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 Replies: 79 / Views: 7,230 |
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Valued Member
United States
133 Posts |
Hi, this is my first post here. I am posting because I need advice on coins that have been inherited. My uncle passed away in December and my aunt is left with a lot of coins. She isn't knowledgeable in this area. She has left me in charge to sell them and trusts I will do the research before taking action in disposing them. The irony is I'm certainly not knowledgable either. I have a good many receipts from one reputable dealer and other dealers (I don't know their reputation as of date) in which some of the coins were purchased and also receipts from USA Mint dept of treasury. My aunt had one dealer buy back some of the coins but as you can imagine, he has made money twice. We had the coins controlled where he only had access to a couple of boxes. Through conversation, he had mentioned the whereabouts of several coins in which he knew he had sold to my uncle and was interested in buying back (Of course). We have a couple of concerns, two of which are trust in selling to other dealers and the possibility of having coins in there are collectors dream that we could profit from far more than selling to a dealer. As you can tell, I am all over the place in this task and would like some guidance. Where is the best online auction/selling site, a place with a lot of traffic? Also, what is the best way to handle this situation? I think this route seems better than to go through a dealer who is looking to buy wholesale. My aunt sold a good many Morgan dollars in rolls for the cost of silver and also sold proof, mint sets and loose coins trusting he would do right. She didn't feel good about it afterwards- so here I am. We aren't specialized in grading but have purchased all the 2014 red books. Is there a list of certified graders listed by state/city? Someone please advise me in every and any area that you feel can help us. Thanks in advance. |
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Valued Member
United States
211 Posts |
Hammbone, this can be a pretty big task, so we usually recommend that you take your time. You've already bought the Redbooks, which is a good start. If you want to post more specific information about what's included in the collection, we can act as a triage station and point you in different directions. Depending on value and volume, the recommendations will be different.
Generally speaking, the more you are willing to learn and the more time you are willing to spend, the more money you will likely be able to get for the coins. But if the collection is not of sufficiently high value, it may not be worth the effort.
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Rest in Peace
United States
7075 Posts |
 We get this question a lot here. Here's the advice given by our expert. https://goccf.com/t/167629I suppose it is hard to feel good about selling off someone's collection but most of us are hobbyist and dealers need to make a profit. So if you buy a coin from a dealer and then later sell it back to the dealer, yes, he will make a profit twice. It might seem like easy money for the dealer but I can assure you that there are hours of work involved with examining and sorting, plus hours of travel time, insurance expenses. Even big box stores have started to charge restocking fees for returned items. If you're hoping to make as much as possible by selling off the collection, then follow the advice given in the link I provided and wait for the price of silver to go up. So, good luck with your endeavors and ask all the questions you want. We're more than happy to help. |
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Rest in Peace
United States
4078 Posts |
Hammbone, The advice from the CCF members JimmyJames and Buddy are well worth thinking about. Let us know how this worked out. |
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Pillar of the Community
United States
589 Posts |
I would also try ha.com. Search auction archives for the value of your items. Good luck |
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Pillar of the Community
United States
3453 Posts |
to CCF! My condolences to your family for the loss of your uncle. I imagine this must be a very trying time for your aunt. I would recommend coming up with a list to post here first. You may start by stating you have Morgans, Seated dollars, Franklins, V nickels, 3 cent nickels, etc. For the larger groupings, CCFers will most likely let you know to look for (as an example) 1885 and 1886 V nickels, 1883 - 1887/8 3 cent nickels, etc. Then, if it is not too overwhelming, list Morgans by year. Those with more experience will start asking for pictures of specific years and let you know what to look for. IMHO a single thread per coin with pictures is helpful. Posting pictures will also help you refine your grading skills (we LOVE to give our opinion on grades) so that when you research pricing, you will have a better idea when searching for pricing. I hope we can help you and your family through this time. |
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Pillar of the Community
United States
1804 Posts |
TO CCF GO DEAD SLOW SELLING! |
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Pillar of the Community
United States
1584 Posts |
Learn how to get good photos of your coins.
It might seem daunting, but really isn't. CCF has lot's of good info on getting good coin photos. You don't need expensive equipment or major photo skill. It worked for me and I'm old and half blind.
Once you have good photos you'll have many more selling options.
Welcome to the best coin forum in the world.
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Pillar of the Community
Korea, Republic Of
1881 Posts |
Oh, and because nobody mentioned: Do Not Clean Your Coins!
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Pillar of the Community
United States
1531 Posts |
 with Matte, don't clean! Also, try to hold the higher grade coins by the rims and not the faces. |
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Pillar of the Community
United States
3486 Posts |
Hammbone,
You are most fortunate to have found the CCF.
While we may be of different opinions we all agree that a person in your situation needs to trust SOMEONE. And as far as we are concerned we are the most trustworthy group to be found on the Internet.
GO SLOW.
Then slow down some more.
Be sure to tell your aunt about us and ask her if she has any questions to ask us.
It should be a team of two doing the working, although you will be doing most of it.
Organization by denomination comes first.
Then organization by type of design.
And then a listing of dates.
If it sounds like a lot of work, it IS!
But your aunt's well being and your sense of satisfaction for having helped her are your rewards.
Did we mention to take is slow?
Ask us anything at anytime, or just post to describe your progress.
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Valued Member
United States
113 Posts |
Don't forget that a local coin club can be a great source of information. Most clubs are full of great people who can answer everything from coin grading to finding a good local dealer. You may want drop in at a meeting sometime if you have questions.
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Valued Member
 United States
133 Posts |
Thank you for the replies. Lots of good information.
Ha.com won't work for us as mailing them off first isn't an option.
Can I sell the coins on here? If so, how does that work?
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Pillar of the Community
United States
1511 Posts |
excellent advise posted already so there's not really too much to add... If you post some lists of dates and mint marks for different series we can give suggestions as to which to post pics of and then we can help with grade (grade=price)... And we love pics! Lol. If you sell to a dealer/shop you can definitely expect to get much less than individually selling the coins private sales (auction house, ebay etc) but that will take some time intensive work on your part... Who knows by the time your done figuring out exactly what you have you may just buy them yourself as a new collector! Lol Quote:
Thank you for the replies. Lots of good information.
Ha.com won't work for us as mailing them off first isn't an option.
Can I sell the coins on here? If so, how does that work? You cannot sell here until you reach a set post count, but if you start posting some of your coins and check out other peoples posts to gain some knowledge about what you may have your post count will get up there pretty quick. Just out of curiosity as it doesn't matter and is none of my business, but again I'm curious as to why mailing them isn't an option? Many many of us on here buy coins that come through the mail all the time as well as send coins in to be graded by one of the major companies and they're usually mailed both ways... And quite expensive coins at times as well and there's very very rarely an issue. And of you get to the post count and sell on here you'll most likely have to mail the coins unless the member lives in your area. Edited by NathanASE
04/24/2014 8:33 pm
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Pillar of the Community
United States
573 Posts |
BlackRabbit had a great point. See if you can find a local coin club that you can attend. Once you find someone you can trust, discretely find out if they'd would be willing to help you. Coin collectors love to look at coins, even if they belong to someone else. You could work with that expert to determine what you have and what's the best way to dispose of the collection. I was on the helping end of a similar situation a few years back. A friend's grandpa died and the grandma didn't know what to do with his coins and silver bullion. She sold a lot of it to a local "We Buy Gold" place at 60% of spot value, leaving a lot of money on the table. Once I heard about what had happened (through overhearing their conversation at church, although I wasn't eavesdropping), I offered my services to them. I sold the balance of the collection for them through various auction sites. That made them a lot more than selling to a coin store. Plus, as a coinaholic, it gave me great pleasure to handle all those coins, even if they weren't mine.  BTW - the group of people on this sight are some of the most honest, helpful and knowledgeable people you'll find anywhere on the internet. They love coins and love helping people. Feel free to stop in at any time with any questions. You'll be treated with respect and honor. |
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Pillar of the Community
United States
573 Posts |
double post
Edited by StJoeBlues
04/24/2014 9:49 pm
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Replies: 79 / Views: 7,230 |
Posted 04/24/2014 3:11 pm
