New Member. Would Love to Share!!

Hey Guys,

My Name is Craig, I am 20 years old and i am a professional umpire for Minor League Baseball. My Grandfather recently passed and left me a TON OF SILVER coins. I just wanted to share my contents and maybe get some help

A collector in my town told me only to look for certian dates for that coin in the RED BOOK which i have done. is everything else not "collectable" in value basically just scrap silver to hang on to? He basically told me that I would have to get a coin PROFESSIONALLY GRADED if if ever had to sell, so he said all the dimes with a collectable value say of $1.50-$3.00 is not worth anything but melt b/c i would have to send it out to get graded for $10-$20 and would loose money on it??

Anyway here are my contents i received that are worth nothing in my book so i think.... are these just scrap?

4180 Mercury Dimes
1355 Washington pre 64 quarters
455 Walking Liberty Half Dollars
104 Franklin Half Dollars
13 Morgan Dollars
10 Peace Dollars
30 Eisenhower 1971-1976
4 JFK 1964's
6 JFK 1956-70

9000 Wheat Pennies
18lbs of 1958-82 Memorial Copper pennies

running at around $26,000 melt value right now @$33.89/oz without the pennies of course... where would i take these to get most money.. a refiner? the only coins with some tarnish on them are the mercury dimes.. all others are in good condition

I do have a 1938 S Walking Liberty Half that is to be valued at around $130 in G-4 (in the red book) as well as a few 1916 of the same coin
Also i have 9 VF self graded Franklin 1954 Half Dollars i was told i can get $60+ each?

would those be worth to get graded and make a few dollars at a coin show??

Thank you for all your help and i look forward to meeting a few people

 

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I'm sure some people here would love to buy.
As for getting your money, I would love to see these go to a dealer rather than a refiner so they can look for anything you may have missed. And they get saved from getting melted. Win Win situation. Though, take them to many dealers because there has been a rise of 'shady' dealer stories here.

~Cannyn

 

the local dealers want to pay me only 10x face... and like i said these are all G-4 to VG condition. im not letting a quarter go for $2.50 when melt is around $6.12
i would need to find a place that pays around 21x but 10x is deff. a NO GO hahaha

a guy online said he would buy all my dimes for 1$ off each dime.. so my melt goes from 10K to 5K i need to make more than 50% that is why i mentioned a refiner. i DONT WANT TO DO THAT and MELT HISTORY but for some reason my grandfather willed me these b/c he saw silver might go pretty far UP in my years to come as im only 20 and i just want the best bang when silver is UP

thanks for the help i will be on alot

 

Thats a lot of silver! Most reputable coin dealers will buy bulk silver at around 90% of spot or better. But, depending on dates and condition, you might do better selling some individually to collectors. And no, getting a coin graded is not necessary when selling. If you have key dates, then sure, but most coins are sold raw.
Guy

 

so basically self grading them is ok and putting an ave price on them? like a 1938 S walking liberty half, you can easily see the motto, date and outer rim of the coin as well as half the lines in her dress.. basically putting a VG on that is ok???

 

Like a week ago I just started getting into coins after inheriting a small collection.

I found PCGS has a neat little photo reference for self grading U.S. coins. It helped me get an idea of what I had.

http://www.pcgs.com/photograde/

There's also a limited price guide for non-members that is good reference for picking out key dates.

http://www.pcgs.com/prices/

Also, by "share" you mean coins for all of us, right? Haha

 

If I were you, I'd do some more calling around, check the ANA dealer listings and google searching in your area for dealers. Those dealers are ripping you off with 10x face offers. Do some calling around and maybe even advertise in the for sale section to see if you can get anybody interested in purchasing it for silver value.

~Cannyn

 

If you want to put the time into learning about the ins and outs of bullion sales, you will get a higher price. But if you are looking for the convenience of unloading all the coins at once, then you will have to rely on whatever the buyer will is willing to offer for them. Keep in mind that melt price is based on spot price for 1000 ounces of silver bullion so buyers will want to pay less than this for loose coins. (unless it's a bank bag of $1000 face) It might have been easier for grandpa to have just liquidated the coins himself, (he would have at least gotten the pleasure of seeing what the lifetime spent collecting them yielded) and just handed you the cash instead.

Nobody here can give you a price beyond melt without seeing the coins. If you want to learn a little more, I highly recommend finding some local coin shows and walking through a few of them and ask questions. If you have the reputation established on eBay, you sell them off there, little by little and do pretty good. If not, then sell a few at a time, give good service, until you get some reputation.

If it was me, and I didn't need the cash right now, I'd hold onto them. It sounds like a very nice set and years from now you might regret having gotten rid of these coins as they will cost you more in the future to get back.

 

As "coleguy" stated, you do not, and should not, have to send in coins to be certified to sell. Most post-WWII coins, silver or not, will cost more to certify than they will ever be worth in your, or your grandkids, lifetime. You need to spend some time going through your coins with a redbook and pulling out those that look to have a nice premium attached. Then learn how to accurately grade by using the illustrations or going to a coin show or two and looking. Depending on what kind of profit margin you are looking for, you will have to come up witha specific actual value of any coin to determine whether you will certify it to sell, sell it raw, or sell it as scrap. By actual value, I mean that you can never sell a coin to a book or paper .. you have to sell it to a person.

If a coin is in the Redbook for $100, you can probably buy it wholesale or at a coin show for $40-50 or less. If using Trends, rather than the Redbook, then it may be $60-70 depending on the scarcity. If you sell it to a dealer , you will get 30-40% of Redbook. If any of your coins has an "actual" value of less than $XX (you set the figure but I would say no less than $50-60), then it's not worth the cost to certify it. Even if it costs just $10-15 for the certification (if you send in more than 100 coins at once), you have eaten up a minimum of 20% of potential profit. You are better off setting your figure at $80-100 to fully offset the cost of a TPG.

If I had to guess, I would say that over 90% of your stuff should/would sell as scrap silver. Except for silver dollars, which are .77 oz silver, all other silver US decimal coinage is .72 oz Ag for each face dollar. Most larger coin dealers will give you 88-90% of the silver quote price for scrap. So, if silver is $30/oz, then each face dollar is $23.10 full silver price .... 88-90% of that is $20.33 per face dollar. Silver dollars will be a bit more. Some dealers may give you less than 88%, depending on the avrage grade of what you give him .. well-worn coins don't weigh as much, so there is less silver. Whatever you do, don't sell your coins at one of the fake "Roadshow" set-ups at Hotels across North America .. they may only give you 5-10 times face, if that. One final caution ... NEVER sell you coins to the same dealer who gave you an appraisal, unless you know him/her extremely well and have done extended business with them before. Dealers are in the profession to make a profit and 100% of their profit comes from buying low and selling high ... dealers will purcahse coins at the least possible cost to them. I would also greatly shy away from dealers that just want to cherry-pick, skimming off the top 1-2% of your coins.

 

Welcome to the neighborhood, Craig!

It would be hard to give you a definitive answer without knowing the specifics of your late grandfather's hoard, and not having photos of some like key dates and/or varieties would make it even harder. But, it would seem to me that having that many of the Merc's, Walker's, Washies & Frankies you should be able to put together some sets that might sell for more than just melt value depending on their condition. I think you're going to need the help of a professional dealer. This may be the "hard way to go" but the return might be worth the effort, if you're not in a hurry to unload them.

By the way, when selling coins for melt, most dealers will offer 10-20% less than the actual value. Did you take this into consideration?

Good luck, and keep us posted.

Chris

 

Welcome Craig.
You really should get this all figured out a bit better before you do anything.
If possible, hang out here a while and post a few images.

I think you need to check that 1938 Walker again. It probably has a D mintmark.
The 1954 Franklin's in VF are actually worth about melt value.

To get the most out of this collection will take time.

 

welcome to the club..

 

Roll them up, put them on ebay listed as unsearched rolls. You'll certainly get more than melt that way.

 

:welcome: Craig,

I am sure a lot of CT members here would love to have some of this collection to save history from the melting pot. But the large quantities of the silver coins becomes expensive to ship. As rickmp said maybe putting them in rolls and offering them in the CT "For Sale" section would save you the ebay fees. I'm a Half Dollar collector, I would hate to see all those Walking Liberties melted

​

 

+1

 

I'm sure there are any number of places to sell it for near melt or better.

Here would be one. Of course on eBay. Online bullion dealers will take it. APMEX is buying 90% silver at $22.91 per $1 face (for $10,000 worth). You could sell it through bulliondirect.com's Nucleo Exchange right now for ~$2,375 per $100 face. I had a standing offer there for $200 face, but silver didn't get down to the price I was willing to pay. You have a lot better options than melting them.

 

keep it and pass it to your grandson in the future. Your grandfather will be proud of you.

 

Red Book price guide is not an accurate way of pricing coins as the prices listed in that book, and others like it, are outdated by the time the book is published on bookstore shelves.

 

That is SO MUCH silver to just have dumped in your lap.

If I were you I would definitely put at the very least 50% of that away and save it for a long time.

 

I agree with ozleck and bsowa. If you don't need all of the money, don't sell all of it imo.

I inherited some coins that must have taken some work to collect... and I'd feel kind of bad to auction them off without careful thought.