Inherited coin collection…need's to be appraised, graded and sold…in Illinois.

Hi, My wife and her 3 sisters have inherited their Dad's coin collection. We want to have it appraised and graded and would need to sell asap. I guess what I am asking for is, can someone recommend a honest fair dealer in the Chicago land area that can perform these services. Is it best to sell the whole collection or better to do a coin auction. We need to get this done soon, being we live out of state. Any help would be appreciated. There is also quite a bit of jewelry that needs to be appraised and sold...also looking for honest dealers in jewelry.

This happened so fast and we need to resolve this issue and have know knowledge in coins and jewelry and don't want to be taking advantage of or ripped off. We just want a fair offer. Thanks for any help in this matter.

 

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I'd say look into Harlan J. Berk - https://www.hjbltd.com/. There're in downtown Chicago and have a good reputation in the industry.

 

look in the phone book(yellow pages)???

 

I'm fairly certain that the dishonest dealers don't advertise the fact they are dishonest. Maybe it's different where you live.

The op is looking for recommendations by CT members who have had dealings with dealers in the Chicago area.

 

Thanks gbroke...That's what I'm looking for. Honest Fair Dealers in Illinois, hopefully someone has dealt with them and feel they are on the up and up. This is all new to us. We don't know where to begin. We need the money to pay off their debt and maybe have a few bucks for the 4 daughters. The easy thing would be for a dealer to come to the house do the appraisal and make a fair offer and help with a auction. The safe is very heavy and would be hard to move.

 

Have you used them or Do you know anyone who has used them.

 

You don't want to get ripped off but you are in such a huge hurry to liquidate the collection. That is the best way to get taken advantage of in my opinion as you will be too eager to sell for the first lowball offer you may be given. I would slow down, take some time and do some research on what you have before making a move. Also, doing some basic research on what you have will help to determine whether selling to a dealer or running an auction is the better choice.

 

No and no, but many of the well respected members of CoinTalk often recommend them and my review of the business' website doesn't raise any red flags for me. Actually, next time I'm in Chicago I intend to visit them

 

Harlan Berk is primarily ancients, but recently hired the former ANA director. Therefor, they may be a better choice than before. Certainly they are a reputable firm and are trustworthy. I am sure there are others, but I would not feel bad recommending Harlan Berk.

I imagine they can handle the jewelry appraisal as well. If not, they would know a good dealer who does it.

OP, I would warn you about wishing to sell ASAP. To do so generally entails selling to a dealer at much less than you can usually get at auction if you take the time. This is assuming the coins are auction worthy, and not junk silver and such. Berk will probably charge you to appraise the collection. I would have them advise you which ones would benefit from slabbing, and then I would suggest if its of good value to consign them to Heritage auctions or similar. All of this will take some time, but should maximize your returns. If speed is most important, I would have Berk make you an offer for the entire collection.

 

Thanks for the suggestions. My wife and myself live in Colorado, we moved here from the Chicago area last April, my wife is staying at her Mom and Dad's house. Cleaning up and selling off and donating items that nobody wants. They will hopefully be putting the house up for sale within 2-3 months. I cannot and do not want to transport this safe and coins to Colorado, so my thought was to sell them before the house goes up for sale. Being we have 2-3 months I guess we do have some time. The wife's family ask me to research for honest dealers. They will trust me with my decision. I'm not there so this makes it even more difficult. I can't keep traveling back and forth from Colorado to Chicago, so my wife and sister in laws will be handling this coin collection with selling it. I just need to do the right thing and have respect for my deceased father in law and mother in law and their daughters. I am the most trusted person in this family, they know I am honest and actually care. My brother in laws could care less about helping. So I was elected.

 

To state the obvious, Time and Money are the issue and it seems it may be a substantial collection. Two days for what could amount to thousands of dollars is not a lot.

Take a FULL day and do your research. Find no less than 3 reputable dealers. Check them with BBB, Better Business Bureau.

Take another FULL day and go to EVERY dealer to get the quote. Sell to the highest one.

 

Ummmm.....I think I understand the situation, but why the huge rush? Would your in-laws be happier if they got more $$, but you took longer to research & sell it all? Also, why would you have to move the safe? You have the combination, right? Take the coins out, & back to Colorado, if need be. Another thing--"your wife and sister in laws will be handling this coin collection with selling it"? They're selling it? But you're selling it? If you want to be in charge (& responsible), be in charge. Or, let them do it. Also, can you look at the collection, & give people here some idea of what it is? Even if you don't know much about coins, just a general description like, a giant collection of Lincoln cents, or silver dollars, or gold, whatever, would help. I mean, you can buy a copy of the "Redbook" for $10, spend a couple of hours looking up the coins with the help of the book, & at least gain some basic info.--That you could share here. With no description at all, no one here knows if it's worth $500, or $500,000. Can be a very losing proposition to sell items when you don't know what they're worth.....

 

Call the Chicago Coin Club(S) http://www.chicagocoinclub.org/ Ask for some recommendations and explain the situation. Try to talk to more than one person. Hopefully one or two names will stick out.

Carl F. Wolf

info@chicagocoinclub.org

773-702-1062


Here is their facebook page. http://www.facebook.com/ChicagoCoinClub

 

I'll vouch fo HJB. I have done business with them many times. But really, you should figure out beforehand what you have (at least in the ballpark ) before going much further. Many people on this forum are willing to help.

 

I would start with the Chicago Coin Club, donate some cash to the club for their member's services of giving a 3rd party opinion of grade and price.

How many coins are you dealing with?

Don't rush into this. If so, you will get 20 cents on the dollar.

 

Like most collections it probably has a lot of low-end coins, 90% silver, Morgan and Peace dollars. Unless the collections was put together 20 or 30 years ago or recently by someone spending a lot of money, I doubt there are big bucks in it. Look for receipts--we need more to go on than that it is a collection. A lot of us have given away countless hours of time without any return--please try to do a complete inventory before you take the next step.

NGC and PCGS have authorized dealers who will help you; you could try the ANA and their board of governors.

 

I wish I lived in the Chicago area. I would volunteer to come and go through the collection for you! Being a true lover of coins and the fascination of learning what and how other people collect, I've gone through numerous collections giving people an approximate value.

Similar to this OP's situation, a guy called me out of the blue that got my name from the parents of a friend (shows how untrusting people are unless they know you). I was going to be his 3rd quote. Local pawn shop offered him $345 and he thought he hit it big when a coin dealer 30mins away offered him $550. Within 5 minutes of sitting at his kitchen table, I had counted over $1,000 in silver quarters. All said and done, he had over $1,800 of straight silver not including numismatic value and copper.

 

If your wife doesn't have a digital camera with her, I would have her buy one and take as many photos as can fit on a card or be emailed to you ~ 1. for a record of what you have, 2. To send to apprasiers and auction houses for a quote or opinion, 3. To post some here for opinions, especially any gold coins.

The average coin collector of that age, probably has good coins, average coins, and face value/bullion coins. Good meaning above $500 or so. Some of these may deserve a chance at auction. If you can siphon off the face value/bullion coins and sell for outright value, you can concentrate on the rest a little slower.

I assume you or your wife is the executor of the estate, so proceed in a good search of any receipts or indications of value when obtained, so you have a basis for tax calculations if there are some.

Jim