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Inherited Coin Collection Documented, Where To From Here?

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New Member

Australia
11 Posts
 Posted 05/20/2011  05:29 am Show Profile   Bookmark this topic Add headshot10 to your friends list Get a Link to this Message Number of Subscribers
The loading of an inherited coin collection has now been entered to a MS Access database and in the first instance towards ascertaining possible values and from which was derived from Krause Publications.

The collection encompasses some 1,140 coins/medallions, 71 countries and with the following typical coin quantities indicated by date period.
1700-1749, 2 coins.
1749-1799, 1 coin.
1800-1849, 7 coins.
1850-1899, 32 coins.
1900-1949, 531 coins.
1950-1999, 528 coins.
2000- , 12 coins.

The majority of the collection is Australian (420 coins) Great Britain (155 coins) and India-British (64 coins).

As I am new to coin collection and unsure of the direction now to take, am seeking advice from the forum.

Do not believe it is possible to attach a .pdf report to a post within this forum, though have a 34 page document (A3) available detailing each and every coin, should the forum rules permit posting and/or direct correspondence between parties.

I await feedback.
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BadThad's Avatar
United States
19937 Posts
 Posted 05/20/2011  10:35 am  Show Profile   Bookmark this reply Add BadThad to your friends list Get a Link to this Reply
Are going to continue collecting? If so, I suggest you pick a specific series to complete. There's lot of fun in putitng together a completed set!
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Valued Member
United States
320 Posts
 Posted 05/20/2011  10:43 am  Show Profile   Bookmark this reply Add Secret Argent Man to your friends list Get a Link to this Reply
Sorry, I'm not sure what the question is, but a few questions answered by you will help steer this in the right direction.

-first what's your goal? Are you planning to keep this collection, sell it, add to it...?
-do you have any coin collecting background? Do you know the basics like not to clean them? (would assume so, since you found Krause, but it needs to be asked)
Valued Member
AlmostCollectible's Avatar
United States
384 Posts
 Posted 05/20/2011  11:44 am  Show Profile   Bookmark this reply Add AlmostCollectible to your friends list Get a Link to this Reply
If you have all the Krause catalogs, and you haven't done this yet, I highly recommend it. Make sure to add the km# of all the coins to your database, it helps a lot when selling or even when refering to a particular coin here in the forum etc.
New Member
Australia
11 Posts
 Posted 05/21/2011  04:02 am  Show Profile   Bookmark this reply Add headshot10 to your friends list Get a Link to this Reply
Thanks for feedback. To add a little more detail re methodology used.
1. Previous to receiving this inherited collection, we have had no coin collecting history. Over the past 3 decades we have assembled an extensive, fully catalogued Australian mint and used stamp collection. Whilst we understand the differences between coins and stamps, the collecting principles, we assume are similar! Whilst the stamps have been time consuming to this point, we are now at a stage towards consolidation, i.e. in disposing of non-performing or non-interesting stock.
2. Coins have not previously held the appeal of stamps, but in this case, the coin collection holds a lot of sentiment, as inherited, but this should not cloud quantified decision making.
3. We commenced sorting received and inherited bags of coins into countries as possible, no cleaning and taking care not to cause damage.
4. Once coins were sorted by countries, next sorted by denomination and by ruler reign.
5. Purchased a proprietary coin collection software, reviewed the format and from which Krause catalogue system was indicated. Acquired copies of Krause catalogues 1601-1700, 1701-1800, 1801-1900 and 1901-2000.
6. Commenced loading data to software, by coin type. These works were undertaken after reviewing the Krause catalogue and critically reviewing both obverse and reverse coin faces under magnifier to ascertain mintmarks and/or other identifiers.
7. After loading some 20% of coins, tested the reporting functions of the proprietary software and which were considered to be very restrictive and not to our requirement.
8. Undertook design of database within MS Access, which replicated all the good points of the proprietary software, plus others and gave us unlimited reporting possibilities. Whilst our priority at this stage was to establish a quantifiable $ value for the collection for inheritance purposes, it was also believed that if the collection was to be retained, all the hard work and a lot of leaning would be done at this stage.
9. With some valuable help from this forum, completed the identification and loading of the collection. Coins are now catalogued, bagged, tagged and in safekeeping.
10. Every record within the MS Access database contains ALL Krause detail by catalogue reference and where information was not available from Krause, spent many hours on the web towards sourcing the required detail. The only field not completed refers the grading of the coins. For costing requirements we utilised the lowest grading of VG for everything. Some 10% of what we believe are the more valuable coins have been scanned, the remainder can or will be done once a decision is made to the collections future. Scanning is not an issue as we can utilise the stamp scanning hardware and software.

So, what we have is a very well catalogued coin collection, sorted, bagged and tagged, now to the future?

The goal is to make the correct decision in moving forward and to which again we seek your advice.

If we are to sell the collection.
1. Do we sell off the gold coins to the Perth Mint based upon the high gold price?
2. Is there a premium for proof gold coins above the published gold buy back price?
3. Do we take the collection to a local coin dealer and negotiate a settlement?
4. Do we undertake selling coins on ebay, of which we are a regular buyer, but not seller? This wheeling/dealing in commodities has appeal in our retirement.
5. How can we quickly learn the most effective procedures and methodologies to become a quality ebay seller?
6. What are the major pitfalls in selling coins on ebay.
7. Is there a better forum than ebay, by which to sell coins?
8. There is a quantity of early Australian and Great Britain silver coins, is there a different methodology in disposing of these coins?

If we are to keep the collection.
1. Further to data entry and interrogation of the database, there is some 16% of the collection to which we have allocated $0.0 vale, based upon published data. Similarly, there is a further 18% of the collection to which we have allocated between $0.01 and $0.30, based upon published data. Using the same criteria as for stamps, there are some very obvious cut offs, relative to return for effort. Does the same apply to coins?
2. Is there a market for these low value coins?
3. As in stamp collecting, we would assume that with coins one would attempt to have complete groups within the collection, either by year, reign, denomination etc. Is this correct and what is the criteria for adding to your collection?
4. From the little we have seen on this forum, one has the potential to be come very well informed by reading and asking questions? This is together with the valuable information published in Krause. Are we on the right direction here re learning the trade?
5. Have not even considered the methodology in displaying the collection, if maintained. Note that sites allow images of collections to be loaded and which can be enjoyed by all. Your thoughts re this point would appreciated.

Best to stop now and see what comes back from the forum and from which am sure many more question may be forthcoming.

Thanks.
Valued Member
AlmostCollectible's Avatar
United States
384 Posts
 Posted 05/21/2011  05:04 am  Show Profile   Bookmark this reply Add AlmostCollectible to your friends list Get a Link to this Reply
If you've spent 3 decades collecting coins and stamps, you definitely are a collector, one with a long history. In fact you have a few decades of experience over me then. And since you have already done all the hard work of cataloging and taking pictures, I'll just mention a few things then, in response to your questions.

There is also a stamp forum, just like this one, and they have a lot of helpful people that can answer all your stamp collecting questions. There is a link on the left column.

As far as selling your coin goes, it all depends on how much time you are willing to give to it. Dumping it onto a dealer is easy, and doesn't take time. But you'll also get less money out of your coins. A trade off. But it looks like you have already spent a lot of time in the hobby, and if you want the best return out of it, you may want to take a little more time to sell them individually. For the coins with value of less than $1, I see a lot of people selling them on ebay in lots of 10-50 etc. That way you can actually get some money after all the shipping and ebay costs, from those coins. Since your database is all set, and you already have pictures, selling online should be considerably easier for you. Also if you do choose to sell on ebay then, start by selling low value items, then build some credibility as seller and then you can sell higher value stuff. There are other websites as well, but I have never sold anything on them, so I'll let somebody else comment on that.

Also once you have enough posts her on the forum, you can buy/sell here on the forum as well, it saves you some fees, and you know your coins will go to collectors who will take good care of them.

If there are coin shows in your area, you also have the option of setting up a booth one time and trying that. Or just going there and selling to whichever dealer offers you best money for your coins.

And you already probably know this, the more time you spend on this hobby, and the more you learn, the better off you'll be. There is a tonnes of good information on this forum.
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