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Replies: 16 / Views: 1,272 |
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New Member
United States
0 Posts |
Hi everyone,
My 80-year-old father has given me the task of selling his coin collection, so I am doing all I can to learn as much as possible while liquidating his hoard.
Glad I stumbled on this site. It seems to be very informative.
DrMick
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Moderator
 United States
56855 Posts |
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Pillar of the Community
 United States
1970 Posts |
 Suggest you begin with an inventory (by type) and go from there. This forum was very helpful when I was charged with dispersing a relative's coins. Good luck with your project.
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Pillar of the Community
United States
2237 Posts |
Welcome to CCF! You could ask your father if he kept records of his coins, what he paid, if he knows what they are worth. If they are mostly just circulated coins he put in jars they may only be worth face value. You could sort through them to see if there are any rare dates, mint errors or if they are silver or gold. You'd need to know what your are looking for like having United States coins blue and red books and online sources. If they are collectible coins they are obviously worth more than face value. You could post some of them here on CCF, one per post. If there is a local coin store nearby you could get their opinion. Some coin stores are honest will offer fair value, others will try to take advantage of someone and offer way less. Realize coin stores need to buy at wholesale price and sell at retail. If you have time you may make more money selling the coins yourself on ebay. You can check sold listings on ebay for current prices of specific coins. Be patient, take your time researching and sorting through the coins so you know what you have.
Edited by livingwater 01/30/2024 11:21 am
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Moderator
 United States
188770 Posts |
 to the Community!
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New Member
 United States
0 Posts |
Dad now has Parkinson's and has lost much memory, so the task is all mine. He has some really nice items. Still in envelope silver proof sets, many silver dollars, too many pennies to list (VBD, error, offset, beautiful cameos etc), many half dollars, then 1800 and early 1900 coins, nickels, and then the newer stuff still in boxes from the mint.
How does one list on here? And where does one list?
Thanks
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Pillar of the Community
United States
2237 Posts |
Sorry about your dad. Sounds like a lot of cool coins and sets. Silver proof sets are popular, silver dollars too especially if they are uncirculated/mint state. Worn, circulated Peace and Morgan dollars are going for roughly $32 and more these days. Older classic USA coins definitely have value if in descent condition. You can post pics on CCF for opinions but you have to have a lot of posts and be a member for a while before you can sell here. See CCF rules for selling here, see tutorials for how to upload pics for opinions. If dad did not make an inventory list, I'd start there, use a computer, itemize it all using a spread sheet or document app.
Edited by livingwater 01/30/2024 3:26 pm
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New Member
 United States
0 Posts |
Thanks
I would say 50% of what he has is in new, unopened, pristine condition. Some very beautiful pieces.
I will search to see how to post.
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Valued Member
United States
238 Posts |
You should also look at ebay for the same items - look for the Sold price - not the asking price - figure in shipping and eBays fees
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New Member
 United States
0 Posts |
I have been doing that, and I purchased CoinSnap. Its been helpful but I think valuation is off.
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Pillar of the Community
United States
1780 Posts |
 to the community MrMick ... be very wary of CoinSnap ... it is AI generated & is a poor substitute for a live person giving an educated opinion ... also, be somewhat wary of SOLD ITEM prices on ebay: ... when looking at SOLD prices, examine the seller's feedback to determine if the seller is legit (disregard sales where the seller has 0 to very little feedback) ... you should look for sellers with a good track record, & hopefully, with a record in coin sales ... ...A huge majority of sales with sellers having 0 feedback are scams/money laundering, with inflated sales numbers for otherwise worthless items ... here's an example: coins with little value, or worth only their face value, but offered at a ridiculously high price: ebay item number: 364708475337 ... notice the ZERO feedback rating of the seller ... this is a scam, with the "coins" as a front for some type of illicit item (drugs, guns, prostitute, etc...) ... buyer buys the coins, but receives the illicit item. The transaction will show in the "SOLD ITEMS" section as a legit sale, & appear that the coins have a high value ... Hope this info helps... 
Edited by mrwiskers 01/31/2024 07:22 am
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New Member
 United States
0 Posts |
Thanks. This is good information. I am overwhelmed with this task! It really is so much to know. I am weary of taking to a local shop as I know dad will get next to nothing for it. He has some nice items. I am just not sure I am the person to list. I know nothing LOL
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Pillar of the Community
 United States
4593 Posts |
If you are selling you need to be careful about his taxes. Some items are still below their 1980s peak valuations, but lots of items have grown in value.
The gain - sales price less cost - is a taxable income item.
The other thing is the trade-off of time, effort, and value.
The more work you put in, the larger amount of value you will realize. The work also takes time, and you may or may not have that -- needing to pay a past due medical bill vs. simply realizing maximum value.
As for the LCS, post a smattering of items here, and let us give you honest values and estimated sales prices. Then offer them to a couple of stores and see what they offer. How they treat you and what they offer will tell you which ones to avoid.
If you find a reputable shop, you can always offer them the entire collection. The dealer will make an offer, which reflects the time-value of their time, their money tied up in the purchase, the cost of selling (shops have expenses), what they believe they can resell vs. having to wholesale to other dealers, etc. Plus their time to sort through and value the collection. BUT, that's time you don't have to spend.
-----Burton 50+ year / Life / Emeritus ANA member (joined 12/1/1973) Life member: Numismatics International, CONECA Member: TNA, FtWCC, NETCC, EveryCountry (online) coin club Owned by three cats and a wife of 40+ years (joined 1983) Author: 3rd Edition of the Sample Slabs book, https://www.sampleslabs.info/
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Bedrock of the Community
United States
94367 Posts |
If you can show us a selection of photos, that would be a good start.  to the CCF!
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Valued Member
United States
451 Posts |
 Hi, sorry about your dad. If you decide to to sell on ebay I can help you with any questions you may have as to getting stated. For example taking pix, ( what camera should you have ) what kind of microscope you would would need ( if you do not already have one ) etc. You can get all of the thing you need on ebay and it will not cost much. It may be difficult at first but it will become easier the more you do it and you will make a lot more money from the coins you have in the long run. My dad left me a lot of coins and doubled die coins back in 2012. Some of the coins I have I could not get more $4 or $5 for them back then but now they are selling for $20 +. Some of the coins I sold for a lot of money right out of the gate. You could have some very pricey error coins. I would at least give them all a good looking over with a microscope before you sell them. This is a great forum and there are many people who are willing to help you with any questions you may have. Frank Baumann
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Pillar of the Community
 United States
4593 Posts |
Follow up on "If you find a reputable shop, you can always offer them the entire collection. The dealer will make an offer, which reflects the time-value of their time, their money tied up in the purchase, the cost of selling (shops have expenses), what they believe they can resell vs. having to wholesale to other dealers, etc. Plus their time to sort through and value the collection. BUT, that's time you don't have to spend."
At the show this morning, a dealer was trying to wholesale a pile of mint/proof sets. He had bought a collection, and did OK on the stuff he knew he was buying but was desperately trying to make a buck or two on the $100 "box of stuff" that came along. It wasn't going to make or break the deal, just pride - "yep, I made a few bucks on everything I bought".
But we're down to four or five silverproof sets worth $70 in total. And the offer on the clad was $1.50 each for seven of them. He wanted $2 and the dealer making the offer wouldn't budge. He knew what it would take to clear even $3 on them.
-----Burton 50+ year / Life / Emeritus ANA member (joined 12/1/1973) Life member: Numismatics International, CONECA Member: TNA, FtWCC, NETCC, EveryCountry (online) coin club Owned by three cats and a wife of 40+ years (joined 1983) Author: 3rd Edition of the Sample Slabs book, https://www.sampleslabs.info/
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Replies: 16 / Views: 1,272 |