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 Replies: 10 / Views: 1,761 |
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New Member
United States
1 Posts |
I recently inherited a coin collection which consists of silver dollars, half dollars, quarters & dimes and wheat pennies. I am keeping the wheat pennies because I have been collecting them for years. I am unsure what to do with the silver. I got 2 local estimates, one from a coin dealer and one from a jewelery store which buys silver. Their estimates were $5,800 and $5,900. I must assume both estimates were based on their weight in silver. None of the coins appear to be rare, my research on the oldest ones, 1921 Morgan shows them to be the most valuable ones, but they don't appear to be extremely rare. I realize that I am selling wholesale and they will make a profit, but I want get a fair deal. My question is this, if the coin is not extremely rare, is the silver value a fair estimate? |
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Pillar of the Community
United States
2373 Posts |
You can look up individual fair market values here: http://www.numismedia.com/fmv/fmv.shtmlDealers in my area are paying $14 to $20 for silver dollars(common dates), and about $12 to $14 times face value for silver dimes, quarters and halves. Add them up and see how close the $5900 price comes. AND  |
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Pillar of the Community
United States
1200 Posts |
TO CCF!
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Moderator
 United States
188213 Posts |
to the Community! I moved your welcome post to the appropriate forum for the proper attention.  We are going to need more information, like how many silver coins you have for each denomination, in order to tell you if the silver value is accurate. |
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Pillar of the Community
United States
3283 Posts |
The best answer to your question is Yes, common silver coins are linked to the silver value.
The craft is recognizing higher grade,lower mintage,error or varietal,in demand,or otherwise popular coins that demand more than "melt" value.
There is a good chance you have a whole bunch of them in your 6000 dollar pile.
The question is; Do you want to learn and do the work to find them?
Many just sell them off and that's not a bad thing. Some will enter the hobby and find out what you have.
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Pillar of the Community
United States
1037 Posts |
 I too inherited a coin collection with a bunch of silver dollars, silver dimes, and a few silver quarters. At first I considered selling everything, but in 1994 silver was about $5 an ounce and I thought it would be better if I held on to the collection. I still have the coins as they are the cornerstone to my expanded collection. Today, I am relieved that I kept the coin collection. It belonged to my grandfather and I'll always be connected to him through coins. |
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Valued Member
United States
337 Posts |
If I were you I'd keep the collection at least until silver get closer to $30 and ounce.
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Pillar of the Community
United States
3540 Posts |
If you are intent at selling a portion or the bulk of a collection, find a local coin club and attend their next meeting. You now have an idea of what a 45 to 60% value is.
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Bedrock of the Community
United States
10045 Posts |
Quote:
I got 2 local estimates, one from a coin dealer and one from a jewelery store which buys silver. Their estimates were $5,800 and $5,900. Most likely, it was a lowball estimate...that may not reflect full numismatic value. Best to do your own research and/or ask collectors here about grade/value of coins that have potential. |
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New Member
 United States
1 Posts |
Thank you for the replies, the oldest coins are 1922 Peace Silver dollars and 1906 Barber dimes. My research shows that they are fairly common and not rare. I'm also deciding which ones to keep for myself and give to children as mementos. I'm looking forward to collecting wheat pennies again, I started as a kid, but haven't looked at my own collection in years. |
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Pillar of the Community
United States
4233 Posts |
I am not knowledgeable at this, but my first thoughts were 1. I'd keep the whole collection, because it was my grandfather's (sentimental) 2. Arrange the coins in groups by series and date, and sell lots, date ranges for each series, on ebay with a reserve price about 50% of melt value (which is roughly what you'd get from dealer/jeweler anyway). If there's a rarity, buyers do the work for you, bid it up, and you both win. 3. Pick out the best grade coins from each series/date and save for later, do #2 on the rest. |
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Replies: 10 / Views: 1,761 |
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Posted 12/11/2013 4:09 pm
