| Author |
Replies: 10 / Views: 1,303 |
|
|
Valued Member
United States
87 Posts |
Hey Guys, As I've stated in a couple past posts, I've inherited a coin collection and there are many rolls of coins that I don't know what to do with? Should I sell or keep, please help me decide. I have 8 rolls of silver Roosevelt dimes and 3 rolls of silver Washington quarters. I'm not selling hardly anything of this collection because it is sentimental, but should I cash in on a few rolls or wait? Thanks A Lot in Advance!
|
|
|
|
Pillar of the Community
 United States
4618 Posts |
That's a hard one. You should know what you have before you sell. Do you know someone that collects coins that you can trust to look at the coins for rare dates/mint marks? You can sell and get silver value or look for a coin dealer that may want to help you check, but they are in the business to make money and some may try to take what you have for nothing.
Check silver prices and if you don't need the cash right now, study up on the dates and condition of the coins. You can find information of the rare dates online.
So many things can make the difference in price from 1 coin to another, it's hard to answer with a Yes or No. If the coins are in perfect shape, try not to handle them and DON'T clean them!
Anyone else have suggestions?
ANA ID: 3203813 - CONECA ID: N-5637 Clean a coin that may be worth collecting? Please DON'T! When in doubt, leave it dirty!! 
|
|
Valued Member
United States
309 Posts |
Get a Red Book. Learn how to grade. Get a dansco to hold them and enjoy.
|
|
Pillar of the Community
United States
870 Posts |
Here's what I would do. If you enjoy playing with and collecting coins, hunt the rolls for as much of a complete set as possible, sort them and protect correctly. Then, take the remainder, sell them for their silver weight, and buy the nicest coins you can with what's left. From 8 rolls of Rooseys, you should be able to get a pretty good set going, and with the remainder, you can probably sell 5-6 rolls and get a low grade 1916D Merc and a nice '40's MS Merc. Or, you could get proof Rooseys to make the Roosey collection really nice!
The quarters, on the other hand, are a bit tougher. From three rolls, you'll basically be starting a set. You'll get a decent set, but you won't have enough left over to sell.
I'll tell you what, when you finish all that, get in touch with me - I'm working on Quarters and Dimes right now, too. Maybe we can trade like for like to fill holes! =)
Get working on your posts so you can have enough to safely trade.
IF the coins are really sentimental, the person that was saving them was either saving them for the silver or because they enjoyed collecting coins. IF you have interest in collecting coins as they did, it's fun to sort and play with them and protect them because it gives you time to reflect on the person and the relationship you had with them. AND your honoring their memory and learning a little about their interests and getting an insight into things they enjoyed. If they were just saving them for silver, then by sorting them and trading the extras for key dates or at least more rare coins, you're increasing the value of the collection in the long run.
And the best part is, you're sharing something of yourself and your ancestors with your family coming after you. =)
|
|
Pillar of the Community
United States
870 Posts |
Oh, and like Herman Williams said, get a Red Book and spend some time on Photograde so when it comes time to get the key dates, you'll have some idea what you're doing! =)
|
|
Bedrock of the Community
Australia
21786 Posts |
Keep for two reasons:
1. They have sentimental value, and 2. You are now a small time bullion investor.
Even if you keep them until you die, your descendants will appreciate them anyway. Who knows what the silver price will be then?
FDR was confiscating gold at $35 per ounce in 1931. At the current price of gold at $1500, it has appreciated at 5% continuously over 80 years. I guess that silver is capable of that, as well.
|
|
Pillar of the Community
United States
1348 Posts |
I wuld sell the silver rolls if you want to. It would be a pretty good chunk of change and they probably were collected for this reason specifically (bullion). I put away a roll or 2 every so often and its for a rainy day to pull out and hopefully have a nice little treasure.
|
|
Valued Member
 United States
87 Posts |
Thanks a lot everyone for the suggestions. Delaner I like your advice and think I will stick to it :). Yes, sometime in the future once my posts are up we should consider some trading! If anyone else has any suggestions also i'd like to hear them! Thanks Again!
|
|
Pillar of the Community
 United States
2362 Posts |
First you need to decide what part of the collection is sentimental and just keep it. For everything else that may be up for sale - you can use the advice given - get a Red Book and a Blue Book and use them for a basic understanding of the value of the coins you will want to sell.
Member ANA and EAC "You got to lose to know how to win". Dream On by Aerosmith
|
|
Bedrock of the Community
United States
17884 Posts |
Quote: FDR was confiscating gold at $35 per ounce in 1931. $20 per oz in 1933. They didn't raise the official price of gold to $35 an oz until after they had gathered it all in.
|
|
Valued Member
United States
371 Posts |
Quote: At the current price of gold at $1500, it has appreciated at 5% continuously over 80 years. I guess that silver is capable of that, as well. That is definitely a possibility. After all, Silver is a very useful metal in different industries, such as the electronics industry. I could imagine demand growing higher sometime in the future for Silver.
|
| |
Replies: 10 / Views: 1,303 |
|