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 Replies: 9 / Views: 1,303 |
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Valued Member
United States
112 Posts |
I need some advice. a friend of mine had a relative pass away not too long ago and his relative was a coin hoarder. apparently he has 6 safety deposit boxes of coins he collected over the years. They are interested in just selling the coins and not trying to keep any of them. They want to get rid of them for fair price.
I told him I would give him some help. I have not seen the coins yet. But I'm thinking this is probably way out of my league.
What advice can I give them about selling these coins? I don't think he wants to spend a great deal of time searching every individual price on each coin.
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Moderator
 United States
6563 Posts |
Searching each coin is the most profitable. Ya never know if you could have that one penny that's a 1909 S VDB that's worth $1000 or more. If it's possible could you find a way to take pictures of the lot so we could look through them? I remember one person here had a large lot that they uploaded to an off site server and posted the link here for all to see.
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Moderator
 United States
23522 Posts |
quote:
I don't think he wants to spend a great deal of time searching every individual price on each coin.
Then he can figure on getting somewhere between 1% and 10% of what they're actually worth, and that's the bottom line. There could be pieces in there that he could retire on, and he doesn't want to find out? How, otherwise, will he ever know what's a "fair price?" You could have them approach a trustworthy local dealer for a paid evaluation, but that would cost a bunch of money for such a large hoard of coins. |
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Valued Member
United States
155 Posts |
I would die for a chance like that =) It may be out of your league to get the pieces sold but you could certainly help him with some preliminary sorting. I always feel like I've learned the most by getting time to actually have coins in my hand and get a close up look at them. You could offer to help him catagorize the coins and look through for particularly valuable ones and judge the overall value to determine how they should be sold. If theres a lot of high priced pieces he might look to aucion them, if it's more common stuff maybe a local coin dealer etc. You might even see about making arrangements with him to compensate you for your time by letting you keep some of the coins etc.
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Valued Member
United States
487 Posts |
Maybe if you posted what state the coins are in someone in the area thats on the site may like to help.
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Pillar of the Community
United States
626 Posts |
B/S/T Forum? You're only 3 posts away.
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Valued Member
United States
133 Posts |
gonefishin:
What state do you live? if it's the midwest, Illinois, Lower Wisconsin, Eastern Michigan or Northern Indiana, I have a retired collector friend who does estate appraisals, Email me if this works for you & I'll give you the contact info.
Ron (ronaldb112)
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Valued Member
 United States
112 Posts |
Thank you
Any information is very helpful
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Valued Member
United States
133 Posts |
Gonefishin:
Just sent you an email with the contact information, good luck.
Ron (ronaldb112)
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Bedrock of the Community
United States
17884 Posts |
First question, was he a coin HOARDER or a coin COLLECTER? That can make a BIG difference in how to proceed. If he was just a coin hoarder a quick seperation of the clad from silver, and wheats from memorials then a bulk price for the wheats and silver, and spend the memorials and clad. That's what a dealer would do if you brought the mixed group in to him. If you want to do a quick scan for a couple of the better dates in the bulk material that's up to you.
A lot of people get upset with a dealer for not carefully going through the bulk lots looking for the better dates and grades, but that is very time consuming. If he is going to do that he's going to buy the group as bulk and do it for his own profit. If he is going to spend all that time going through them he is going to get the profit from it. Especially since it is not likely to be much. I know, I've been there and done that.
If he was a COLLECTER then it becomes much more worthwhile to go over the group carefully to find and pull out the better pieces for careful evaluation.
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Replies: 9 / Views: 1,303 |
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Posted 04/16/2007 8:46 pm
