Inherited Huge(!) Collection...help!!

and I can help with any and all 1878 morgans

When I read threads like this one (more times than none), this is a reason why people need to document and inventory YOUR collection so we don't spin in our graves after we kick the bucket.

I could care less what my heirs do with my collection, but I don't want them coming into some dealer's shop, like they do here in Florida (God's waiting room) where the conversation usually goes like this:

"Thank's for seeing me on short notice...I brought my late husband's coins for you to see..."

"Let's see what you have here"

[Sounds of binders opening and closing...with an adding machine making "music" in the background]

5 minutes later the dealer says, "Pretty much your late husband collected mainly common, less expensive coins...the most I could offer you is $250"

"Gee...I don't know...I guess that sounds fair"

[Cash register opens, cash is paid out]

Window walks out wondering if she made the right choice. So there you have it...a life time of collecting coins gets summed up in 5 minutes.

It happens ALL of the time, just don't let it happen to your loved ones. I even have a letter in my safe stating, "So you found my coin collection...now this is what you should do. If you don't, I will come back and haunt you.

Hello. I'm a full time coin and currency dealer. Perhaps I can help by adding my thoughts.

First, my advice would be for you to not spend one minute trying to categorize or document this collection. There's just too much to know and it would literally take you years to learn enough about coins to do it properly. Over and over again I've seen people come into my shop with a large collection that they've spent months working on, only to have me examine the collection and give them a figure within 20-30 minutes. It happens all the time.
Take the collection to several area dealers. Tell them all the same thing. Tell them that at this time the collection is NOT FOR SALE but you need a value for estate purposes. Tell then you want a real life value...what you could really expect to get for it, not an inflated retail value. Most likely they will charge you & that's ok, they're providing a service. If you have to pay be sure to get a WRITTEN estimate. Ask them that in the future, if you sell them the collection would they refund your money for the written estimate.
(I do that all the time at my shop)
Use as many dealers as you're comfortable with but I'd reccomend at least 3. Be sure to tell them all the same thing. Don't let anyone talk you into selling anything...not even one coin...until you get at least 3 estimates from dealers....COIN DEALERS, with real coin shops. Don't trust your neighbors friend or your coworkers cousin, but if they seem sincere you can certainly add their written estimate to the list. Getting business and bank references is always a good idea with dealers, too. Just the other day I had my banker write a letter for me for a big deal I'm doing...saying that I'd been a good customer since 1997, financially secure, no bad checks or shady reputation blah blah blah. Don't be shy to ask for this, especially if you're collection is valuable.

One last thought. Don't get your hopes up too much, here. Your post said "I am sure there are some truly excellent finds scattered in the proverbial haystack". That may not be true. If there are valuable coins they typically wouldn't be mixed in with the cheap stuff. They'd be isolated in their own holder, with a big price tag or the words RARE or SCARCE or some such noted on the holder.

What type of collector was your father? I mean, if he belonged to clubs and attended coin shows and traveled to coin auctions then you likely have some good coins. However if it's a lifetime accumulation from pocket change, there's probably no rarities there, although even common silver coins are still silver and worth substantially more than face value.

I hope this helps some, feel free to contact me or just post here if you need specific info.

Nick Boyd
tradernick


p.s. If you do decide to try and get a value on this collection yourself, that's ok too. Have fun with it and you'll learn a lot. But use pricing info that's realistic. I do not reccomend a Red Book. The Red Book is full retail prices and would indicate what you'd have to PAY for the coins. I reccomend the BLUE book...same author/publisher, but the prices are WHOLESALE prices...what dealers are generally willing to pay. And that's really what you want to know, isn't it? How much you could get for it if/when you sell it?
Just remember that the coin market is fluid, always changing. Books that are only printed once per year are behind by the time they hit store shelves. Heck the dealers Greysheet is weekly and it's not that close sometimes.

Hello again!

Thanks everyone. Most of you suggested what I thought would be suggested...being new to this I want to make sure I know the basic steps. As much as I wanted to avoid using my own elbow grease, I will bite the bullet and organize as well as I can before hitting the market.

A few response comments!---

Rick- I'll talk to ya soon on how we might get together.

My dad had at least one WHOLE book of Morgans...I'll try and remember all your requests for certain dates!

My father had typical older person's disorder. He SAVED everything-old papers, newspapers, videos, books, cassettes, pieces of wire he found. He didn't (wasn't capable of) actually set aside valuable coins but he was astute enough to acquire them. I found coin collection after six intensive months cleaning out his home and office...thus you can understand the unorganized and dusty state in which I found them. My father was a gem and rock collector, made beautiful musical instruments, a serious archeologist, and an incredible M.D.! He knew what coins to get; I know there is good stuff here.

Thanks again for help---I'll keep everyone posted and will try to get some pics up relatively soon!

Cody

Vaq ... I'm a woodwind afficionado, and if he had any interesting wind instruments in his collection I would love to have a look. I played oboe and clarinet for most of my childhood, and became interested in Bagpipe in my early college years. Since then, I've been collecting and playing wind instruments. I'd especially be interested in whistles, recorders, flutes, fifes, or any type of bagpipe. Sorry this is off-topic! Good luck with your coins.

Nick...nice avatar

Uh Oh!!!!!!! I heard Morgans!!!!!!!!