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 Replies: 23 / Views: 3,256 |
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New Member
United States
14 Posts |
My mother recently passed away and my father passed several years earlier. My father had quite a few coins and silver commemorates. My remaining family (3 sisters) asked me to investigate and sell the collection so we could split up the money. I have done some research on the Internet and think there is appoximately 3-5 thousand dollars worth of coins. What would be the best way to liquidate everything. A coin dealer, ebay, ? Nothing real valuable on it's own, just a lot of stuff. Mostly modern coinage, proof sets, Morgans, foreign silver and gold. |
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Valued Member
United States
404 Posts |
Contact a dealer, ask them if they are interested, if you like the price they offer take it, if not say thank you but no. You'll get higher prices on ebay, but then you have to pay ebay/paypal fees. If you guys are in a hurry to sell, coin dealer is the best option. If you're not in a hury, ebay it, or get to 250 posts and trade/sell to CCF members if you want the coins to go to other collectors instead of a melting pot. |
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Pillar of the Community
United States
5826 Posts |
 Take as many of pictures as you can and post it here. I am sure other will help evaluate the collection. |
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Pillar of the Community
United States
1302 Posts |
are the coins graded? if they are graded then your process will be much easier. If not the only value anybody here could give you would be based on your description.
why don't you make a list of types and dates and post it and let us know if the coins have a grade. Grading is highly technical and isn't something you can say "this looks good- or looks old- or looks shiny"...
So the list should look like this:
Half Dollar:
1952
1954-S
1965 - MS-63 in a NGC holder
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Bedrock of the Community
United States
20753 Posts |
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. However, this does always start problems in families if there is no trusting. I've seen that happen where eventually no one even speaks to each other due to all the possible cheating. By that I mean if you say you only got a thousand for them all, someone would always think you pocketed a lot of the profits. If you just keep them all, and tell them they could help you evaluate them over the years, might work, but I doubt it. Easiest, worst method would be to find a coin store and go with the rest of the family and get one bulk price for them all. |
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Pillar of the Community
United States
1599 Posts |
I'm with just carl on this-avoid any problems with your family members that could run for years. My suggestion would be to directly involve at least one of your siblings (preferrably all of them) and get one or two quotes from coin shops or dealers as to what they would pay for the entire collection. Then you will need to decide if (1) you want to sell them and split the money or (2) pay your siblings for their share and start a collection of your own. Three to five thousand in coins is a very good start on collecting and there are tons of history to be learned when collecting and friends to be made here on the forum. First priority-avoid any problems with your family.
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Pillar of the Community
United States
666 Posts |
ditto the previous couple of comments. And I suspect most dealers will lowball you. If what you have retail is worth what you're saying I wouldn't be suprised to see dealer offers in the $500 to $1k range.
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Pillar of the Community
United States
1213 Posts |
If you post a list on here, we can at least tell you, (for example) Quote:The 1893-S Morgan dollar is a low mintage coin - don't take less than $1,500 for that one by itself. Also, as Macmercury said, if you can post pictures we can give an idea of grades. |
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Pillar of the Community
United States
883 Posts |
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. I then negotiated with them to get some items I wanted by trading sets based on estimated value. I used one published guide to determine the values of the US coins (The RedBook). I used precious metal values to set the price of any foreign coins. Any that had little value went into a box for the Grand-kids to pick from. If you decide you absolutely want the cash value, you are better off going to a reputable dealer and follow Carl and jprine's advice. Get your siblings involved in the liquidation to save yourself heartache. |
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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 |
Quote:
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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Replies: 23 / Views: 3,256 |
Posted 12/22/2011 1:11 pm
