Dads Stuff Posted October 15, 2005 Report Share Posted October 15, 2005 Hi, I would like to introduce myself and my situation and perhaps get some guidance on the best course of action. My name is Linda and my siblings and I recently inherited our father's coin collection that we wish to liquidate. None of us have any experience or knowledge about coins. We are now in the process of cataloging his collection. Our father did not collect any specific type or denomination of coins, just a little of this and a little of that. It is all very overwhelming to us. I have lurked on your board for a couple of weeks now and for the most part, the terminology just goes completely over my head. And it is all so confusing. So here I am, asking for advice from the experts. A little about Dad's collection: I can be more specific after cataloging, so please bear with me. There are lots of coins, ranging from pennies, nickles, dimes, quarters, halfs, dollars to gold coins and silver bars. Some are loose, some are in cellophane (?) sleeves, hard plastic cases with holes for the coins, bags, rolls and velvet-like boxes with COAs. Mint sets, proof sets, special mint sets, prestige sets. (there are enough of them to fill a good sized laundry basket) My first question is, what is the best way to sell them. We are not interested in selling them on ebay. That would just take forever and without a feedback rating would be risky. So, where do we go from here? Dealer, coin show, auction? Question #2: What coins should be graded? Loose coins only? And how does one get that done? Any help would be greatly appreciated. I am sure there will be other questions after we get a little more organized. Thanks for your help. Link to comment Share on other sites More sharing options...
UncleBobo Posted October 15, 2005 Report Share Posted October 15, 2005 My first bit of advice would be to by a book listing coin prices so you can get some idea of what you are dealing with. The above book, Official Price Guide Redbook of U.S. Coins, is a good place to start. Link to comment Share on other sites More sharing options...
Guest Stujoe Posted October 15, 2005 Report Share Posted October 15, 2005 First things first. Don't clean them or try to improve them in any way. Hopefully, you have picked that up by lurking but it bears repeating since it is so important. Trying to improve the coins can decrease their value faster than anything else. Also, handle the coins as little as possible if they are not in some kind of protective holder. When you do handle them, treat them gently and only hold them by the edges between your fingers. You do not want to get fingerprints on them or scratch them or create any damage to them at all. All of that can decrease their value. Condition is incredibly important in coins. As far as valuing them, unfortunately, there is years of knowledge that goes into valuing coins. In some cases, it requires a lifetime of knowledge that someone not familiar with coins and terminology just will not have. I don't want to scare you but this puts you at a serious disadvantage when trying to liquidate a collection. So, be wary. If you have more than one local dealer in your area, I might suggest getting a valuation from them and comparing them. I would only suggest this after you have some basic knowledge of what you have. You can also do some research on your own first. A twelve dollar Redbook (A Guidebook of United States Coin) might help you quite a bit in getting a little knowledge that can assist you. Most larger bookstores will have one. You library might possibly have one too. It doesn't matter a lot if it is a year or two old. For what it looks like: http://www.amazon.com/exec/obidos/tg/detai...762343?v=glance It won't make you an expert but it can help you not be as easily taken advantage of. If you have a camera and can take some pictures of the coins, some here can probably help with valuing some of them. If you have a lot of coins, it would be best to post them after getting an idea of values from the Redbook. You don't want to waste time posting images of Wheat cents that might be worth 5 cents each if you have a 1909-S VDB worth a grand or two. My best advice would be to go slow and do a little research. Ask questions and get an idea of what you have before liquidating. If time is an issue, you need to expect to receive very little value for the items if you just blow them off without having any idea of what you have. I wouldn't expect to find anything that will make you filthy rich but stranger things have happened. Finally, welcome and you will find a lot of helpful people here who can help you. Link to comment Share on other sites More sharing options...
LostDutchman Posted October 15, 2005 Report Share Posted October 15, 2005 welcome! I run into this all the time....and it can be tough.... If you have any questions I will be happy to answer them.... If you plan to liquidate them through a dealer I would reccomend the blue book over the red book the blue book gives prices that you should expect from a dealer.... if you have any questions please e mail me at Matt@lostdutchmanrarecoins.com good luck! Link to comment Share on other sites More sharing options...
LostDutchman Posted October 15, 2005 Report Share Posted October 15, 2005 as for the question of what should be graded.....there are very few coins in my oppinion that should be graded by a third party company....and without proper guidence you might end up spending more money then the collection is worth your best bet for getting rid of it all at once is to find an honest dealer and liquidate it through them...(that may be harder then it seems depending on where you are located)..at a coin show I have seen nice coins purchased for nothing....and auctions have a lot of fees Link to comment Share on other sites More sharing options...
Art Posted October 15, 2005 Report Share Posted October 15, 2005 I'd avoid attempting to sell them at a show. Dealers are busy and don't have the time or inclination to spend much effort on your collection. They'll just lowball the deal and if you accept - great for them. You may want to find an honest dealer and pay them to evaluate and catalog the collection. It's time consuming and therefore costs a bit. The nice part is that if the dealer is well know and reputable, you can then send the list to a number of dealers for bids. Some dealers want you to send the coins for pricing - don't do it. If you can't hand carry them for inspection move on to another dealer. Good luck. You may want to see if there's a local coin club. Many have sales and auctions. Most require that you become a member before you can sell. The dues are usually quite small, like $5-10 per year. Good luck. Link to comment Share on other sites More sharing options...
LostDutchman Posted October 15, 2005 Report Share Posted October 15, 2005 good advice art...some dealers won't even mess with list they get in the mail... it's sad but true...the coin club idea is a good one. Link to comment Share on other sites More sharing options...
Kat Posted October 15, 2005 Report Share Posted October 15, 2005 Howdy! I glanced at your personal information and might suggest adding the state where you live. Maybe you have one of our folks in your area that could help. We have some dealers with their own shops--you never know--one might be close to you. Link to comment Share on other sites More sharing options...
Dads Stuff Posted October 15, 2005 Author Report Share Posted October 15, 2005 Thanks for the input so far. More questions, please.... 1. I definitely will get the red or blue book or maybe both. But how do I know whether the coin is good, fine or better? There are descriptions in the book? 2. If I check out a coin dealer, should I take all of the coins with me when I go? Or could I take a listing of what we have and photos to see if the dealer is interested in looking at the coins? This is a logistical issue, because I live in a very rural area. There is only one coin dealer within a 50 mile radius. That means I would probably have to go to St. Louis, Kansas City or Springfield unless I just stop at each of the towns along the way. How will I know if they are reputable? The only reference I will have is picking them out of the phone book. 3. There are some pennies and quarters that are in paper rolls and some dimes and quarters in plastic tubes. Should we unroll and list them separately or leave them alone? And yes, I learned from lurking about handling the coins. I read the post I think it was about "blemishes or fingerprints, what do you hate most". That post should be required reading. One of our dollar coins has a finger print on it. Don't know who or how, but it is like a neon light blinking when you look at the coin. And I had no idea that coins with "rainbows" could be a good thing!!! Question about finish....Some have a mat/frosty finish and some have a really shiny finish, why? Thanks again. Link to comment Share on other sites More sharing options...
Guest Stujoe Posted October 15, 2005 Report Share Posted October 15, 2005 About the grading... Yep, there are basic grading descriptions in the Red book (Blue book too I imagine). There are also some online: http://coinpeople.com/index.php?showtopic=28 (look towards teh bottom of the article) Another 12 dollar book (Official ANA Grading Standards) covers all US series in much more depth: http://www.brent-krueger.com/books7.html Link to comment Share on other sites More sharing options...
LostDutchman Posted October 15, 2005 Report Share Posted October 15, 2005 I know a great dealer in St. Louis if you want his info please get a hold of me Link to comment Share on other sites More sharing options...
Dads Stuff Posted October 15, 2005 Author Report Share Posted October 15, 2005 Thanks Lost, I'll have to work up my nerve a little bit before I can go into the city. The thought just scares the bejeebers out of me. I'm just a poor dumb country girl. Link to comment Share on other sites More sharing options...
LostDutchman Posted October 15, 2005 Report Share Posted October 15, 2005 well if you decide that you want to do that I can send you his information in an e mail...he might come to you....he drives over here once a week to see me and in a very stand up guy. Link to comment Share on other sites More sharing options...
Guest Stujoe Posted October 15, 2005 Report Share Posted October 15, 2005 If you are in Missouri, there is a large show coming up next week/weekend. http://www.numismaticnews.net/Default.aspx...02#1502Articles Apparently, it will be in St Charles this year. Link to comment Share on other sites More sharing options...
whohah Posted October 16, 2005 Report Share Posted October 16, 2005 Since you are liquidating Dad's collection, may I assume that Dad has passed away? If so, you and your family have my condolences for your loss. If Dad is no longer with you in spirit due to dementia or Alzheimer's, you still have my condolences. In any event, you and your family may want to seriously consider whether you even want to sell the collection. While the 'coin market' has its ups-and-downs, in my opinion, we are in the 5th or 6th year of an 'up' cycle with no end in sight. So, holding these items shouldn't be cause for worry as far as a loss in value is concerned. However, if interest and inflation rates rise by drastic amounts, there could be a weakness in the market due to the need to liquidate 'non-essentials' in order to secure 'essentials'. I also assume that these items are US issues. In that case, the Red Book and the Blue Book are necessary for you to acquire so that you can get a rough idea of value. The Red book is a yearly compilation of retail prices of US coins in various grades. It is not to be considered anything more than a rough guide for values. The Blue Book is a yearly compilation of dealers' avarage buying prices. In my years of collecting, I've seen that the ratio of dealers' buying prices to their selling price is that the buy price is 'usually' 60% of the Selling price. Of course, that is only a very rough rule of thumb. There are two major weekly publications which will aid in determining a 'present' value for your items. These are "Numismatic News" and "Coin World." Both can be found by a search-engine on the internet and each will send you a sample copy for free or for a nominal cost. The day-to-day values of any particular coin can only be 'determined' by those who devote themselves to this market by being either a dealer or investor who buy and sell on a daily basis. Even then, the 'value' of any particular item is only a momentary thing dependant on the meeting of a willing seller with a willing buyer. To sell quickly is almost an ideal recipe for getting the least you can from your Dad's long efforts. Take time to know what you have before you make the decision to sell or keep these items. One of your best resources you are already using. It's Coinpeople.com. Follow the various links and you will find grading and price 'guides'. Remember, a guide is just that, it is not gospel. Good luck, have fun and remember your Dad as you follow the numismatic trail... Link to comment Share on other sites More sharing options...
JDen1952 Posted October 16, 2005 Report Share Posted October 16, 2005 Welcome, Linda. Before you dispose of the entire lot, would you consider posting a list of what you've got and your asking price? Or at least let us make some offers? Some of us are always interested in "something" if the price were acceptable; not necessarily actively looking. Personally, I'm interested in a 1965 SMS (Special Mint Set, original packaging), but am not actively searching for one at the moment. If one became available, though, I'd jump on it. Jerry Link to comment Share on other sites More sharing options...
Grifter Posted October 16, 2005 Report Share Posted October 16, 2005 JDen1952 Posted Today, 09:11 PM Welcome, Linda. Before you dispose of the entire lot, would you consider posting a list of what you've got and your asking price? Or at least let us make some offers? Some of us are always interested in "something" if the price were acceptable; not necessarily actively looking. Indeed. Link to comment Share on other sites More sharing options...
Tiffibunny Posted October 16, 2005 Report Share Posted October 16, 2005 As to the previous 2 posts, you are free to ask for lists & prices via PM. We have advertising requirements. Link to comment Share on other sites More sharing options...
JDen1952 Posted October 17, 2005 Report Share Posted October 17, 2005 I agree, sweet bunny. But my intention was more for the general information of the group rather than for me, specifically. I've read the rules and in an instance like this, it's a grey area as to where to post. I guess I'll keep muddling along and take my chastisements. Jerry Really, I'm not a newbie. Link to comment Share on other sites More sharing options...
Dads Stuff Posted October 17, 2005 Author Report Share Posted October 17, 2005 OK, I am going to post what I am calling a test list. It is a list of the Dollars we have cataloged so far. It only shows the year and type of dollar, as I have not yet gotten to town to get a book for any type of grading. If I am posting this in the wrong place, please be gentle and sent me to the correct location. Thanks. TYPE YEAR MINT NOTES MORGAN 1883 F Many of these coins MORGAN 1888 O MORGAN 1890 MORGAN 1890 O MORGAN 1896 MORGAN 1897 S MORGAN 1897 O MORGAN 1899 O MORGAN 1899 S MORGAN 1904 S MORGAN 1904 O MORGAN 1921 D MORGAN 1921 S MORGAN 1921 MORGAN 1921 MORGAN 1921 S MORGAN 1921 S PEACE 1922 Toned Colors PEACE 1922 D PEACE 1922 PEACE 1922 D PEACE 1922 PEACE 1922 PEACE 1923 P MS/64 $25 Certified NNCS PEACE 1923 PEACE 1923 PEACE 1923 PEACE 1923 PEACE 1923 PEACE 1923 S PEACE 1923 S PEACE 1923 S PEACE 1923 Toned Colors PEACE 1924 PEACE 1926 D PEACE 1926 S PEACE 1927 PEACE 1928 S PEACE 1928 S PEACE 1934 PEACE 1934 G PEACE 1934 D PEACE 1934 S PEACE 1935 PEACE 1935 S Link to comment Share on other sites More sharing options...
LostDutchman Posted October 17, 2005 Report Share Posted October 17, 2005 well only 2 of those coins really catch my eye and it depends on condition. the 1904 S Morgan silver dollar is a harder date but still kinda common in circulated condition the 1934 S is another coin depending on the condition might be something....but grade is everything on those coins....Very Goods and Fines of those coins are around $25-$30 where true uncs are hundreds Link to comment Share on other sites More sharing options...
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