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 Replies: 19 / Views: 3,300 |
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New Member
United States
4 Posts |
As the executor of an estate, I am responsible for selling a collection of silver American coins. I estimate there are about 4,000 coins, mostly rolled, with a face value of around $1,000. Using melt values from njccoin.com, I estimate melt value of around $12,000. The years on the coins are generally 1940-1964. I have no experience with this sort of thing, but I need to sell the collection in order to split the proceeds among the heirs. I would greatly appreciate any guidance with regard to how to best proceed with the sale, and also any sense of what I might expect to get for the collection.
Many Thanks!
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Pillar of the Community
United States
1609 Posts |
 We'd need to know, at minimum, what types of coins they are. With estimation, how many would you think are dollars, half dollars, quarters, etc? Since you say the coins are mostly rolled, do the rolls appear original, (aka like they haven't ever been opened) or rerolled (plastic rolls or rolls taped shut)? Do the coins that are visible appear shiny and new, or old, worn, and more matte? That can give us a grading threshold. Do any of the coins look severely bent or destroyed? That would lower the value to just melt. Answer these questions only if you want to go to the trouble of trying to know the numismatic value, instead of just melt value. Best of luck. Edited by RoyCoinBoy
08/03/2017 7:31 pm
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Pillar of the Community
United States
705 Posts |
You could always do ebay if you don't mind packing and shipping the lot(s). There will be 13% in selling fees(10% to ebay and 3% to Paypal) + shipping fees. There are alot of ways you can set it up - maybe in lots. You have to decide if you want a true auction or buy it now. If you want to go another route, like selling to a dealer, other members here have more experience than I do on that and can provide better information. Best of luck in what ever path you take. |
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Rest in Peace
10197 Posts |
Could you not split the coins among the heirs evenly and let the Heirs decide if they would rather have the money now or a precious metal investment? You stand to lose much numismatic value here to sell outright. Most dealers will offer a set value, generally under the silver melt value. The numismatic value depends on each coin and may be substantially higher than that melt value.
I would suggest finding someone to directly assist you in determining the coin worth over the silver worth, it would be of benefit to the heirs snd yourself.
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Bedrock of the Community
Australia
21786 Posts |
4,000 coins is not too many; that's about the size of my numismatic collection.
The way you have described your collection, it seems that most of the coins were saved for their silver value only.
This needs to be confirmed.
I hope you can find someone who might be able to identify the more numismatically valuable coins in the collection.
Any coin that has a significant numismatic premium value over the bullion silver value needs to be separated and sold separately.
Edited by sel_69l
08/04/2017 02:30 am
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New Member
 United States
4 Posts |
Thank you for all of the quick responses! There are about 2,000 quarters, 1,200 dimes, and 700 half dollars. The rolls are not new, and the coins, based on my cursory and inexperienced examination, are not generally in very good shape (although some probably are). It looks to me as though the collector was picking them out of circulation decades ago. None of them seem to be severely damaged. I'm probably not up to the task of selling them in individual lots through a service like ebay, and I don't think the heirs are interested in me splitting the coins. (But that's a good point - I will ask.) I am probably faced with the challenge of finding a good way to sell the whole thing. Is there any rule of thumb, like a minimum value that I might expect? For example, if melt value is $12,000, what is the least I should accept for the collection? |
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Bedrock of the Community
United States
11951 Posts |
Some dealers would be in the $8000 range. With some effort you could get more. That would mean .. ebay ... craigslist. Shipping ..fees.. meeting strange people. Edit .. you could check with a large bullion dealer .. like APMEXEdited by GR58
08/03/2017 8:35 pm
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Pillar of the Community
United States
3540 Posts |
As is the case in selling any group, expect 10 to 15% less than market if you sell to one buyer.
ALL "dealers" will offer less than spot.
If you want to maximize the value, more than likely, you will need to sell in small/smaller lots to multiple buyers.
Personally, I would find the local coin club and try to sell to members there.
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Pillar of the Community
United States
4211 Posts |
I don't know if you are a social media type person but there are some closed facebook
groups that have dealers with pretty deep pockets and paying fairly.
If you don't have local coin clubs etc.
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Rest in Peace
United States
17900 Posts |
I've been in the unfortunate position you describe of needing to liquidate an unknown as an executor.
We coin collectors are always going to hope you have some high grades or rare errors or overdate to make a big value from a melt value.
If none of the heirs want to take the coins at 10% less than melt, save yourself time and work and sell to a coin shop or pawn shop for what you can get, no less than 85% of melt.
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Pillar of the Community
United States
1450 Posts |
It also depends what kind of dimes, quarters and half dollars you have. If you have Mercury dimes and Liberty Walking half dollars these are worth more that melt if they are in higher grades. Same for the quarters if you have a few 32-D Washington and maybe some LSQ's. I would like to have your problem except I have been an executor and everyone gets mad at you and thinks you are going to fast or too slow or being unfair. Thankless task. |
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Pillar of the Community
United States
616 Posts |
Get a list of the rare years/mints for each denomination for the time period. Run through the coins and determine whether any of them are present. Set these aside for possible sale on ebay (a PITA but your best bet) and then sell the rest to a local coin or pawn shop for not less than 85% of their melt value. For the set aside coins, look at the sold listings for each coin in the condition matching those coins. Hopefully you won't have that many. If you have a bunch in the <$10 range, sell them to a local coin shop (I find that ebay isn't worth messing with below $10.) What you are experiencing is why I have left explicit instructions in my will how to sell off my collection. As I've gotten older I have also simplified my collection, and will continue to do so to avoid leaving my heirs a mess. Learned this when my wife was an executor of her parents estate. |
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Valued Member
United States
338 Posts |
If time is on your side, I would take an hour a day to categorize the collection into bulk silver (worn coins with common dates) and coins with numismatic value (beautiful coins or rare dates/low mintage). It is likely that most of the coins fall into the former category of bulk silver coins. So, you can sell most of the volume for around 12 x face value to most collectors at the current silver market value. The remaining coins could be reviewed on this forum via scanned images or photographs (a scanner can usually capture about 20 coin's sides in one image). Most members would be willing to give you honest opinions on grade and value. I have personal experience with your circumstances. My siblings and I were able to divide the proceeds ($$$) from bulk silver and remaining coins fairly.
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Bedrock of the Community
United States
11951 Posts |
Another thing .. if you feel comfortable with saying.
What state or area are you in .. someone here might be able
to recommend a good coin shop or bullion dealer. Maybe even
find out what they are paying in your area. If there are
multiple places in your area, I would contact them all.
Just to compare prices.
Some small shops may not be able to purchase $10,000 or
more at one time. You could offer to break down the
amounts and sell over a few weeks.
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CCF Advertiser
United States
1533 Posts |
At a coin show, you should be able to get offers of 11-12x face value.
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New Member
United States
4 Posts |
More than half of the 1/2 dollars are walking liberty, and some of the dimes are mercury, but most are not. I'm located in central Jersey not far outside Philadelphia. Any references to local coins clubs or shops would be appreciated. Thanks again for all the help!
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Replies: 19 / Views: 3,300 |
Posted 08/03/2017 7:29 pm
