Thread: NEW HERE!!! Inherited Collection

Hello everyone, I am new at this coin thing, and this seemed like a good place to join. I recently inherited a big collection of coins from a relative, and am trying to do some research before I decide what to do with it.

I have a lot of coins, Pennies, nickels, dimes, quarters, halves, large amounts of bullion, silver dollars, proof sets, canadian money, peace, morgan, you name it, I have it...


I also have a large amount of already graded coins.


I Have done some research on grading, and how to identify the coins, by year, and such, and still feel like I might be missing something...




Any help would be greatly appreciated....


thank you

Welcome aboard!

First thing I would do with the coins is nothing. No, really. Let them sit while you learn about them. Don't sell them en masse to a dealer, don't clean them, don't break them out of their slabs, etc.

*If* you believe the price of bullion is going to continue to fall, *and* you need the money, I would start with those because it's easier to get a fair price on bullion coins. But that's your call because everyone has a different opinion about what the future holds as far as bullion prices go.

As for the coins that have numismatic value, that's where you really have to hit the books. The value of them isn't going to rise and fall as rapidly as it does with bullion coins, so time is on your side.

Originally Posted by Blaubart

Welcome aboard!

First thing I would do with the coins is nothing. No, really. Let them sit while you learn about them. Don't sell them en masse to a dealer, don't clean them, don't break them out of their slabs, etc.

*If* you believe the price of bullion is going to continue to fall, *and* you need the money, I would start with those because it's easier to get a fair price on bullion coins. But that's your call because everyone has a different opinion about what the future holds as far as bullion prices go.

As for the coins that have numismatic value, that's where you really have to hit the books. The value of them isn't going to rise and fall as rapidly as it does with bullion coins, so time is on your side.

Best advice you will get here.....Dont do anything with them until you know what you have!

Thank you for the great welcome..

That was my plan, to learn all about them first...I have learned a lot over the past few months, but have a long way to go.

Welcome to the neighborhood!

The first order of business would be to invest in a couple of very worthwhile books.

The Red Book of United States Coins published by Whitman is available on their website. I don't recommend that you rely on their price guides, but the book contains a wealth of information that will be very helpful to you.

The other book would be one like the American Numismatic Association Grading Standards for United States Coins. This is also published by Whitman and is available on their website. If you're going to be buying coins, whether they are certified or raw, you have to have some understanding of grading since it is the primary determining factor when it comes to pricing.

Please be careful when buying raw coins on the internet. There are more than enough unethical sellers who won't mind taking your money. Please remember that if you see something that interests you, or even if it seems puzzling, you can always ask questions here before you pull the trigger.

Chris

Originally Posted by cpm9ball

Welcome to the neighborhood!

The first order of business would be to invest in a couple of very worthwhile books.

The Red Book of United States Coins published by Whitman is available on their website. I don't recommend that you rely on their price guides, but the book contains a wealth of information that will be very helpful to you.

The other book would be one like the American Numismatic Association Grading Standards for United States Coins. This is also published by Whitman and is available on their website. If you're going to be buying coins, whether they are certified or raw, you have to have some understanding of grading since it is the primary determining factor when it comes to pricing.

Please be careful when buying raw coins on the internet. There are more than enough unethical sellers who won't mind taking your money. Please remember that if you see something that interests you, or even if it seems puzzling, you can always ask questions here before you pull the trigger.

Chris

That was my first order of business, buying books, doing countless hours of research, on grading and such...

again this is all new to me..

Thank you

Looks like you came to the right place. First thing I would do is invest in decent digital camera. Then post plenty of pictures and ask as many questions as possible. Also buy a copy of the Redbook, as well as getting a decent pricing guide. I inherited a collection when my grandfather passed away and I still haven't sorted through half of the coins.

Originally Posted by cpb614

I have learned a lot over the past few months, but have a long way to go.

Good. It seems you're not the impatient type. You're already way ahead of most people who inherit a coin collection.

Advice might be more targeted to your situation if you let people know what your end-goal for the collection is. Are you planning on keeping it forgotten in the attic for 50 more years, selling it as soon as you figure out a value, or starting to collect yourself?

Originally Posted by sjlund

Advice might be more targeted to your situation if you let people know what your end-goal for the collection is. Are you planning on keeping it forgotten in the attic for 50 more years, selling it as soon as you figure out a value, or starting to collect yourself?

MY first plan of attack was to slowly sell the collection, I have a small collection myself, only a few coins, but this is a huge collection, but the more I researched the collection, the more intrigued I became..

I most likley will sell the whole collection in time, but for now, research, research....

Pictures would be awesome!

Originally Posted by bsowa1029

Pictures would be awesome!

working on it...I have only been through 3 of the 14 boxes

There is a forsale section on this forum. Some people here may be interested in some of the coins you've got, and you wouldn't have to worry about getting low-ball offers. From my experiences here, I believe most people are very nice and honest.

Welcome to the forum! If you haven't read this thread today, it is a good one to start with. Any collectible coin will have a significant spread between buy and sell unless it is a major rarity. Since it is an inheritance, and a major amount of coins, check with the executor or the lawyer that handled the will to cover all bases with your decisions for the future as to reporting and taxes specific to your location and financial situation..


I got an education in selling
Jim

Originally Posted by bsowa1029

There is a forsale section on this forum. Some people here may be interested in some of the coins you've got, and you wouldn't have to worry about getting low-ball offers. From my experiences here, I believe most people are very nice and honest.

That was my idea, I am in the process of going through them to see what I have. I have been through 2 of the 14 boxes, and have found some what I think to be the more rare of coins, some of the coins are already graded and most are in tip top condition.

It is a long process, so I am taking my time. There are some peace, morgans, gold coins, franklin halves, dimes, and such. the collection is immense.