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To Anyone Who Inherits A Coin Collection

 
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Author Previous TopicReplies: 15 / Views: 707Next Topic  
Valued Member
United States
98 Posts
 Posted 06/03/2020  9:05 pm Show Profile   Bookmark this topic Add DeLoss to your friends list Get a Link to this Message
Skip the simple and short videos. you can go through multiple videos and find good information and sometimes bad what I would recommend is research do your research do your homework. You can never have too many appraisals. And never sell unless you are absolutely sure that that is the amount that that is worth and you're comfortable with it.
That's all there is to it

*** Moved by Staff moved to a more appropriate forum. ***
Pillar of the Community
Canada
2908 Posts
 Posted 06/03/2020  9:27 pm  Show Profile   Check silverwolf's eBay Listings Bookmark this reply Add silverwolf to your friends list Get a Link to this Reply
you can never sell something for what it is worth, unless you sell it to the end user..

If you inherit a coin, the only way to maximize your potential is to sell it to the one who needs it,,, a coin dealer doesn't really need it, but will certainly sell it to someone who does.. they are the middleman , and they have to make money too..

You will never make more money selling to a middle man, unless you don't don't know how to sell a coin..

There are always options, check them all out before selling..
Valued Member
United States
90 Posts
 Posted 06/03/2020  11:57 pm  Show Profile   Bookmark this reply Add TimNH to your friends list Get a Link to this Reply
Just a few months ago my sister had a tube of 100 Morgans, and wanted to cash it in. She took it to the local coin shop (near Boston MA), and they said "8 bucks each, best we can do". She bit, took home 800 bucks. Told me about it and ..
Valued Member
Canada
238 Posts
 Posted 06/04/2020  06:52 am  Show Profile   Bookmark this reply Add Silver101 to your friends list Get a Link to this Reply
The problem is that very few people in such a position have the disposition to go deep on figuring the collection out. Unless it's exceptionally well annotated then it's a huge amount of work to figure out what the value is. Dealers won't do that for you because they don't have to (and it's rarely worth their while).

The partner question here is about how you leave a collection to someone. There needs to be sufficient information for them to be able to disperse the collection appropriately.

Finally, unless your collection is particularly remarkable, people need to have realistic expectations. Most collectors are driven by interest and love of the hobby - not by the drive to collect something valuable (though that's probably somewhere in everyone's mind). So...best not to expect too much. 90% of the joy is in the doing - it's not about the money.
Bedrock of the Community
Australia
17092 Posts
 Posted 06/04/2020  08:24 am  Show Profile   Bookmark this reply Add sel_69l to your friends list Get a Link to this Reply
High end coins valued at $thousands almost always go to public auction.
I have a few in this category but the bulk of my collection will be split into job lots to be sold at public auction, with the few sold separately.

My kids will pick the cherries out of my collection according to their wishes.
I couldn't care less; I would have already turned my toes up.

As a collector of ancient of ancient coins, I figure that I never owned them in the first place. The best I can hope for is that I was the custodian for a few years, much like a museum.

At least, they will pay off their mortgages, if they haven't already done so.
Valued Member
United States
98 Posts
 Posted 06/04/2020  09:45 am  Show Profile   Bookmark this reply Add DeLoss to your friends list Get a Link to this Reply
These comments make me think that I should have paid more attention to my grandfather .
Respect and be involved with your elders , they can teach you things and they LOVE showing off coins . I know I do . It's surprising how a simple CC could mean hundreds of dollars .
Valued Member
United States
98 Posts
 Posted 06/04/2020  09:51 am  Show Profile   Bookmark this reply Add DeLoss to your friends list Get a Link to this Reply
Good advice Silverwolf . And that's horrible about your sister . Amy . People always trying to make a HUGE profit . I'm guilty of that too but with going I am more respectful , the history , the hands they've touched , the process of minting them ECT.... It's just awesome .
Bedrock of the Community
United States
19352 Posts
 Posted 06/05/2020  07:50 am  Show Profile   Bookmark this reply Add just carl to your friends list Get a Link to this Reply
One of my favorite topics. I have a coin collection I started about 60+ years ago. When I pass, there is no one to leave it to. No relative cares about coins so it will all probably end up in a banks tellers window.
just carl
Pillar of the Community
United States
2028 Posts
 Posted 06/05/2020  08:02 am  Show Profile   Bookmark this reply Add hfjacinto to your friends list Get a Link to this Reply

Quote:
One of my favorite topics. I have a coin collection I started about 60+ years ago. When I pass, there is no one to leave it to. No relative cares about coins so it will all probably end up in a banks tellers window.


Carl,

I'll gladly take your coin collection :)
Bedrock of the Community
United States
16684 Posts
 Posted 06/06/2020  07:59 am  Show Profile   Bookmark this reply Add Conder101 to your friends list Get a Link to this Reply

Quote:
She bit, took home 800 bucks. Told me about it and ..

I have to ask, why didn't she ask you for advice? Did she not know that you collect coins and might have some ideas about how to dispose of them, or at least what would be a reasonable price?
Gary Schmidt
Edited by Conder101
06/06/2020 08:00 am
Bedrock of the Community
Australia
17092 Posts
 Posted 06/06/2020  08:27 am  Show Profile   Bookmark this reply Add sel_69l to your friends list Get a Link to this Reply
All of the significant coins in my collection have been photographed and the future auctioneer, who is also a familiar acquaintance of mine for more than 30 years, and has already seen the photo album collection of my coins.
He is the proprietor of a specialist numismatic auction business, that has an established international reputation**.

That is the auctioneer that I have instructed my kids to take my collection to. Easy for them, easy for the auctioneer.

And I have no intention of kicking the bucket for some years, if I can help it.
I am still keen to grow my collection.

** Noble Numismatics, Sydney.

---------------------------------------------------------------------------------------------------------------------------------------------

17,000 posts milestone with this one!
Edited by sel_69l
06/06/2020 08:31 am
Pillar of the Community
Canada
947 Posts
 Posted 06/06/2020  08:51 am  Show Profile   Check walk2dwater's eBay Listings Bookmark this reply Add walk2dwater to your friends list Get a Link to this Reply

Quote:
17,000 posts milestone with this one!


Congrats! "sel_69l"

-interesting topic (& perspectives too). So:
Educate oneself (item's rarity, condition, etc)
Preserve/show collection well (TPG, proper handling)
Exposure to collector fanbase when liquidating (private online auction OR public consigned to large auction house according to estimated value)
Pillar of the Community
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United States
3976 Posts
 Posted 06/07/2020  07:15 am  Show Profile   Bookmark this reply Add fistfulladirt to your friends list Get a Link to this Reply
A few years back a coworker mentioned that a relative had passed and a coin collection went to the family. I offered 10% more than their best offer. They sold the collection and I asked why I wasn't contacted. "You aren't a licensed dealer" was the reply.
When I listen to LED ZEPPELIN...so do my neighbors...
Roll hunting since '77
Dirt fishing since '72
Valued Member
United States
90 Posts
 Posted 06/07/2020  4:07 pm  Show Profile   Bookmark this reply Add TimNH to your friends list Get a Link to this Reply

Quote:
I have to ask, why didn't she ask you for advice? Did she not know that you collect coins and might have some ideas about how to dispose of them, or at least what would be a reasonable price?


Right!? She does know I collect and have a good handle on coins, she just trusted the dealer to give a good fair price, and didn't even doubt it after the sale... Until she told me.. which I bet she hadn't now!

Bottom line - if you inherit a colletion, at the absolute minimum, figure out the melt value of your common silver, it's not that hard!
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United States
626 Posts
 Posted 06/07/2020  4:19 pm  Show Profile   Bookmark this reply Add mtuma3 to your friends list Get a Link to this Reply
In the column on the left side of this page, at the top under "General", 8th from the top is an article titled "Appraising a Coin Collection"
It is a very good read on this topic for those who haven't looked at it.
Mark
ANA Member
Official Snowbird! Illinois in Summer, Somewhere warm in Winter
My7070
Moderator
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United States
88005 Posts
 Posted 06/08/2020  10:47 am  Show Profile   Bookmark this reply Add jbuck to your friends list Get a Link to this Reply

Quote:
A few years back a coworker mentioned that a relative had passed and a coin collection went to the family. I offered 10% more than their best offer. They sold the collection and I asked why I wasn't contacted. "You aren't a licensed dealer" was the reply.
But... but... the money spends the same... and you would have 10% more of it.
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