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New Member

United States
3 Posts
 Posted 10/02/2010  11:19 pm Show Profile   Bookmark this topic Add Soran to your friends list Get a Link to this Message Number of Subscribers
I am not a coin collector or seller. Inheritance from my father was his assortment of coins. He loved coins and purchased - not necessarily to have a collection of one type of coin but just to have a variety of what he felt was valuable. Many of these have a little paper envelope or cardboard on them with a dollar value that I believe is what he paid for them. He also did not organize these coins. I have quite a quantity from pennies to silver dollars.
Where do I begin to determine value of each coin in the quickest way. If and when I determine somewhat of a value - and that I know will not be a true value since I have no knowledge in the grading/cleaning etc that I have seen discussed on this forum.
If you were me - a person who really doesn't look forward to doing this, what would you do?
I also have a trust problem of taking them to someone to have this done. Is that a valid concern?
If I didn't need the money they would stay in the safety deposit box at the bank!
IF YOU HAVE ANY SUGGESTIONS FOR ME - I'D SURE APPRECIATE THEM!
Thank you!
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specksynder's Avatar
United States
1080 Posts
 Posted 10/02/2010  11:47 pm  Show Profile   Bookmark this reply Add specksynder to your friends list Get a Link to this Reply
First of all, I'm sorry for your loss. I understand these coins probably carry a lot of emotional attachment.

Go to the bookstore and buy the Red Book and the Blue Book of US coins. Basically, the Red Book is retail prices, the blue book is wholesale price (if you are trying to unload these to a coin shop, you'll get close to blue book values, if you sell on ebay you'll get somewhere between blue and red... the Red Book is often inflated). The Red Book has some good descriptions to help you estimate the grade of a coin. You can also download an ipod app from PCGS that shows photos of coins at various grades so you can compare.

If you want to unload these quickly and easily, here's what I recommend. Start with the things that are low value... rolls of non-rare silver coins (such as SILVER Roosevelt dimes, SILVER JFK half dollars -- these are worth their silver value, which is higher than their collectible value). Take these things around to a few dealers and comparison shop. You will see which dealers are easy to work with and who has the better offers. Once you've established a relationship with these lower value items (you've made your mistakes with the cheap stuff), then take the more valuable items (Morgan dollars, anything slabbed, etc.) You should be concerned about trusting people, that's why I suggest comparison shopping a few dealers. Be careful about giving out personal information. A dealer will likely need your driver license to pay you for coins, and that's ok, but don't post your address here or meet a Craig's List buyer near your house. It's ok to be vague about how much stuff you've got. (I know you won't do anything stupid, I'm just saying it is OK to be a little paranoid about collectible coins. Many unsavory people see them as easy money.)

If you want to do this yourself, it's worth it to take a little time. This board is a great resource... give us a few details, a few photos and we'll let you know if you have a 3-cent coin or a $800 coin.

If you want to have this over and done with, there are companies and dealers that will liquidate your collection on consignment. Sometimes a good option is to find a trusted family member (nephew, cousin) whose emotions aren't quite as high and have them research liquidating the collection.

If you find the right dealer, you could sell everything quickly at a reasonable price, but that dealer is rare and tough to find if you're not familiar with the collecting community.

(By the way, your forum info says you're near Denver... I think there is a very active collector's community in that area... you might look online for local coin clubs and get some advice.)
Edited by specksynder
10/02/2010 11:48 pm
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GO's Avatar
United States
6563 Posts
 Posted 10/03/2010  12:00 am  Show Profile   Check GO's eBay Listings Bookmark this reply Add GO to your friends list Get a Link to this Reply

Quote:
By the way, your forum info says you're near Denver

I'll be moving there in 4 months if you care to wait a bit

To add to the already good advise:

1. Do no physically touch any of the coins. You have no idea what the current value of any of these are and simple contact marks and such can diminish the value. If you MUST hold them do so by the edges only.

2. This also goes for cleaning. Leave everything the way you found it until you can get them appraised.

3. Can you take any pictures of the ones that look to be of higher value? We have an excellent crew here and we can ID as well as give you an approximate grade and value of as many as you'd like. But that does depend on the quality of the picture.

4. Welcome

Moved to Main Coin Forum
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specksynder's Avatar
United States
1080 Posts
 Posted 10/03/2010  12:05 am  Show Profile   Bookmark this reply Add specksynder to your friends list Get a Link to this Reply
Here is a link to PCGS photograde http://www.pcgs.com/photograde/ It will give you a guideline for various grades


-GO

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BadThad's Avatar
United States
19944 Posts
 Posted 10/03/2010  01:04 am  Show Profile   Bookmark this reply Add BadThad to your friends list Get a Link to this Reply
Welcome to CC!

First off, don't move too quickly! The faster you move, the lower the amount of money you're going to realize from selling the coins. Take a deep breath, relax and take your time.

Do NOT clean the coins! Whatever you do, don't clean them. They can lose over 90% of their value if you clean them!

Get the Red Book as suggested and create an inventory of everything you have along with the Red Book value. Excel works GREAT for this. If there's grades written on any of the holders, record those too. If you're not sure of a grade, just take your best guess based on what the Red Book says for now. Once you have the list completed you're well on your way to seeing just what you have.

REMEMBER - This is going to take time. The longer you take your time and the more careful you are, the more money you'll realize from selling.

Get yourself a digital camera with a good macro mode. At some point you're going to need pictures so others can help you.
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Bedrock of the Community
United States
20753 Posts
 Posted 10/03/2010  11:26 am  Show Profile   Bookmark this reply Add just carl to your friends list Get a Link to this Reply

So far most of the great and accurate advise has been stated.
So just to sort of summarize it one more time.
1. Do not attempt to clean any of those coins.
2. Do not take any of them to a coin store until you know what you are doing and what you have
3. Purchase the Red Book on coins by Whitman Publishing. Usually can find one at any coin store, hobby store, on line or on the Whitman web site.
4. Attempt to sort out what you have in some reasonable order. Something that makes it easier for you to look through
5. Try finding a member of this forum that lives in your area. Usually the members of a coin forum like this one are trustworthy, except me of course.
6. I know you said you need the money but hasty selling off of what you have may be the loss of a great deal of money later.
7. While looking for a book on values of coins you may want to try some of the other web sites that do list coin values. The PCGS web site has also a listing of most coin prices but excessively over done.
8. Note after you find out what a coin is worth, remember that those prices are not necessarily what you'll get. Selling a coin is sort of like selling a house or car. You think it's worth this, someone offers much less, you counter with something else, they counter with something until your both happy.
9. Continue posting what you find you have right here. The more info you have and get on what you have, the better off you'll be in the future.
New Member
United States
3 Posts
 Posted 10/03/2010  2:41 pm  Show Profile   Bookmark this reply Add Soran to your friends list Get a Link to this Reply
Thanks to each of you for the good information! I already learned a lot! I will get the Red Book and begin there. I will also make that list of what I have. I know I will be posting questions in the future. For now, I just need to carve out the time to go through the coins - to get the most of any selling I do.
New Member
United States
3 Posts
 Posted 10/20/2010  3:16 pm  Show Profile   Bookmark this reply Add Soran to your friends list Get a Link to this Reply
I have taken your advice - I bought the Red Book and began with the Morgan's and Peace dollars. Quantity is little over 100 coins. I did not clean them. I do not have a camera so I can't ask you all the questions I would love too. I did get them in year order and "tried" to grade them with the red books guideline. Do I know I missed some important details - you bet! I just did the best I could.
I still have pennies, dimes, nickles and some Canadian to go through but I am thinking I should work with the silver dollars first and then go unto the rest. What's your thoughts? Is it better to deal with all coins at once when presenting to a possible buyer?
I do live outside of Denver - and I an wondering if anyone living in the area is familiar with the Rocky Mountain Coin and Jewelry company. I had someone tell me they had heard they were reputable and fair in buying a big amount of estate type coins. Any feedback appreciated. I also see where there is a coin show in Aurora in November - would that be a good place to find help?
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AGCoinHunter's Avatar
United States
625 Posts
 Posted 10/21/2010  11:09 am  Show Profile   Bookmark this reply Add AGCoinHunter to your friends list Get a Link to this Reply
Soran, unless you need to money right away take your time with them. Who knows, you might start to enjoy them and decide that coin collecting might be for you as it was for your father. I know I was that way when I first started out. I used to just look through my Dads coins out of curiosity more than anything and 25+ years later I now enjoy collecting them. My father gave me his collection earlier this year so now I have a small base to begin my collection with.
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