Advice On Inherited Coin Collection

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Author	Replies: 10 / Views: 2,552
numisma_what New Member United Kingdom 2 Posts	Posted 09/17/2013 05:58 am Hi I am new to this forum and also coin collecting. Actually I can't really say I'm a coin collector at all but have recently inherited a fair amount of old UK coins and would appreciate some advice on the best way to handle them. I'm afraid I'm not really into collecting things and I don't see that I'm suddenly going to get the bug with this bunch of coins so (I hope I don't offend) I think I'm going to sell them. I was hoping for some advice on the best way to do this. These seem to be the ways I can think of: 1. take the whole lot to a coin shop/collector and sell them in one hit 2. split them up into bunches and sell them on ebay 3. work out which ones contain silver and sell them by weight I would be prepared to spend the time looking through them for any specific worthy coins if I knew what to look for but I think the learning curve might be quite steep and long unless it was as easy as for example, "all 1920 George VI shillings are valuable", which I'm guessing it's probably not. Just so you know what the bunch of coins contains, here is an approximate summary: Shillings: • 1000 George V shillings • 500 George VI shillings • 500 QE II shillings two shillings: • 100 George VI two shillings florins: • 100 George V florins half crowns: • 100 George V half crowns • 100 George VI half crowns • 100 QE II half crowns sixpence: • 500 George VI and QE II sixpence threepence: • 1000 George VI and QE II threepence Old pennies and half pennies: • Couple of buckets full Would appreciate any advice. I hope it's not considered ‘bad form' to just come on the forum to ask how to get rid of a bunch of coins (if it is, I apologise in advance) but seeing as I know hardly anything about coins I thought it would be the perfect place to get some advice. Regards Report this Post to the Staff

rooneydog Pillar of the Community United Kingdom 739 Posts	Posted 09/17/2013 06:33 am If it was me 1) Take out all the pre 1947 silver coins and sell as 2 lots on ebay - pre 1947 (50% silver) and pre 1920 (92.5% silver) 2) Sell the rest of the silver as a job lot or multiple lots if the postage cost is to high. 3) Sell the coppers as a job lot stating you have not sorted them in any way. Unless you are prepared to go through all the coins looking for rare, errors etc. If you lived locally I would love to go through all the coins and identify them as that is what I enjoy the most. I live in East Anglia just in case Report this Post to the Staff
Bacchus2 Pillar of the Community United Kingdom 2889 Posts	Posted 09/17/2013 07:20 am If you have the time - sort through them and anything (silver) that looks to be in really good condition - list it separately on ebay with good pictures. It will be worth your time to do this. Anything non silver is probably not worth very much - unless it's uncirculated... and even then.. Very roughly speaking.... A coin dealer / shop with give you 40%-60% of value A local house auction would get you about 60% of the value - minus their 15% fees (or whatever) - but you might get lucky or unlucky at this ebay will get you 80%-100% of their value - minus the 15% fees - though you will need to put more effort in. The more lots you split everything up into the less chance you have of getting a lot below their worth - but you then have postage issues, missing lots and all that. This will definitely get you the most return - but, again, you will have to put more effort in. Don't go near a "we buy silver" shop - they are a rip off Best of luck My Papal States coin collection: https://diadumenian.com/Papal%20Sta...0States.html Medieval coins collection: https://diadumenian.com/Congressofp...0Europe.html Indian Rupee Collection: https://diadumenian.com/Congressofp...0Rupees.html Minor world Silver: https://diadumenian.com/Congressofp...20coins.html Edited by Bacchus2 09/17/2013 07:22 am Report this Post to the Staff
sel_69l Bedrock of the Community Australia 21788 Posts	Posted 09/17/2013 07:36 am Since you have inherited them, it would be worth keeping the best example of each design, as a memorial. Take some time examining them all, before deciding which are the best examples. If you MUST sell the rest do so, but my advice would be to become a coin collector! Report this Post to the Staff
BStrauss3 Pillar of the Community United States 4594 Posts	Posted 09/17/2013 08:08 am Unless you have urgent financial issues, you have the luxury of time to decide, vs. the (future) agony of making the wrong decision too fast. So I would first suggest waiting. Spend a little time looking through the coins. After all this is how Dad or Gramps or nutty Uncle Al spent a lot of his time. A couple hours and - who knows - you might find something of interest there yourself. Vs. selling now, getting the bug later on and kicking yourself because you had a great start once-upon-a-time. Unfortunately from the description it sounds like a typical collection from circulation over many years. Probably a lot of fun for the collector, but not a great amount of value for you. If you do decide to sell, living in London and thus a major world market, you have some better options than if you lived in East Whatever, Utah, USA. Surfing at random, found this: http://www.londoncoins.co.uk/?page=HTSrequest_v2 - the local phone book probably has many dealers who will look over a collection and do one of two things: * Offer you cash for the whole lot * Cherry pick things they can sell and offer you cash for them I would visit one or two and take the best offer. -----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/ Report this Post to the Staff
fioti Pillar of the Community United States 4212 Posts	Posted 09/17/2013 08:49 am What's been said, Heck, I'm in Idaho & I'll lend a hand! Report this Post to the Staff
matthewvincent Pillar of the Community United States 3486 Posts	Posted 09/17/2013 1:32 pm Hello numisma_what, Rule #1: The return of proceeds after a sale of coins is directly proportional to the amount of 'homework' and study and effort that you put into them. Rule #2: The amount of TIME that is available to you will affect your plan of action. A sole heir with no financial need to liquidate quickly is in a much better position than an heir who has been charged with selling an accumulation of coins and dispensing the proceeds among several siblings. As for myself, I would never suggest that you become a coin collector just because I am. The members are happy to advise, but review all of their suggestions carefully. And if you decide to save a few as a tribute to your ancestor that is all that is really needed for respect. And you are welcome to ask for this kind of advice. You are fortunate to have found us. Good luck. Edited by matthewvincent 09/17/2013 1:34 pm Report this Post to the Staff
MetDet71 Pillar of the Community United Kingdom 1569 Posts	Posted 09/17/2013 2:46 pm If your after maximum return on what you have find an agent to sell for you. I have sold for quite a few people now and it is the best way by far to get the best return possible. Obviously, find someone you can trust. ebay is great but you have the time issue whereas an agent can flick through the coins and sort out the better/rarer items in a matter of minutes and will have private buyers in place. Stay away from any shops that buy, most are ok but in the UK they tend to work on a 75 percent mark up and in some cases they will offer you scrap value for any that are silver. If you do decide to sell yourself then sort out all the pre 47 and pre 20 stuff first. Auction can sometimes be a good option as well, as long as you time it right, end of the pay day month and at a weekend etc. Hope you do well!! You will never soar like an eagle if you hang around with turkeys..... Report this Post to the Staff
Buddy Rest in Peace United States 7075 Posts	Posted 09/17/2013 7:40 pm Just in case you don't know: DO NOT CLEAN THE COINS it will greatly reduce their value. Just handle them carefully. Report this Post to the Staff
numisma_what New Member United Kingdom 2 Posts	Posted 09/20/2013 12:14 pm Thank you all very much for your excellent advice. I was half thinking of one of those ‘we buy silver' shops but I'll knock that idea on the head now. With regards to the 'agent' suggestion, that sounds good but as you mention it is all about finding/knowing someone you can trust but I'm sure each agent I called would say that they were trustworthy. As it happens I do have time on my side so I think I'll put in some effort and hopefully this will bear some fruit. Ok, I won't clean them. I'm very happy with that as it would have a been a big job. Thanks again Report this Post to the Staff
Buddy Rest in Peace United States 7075 Posts	Posted 09/20/2013 5:12 pm Glad to learn that you have time on your side. If and when you do sell the coins, you will at least have a very good idea about whether or not you're getting a decent price for them. Meanwhile....take some photos and post them here. We love to look at coins and you should be able to get most, if not all, of the information you need right here. Good luck. Report this Post to the Staff
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