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 Replies: 18 / Views: 4,952 |
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New Member
United States
3 Posts |
Hello hello, I just inherited my dad's coin collection. Considering I don't know anything about coins BUT am fascinated with escaping my student loan debt... I'd love to sell it and see what happens. I realize my ignorance puts me in a bad spot - I'd never know if I was being taken advantage of should there be any valuable coins. Any recommendations on how to start? I travel to northern WY, Denver, CO and Lawrence, KS regularly if that helps. Thanks... |
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Moderator
 United States
14463 Posts |
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Rest in Peace
United States
10625 Posts |
The first thing you need to do is figure out what you have. Take your time and do some research so you don't get taken to the cleaners. You can get an idea of what your coins are worth on this web site http://www.numismedia.com/fmv/fmv.shtml and how how to grade on this one http://www.pcgs.com/photograde/ and feel free to ask questions here and post some pictures. and  to CCF! |
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Pillar of the Community
United States
1511 Posts |
 And also, what types of coins are they? If you give us a list of the types we can help you narrow it down to specific dates and mm's (mint marks) to look for and if you post pics of ones we suggest from the lists we can get a good idea of grade. The value of coins is directly related to condition (grade) so without pics it's very hard to tell |
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Bedrock of the Community
Australia
21786 Posts |
Unfortunately, you will have to do some research first, to get a good idea of the value of the collection.
If you DON'T, you stand to risk loosing a lot, and not being able to access it's full value, to your own benefit.
I feel sure that your dad would have been saddened, if you didn't do that.
Post some pictures here in the CCF, for us to comment on, we would be happy to do so as an independent third party. We cannot buy; you need 250 quality posts before you can sell, using the CCF.
You never know: you may end up being an enthusiastic coin collector. I guess that your dad would have been happy if you could keep at least some of his coins for a memorial.
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Rest in Peace
United States
7075 Posts |
It could take months to figure it out. I also agree that you should keep at least part of the collection. Even if you're not interested in them, the next generation might like something that belonged to their grandfather. |
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Valued Member
United States
256 Posts |
Get a RedBook or blue book and start researching them. |
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New Member
 United States
3 Posts |
Thank you all - esp since I am an amateur and so my questions are so basic.... Once I figure out what they are and if I decide to sell some, how do I sell them? On ebay? Or at a special type of brick-and-mortar store? |
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Pillar of the Community
United States
7375 Posts |
Of course it depends on actually what you have, but IMO, yes, in general ebay is pretty good. |
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Valued Member
United States
337 Posts |
I'd say keep them in memory of your dad and only sell the key date/ high grading coins if you have them if you really need some money. No point in selling all because some coins like say a 44 Wheat cent will not get you much in return but can be a momento for your father?. |
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Bedrock of the Community
United States
20753 Posts |
It is unfortunate that you have to sell off something your Dad worked hard to accumulate. However, what he did is still for you. So the thing to do is pending how fast you need the money. Naturally if you need money now, the only thing to do is find a coin or hobby store and try selling to them. AND you will get badly ripped off since you know nothing about what you have. This happens with all sorts of items left by someone. Flea markets are full of people selling off items left to them and they have no idea of their value. One thing you may want to try is looking up coin shows in your area. Usually if you go there you could find a dealer that is a bit more honest than a coin store. IF you have the time, ebay is about your best bet. Just remember that in order to sell coins you should know what your selling. |
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Pillar of the Community
United States
3540 Posts |
All of the above is GREAT advice. YOU have to KNOW what the collection consists of AND what the retail value is. ebay is a BAD idea - for a couple of reasons. First - the cost to sell will cut 20% off the top PLUS your TIME. You do need to place a value on your time. Second - if the coins are not graded by PCGS/ANACS/NGC - you will not realize the true value on ebay. I would HIGHLY suggest finding a local coin club. Every coin club primarily consists of collectors. Yes, there will be a dealer or two...and a "vest pocket dealer" (person who solely fips for profit). Get several estimates on the value. |
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Valued Member
United States
337 Posts |
what yu have may be a determining factor. If the coins are very rare you migh use an auction house, but I mean very rare. Or, ou could take them to a dealer you trust and talk it over. Getting several offers can happen at a coin show. Yes, dealers also buy at shows. But do not just take the first offer, it may take several before you get the best offer.
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Pillar of the Community
United States
1200 Posts |
As indicated above, the most important thing for you is to put some time and effort into self-education. You need to develop an understanding of what you have, because it may be an eclectic collection of modest (or minimal) overall value and on the other hand it may be a dream collection that's worth a fortune. Beyond that, a few personal feelings... 1---Using Craigslist is inviting disaster if not bordering on suicidal. Too many predators use it as their target list. 2---Ebay is loved by many, but has a lot of problems. Once you know the value of what you have, I'd sell it to LCS's &/or show vendors if I was in your position. 3---Avoid "We Buy Gold" places. Too many of them are predators and scavengers. 4---Get to know your LCS's. They'll hopefully be ethical but this isn't a given. Look for ANA membership as (hopefully) one indicator of a good shop. 5---Be cautious with show vendors. Many are of dubious if not bad intent. Good luck with your efforts. Edit--- There's even a book on the exact subject of your quandary. http://www.amazon.com/What-Granddad...elling+coinsSince it'll only cost you ~$7 (used), it might be the best $7 investment you could make right now. Edited by Fat Freddy
03/29/2014 08:14 am
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New Member
United States
3 Posts |
Does "LCS" mean "local coin show"?
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Pillar of the Community
Canada
1823 Posts |
Local coin shop BTW Edited by yingyang
03/29/2014 2:03 pm
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Replies: 18 / Views: 4,952 |
Posted 03/27/2014 8:53 pm
