Newbie - Need Help
Overwhelmed
Posts: 6 ✭
Hello All - I apologize in advance as this may be a bit long.
My father has what turns out to be a very extensive coin collection that he has asked me to inventory and get valued. I am still working through the coins using Coin Snap - I know the values are all wrong in the app, but it will give me an excel spreadsheet I can download with the inventory.
I am currently at 2300 coins - hence feeling very overwhelmed. I still have many more coins to inventory.
Many of the coins are in US Mint proof sets (in the original package). My first question is does having them in original packaging impact pricing? (I used to collect toys and if you had something in its original packaging it was always worth more.)
My next question is what is the best way to get the collection valued? We are not interested in selling, just getting a value and identifying any coins that may be of more value. It would be extremely expensive to ship the entire collection so I am looking for alternative ideas or maybe local contacts in the midwest who could take a look.
Thank you for any help/advice you care to share.
Comments
Not specific but in general, where in the midwest ?
Minnesota
Yes, original packaging helps.
If you want an actual appraisal, expect to pay $50 to $150 per hour. A local coin shop might do a quick survey for free. A coin collector could probably eliminate 95% of the coins as worth further consideration very quickly.
If you have 2300 coins, you very likely have 2000 coins that don't need a separate line on a spreadsheet. Unless tens of thousands were spent on the collection, you likely have a lot of material that could be bulked together.
As an example, pretty much any circulated Washington quarter other than the 1932-D and 1932-S is either "bullion" (1964 or earlier) or face value (1965 through today).
Every circulated Roosevelt dime and most uncirculated Roosevelt dimes are going to be either bullion or face value.
If you are photographing individual coins in proof and mint sets for the inventory, you are wasting time. Just include them as sets.
All comments reflect the opinion of the author, even when irrefutably accurate.
To far for me. Ohio here. I suggest researching coin shops in the area. Reach out to see if they can recommend someone to evaluate the collection. Understand it's going to incur a cost on a collection of that size. Make it clear you're not interested in selling.
An alternative is to go online and compare your particular item to the purchase price for the same item. If you're talking raw coins, condition means everything. You'll have to have an understanding of grades. Proof sets will be fairly easy to value. Raw coins will be harder and more time consuming. When looking at prices online, look for items sold, not what a seller is asking.
Keep it simple at first. Divide and conquer. Coins/sets older than 1965 generally have considerably more value. Then it goes to quality and rarity. Learn the location of mint marks as those too can add value. Then there are the few exceptions to those rules. You'll pick up on the finer details as time goes by. Red Book is well laid out and will get you in a ballpark. Good luck.
USAF veteran 1984-2005
Another option would be to spread stuff out on a table, take a birds-eye picture and post it here. That won't get you a good answer, It might get you more than what you have now, especially if @jmlanzaf's feeling (which I share) is accurate that most of the coins have very little value individually.
That is my feeling also that most of it really isn't that valuable, but not being a collector I don't want to undervalue something either.
Another option would be to take pictures of the 2-3 "best" items you've identified so far, and post just those pics. That would at least confirm whether your expectations are on target.
There's a lot of experience on this board. You will get a rough answer very quickly.
If you need an accurate answer, there's no alternative to having someone evaluate the collection in person.
Your initial post said that you were feeling overwhelmed. My comments are designed to get you less whelmed. I will say that by far the majority of folks with inherited collections indeed have only common items. Common items are common because that's what everyone has. But, every so often, there's a pleasant surprise for everyone...
Thanks for your help - I think I may choose a couple of the pieces that are 'supposed' to be more valuable and post photos here just to get a feel for things - thanks for the suggestion!
Calling @Tomthecoinguy...
I believe Tom may still be in the Twin Cities area? If not, reach out to the Northwest coin club website.
It also might be wise to pick up a cherry pickers guide . A lot of knowledge in that book !
Sorry, but the cherry pickers guide is way too much for a non collector to use. Some of those varieties require a review with a 10x glass. It’s enough for a non collector to review dates and mint marks. Grading is the next very challenging issue. After that, it’s counterfeits, and that could be a real problem if a novice collector has been buying circulated Morgan Dollars from the wrong sources.
Show some photos of the items you think are the most valuable. These will generate usable replies from board members.
That's a very good point ! I agree
The above would be my suggested starting points.
I've been told I tolerate fools poorly...that may explain things if I have a problem with you. Current ebay items - Nothing at the moment
Buy one of these. It's called a Red Book in the hobby. It might set you back $20 and you really won't have to replace it. Since your father collected the coins, and he apparently is still with you, he should be able to help with lots of questions. Good luck!
In honor of the memory of Cpl. Michael E. Thompson
I am getting ready to give my coin collection to the grandkids. In going through my proof sets I had a lot of 1968 up sets where I had taken the half dollars out for my Kennedy set and just left the other coins there. They are pretty but for the most part have very little value, especially as part of a broken set. So, I finished breaking out all the cents, nickels, dimes and quarters and the dollar coins too and put all of them in the change jar to be rolled and deposited in the bank. I've held them for many years and I believe the are worth less now than what I paid for them so to the bank they will go.
You may find, as you go through your dads collection that a lot of the newer stuff like mint sets and proof sets are not worth keeping and if you try to sell a lot of proof coins that are not silver to a shop you may end up getting less than face value.
I second @TomB and the suggestion to get a RedBook. Even if the prices aren't 100% accurate, it will give you relative valuations which can be helpful, and the information contained is a invaluable baseline of knowledge..
Another thing that might be worthwhile after (if) you get the Spreadsheet done, is to share it with us here (or through PM with a couple of members).
We can probably help start narrowing down whether you have to really look close.
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
Thanks! - I really appreciate your comment about the 1999 proof sets - I couldn't figure out why there are so many of those when there is only 1 of many other years. Most of the collection is uncirculated so I am hopeful there will be some value - I plan to take share some photos of the coins here soon.
exactly
All comments reflect the opinion of the author, even when irrefutably accurate.
1999 SILVER sets, not 1999 regular sets. They were the first year of the State Quarters so people bought a lot of them. A regular 1999 proof set doesn't carry a premium. A 1999 clad proof set is a $10 or $12 item. The silver proof set is $125 item. It would say "Silver" right on the outer box.
Very modern uncirculated coins are mostly face value. Uncirculated coinage would mostly have to be pre-1965 to much value over face value.
All comments reflect the opinion of the author, even when irrefutably accurate.
The spring Northwest Coin Club show is coming up March 20-22nd in Brooklyn Center. Check out hours on their website. You may want to bring some of the higher potential coins along with you for someone to evaluate. There are alot of good people there. Usually 90-100 tables and some really great board members.
If you use price guides remember that most reflect retail prices. If you go to sell to a dealer you will get less. Many low value coins will have what I call a "service charge" retail price. This is a price the dealer charges for common, low value coins and reflects the costs involved in just handling such material. Many "service charge" coins will be worth close to face value or even less if offered to the dealer for sale.