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 Replies: 16 / Views: 3,999 |
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New Member
United States
2 Posts |
Through the passing of an elderly relative, I've recently received a coin collection. There are lots of different things in the collection. Most of the coins seem to be in really good condition, even the old ones. There is such a wide variety and quantity that I'm not sure where to start when it comes to selling the collection. I've started cataloging the coins by type, year, and mint mark. I want to maximize the money that I get for the coins and now seems like a good time to sell silver and gold coins. I'm not sure if I should just start selling things indvidually on ebay, get an appraisal from a coin shop, or what. I'm hoping you guys can point me in the right direction on how to do this. Below is a short summary: From about 1970 and later from the US Mint: *300+ Silver Proof Coins (Eagles, Proof Sets, Commemoratives) *20+ Gold Proof Coins (Eagles, Proof Sets, Commemoratives) *250+ Regular proof sets and Uncirculated Sets There are also lots of much older coins, most of them in really good condition: *200+ Silver Morgan dollars from 1881 to 1921 *500+ Mercury dimes*Lots of others silver dollars and half dollars: Liberty Dollars and Half Dollars, Franklin half dollars, Kennedy half dollars*Lots of Washington Silver Quarters and Roosevelt Silver Dimes Thanks! |
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Bedrock of the Community
United States
19930 Posts |
Welcome to CC! Sorry to hear about the passing of your loved one. First off, TAKE YOUR TIME. Even though you might not think of yourself as a coin collector right now, that might change. You may find yourself starting to take more of an interest in coins now that you have a collection. You're off to a good start. Creating an inventory list is a good thing. You should buy a Red Book and include some approxiate values for each coin in your list. Red Book is not very accurate for prices, but it gives good "ball park" figures so you have a rough idea. It's always best to sell stuff individually. The best place is actually a forum like this one. If you use ebay, you'll get fee'd to death and you'll probably end up losing some money with under-bid auctions. It happens all the time....especiallly if you don't have lot seller feedback and poor pictures/descriptions. If you go the dealer route, only take a few things in there at a time. Don't walk in with hundreds of coins/sets, it's overwhelming for the dealer and he'll low-ball price you because it will take too long to go through all the stuff. Know the value of the stuff you're selling before you walk in. Check internet prices ahead of time to see if the offer is fair. However, remember he has to make a profit too, so don't expect to get top prices. Dealers are great for a quick payment, but you won't get the full "retail" price. I'm sure a lot of other folks will chime in to help. Good Luck! Edited by BadThad
09/07/2010 11:32 am
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Pillar of the Community
United States
2120 Posts |
I agree with the dealer comment. They dont have all day to go through a big collection piece by piece. Sometimes you can find an honest dealer that if he offers a price and finds out he paid way too low, he will call you and have you come back in... But this is very very rare. I've seen this from only one of the many dealers I go to. needless to say, hes my favorite.
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Pillar of the Community
United States
790 Posts |
Yep, go slow and get informed.
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Valued Member
United States
365 Posts |
A couple things to add/ repeat: -sell items piecemeal, you will get more for each selling slowly and individually -avoid dealers, they rarely make offers that are competitive with what you can get in other ways; if you are in a hurry to get something out of the collection at the very least go to a coin show and get offers from a number of people. -think long and hard about how you might use ebay: they charge pretty hefty fees, yes, but they also have a huge, worldwide audience. No other forum will provide that large a number of potential buyers. This tends to work in your favor if you are selling a key date coin or a coin in excellent condition. Common dates and ordinary-condition coins are the ones that can get under-bid and be a losing proposition for the seller. -look into connecting with collectors in your area, there's nothing better than knowing some people locally who know something about coins and whom you can ask even the most basic questions to. Find out of there's a coin club nearby or a local bid board that gathers collectors on a regular basis, make some acquaintances. -the faster you liquidate and the less knowledge (i.e. Red Book and other catalogs) about the collection you have, the less value you'll ever recover from the collection. The inverse is also true, you stand to extract a handsome sum from such a large and valuable collection if you go about it carefully. |
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Valued Member
United States
365 Posts |
Oh and, PS:
Don't ever handle the coins directly--use rubber thimbles or cotton gloves--or try to "clean" them!
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Pillar of the Community
United States
3294 Posts |
Don't try to clean is probably the biggest thing to note.
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Valued Member
United States
487 Posts |
You may want to post what state you are in as we have members all over the country. I know I would be willing to go through them and let you know what they are worth if you where near me. But I live in the middle of no where.
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Pillar of the Community
United States
651 Posts |
Be careful and don't talk about what you now have, especially to friends and relatives. Do some homework and realize what you have and it's value. If you do sell, don't unload all at the same time. But, I hope you make his happiness your happiness by continuing to enjoy the hobby yourself.
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Pillar of the Community
United States
619 Posts |
Is the collection in a safe secure place? That collection appears to be deep into six figures, maybe seven.
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Bedrock of the Community
Australia
21786 Posts |
Selling a large collection is a bit like selling a house. It takes consideration, cataloguing, time and an appreciation for what each coin is worth in the marketplace. If you have very valuable single items, a good coin auction (not ebay) could be best. Such items need to have enough value to account for buyer's and seller's fees, and taxes. Quite often grouping a small number of related coins in a single lot can be a little more efficient. Large amounts of low value coins could be grouped together and sold off in a album, perhaps on consignment, by a dealer as a single lot. I used this method to dispose of a very large collection several years ago. The dealer did not pay for any of my coins at all, he just took a percentage of each coin that he sold over a 6 month period. That way, neither of us were committed. Personally, I am not keen to use ebay for coins, but there are some very good comments on this Forum regarding the use of this method. If do you choose to go down this track, search this Forum and read and read these comments carefully before you do. I would be well worth your effort. All of the above comments before mine in this thread are common sense to me. |
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Pillar of the Community
United States
1298 Posts |
You might want to check with Heritage Auctions. At least for part of your inventory.
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Pillar of the Community
United States
7840 Posts |
First off,  Scott. My condolences on your loss. All of the above is good, sound advice. Patience will definitely "pay off" in the end. Stay away from the easy way out " ebay". There are really good people her in the Forum that have the collectors interest at heart. Edited by oih82w8
09/08/2010 10:17 am
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Bedrock of the Community
United States
20753 Posts |
I'll only repeat what has already been said. Take your time. Do research on your own. Buy the Red Book and sit down and find out what you have. Rushing into the sale of anything is usually not the smatest way to go. Even if you think you know someone and have them evaluate what you have you'll never really know if your going to loose a lot, a real lot. Not sure why you don't want to get a little involved in this hobby since it is a lot of fun, educational and you might enjoy those coins. If not I again strongly advise you to find out what everything you have is worth. As my favorite example of such a situation. Not to long ago someone told me of what happened to a friend of mine's possesions after he passed away. He had an emense collection of guns, loading equipment, powders, bullets and on and on and on. Many of the guns were from WW2 and in mint condition. His relatives called in a gun store, then sent someone over, they offered $1,000 for everything and the relatives took that. Just one Mauser Broom Handle with stock would be worth many times that let alone all the others. Edited by just carl
09/08/2010 6:39 pm
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Valued Member
United States
307 Posts |
Hi Scott, Sorry about your loss. All the advice that has been offered is good and worthy of your consideration. There are three important thoughts that need to be addressed. The first is the time line of your necessity to sell the coins. The second is that you receive fair value. The third being method of sale. I had an emergency that required $17,000.00. I was unable to come up with the money. Took my inventory of coins to a seller and was offered $9100.00. I went to a friend that sold on ebay and after he became familiar with there system He listed my coins based on previous ebay sales prices and I had more than enough to pay my bill. BTW I had my money in three weeks after listings ended. He told me We might have made more but We could not imply grading in listing heading on ebay unless a dealer. I don't recommend this method if you can devote time using the Red Book and being able to grade your coins accurately. What ever method you choose remember there is help available on this forum. Good Luck |
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New Member
 United States
2 Posts |
Thanks to everyone for their input and comments. This is a lot of great information! I will definately take my time and go slowly. I'll buy a Red Book on the way home tonight. Thanks again. |
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Replies: 16 / Views: 3,999 |
Posted 09/07/2010 11:58 am
