How Do I Find the Value of a Small Coin Collection?

Lilcatwoman · 03-09-2005, 10:43 PM

Hi,

I just found this forum while searching online to try to find the value of some coins I have. My Dad died in November of 2004, and I have half of his coins. I did find one coin that would have been worth $17,000+ if it had been in good condition, but it has a hole in it and other damage, so I don't think it's worth anything. I have 3,000 or 4,000 wheat-backed pennies, some rolls of buffalo nickels, some assorted silver (not a whole lot), and a few other odds and ends. (I also have some stamps, but I know this is a coin forum.)

There are also some foreign coins - a jarful of assorted. And, I found a 2004 nickel that says "Lewis & Clark" on the back, and the back is upside down.

What's the best way to find out if any of these coins have any value? I don't think they do, but it wouldn't hurt to check.

Thanks everyone, and have a great evening.

Take care,
Jamie

GAPCRACKER · 03-10-2005, 12:32 AM

Jamie, You have alot of coins and theres alot more things to look for.There are alot of varibales to each coin.One coin might have 5 or more things to look for,then alot of times you end up being not sure.To simply find a value for these coins is not going to happen.This is what I suggest.Put the coins away for now.Go to the bookstore or libeary and find the most up to date book on coins and start studying.In between reading log on to ebay and start studing.Or hook up with someone you know and trust,and I mean that ,,know and trust nothing less.This is an order to you-do not do anything until you know at least some basics otherwise you will get burned..Lets say you have a 1909 penny with a mint mark "D" you can sell it easyly for $25.Maybe that same penny has a mint mark of "S" instead of "D".Well whats the big differance right.One was made in Denver the other in San Franisco.Well Jamie,im not going to tell you,this is where your studying starts.Go to ebay and type it in-1909S then 1909D and hold on to your pants.Then try a 1922 penny.Better get yourself an extra pair of underware too.One last hint to be aware of, if the book says your 1909S penny is worth $600,dont beleave it.Again go to ebay look it up and baby,,HOLD ON TO YOUR PANTS.By the way, are you in the San franisco bay area,CA. Major good luck to you, Mike

**GDJMSP** · 03-10-2005, 12:56 AM

Howdy Jamie - Welcome to the Forum !!

First off let me ask you a question - what would you like to do with this collection ? Would you like to keep it but just know some approximate values - or would you like to sell it ?

My suggestion to you will depend on your answer.

Lilcatwoman · 03-10-2005, 03:51 AM

"Howdy Jamie - Welcome to the Forum !!"

Thank you!! :-)

At this point, I honestly don't know exactly what I want to do with the collection. My Dad was a sweetie pie, and I'd like to keep some of the coins for sentimental reasons but, if there are some that are worth a little bit of money, I'd like to sell some of them, as well. I know this doesn't help you at all with your question. :-)

If there are some that total up to several thousand dollars but I can still keep a portion of the coins (because they were my Dad's), I would like to sell some of them.

Does that help at all?

Thank you so much for your post.

Regards,
Jamie

Lilcatwoman · 03-10-2005, 03:44 AM

Thank you, Mike, for all the good information. It's a little overwhelming, though; it just shows me how much I really *don't* know about coins. I'll get a book on coins as you suggested and, in a few minutes, I'll do as you suggested and check ebay. I had looked on ebay a little before but not much, because I wasn't sure if the prices on ebay are accurate. I know when I've looked at other types of things on ebay, the items generally sold for a lot less than what you pay retail (which makes sense, since they're auctions) So what's on ebay is a pretty good indication of the value? But, I guess value is defined as what someone is willing to pay for something, though.

"Or hook up with someone you know and trust,and I mean that ,,know and trust nothing less.This is an order to you-do not do anything until you know at least some basics otherwise you will get burned..

That's just it: I don't know anyone, so I'm not sure how to go about this. So, I appreciate your advice. Several months before my Dad died, he asked me to try to find out what they are worth, and I found a couple of guys on the online bulletin board at work who said they could do that for me, but I don't know them, so I'm not sure that they are trustworthy. Someone else suggested I take them to a shop here but, again, how do I know if they'll tell me the right thing?

Anyway, I'm in Charlotte, NC, which is a long way from CA. :-) Thanks, again, for all of your help.

Best,
Jamie

**The_Cave_Troll** · 03-10-2005, 01:39 PM

Quote:

Originally Posted by Lilcatwoman

Thank you, Mike, for all the good information. It's a little overwhelming, though; it just shows me how much I really *don't* know about coins. I'll get a book on coins as you suggested and, in a few minutes.

The recommended book is "A Guide Book of United States Coins 2005" which is commonly called "the Red Book". You can walk into any coinstore in the US and ask for a redbook and they will know exactly what you want and probably have it in stock. The Red Book is a fabulous resource for gaining information on your Dad's collection, but the disclaimer that I must add is: Even though it lists prices, don't trust its prices. The book is printed annually and the prices of rare coins change weekly, so even if the listed price was once correct, it is likely that it isn't correct any more. The prices do provide a pretty good indication of what is more valuable in a set of coins. (i.e. most of the mercury/winged liberty dimes have a value in good condition of $2-$5, except for the 1916d, 1921, and 1921d which all have much greater prices listed, therefore you would know that those 3 dates are more valuable than all the other dates in the series even though you might not know exactly what they are worth.)

Quote:

Originally Posted by Lilcatwoman

I had looked on ebay a little before but not much, because I wasn't sure if the prices on ebay are accurate. I know when I've looked at other types of things on ebay, the items generally sold for a lot less than what you pay retail (which makes sense, since they're auctions) So what's on ebay is a pretty good indication of the value? But, I guess value is defined as what someone is willing to pay for something, though.
Best,
Jamie

Unlike manufactured goods whose values are set by the manufacture (as the manufaturer's suggested retail price), coin values are solely determined by what one individual is willing to pay for your coin. It's the difference between primary and secondary markets. The secondary market is always much more in tune with the reality of what an item is "worth" than the primary market, and since coins are dated then they quickly (in a long term sense) stop being sold in the primary market. (i.e. you can no longer go to the bank/mint and buy a roll of 2¢ pieces for face value.) This leaves ONLY the secondary market for coins that are no longer actively circulating; and since eBay handles such a large number of auctions and has such a huge number of buyers, it may be the MOST ACCURATE price guide for coins EVER. The realized prices of recently completed auctions of readily accessable coins (no super rarities) is an accurate representation of what other sellers are getting for their coins.

Good luck and have some fun. I hope the time spent with your Dad's coins will remind you of the good times you spent together before he passed away.

CJD

Welcome to Coin Talk! Register Now, it's easy and FREE!