Need advice on selling coins

My siblings and I want to sell the coins that our late mother bought many years ago. We're not interested in collecting or buying any more. I contacted a PNG coin dealer via email, and he advised me to go to a coin show. The show is in a few weeks, but I just don't know what to expect, how to approach different dealers, or anything.

Can anyone give me some guidance?

I have a 1924 $20 St. Gaudens, four 20-coin rolls of 1887-P Morgan, and five 1881-S Morgans.

 

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wow.....

 

Ebay...make sure the auction description tells potential buyers that these are estate related, you are not a coin collector, and you have not graded, reviewed with a dealer, etc. Everyone will bid accordingly, and you should end up with a pretty close figure to market value. If you are curious as to values, a base estimate would be from the RedBook...you can find it at the Library or any major bookstore.

 

I doubt you will have any problems selling any of the coins listed at a show, but the question is will you get a fair price. If the Morgans are worn, chances are you will be offered silver melt value, but you may get a bit more if they are uncirculated or almost uncirculated. You can get an idea of condition of your coins at http://www.pcgs.com/Photograde/
After you have somewhat determined a grade for you coins you can find a high retail price at http://www.numismedia.com/fmv/fmv.shtml .
Keep in mind a dealer is probably not going to offer anywhere near retail for any of your coins, but it may help you a bit in making a deal. If you have a few weeks I recommend you due a bit of research on prices so you are not going in blind.

 

Educate yourself before you sell, Condition especially on the Morgans will make or break you
If you could post some pic,s we could probably give you some more info on what to
Expect dollar wise

 

Yeah, were pretty helpful and honest people on this forum. We try to help where we can and learn from eachother. Pics would def be nice!

 

I did look at the Red Book at the library 2 or 3 years ago, and I'll make another trip.

I'll try to take some good pics and post them here. The silver coins are in little plastic boxes -- not individually, but in rolls, as I originally posted. I guess it's ok to open them, right? The gold coin is in a plastic case with plastic screws. You can easily see the front and back. Should I leave that in the case?

LowFlyin99GT, what did your "wow" mean?

 

Pictures are key...for both best advice from this forum as well as maximizing price on ebay. I too am dealing with an estate that has a collection I know nothing about...been getting educated and same applies for the one I am dealing with...pictures....good pictures.

With that said....your 1887 P Morgans are a very common year....unless condition is perfect or you have an error, the auction will drive price to market...where a dealer will low ball with the "I need to make some money and I see these all the time" type comments.

The 1881-S Morgan, again, unless perfect the same applies.

The 1924 Double Eagle...well that is a coin collectors dream type coin in great condition. As condition improves the value changes substantially (gold bullion price up to over $10k). From the estate perspective, this is where time should be spent. The holder is fine, do not handle the coin directly if you can avoid it as coin collectors are very detail oriented...fingerprints on a coin can cost you big $$ or heaven forbid you drop it when not in the holder. When I say perfect, I mean perfect...no dings, scratches, marks, wear, finish irregularities, etc. Coins are graded on a 70 point scale and the top end of the scale changes big if you put the coin in your pocket.

A decent digital camera, diffused white light, and some time spent getting good pictures will be worth it....especially on the St. Gaudens. For quick and pretty good pictures, since the coin is in a holder, try using a scanner on a computer. Set resolution high and go...may work well enough to get you an idea.

 

His wow was referring to the rather large amount of money all of that is worth. You picked a great time to sell.

 

I think the coin show will be very intimidating to a non collector. Sure, you'll get an offer on any coin you show any dealer, but will it be fair?

Ebay is probably easier as long as that isn't intimidating.

 

If you go the show route, be sure to get multiple offers. Don't sell on the first offer; I'd try to get 3-5 and let them know that you are going to sell them to the best offer.

The more you know about their value going in, the better position you will be in.

 

Thanks for all the feedback.

GDJMSP, re newbies selling on eBay, I had read on another thread here that there are enough bidders that good bids would balance out the bad bids. I gather that you disagree.

If I decide to go to the coin show, it's the Long Beach CA Coin & Stamp show, which is in the first weekend in February. None of my siblings or I feel a great rush to sell the coins, so if I miss it this time, I could always go to the one in June.

 

That's true! Ebay may be hard and then you may get peanuts as a bid. I would also consult a local dealer that you can find in your area here: www.money.org

 

Well, that is a highly reputable coin show. I (for one) am much more comfortable having you go there than some local shows I've been to. I'm pretty sure GDJMSP could put you in contact with some reputable dealers out that way. You still have some time to do your research and see what is fair and what is not. I recommend not only checking out coin prices online, but check passed SOLD ebay auctions for what similar things have sold for. Keep in mind that there is large sellers fee worked in to those prices. That is, if you sold yours on ebay for the same price you sold at a coin show, you'd be making about 15% more because you wouldn't have to pay those fees. Taxes are another issue altogether - not sure you could stay under the radar with those sales.

 

What hamman88 said. I love to inherit something like that. But im a collector/junkie so i'd hide them somewhere where only i could see em lol

 

Not to steal GDJMSP's thunder, but I think I can answer that one.

When you're bidding on something on eBay, you're counting on the seller to describe it accurately, then to deliver as promised. The Buyer Protection policy provides some additional insurance, but people still perceive more risk in dealing with someone who doesn't have a feedback track record. They weigh this risk when making a bid. So, if you've got no feedback, fewer people will bid on your auction, and those who do bid are likely to bid lower.

One way to address this, if you're willing to spend the time, would be to auction off one of the tubes of dollars one coin at a time. You'll pay proportionately more in fees for these smaller auctions, but (assuming your buyers aren't flaky) you'll accumulate feedback more quickly. If I saw that someone was new to eBay, but had sold five or ten Morgans with good feedback, I'd have less hesitation about buying a roll of them.

 

First things first . Gather up as much current market data as you can regarding the coins you want to sell. To go blindly into a den of wolves is simply a loosing battle . And you could loose big ! If you have absolutely no knowledge about these coins , I would suggest you consult with the attorney who handled your late mothers estate . For tax purposes, they should have had an appraisal of the collection completed before dispersing this part of the estate. Now there are a few different forms of appraisals , and the total value could vary significantly from what the current market may bring. Armed with that documentation , I would make arrangements to consult a Dealer , preferably a PNG member Dealer to discuss your intentions for selling all or any part . If you act in haste , or blindly , you may do yourself a great dis-service , financially and emotionally .
There is probably a PNG Dealer in your local area. When you are ready, the show suggestion isn't a bad idea, for me I would want a dealers undivided attention and not just throw me his buy price . I would shop around, unless your in desperate need of funds immediately. Good luck.

 

Wow. Lots of great info here. As I said, we're not desperate to sell, so if I don't feel ready, I'll wait.

I'll still try to take some good pics -- key word 'good' -- and share them with you all.

coinman0456, I did check out the list of PNG dealers in my area -- Not a big list -- and the one dealer (out of two) who responded to my email referred me to the coin show.

Thanks everyone.

 

put a couple rolls of Morgans in front of a dealer - you got their undivided attention.