near the value you mentioned I know of only one option you have to recoup some of your money. Great Collections offers a program by which you can send them raw coins. they will send them to ANACs for $10 dollars a coin. (This means make sure each coin is worth at least $100) I don't know what you would do with coins under that value but that is the best advice I can give. James
Believe it or not, there ARE reputable dealers out there. Take your coins to couple of dealers in your area with better reputations and sell for the best offer. Or, do the same at a local show if you’re lucky enough to have one.
This a bit too much of a blanket statement, but once the bullion value is sold off, you might expect to get 70% of Red Book for the collectible stuff.
Scotsman sells such items in their auctions regularly and seemingly with very good results (at least on the ones I try to bid on).
Official PCGS account of:
www.TallahasseeCoinClub.com
Try the BST
See my PM
Frank D
Thanks; this has been very helpful!
I am intrigued by the suggestion by @seatedlib3991 to send the coins with some value to GC for certification by ANACS or another TPG, at the discretion of GC. I agree that that means that the coin has to be worth significantly more than melt to be worth it.
The remaining question would be coins worth significantly more than melt, but not $100 (e.g., a dime worth $65). If I would likely get at least $10 more selling an encapsulated coin through GC (net of fees) than getting melt for such a coin from a LCS, maybe I drop that $100 threshold down a bit?
I'm thinking that, once I decide on a cutoff for sending in to be graded and sold by GC, I'll just take the rest to a LCS and sell essentially for a discount from melt.
Does this sound like a good plan, given my unwillingness to sell the coins one at a time)?
Thanks again.
Mark
When I read threads like this I am reminded why all my coins are in holders and 95% have Green or Gold (Go Pack Go) stickers. Such a relief knowing my heirs are in a good place when it comes time to sell.
Successful BST with drddm, BustDMs, Pnies20, lkeigwin, pursuitofliberty, Bullsitter, felinfoel, SPalladino
$5 Type Set https://www.pcgs.com/setregistry/u-s-coins/type-sets/half-eagle-type-set-circulation-strikes-1795-1929/album/344192
CBH Set https://www.pcgs.com/setregistry/everyman-collections/everyman-half-dollars/everyman-capped-bust-half-dollars-1807-1839/album/345572
No offense to the GC program, but ultimately the values has to overcome the grading fees (as you stated in a follow up). I have a hard time even considering grading coins worth less than $200., but a LOT of that depends on grades too.
AU and better coins with better dates MIGHT be worth it, but there is time and money involved.
Sans taking the coins to a reputable Dealer (they are out there), with a reasonable wholesale figure in mind, and even though it's kind of difficult ... I would remove the ~$80.+ coins (or something about there), and sell the rest of each collection as a bulk lots on the BST (seperately). For example, partial set of Buffalo's, Merc Dimes, whatever. List and images.
On the $80+ coins, I would then make a few lots of those, again, same type, where the lots are in the $500. and less range.
The same can be done by having an eBay seller take care of those lots for you (I know more than a few members do this) or looking into a auction house like Scotsman.
It really is often two different types of collectors and dealers that want the first and second type of stuff, and so it MIGHT be worth he time and effort to split the groups apart a little.
My 2c ...
Good luck!
“We are only their care-takers,” he posed, “if we take good care of them, then centuries from now they may still be here … ”
Todd - BHNC #242
If the coin is truly worth $65 and sells for that on GC (BP included), you're going to net about $40
$59 hammer -10% SP -set up fee - $10 slab fee.
All comments reflect the opinion of the author, even when irrefutably accurate.
I remember a time when PCGS price guide value was for a premium coin for the grade.
Is RedBook considered differently?
If a dealer has to do all the work, especially in the raw... I think it is wishful thinking.
BST: KindaNewish (3/21/21), WQuarterFreddie (3/30/21), Meltdown (4/6/21), DBSTrader2 (5/5/21) AKA- unclemonkey on Blow Out
I don't think this is the same place. Interesting that it's in AZ though. Looks very different.
100% agree.
If you really want usable information we need to know a lot more about just what is in your collections. For example, does the Walking Liberty Halves collection contain many coins from the 1916 through 1933 period and what grade are they? Do you have the keys or are the collections mostly missing them?
Don't start spending money on slabbing by anyone until you know what you are doing.
Can you post photos of some of the better coins? That would be very helpful.
With my coins valued under $100 I find it hard to find a dealer who would pay even 50% of PCGS guide.
I mention this only to say you might not get anything near guide pricing for the low value pieces.
"Inspiration exists, but it has to find you working" Pablo Picasso
Greysheet value for those complete sets in Fine is about $20k. "Substantially complete" sets would probably lack the most valuable dates, which could lower the value to around $10k. As well, the OP noted there were a number of "$100 or more" coins, but didn't say anything about $250 coins or $500 coins. Realistically, how many circulated 20th century album coins valued at $100 or less benefit from being slabbed?
@124Spider
Mark, just list them on the BST, it doesn't cost you anything but the time to do it.
If then some don't sell move on to other options like GS or LCS.
I believe at the right price and no fees on the BST you will do fine
Good luck
Mike
My Indians
Dansco Set
Very few, if any. I honestly can't think of one off the top of my head. The ones that would benefit are the often counterfeited keys that are over $100.
But, you have to remember where we are. Some of these folks slab everything, even if the slab is worth more than the coin. Lol
All comments reflect the opinion of the author, even when irrefutably accurate.
My suggestion is reach out via PM to Jeremy @airplanenut and see if he is still doing ebay consignments. If he is that would be one way to liquidate.
My Collection of Old Holders
Never a slave to one plastic brand will I ever be.
@124Spider . The only additional comment I wish to make to you is that at the end of the day only you now the quality of the coins you are selling. This will make the biggest determinate in what you get for your coins. I have used Great Collections many times and they do all the heavy lifting of photos and money collecting; for that they get a modest sum in my opinion and I have never gotten back less than 85% of my original money. Except in one case where i sold a group of "learning" coins I knew had problems; hence my comment on quality of coins. I assume the same may apply to selling here or anywhere else, it just depends on the level of risk you are comfortable with and the additional effort you think needed. Good luck in all things. james
It's nice that you are able to afford to have all your coins certified, and/or that all your coins are so valuable that they're worth certifying.
Many/most of us are not in that position.
While the vast majority of the aggregate value of my collections is comprised of certified coins, the vast majority of my coins are not valuable enough to warrant getting certified.
If I (or my estate) takes a bit of a beating on the resale of the raw coins, so be it.
YMMV
If I were you, I'd shop the coins around to a few brick and mortar places. Expect to get offers that stun you. But then you'll have a good idea of the "start" point of the value of your various collections.
for those that are 90%, expect 20% or more back of spot pricing as a "start" for the set.
If you just want to get rid of them, as many others here suggested, put them on BST.
Surf
The 2025 redbook is based on only $25 a troy ounce silver prices, so you can get more than those listed prices for the bullion silver coins in the lowest grades since silver is now $72 a troy ounce, almost triple.
Because the Red Book only comes out once a year and its prices are provided far in advance of the publishing date, prices for other coins can also be out of date. Said another way, if I were selling coins I wouldn’t use the Red Book for pricing.
Mark Feld* of Heritage Auctions*Unless otherwise noted, my posts here represent my personal opinions.