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 Replies: 23 / Views: 3,259 |
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Pillar of the Community
Australia
7096 Posts |
Whe my father died a few years ago we liqidated all his assets and shared the money equally between all his Grand children.
As Siblings we recived not a red cent but 18 of the next gereration did prety well and there was no arguments or bad feelings about who got what.
The kids ages ranged between 17 and 32 so they got some badly needed cash at a time in their lives when cash is a verry hard thing to accumilate.
The rest of us were in our 50's and if you havent got your house in order by then all the cash in the world won't help you anyway
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Pillar of the Community
United States
1208 Posts |
The quick way is take the stuff, with one or more of your siblings, to a stealer or two and sell it all one shot. The slow way is ebay or private sale... Could take a long time, but will bring in more money. A lot of good comments so far on things to look out for... |
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Pillar of the Community
United States
1796 Posts |
It is also a good practice to get more than one opinion when you're liquidating a lot of coins.
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Pillar of the Community
United States
3283 Posts |
I would suggest going with the consignment service offered by the good honest folks who run this website.
Look at the tool bar on the left side of this page under the heading navigation.
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Valued Member
United States
301 Posts |
We went through the same thing. When my wife's Mother passed, there was a pretty large coin & currency collection to deal with. We basically split it as equally as possible, doing research looking for key dates and rarities. I think we did alright. It was up to each sibling to figure out what to do with their share of the loot. My wife kept her share of the collection, and we unknowingly became collectors and have added much to the collection since that time.  |
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Rest in Peace
United States
9104 Posts |
 , jgator44! Unless you have a lot of time and experience to sell on ebay, your best bet is to get offers from 3 or more dealers, then take the best one. |
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Rest in Peace
United States
9104 Posts |
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Obviously your not a coin collector. However, have you considered becoming one? If your in good with the rest of the family, ask if you could just keep them all and slowly over time, pay them for them.
Here again, if you have offers from 3+ dealers, let's say $3000, and you want to collect them (or think silver prices will rise substantially) pay the other two $1000 each. You can do this with your own money, or just take $1000 less of the rest of the estate. |
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Pillar of the Community
Canada
3692 Posts |
Keep it all. Divide it amongst yourselves by draft. When else would you have the opportunity to pick out coins you want to keep - for free? These belonged to a family member - don't you have any sentiment at all? That way at least you validate all the time spent amassing such a pile. Tell your sisters that it IS money and there's no need to "liquidate" it. Seems kind of pointless to sell it all. I wouldn't want my own collection to go to some dealer who gets all my hard work in one shot. If you're THAT hungry for cash - cut out the middle man and just sell it all directly to a collector who will for sure appreciate it.
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Rest in Peace
United States
9104 Posts |
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Here's what I did...
Divide the set up as equally as possible and give each sibling their share of the collection along with names of dealers in the area and let them decide what to do with them. If you're not familiar with coins, how do you divide them equally? I just got a call from a guy who had a rare 1927 quarter he looked up in a book that said it was worth $400. This is the kind of calculations you typically get from a non-collector. Far better to have multiple dealers make an offer, which will get you real-world current pricing. After all, the value is what you can get for them, not what a book says. |
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Rest in Peace
United States
9104 Posts |
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If you're THAT hungry for cash - cut out the middle man and just sell it all directly to a collector who will for sure appreciate it. Let the collector bid against dealers, as they have different motives. A collector will pay higher for what he wants, but buy the rest at a price where he can make a profit selling to a dealer. An example: A collector brought us a nice little collection he bought from a widow who didn't want to sell to a "stealer" (yes, I saw that). He paid her $900, took out a few coins he wanted for himself (prolly worth a few hundred, based on what he sold), and sold us what was left for $1500. She prolly would have gotten twice as much selling to us in the first place. |
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Pillar of the Community
United States
3540 Posts |
bigfredd - you are the exception to the norm. I have watched multiple dealers (coins and firearms), frankly, LOW BALL people that did not have a clue what they had.
One of my favorite stories of the local gunshop. Dealer offered a person $400 for a Remington rifle. There was some banter/barter back and forth....then...the shop owner asked me what I would pay for the rifle. My question...."Just for the rifle or rifle AND the $1000 scope sitting on it?". Needless to say, that is the last time my opinion has been asked. Yes, the dealer definitely knew what the scope was worth.
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Rest in Peace
United States
9104 Posts |
That's why I suggested a minimum of three dealers.
In your gun example, if you left out "$1000", you prolly would have been OK. Sounds like you didn't like the dealer.
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Valued Member
Philippines
386 Posts |
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Take as many of pictures as you can and post it here. I am sure other will help evaluate the collection.  it's the first step. By then, you will be able to assess what to do next.  |
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Valued Member
United States
71 Posts |
There is another option, in this area there are auctioneers that specialize in collectable coin auctions, know how to promote and advertise them, and many times (just as on ebay) you can get a higher price than actual value. But, as on ebay, you do have a commision to pay out for the auction. This option also allows the family members to bid and purchase any part of the collection that you or they want. When the auction is over, the proceeds can be split evenly and those interested in any can work it out themselves! |
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Rest in Peace
United States
9104 Posts |
Like dealers, there are good and bad auctioneers, only you don't get more than one chance. Having sold coins at auction, there's some stuff that carries very little interest, and would have been better sold to a dealer than paying the commission.
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Replies: 23 / Views: 3,259 |
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Posted 12/23/2011 11:59 pm
