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Reliable Appraisal

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New Member

United States
1 Posts
 Posted 02/07/2007  7:46 pm Show Profile   Bookmark this topic Add MikeTD to your friends list Get a Link to this Message Number of Subscribers
I have a friend who has inherited a lot of old coins from an uncle who was a collector. She is interested in selling them off now but has no idea what they're worth. What is the best way to get an honest appraisal of their worth? Go to a few local coin dealers? Put them up for sale on ebay? Neither she nor I have much knowledge of this subject so your opinions would be greatly appreciated. Thanks.
Valued Member
maryhm's Avatar
United States
114 Posts
 Posted 02/07/2007  7:52 pm  Show Profile   Bookmark this reply Add maryhm to your friends list Get a Link to this Reply
Hi Mike and welcome!

I'm kinda in the same boat. Got a bunch of coins from a relative a week ago, and now I'm hooked! From what I understand, you would never want to just walk into a dealer and say "Hello. I'm completely clueless. What do you think this collection is worth?"!! What I've been doing is sorting out my collection by type. Now I'm going back and posting pics of things I think could be of value and getting advice from the awesome folks here. Another thing to do would go buy a Red Book by Yeoman. It gives coin values. Those values are what you would expect to pay for a coin (retail), not what you could sell one for (wholesale), so keep that in mind. I'm sure plenty of other folks will chime in with some excellent advice.
Valued Member
edix's Avatar
United States
270 Posts
 Posted 02/07/2007  7:57 pm  Show Profile   Bookmark this reply Add edix to your friends list Get a Link to this Reply
If it is a small collection, you could likely get a free appraisal and an offer, but without having some knowledge about current values, there is a chance that someone or other might try to take advantage of your ignorance.
Larger collections may cost some type of fee for an appraisal, since you would be taking some professional's time and expertise to do work.
As one dealer told me recently -- "The opinion you get is worth the price that you paid for it."
Edited by edix
02/07/2007 7:58 pm
Pillar of the Community
United States
751 Posts
 Posted 02/07/2007  7:59 pm  Show Profile   Bookmark this reply Add texasmick to your friends list Get a Link to this Reply
If you go to a dealer and ask him for an appraisal, make sure you negotiate a fee for the appraisal up front and make clear to him that you aren't ready to sell. Otherwise, he'll give you a low-ball figure, thinking he can buy them on the cheap.

If you search the archives here, there have been some extensive discussions on this subject.
Rest in Peace
Morgan Fred's Avatar
United States
2684 Posts
 Posted 02/07/2007  8:46 pm  Show Profile   Bookmark this reply Add Morgan Fred to your friends list Get a Link to this Reply
Mike, welcome to the forum! We're pretty friendly here and the collective knowledge of the membership is awesome.

I used to do appraisals (two or three times per year) for persons in similar situations : they inherited a collection or they've been accumulating coins for decades and want to find out how much they're worth. While a dealer would have more and faster access to coin identification and values, an experienced collector might be a better way to go since you're more likely to obtain an honest, solid, and realistic appraisal without the dealer's inherent need to buy collections to stay in business. This isn't to say most dealers aren't honest, but unless you know and trust one, it might take some time to find such a dealer. A private collector who doesn't need to buy coins to stay in business might take longer to appraise a collection, but will give your friend a square deal. Also, with the internet, if a collector runs across a coin for which he needs more info, he can quickly look it up online. Many larger towns and cities have coin clubs where one might find such an experienced collector who is willing to do an appraisal.

S/he might not charge at all if the collection isn't particularly large, e.g., is a typical unsorted shoebox type collection. On the other hand, a collection might be too large and/or too varied (mixture of US, foreign, and ancient coins, tokens, and medals, etc) for even an experienced collector if he specializes in, say US coins or just hasn't the time to research certain coins, but s/he will let you know this once s/he takes a quick look at the collection. A collector isn't in it for the money; rather, he just likes to look at coins. I did my last appraisal for a Georgia woman who had a couple large boxes of coins - maybe 300 to 400. I had a LOT of fun spending the day going through them, mostly US coins from early 19th century cents to Proof and Mint sets of modern coins. The only down side was telling her that none of her coins were worth over 50 dollars, even the oldest coins, that most were common circulated coins worth only bullion prices, and even most of the Mint and Proof sets had devalued from their original purchase price. She was only a little deflated but took the info in stride.

There are also professional appraisers who are not coin nor antique dealers. Check your yellow pages. However, such appraisers tend to hover around cities rather than rural areas.

A fourth option is for your friend to get him/herself educated on coins and do the appraisal him/herself. Of course, this will take a longer time and if the collection is really a mixed bag of non-US, US, WW2 script and coins (common among senior citizens), tokens, etc., this time might become burdensome. However, again, with the 'net, it can all be done from a desktop computer. And he/she might discover a new hobby!

Fred
Pillar of the Community
tights24's Avatar
United States
2254 Posts
 Posted 02/08/2007  07:15 am  Show Profile   Bookmark this reply Add tights24 to your friends list Get a Link to this Reply
MikeTD,

Everyone has posted valid and well written comments especially Morgan Fred's.

That being said, I was in the same situation as Mary was, only for me it was 6 months ago. If your friend does not NEED the money right now, and I can't stress this enough, sit down, relax, and start sorting. I started with recommendations from the great folks here. Buy the books to educate yourself. Nothing wrong with learning something new regardless if you'll ever use it again in your life. Then start posting questions and photos here once things start to make sense. The coin facts and coin histories here are full of valuable information as well.

I have been selling off my "junk" silver on ebay because I have to split my inheritance up between grandchildren. It is easy, and I have been getting very close to melt value. BUT, I went through every coin prior to sale to at least do a little checking. It would take years to discover if I had any special "die varieties" and such, so I did not go overboard, but I did go through each one to make sure I wasn't selling a mint for a dollar.

I can tell you this, prior to getting my hands phsically on the coins from my brother, he took the lot to a dealer and asked about them. This included some notes as well. I have sold less than half of my silver for more than what they offered for the entire collection!!! I know there are some very legit dealers out there, but be careful.

For what it's worth, I, like Mary, am now hooked on this hobby...
Edited by tights24
02/08/2007 07:18 am
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