question for you coin collectors.

due to a death in my wifes family, a large coin "collection" was discovered. my wifes uncle bought a lot of gold and silver coin proof sets from the us mint in the 80's up until 2001. he was sort of a hoarder and he never open these packages when he got them. the first box has $5000(going by ebay COMPLETED auctions) worth of gold/silver proof sets and i have a couple more to go. there are some 6 coin proof and uncirc sets that are going for about 900 a piece, but my question is are the coins worth more if i break the sets up. i have been put in the position of trying to recoup some money for his wife and the more i can get for her the better. thanks.

 

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here is a list of what we have so far. i dont need to know the value, just if i should leave the proof sets together or split them up. is it taboo to split sets in the coin community?
86 Statue of Liberty set Gold/Silver 6-coin set
87 Constitution 4-coin set
89 US Congressional 6-coin Gold/Silver set
90 Eisenhower proof centennial silver dollar x 2
91 Rushmore anniversary 6-coin proofs and uncirculated
91 Korea War Silver Dollar memorial coin 1 proof 1 uncirc.
91 USO Silver 1 proof 1 uncirc.
91 mint proof set x2
93 Bill of Rights Commemorative Prestige Set
93 Prestige Set (centennial silver dollar)
93 Canada $100 Gold coin
93 Stanley Cup Canada silver dollar x 4
93 mint proof set x2
94 mint proof set x3
95 Mint Silver proof set
96 Mint premier Silver Proof set
96 Mint Silver proof set
96 mint proof set
98 Mint premier Silver Proof set
98 mint silver proof set x 2
98 mint proof set x2
99 mint silver proof set x 2
99 50 state 9-coin proof set x2
99 50 State quarter proof set x2
00 50 state 10-coin proof set x2
00 50 state quarters proof set x2
00 50 state 10-coin silver proof set
01 mint silver proof set
01 50 state 10-coin proof set

90 uncirc. coin D and P set x5
91 uncirc. Coin D and P set x3
96 uncirc. Coin D and P set
97 uncirc. Coin D and P set x4
99 uncirc. 50 state 10-coin Phil x3
99 uncirc. 50 state 10-coin Den. X3
00 uncirc. 50 state 10-coin Phil x2
00 uncirc. 50 state 10-coin Den. X2

 

First, welcome to the neighborhood!

Please clarify what you mean when you said, "split the sets". If you mean "to sell one set in it's entirety" from the other sets, that's okay, but you wouldn't want to sell coins from one set individually.

I think it might be a good idea to get an appraisal from a professional dealer in your area.

Chris

 

I agree. That would be the best step.

 

:welcome:glad you can join us

 

thanks guys. yeah, i meant take the coins out of the individual sets and sell them apart. i hope i dont offend anyone with my obvious intention of selling this collection, but it has to be done to cover certain expenses. this was just the first and smallest box of four total boxes. my wifes uncle bought these and literally never opened them. me and the wife had to unpack these from the original mailing boxes, still sealed, and figure out what we had. he had a habit of buying plates from bradford exchange, so we expected a bunch of worthless franklin mint type fake coins. we were really surprised to say the least. my wifes aunt is in for a really nice surprise.

 

It's always hard for me to believe when people have large collections and they don't bother to inventory anything so their significant other knows what is there. There is no excuse. She's lucky you are helping her. Some spouses would just take it all to a pawn shop and get bottom dollar for the whole works. Basically they legally get robbed because the collector was lazy.

As to your original question, I don't see any benefit to splitting these sets up. Especially in loose ungraded form. I think they are more valuable together in their original packaging. That's all some collectors want and prefer.

 

so if i leave them in their respective proof sets are they still considered ungraded? what i mean is all of the coa's from the US mint say "proof" or "uncirc". is that considered their grade? and he didnt really buy them to 'collect'; he was a compulsive buyer. the man was a well off doctor, but died destitute. the wife wasnt even aware these coins existed. and we are not even sure he knew or remembered he had them.

 

These coins would be considered "loose" as in ungraded. Proof is a method of manufacture. They polish a blank planchet up to a mirror finish and stamp it to make the coin. That is a proof. Uncirculated just means it's a standard, unpolished planchet, similar to whats used for circulation.

Graded would mean they were sent in to a third party grader such as NGC or PCGS where they are assigned a number grade and encapsulated into a slab with a label. On the label will be the coin's information and it's assigned grade based on the opinion of 2 to 3 professional graders. Also called slabbing or, slabbed, graded coins. Yours are in OGH's (original government holders). Which is common for commemoratives. Mostly people send stuff in to be graded in order to get more for the coin. One of those gold coins raw, might only be melt value. If it gets graded a PF-69, it might be about the same price. If it receives a PF-70 grade, the highest and hardest to obtain, it may be worth hundreds more to collectors. Theoretically a perfect coin.

To get stuff graded is a somewhat risky (mailing) and complicated process though. It is also expensive. It's usually a gamble so it probably wouldn't be worth it for you to send them in.

Commemorative sets are not necessarily rare, because they were made for collectors and all are saved. Although many were broken up to be graded. What stands out in the list to me is the 1999, 9 coin silver state quarter proof set. That was the first year and they command a hefty premium over the rest of the years. Prices have come down quite a bit on that set from a couple years ago though.
The gold commemoratives will boost the values tremendously as you probably already know.

 

They are ungraded. The COAs are just a part of the sets.

You're doing the right thing by getting an inventory and then determining current values.

If you are going to sell them thru ebay, get experience and a reputation with selling there before putting much up for sale.

 

Riff,

Where do you live? Perhaps one of us here can recommend a reputable dealer in your area. Since you don't seem to have any knowledge about coins, i.e., what is and isn't valuable, I strongly urge you to get some advice before you decide to dive in and sell everything on FleaBay.

Chris

 

northside chicago. i found a few coin dealers in the yellow pages and on CL that im waiting to hear back from. im NOT dealing with ebay or paypal. too much hassle and i really dont want to ship any of these coins.

 

yeah. all my coin knowledge comes from the current completed listings on ebay.

 

Aside from the silver and gold bullion values, I don't really see anything which sticks out as highly collectible. I have no idea about the Canadian stuff but the US Mint stuff is just typical US Mint offerings that are neither rare nor easy to sell for top dollar. The exception might be the 1999 Silver sets which could sell for $100 each.

As such, unless you enjoy the pain involved in dealing with eBay and the hassle of shipping and paying high seller fee's, your best bet might be to seek out the best offer from a couiple of different coin dealers.

BTW, these:

99 uncirc. 50 state 10-coin Phil x3
99 uncirc. 50 state 10-coin Den. X3

Are considered 3 complete mint sets since the US Mint packaged the Philadelphia coins and Denver coins in two envelopes as 1 set.

The same is true of these:

00 uncirc. 50 state 10-coin Phil x2
00 uncirc. 50 state 10-coin Den. X2

Maybe the other boxes will offer something of greater value?

 

There are 2 that I've dealt with in Chicago area

Since you are Northside of Chicago area http://www.harborcoin.com/ in Winthrop Horbor and

HJB http://www.harlanjberk.com/
but I don't know if Berk actually buys proof sets may be best to call them first.

There is going to be a major show in the area In April http://www.centralstates.info/shows.html#73

Remember that when you sell to a dealer you will get far less than if you sell them retail ie: ebay, Craigslist etc. But it will be far less work. If you decide to sell to a dealer have a Dollar figure that you would accept that would not be retail.

If you sell on Ebay good pictures start at .99 cents on a 7 day auction and let the market value them

 

I don't blame you. They'll take a 12% cut. Selling coins involves some difficult decisions. Ideally, you want to sell to collectors. But it's difficult to reach them without using an online auction service with high fees involved. Dealers try to buy EVERYTHING at melt value these days, unless it's something very special. Although, they tend to sell some nice pieces right around melt too so it works well for buyers.

If I was going to sell part of my collection I might try to find somebody to share a table with at a coin show and set up shop. I might wait for a larger show to come to the area if I were you. Go around to all the tables and see what you can get. No better way to do it if you're going to sell to a dealer. Other than setting up your own table. Be prepared for them to talk the collection down though. And you will probably hear " I have 200 of these back at the shop" several times. (I have over heard deals going on at shows where people were trying to sell commemoratives and that's how the conversation goes.)

Numismatic premiums on stuff like this were higher (relative to metal value) before the precious metals market took off a few years ago. It has made everything with silver and gold in it fairly pricey nowadays.

There were a few exceptions with commemoratives because of lower mintages and high demand. The 2001 Buffalo silver dollar commem has maintained a 130 to $150 price tag. The 1999 George Washington $5 in MS is also up there. The real 'hits' only come out once in a while and they can be hard to predict.

 

No offense, but I don't think Riff is in any position to share a table at a coin show. With his lack of knowledge about coins (no offense to you either, Riff!) that would be like giving the "keys" to an Indy car to a 12-year old.

Chris

 

had a guy offer me $3300 cash for the whole list. im tempted to do it just so i know someone in the hobbie so i can get the other boxes sold as well. i cant really wait around too long because the money is really needed. i figured $5000 based on ebay traffic, but i know paypal, ebay fees, and shipping will really take a bite out of that anyway. and i dont have a year to wait to get all of this sold. im just glad i can get them into the hands of people that love coins instead of a pawnbroker or the trash.

 

I wouldn't jump into this offer too quickly. What are the denominations of the gold coins?

Chris

 

If you want to maximize your profit, do not just sell it to the first guy that gives you a price. IMO you should inventory the coin sets and take them to a coin show where several dealers can look at them & quote you prices. You should know a price that you want for them & if someone quotes it (or near it) then you could sell on the spot. I did this with one of my son's friend's dad & he got $4,900 instead of the $3,000 he had originally been offered. They are your coins so you can do whatever you want. I just hate to see you leave a bunch of money on the table.

Also, keep all the COA's with each set. The dealers will want the sets complete with the COA or they will pay less.

There is a price sheet called "The Coin Dealer Newsletter" or "greysheet". You can purchase a sample set of the price sheets for something like $20. These are the prices that dealers are known to use. The price sheets fluctuate weekly. You could price each coin set from the current price sheet & expect a dealer to pay you something like 10% below the bid price for the entire lot. This homework & this price list could save you a lot of money when selling.