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 Replies: 40 / Views: 3,559 |
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New Member
United States
9 Posts |
Hi folks- When my father passed last year his coin collection, which my brothers and I *knew* of but never had actually seen, was passed on to us. I've spent the last year becoming well versed in his collection and have learned quite a bit about them. It's been an opportunity to have some conversations(obviously one-sided) with him and I finally got an understanding about why he collected. I even had one of his Silver Eagles melted down and made into the wedding rings for my wife and I. In short, I love this collection BUT now I think it is time for me to sell the collection to folks who would enjoy the collection actively because they collect them as opposed to me having a collection that never grows because at my heart I'm not a coin collector. I've taken a few trips to dealers over the year to try and learn a few things, went to a coin show in Vegas and have done lots of research online but when it comes down to it, I'm just not sure whats the best route(s) for selling this coins. ebay? Local dealer? Private collector? I know that I'd prefer one or two private collectors because I know the coins would be going to someone that truly wanted them but finding that kind of person is going to be hard. Which leaves me with ebay or dealers. I know one is a lot less work than the other but it also means pennies on the dollar which my father would certainly frown on. So I guess through all of that I'm left with ebay? Is that really a viable option for selling a large collection? I'm happy to share details about the collection but I've been yammering on long enough so I'll hold off on that for now. |
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Valued Member
United States
116 Posts |
 to the community. to the family. to the sweet life. By the way I am sorry for your loss and I loved your story |
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Valued Member
United States
157 Posts |
I would sell to a dealer I know some of the coustomers on ebay frown on reputability, also use caeigslist Welcome, and Ps. Private collectors pay the most |
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New Member
 United States
9 Posts |
I guess I didn't consider Craigslist due to safety issues. Seems like an easy way to get robbed. Whereas with ebay I am just sending the coins from a PO Box. |
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New Member
United States
9 Posts |
Oh and thanks for all of the welcomes!
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Pillar of the Community
United States
8904 Posts |
to the Forum!! I think selling the coins individually on ebay is your best bet. I don't think a dealer would get you the dollars you deserve. Selling the collection together probably would not net you as much as selling them individually. Heritage Auctions are also a great venue for higher-end coins. If you post pictures, the CCF can certainly help you determine grades and estimated prices!!   Edited by Moe145
07/11/2012 5:50 pm
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Pillar of the Community
 United States
1888 Posts |
Answer to your primary question depends a great deal on what exactly you mean by a 'large' collection. ebay is a great outlet but it is an incredible time suck. If you indeed have a sizeable hoard, be prepared to assume a new full time job. As a 13-year seller on the 'bay, I must warn you also that there is a level of frustration involved with some of the 'quirks' of human nature and doing business sight unseen. Proper selling of coins requires a commitment to quality of the listings that is less important than in other categories. If you are not capable of good photography, you will not get top dollar. Since coin collectors are often specialists, you can save time by listing things like albums or folders of coins all at once rather than pulling out each coin. For example, a circulated Mercury dime collection contains a lot of years that are valued only for their silver content. These are not worth listing individually- too time consuming and ebay fees eat up your bottom line. A public, coins-only sale is another viable option. These can bring better prices than ebay due to live auction fever and floor competition vs. internet. If you choose this option, be sure to pick an auction house with internet-bid capability and a willingness to negotiate fees based on quality/quantity of the collection. Sorry to hear you're not going to carry on the family interest, but good luck! |
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Pillar of the Community
United States
759 Posts |
Perhaps if you provided a bit more info on what the collection consists of and the general area where you're located, somebody might be able to point you to an honest, reputable dealer or be better able to say what subset is worth going to more effort to get top dollar. Some people might consider 3 rolls of 1964 quarters a large collection, but if you have 500 Bust Half Dollars and 20 $3 gold pieces, that calls for a different selling approach to receive fair value. Yes, ebay is a viable option, but the above warnings are appropriate. Best of luck to you. Great idea on the wedding rings. That in itself is probably enough to please dad forever. |
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Pillar of the Community
United States
3540 Posts |
OneBowl is on track here. How large is the collection? What series of coins does the collection span?
Remember - on Fleacebay, you will spend, 15 to 20 percent on FEES and shipping. ....and the hastle.
Coin Community offers a service of selling collections as well.
One of things that would worry me the most, is miss identifying a true rarity.
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Bedrock of the Community
13014 Posts |
I would definitely stay away from craigslist short of having the deal go down inside a police station, selling coins is just an invitation to end up with a gun pointed at you. ebay is good and bad. Some coins sell real easy some not so much. If youre coins are all raw it will be an incredible frustration for you and a dealer would probably be better. Even with dealers shop around for the best price as well. If the coins are graded and slabbed ebay could be a good way to do it |
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Rest in Peace
United States
7075 Posts |
I think that if the collection is substantial enough your best bet would be a big auction house. Posting a general idea of what you have would go a long way in pointing you in the right direction. |
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New Member
United States
9 Posts |
Thanks for everyone's replies. As the most common denominator in said replies is clarification on the size of the collection here we go- Over 150 Morgans. Various years, mostly raw. Ditto with Peace dollars About 100 Roosevelt dimes from 1948-78. Again, raw but seemingly BU 11 Barbers 6 Mercury 5 Seated Liberty dimesan 1867 5 Cent shield 10 Liberty Head Nickels 50-some Buffalo nickelsAbout 100 pre-65 Wa Quarters Rolls and Rolls and rolls of the first few years of the State Quarter series an insane amount of uncirculated, mint and silver proof sets from 1998, 99, 2000, 2002 and 2003. Quite a few modern commemoratives Over 30 very pretty Franklin halvesOver 70 63-64 Kennedy halves200 some Eisenhower dollarsPlus a decent amount more of modern dollars, older coins etc. And I'm not even getting into the lincoln cents (mostly wheats) which number in the thousands upon thousands. Its a large task and while I have the time to do it, I too don't want to miss a true rarity in the pile. We had started to look into having the entire collection auctioned but didn't get very far in the research. Thanks everyone! |
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Pillar of the Community
United States
593 Posts |
I would apply the Pareto Principle, also known as the 90/10 rule. It is highly likely that 90% or more of the value of your collection is in 10% or less of the coins. Some of the coins you may be lucky to get more than face value for after paying listing fees and PayPal fees and postage. Why bother? Other coins may be worth $500 as is on ebay but worth well over $1000 if they are sent off for a certificate of authenticity. Some sets may sell better as a lot. Some sell will sell better by culling out the individual high value coins. We need to know what you have before providing specific advice. |
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Pillar of the Community
United States
593 Posts |
You posted the list of what you have while I was typing my last reply, so let me address your list: You have a lot of silver content, so even if the Morgans and Peace dollar are trash, you will get at least $20-$25 for each. Collectables are more - sometimes a LOT more. There may also be some gems in the Lincoln wheats. Pull out everything that is 1909, 1909S, 1910S, 1911S, 1912S, 1913S, 1914D, 1914S, 1915S, 1917, 1922, 1922D, 1924D, 1931S, 1944D, 1946S, 1955. Also pull out everything that is very bright and sharp. The rest you can probably auction off as a huge wheat hoard and get a descent price on. The dates above need to be looked at more closely, but I'm guessing that just knocked the wheats down to 10% or less of what you had. The same can be done for other categories. |
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Pillar of the Community
United States
593 Posts |
One more thing - DO NOT sell ANY pre-1965 dimes, quarters, halves, or dollars to a dealer! All of that needs to be divided into two piles: 1. Collectable 2. Junk Don't take the word "junk" personally. There are many fine looking coins that are "junk". It simply means that the price of silver is so high that the silver content alone is most of the value of the coin. Here is a link to a web site that provides current junk silver prices: http://www.junk-silver.com/The prices for Barber quarters is wrong, and I emailed them several weeks ago about it, but you can use the pre-1965 Washington quarter prices for Barber quarters. Hopefully you have a Red Book. That will help you find the years and mint marks to watch for. I would take it one denomination at a time and start with the lowest value stuff to work the bugs out. Good luck and advice is always free here! |
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Pillar of the Community
United States
1590 Posts |
Selling to a Dealer is often a bad idea. Most of us have to make a profit, and some are more.....profit oriented than others. Around here, I don't care what you have most dealers are going to offer you 16 times face value on your silver. That might sound good, till you realize two things. The first is that melt is around 20 times face value and the second is that even a junk Morgan is going to get you $24. With commons in AU/MS bringing in about $30 to $40 on the bay. However; there are many dates/mintmarks that will bring you quite a bit more.
Without naming names I know a few local dealers that will only offer you 75 percent of Scrap...period. And it does not matter if you have a roll of 1889 CC morgans.
As many have said, education is key. You will do much better selling on the bay...if you can take good photographs and accept all the fees. Some things you will do better selling in rolls. Such as your wheats. Unless you have BU rolls. Or early dates.
Good luck
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Replies: 40 / Views: 3,559 |
Posted 07/11/2012 5:15 pm
