New Collector; Advice Requested
jts123
Posts: 9
Greetings from Birmingham, Alabama and my apology if I am posting in the incorrect forum. I am a novice in the world of coin collecting. I have recently inherited a rather large collection, which includes a truly mixed bag: lots of sealed, professionally graded gold & silver U.S. coins, along with lots of "commemorative" and international coins. I have done some preliminary research and my conclusion I is that, in the early '90's, my aunt was taken by a telephone outfit doing business as "Preferred Customer Service" out of Minnneapolis, where she paid approximately 3 times the book value of many coins.
I have begun cataloging the collection. I purchased the 2006 "official red book" and am also using the pricing guide on this site. I have also solicited the assistance of a local coin dealer. One of my concerns is that it appears the local coin dealer is offering substantially less than the price guide for a sampling of the graded coins.
My goal is to liquidate the collection, so that the valuable coins can return to those who appreciate them. So, how do I do that? I will gladly pay for an appraisal and/or enter into a broker arrangement.
The purpose of this post is to solicit the advice of veteran collectors and seek guidance regarding the nature of this market and the best manner to proceed.
Thank you for your input. I can be reached via reply to this post or by my e-mail address: trent.scofield@odnss.com
Trent Scofield
I have begun cataloging the collection. I purchased the 2006 "official red book" and am also using the pricing guide on this site. I have also solicited the assistance of a local coin dealer. One of my concerns is that it appears the local coin dealer is offering substantially less than the price guide for a sampling of the graded coins.
My goal is to liquidate the collection, so that the valuable coins can return to those who appreciate them. So, how do I do that? I will gladly pay for an appraisal and/or enter into a broker arrangement.
The purpose of this post is to solicit the advice of veteran collectors and seek guidance regarding the nature of this market and the best manner to proceed.
Thank you for your input. I can be reached via reply to this post or by my e-mail address: trent.scofield@odnss.com
Trent Scofield
0
Comments
You have done some very good groundwork thus far and it would help both you and the members of the forum if you could give us an idea as to what the "professionally graded" coins were in terms of grade, grading service and series. You may also want to list what you believe are the more valuable individual pieces, based upon your research, so that we may be able to tell you if the market truly supports the price scheme listed in the Red Book. Lastly, ebay is a decent place to look up past sales of common, modern material.
In honor of the memory of Cpl. Michael E. Thompson
the key will be to get with a reputable dealer you feel comfortable with and can trust who'll give an honest in-hand appraisal.
I see in your profile that you live in Birmingham, Alabama. There are several forum members, dealer and collectors both (Tassa and Dahlonega immediately come to mind, but I know there are more), who could probably review your holdings for a nominal fee (or perhaps even free of charge, though I certainly could not volunteer their services) and advise you the best means of disposing of the collection. In addition, there is a regular (? quarterly) coin show in the Birmingham area (? Bessamer) where you would have the opportunity to show the collection to a number of dealers.
Check back again next week. A large number of southern collectors are at the large national coin show in Orlando, FL and will have returned.
Finally, given the strength of both the bullion and rare coin market, it is possible that the passage of time has bailed out your aunt from what sounds like otherwise unwise purchases at the hands of unscrupulous sellers. Sorry for your loss.
Robert
Thanks very much for the prompt and thorough responses. I certainly do not want to burden the forum with a long list of coin descriptions, etc. The majority of the graded coins are PCGS, with green labels and black type. There are a large number of St Gaudens $20 (most PCGS), including a 1907 High Relief (Numismatic Guaranty Corp, AU 50), and other gold pieces of different denominations. From there, it appears to be a truly a mixed bag.
I hope to partner with an honest, reputable dealer and/or individual who can provide an impartial assessment and action plan. Recommendations from this forum will certainly be appreciated.
Much oblige for your feedback, feel free to contact me directly at trent.scofield@odnss.com
Thanks -- Trent
<< <i>To everyone:
Thanks very much for the prompt and thorough responses. I certainly do not want to burden the forum with a long list of coin descriptions, etc. The majority of the graded coins are PCGS, with green labels and black type. There are a large number of St Gaudens $20 (most PCGS), including a 1907 High Relief (Numismatic Guaranty Corp, AU 50), and other gold pieces of different denominations. From there, it appears to be a truly a mixed bag.
I hope to partner with an honest, reputable dealer and/or individual who can provide an impartial assessment and action plan. Recommendations from this forum will certainly be appreciated.
Much oblige for your feedback, feel free to contact me directly at trent.scofield@odnss.com
Thanks -- Trent >>
Definitely do not rush!
Thanx,
B00M
A high relief is a wow to start with.....
<< <i>Mr. Scofield,
I see in your profile that you live in Birmingham, Alabama. There are several forum members, dealer and collectors both (Tassa and Dahlonega immediately come to mind, but I know there are more), who could probably review your holdings for a nominal fee (or perhaps even free of charge, though I certainly could not volunteer their services) and advise you the best means of disposing of the collection. In addition, there is a regular (? quarterly) coin show in the Birmingham area (? Bessamer) where you would have the opportunity to show the collection to a number of dealers.
Check back again next week. A large number of southern collectors are at the large national coin show in Orlando, FL and will have returned.
Finally, given the strength of both the bullion and rare coin market, it is possible that the passage of time has bailed out your aunt from what sounds like otherwise unwise purchases at the hands of unscrupulous sellers. Sorry for your loss.
Robert >>
I couldn't have said it better myself. As Rush/Russ would say: Ditto!
I recommend that you make a list (Excel tends to work well) of all the coins, grades, and grading company (if any). Then post the US coins here and the "international" coins on the World Coin Forum. If you can't identify the world coins, you can probably get a copy of The Standard Catalog of World Coins by Chester Krause in your local public library (warning: its the size of a large phone book).
<< <i>"...lots of sealed, professionally graded gold & silver U.S. coins, along with lots of "commemorative" and international coins."
I recommend that you make a list (Excel tends to work well) of all the coins, grades, and grading company (if any). Then post the US coins here and the "international" coins on the World Coin Forum. If you can't identify the world coins, you can probably get a copy of The Standard Catalog of World Coins by Chester Krause in your local public library (warning: its the size of a large phone book). >>
Steve beat me to the suggestion of posting a list of coins on the World Coin Forum. You might get some good feedback and direction.