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 Replies: 37 / Views: 4,806 |
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Valued Member
 Canada
103 Posts |
I guess that was kind of my point. Knowing something is "PL" is still completely useless, without knowing the actual grade, as PL has such a huge range. 64 to 66 has a ~59 dollar variance. So knowing "PL" how does that actually help anyone? You or me? Who is qualified (except the dude that wants to buy my coins for cheap, and charges me $75/hr) to assign that grade? I hope you know there is no" tone" as I wonder these things "aloud".
The more I know, the more disillusioned I become :(
I still appreciate everyone for contributing their time.
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Valued Member
Canada
103 Posts |
. o 0 ( How do I know they are not the PL-66 variety? )
Ahhh coins. So much fun lol
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Pillar of the Community
Canada
1505 Posts |
As others have mentioned, you need to ignore the "catalog" price, try looking at the actual prices sold (see link below), but also look at the sales volume, most of them will be low single digits, meaning they don't move very often. http://www.coinsandcanada.com/coins...&Send=SearchLast time I sold nickle dollars, I sold a bulk lot of 10 for for $20, and it took a few months to sell. Basically I cleared about $0.60 per coin for an un-circulated coin. Most coins from 1968+ are only worth face value, with a few notable exceptions (1973 LB quarter, 1974 $1 yoke, etc...). These coins will eventually sell above face value, but it will take time if you are trying to charge too much of premium. Another example, I have listed a bunch of individual uncirculated loonies for sale at $3 each, after 1 year, I have sold 4. I'm in no hurry, but that is the kind of market you are up against on ebay. In most cases it is not worth the effort to sell, too much supply, not enough demand. You may want to try listing as a bulk lot, sometimes that will give you your best chance at a sale, but probably not worth too much. Selling individually is a long drawn out process. Older stuff (pre-1950's and silver can yield you some good value). |
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Valued Member
Canada
395 Posts |
Having the right references is probably the first step if you wanted to learn. After that it's only about experience, the more you see the more you will know. I would suggest local coin clubs if available you can quickly find out who is knowledgeable and experienced and most people are happy to help out. Past that there are also many reputable dealers available if you were looking to sell as a lot and I'm sure many could make suggestions based on your location. You can easily keep posting pictures especially of things that you might think are worth more and if you want second or third opinions there is other coin forums, Reddit, coin shows, coin clubs. Remember cheap is a relative term sometimes people are unrealistic in value. If a coin if it books at 70, has a market value of say 40, a dealer isn't going to give you 30 bucks for it it just wouldn't be worth the time.
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Pillar of the Community
 Canada
5594 Posts |
PL coins are all just as the name suggests .. .they are bright and shiny and have never been out of a drawer or in someone's pocket. Every single one of them will be at least 62 up to 65 and there are thousands of them available... collectors much much prefer coins meant for circulation and above 62/63, NOT PL's. You'll be lucky to get much of a premium over face, regardless what the "books" say they are worth. You have a daunting task, but the first thing you need is knowledge to weed out the common stuff and concentrate on coins that have a proven track record and that folks want due to scarcity and demand. Even if a coin has only 1,000 minted (rather than 10's of millions), if there are only 100-200 collectors, the coins are virtually worthless and probably worth less than issue price.
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Valued Member
Canada
103 Posts |
Well I am about to give up. I use the internet as a resource as suggested, and am then told to ignore it lol
Above PurelyWasted (thank you) provides a link, which includes a PL rating for which mine could be? (or maybe no?) of PL 66.. which states 9 sales @ $20. Yet then I'm told to take it to a bank and get face value for it. Then Talon (Thank you) suggests IF it has a value of 70, the market might bare 40, and a dealer might offer 30, and again this being a PL66 (or maybe not?) the very link provided says that is selling for $20, which means maybe I'd get $10, and yet I should bring it to the bank. Okie says (thank you) all PLs are 62 up to 65, yet the very link provided shows PL 66 and 67? I've been given several links to use, and when I cross reference and use them, I am told to ignore it. *shrug* This isn't daunting, it's pointless. lol
I can't be bothered with doing this a coin at a time. At face value, my time is FAR FAR more valuable.
Side Note, End Game was awesome! :) Go see it!
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Pillar of the Community
Canada
1463 Posts |
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Valued Member
Canada
288 Posts |
I think Coin Noob has provided a valuable lesson in why we shouldn't be suggesting inexperienced heirs take on the massive task of evaluating their own collections. It is just not possible. As collectors, most members here may not realize how daunting it is because we do it everyday and have been doing it for years or decades. Not so for most other people. It's impossible for them to learn how to grade, learn how the market works, learn how to price, etc. Can't be done without a considerable investment of time and effort.
Coin Noob: have you looked up dealers in your area who may be able to give you a sense of what the accumulation is worth and how to handle it?
Edited by NumisCat
04/26/2019 12:18 pm
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Valued Member
Canada
103 Posts |
Thanks NumisCat.
I reached out to one coin shop. They quoted $75/hour to go through and value the collection. I am in the process of getting rid of (to my change jar) everything that is easy to determine value. That might be ~30% of the collection. I'm keeping a few things purely for aesthetics, and what is left I may (or may not) take to the guy I spoke with. Aside from that $75/hr there is a question of trust, when the person valuing things may have a stake in the claim, if he also decides he wants to buy something.
For me the equivalent is Beckett and sports cards. Honestly they're mostly a joke. I'm not sure how they justify their own existence when the market itself takes everything they say, and then tosses it out the window and sets their own price.
Appreciate all the time people have spent ... I plan on minimizing mine (luckily I type fast). Tempting just to throw the lot on Kijiji for $200 OBO and go for some whiskey and wings. :)
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Valued Member
Canada
395 Posts |
Although NumisCat is correct in it being alot of work some people need to experience it to believe that getting half the market value is actually worth the time they would have had to spend. It's also important for heirs of collections determine what they intend to do with the collection before they start, in most cases selling it as a lot to an honest dealer or collector is probably the best bet for cash vs time. Coin noob puts up great points too that even if he decides to sell it all, how is he to know who is being honest and who is not. I know when I appraise a collection and especially if I am also offering money for that collection I will bring reference material to show book value, it's not that I need to look up the book values its to show the owner the values written down in a book and then also show them sold prices on either ebay or another coin auction to show actual market value then tell them what I would pay and why. You can also do the same yourself if you are getting an appraisal and look up actual market value( ebay sold listings) vs the prices they tell you. A good reason why I always suggest coin clubs is they are generally a free and easy way to get help from multiple sources at once. Lastly I see you're in Calgary and they are having the RCNA convention this year in the summer, that means more collectors and dealers in your area at that time and more choices for you to use. If you do want to go the Kijiji I think there are better choices like the BST forum here or over at coinsandcanada or reddit /r/Coins4Sale/ at least with all these places you'd be selling to numismatists and not just people interested in the precious metals. |
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Valued Member
Canada
103 Posts |
I took a few that were older (1880's) graded decently (VF), and had good book and auction values listed, to a coin dealer in a flea market an hour ago. She immediately offered melt value. I said sure.... but I will take it to someone else to melt.
*shrug* I will be taking a lot of it to a place that buys it for silver weight, but I won't let one person who tells me the price, also buy it. The conflict of interest makes the hair on my neck stand up.
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Valued Member
Canada
395 Posts |
If the person who is telling you the price is also offering the most I don't see why you wouldn't take it. Generally people who buy silver and gold based on weight offer less money btw. Also VF coins from that time period are always worth more than melt.
Edited by Talonbat
04/26/2019 7:13 pm
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Valued Member
Canada
288 Posts |
Valuing coins can be tough, but the one thing you can do on your own is learn how to calculate the melt value. That's easy math. I wouldn't take coins to a flea market. Look up a reputable coin dealer with an office or storefront in the city.
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Valued Member
Canada
103 Posts |
Agree... melt value is a snap. That's where the sites linked have proven useful. Weight and % silver.
I have a great spot to let take them l. I just don't want to melt any potential collectable ones. Say pre 1900.
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Valued Member
Canada
103 Posts |
I wouldn't sell it to them because they were only offering melt value.. So if they wanted 1 coin at melt value it made no sense to do that when I can take them all to one place to get that. That way, if they were trying to get them cheaper tha fair, they would not benfit.
If they offered me more I might have accepted.
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Replies: 37 / Views: 4,806 |
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Posted 04/25/2019 11:22 pm
