My father died recently and left my mother a shoe box full of coins. My mother wants me to liquidate them; and she said there are one or two worth a thousand dollars or more each. I don't know much about coins although I'm an "experienced" ebayer. I plan to check the completed listings on ebay to get an idea of what they are worth; but what if I miss a mint mark or something that changes it from $1- to $100-? I don't want to spend the effort to auction them one at a time - especially the under $10- ones. Would it be better to go to a coin show and just get the best price? Would it be worth it to sell them one at a time or try to sell them in lots of similar coins? What's the best way to sell them? Thanks for your response! David
If you don't know what you have, any method of selling is very risky. Get a copy of the Redbook and it will tell you where the mintmarks are located. I wouldn't sell any of them before at least separating the coins into two categories, high value and low value. If you list the coins individually on Ebay with very good photos and descriptions of the coins, you will probably receive fair prices. If you try to sell the coins in a single lot, expect to lose a lot of money. Selling to a local coin dealer is the easiest way, provided the dealer is trustworthy. If you know the dealer who sold the coins to your father, that might be the best place to take them to sell them. But I'd still try to sell the lower valued coins first to learn a little more about the process before dumping a pile of higher valued coins on the counter and asking, "how much for these?" On a more personal level, if you can afford to buy some or all of the coins from your mother, you may want to consider it. Someday you may wish you had saved them as a rememberance and family heirloom. I have a silver dollar collection passed down from my grandfather to my father to me, and it is one of my most cherished possessions.
Your father's coins I advise you to first make a list of all the coins. Pay attention to the date, a description of the coins, the mint mark, and your opinion of the condition. Edited. Other options include: 1. Take the box to a local coin dealer to have them evaluate the coins. 2. Take the box or the list to a coin show and ask dealers if they would be interested in evaluating your coins. 3. As an experienced ebayer, you can photograph each coin individually or in groups and sell them on ebay. 4. I know a guy who buys estates and specializes in coins. I can put you in contact with him too.:goof: More advise: get more than one opinion and/or offer. If you think you have some valuable coins, don't send them to anyone you don't know. There are many helpful collectors and dealers who would help you, but make sure you don't undervalue your coins. On the other hand, don't assume a coin is worth alot of money unless a professional grader looks at it.:goof:
I too have a collection of Morgans from my grandfather. He also gave me and my siblings mint sets for every birthday. He died unexpectedly when I was 13. He was a great man and AWESOME grand dad. I will hand them down to my kids. The collection is worth a modest amount of money, but I will never sell them. Its a tangible memory of him.
First I want to say Welcome to the forum. I would agree with the other guys---get a red book---becasue for the most part you are going to need to know what ones would be worth more....Now please note that some people think that a coin is worth a few thousand and when it all comes down it is worth a few dollars---so don't hold out trying to find a rare coin. Do NOT clean any of the coins---hold them by the edges (Rim) or you might get fingerprints on the ones that are uncirculated---and that would lower the value. Once you have found the ones that you think are rare take photos of both sides and upload them here---we will tell you what they grade and what the value is.... Hope that helps!! Speedy
I can tell you how my Dad handled the same situation, and it worked very well. He took the collection to a coin dealer that he knew and trusted, and had him sell the coins and paid him a commission. The dealer made some money for all his work selling them and my Dad got more out of them than he thought he would. Seems that everyone was happy with the situation, and my Dad didn't have to spend all the time researching and trying to find a buyer. Good luck!
I forgot to mention this, but it is critical. Anything you do to try to improve the coins appearance will probably destroy 90% of it's numismatic value. Coins don't look fragile, but they are.
Get the book first! Read and devour the information it has (denomination, date, mintmark location, grade). Let your new friends on this forum help you. Understand the book prices reflect the average the coins sold for last year. A coin dealer must be able to earn a profit from any coin he buys. A dealer usually pays about 60 per cent of a coin's retail listing. He or she may go to 70 per cent for a scarce or rare coin. When getting bids from local dealers have them sign a receipt for your coins. Handle the coins by the rim keeping your fingers off the obverse and reverse. I echo everyone's warning about cleaning a coin (no rubbing, polishing, nor any dip or paste!). Clinker
One pretty good dealer near me transacts everything on a 20% spread. He will pay 80% and sell at 100% for just about everything in the store. I wouldn't walk through the door of a dealer who only paid 60% of the going price. At those rates, Ebay becomes the preferred selling option.
I have 2 comments. First the Red Book (that is what we informally call the book properly titled "A Guide Book of United States Coins" by R.S. Yeoman) lists the highest sale prices from the the year 2 years before it was dated (the 2007 Red book was issued in May 2006 and the data that it contains was compiled mostly during 2005 and very early 2006) so prices are routinely incorrect, although it will give you a good idea of which coins are rare in any given series. I agree that most coin dealers operate on a 30-40% margin. If you find a dealer who is buying at 80% of the retail price, then he is likely charging his customers 110-120% of the retail price when he sells. If his sell price is lower then his buy price will be correspondingly lower. So don't be scared off by a buy offer that is a little lower then you'd hope, the guy on the other side of the counter is trying to feed his family and keep the lights on at his shop too. Just thank him and move along to your next option.
Basically I would agree with all the posts here already. However, I would think that unless your strapped for money, why not just start a family tradition with those coins. You can learn a little about coins right here and continue adding to the ones you now have. Then pass it on to your kids and they can do the same. That is just one small way to help with the memory of someone now departed. It is one of the biggies that I remember my Dad for. Like I said unless you need the money, memories are difficult to put a price on.
Great advice, Carl. If you do have to sell, at least consider holding some of the coins as keepsakes for the next generations.
I have a coin collection left to me by my father. No plans to sell it. If you want to liquidate you should buy a Redbook and get an idea of the relative value as well as mint mark locations. If you send me a PM with your e-mail address I will send you an Excel spreadsheet I used to catalog and inventory the coins. Best wishes for your family.
Thanks everyone - I'll take all your advice including keeping some as heirlooms. I hope to be posting some rare stuff in the comng year. I'm impressed with the great reception I've received! Special thanks to Speedy!
No need for special thanks---I'm just a kid that has learned alittle by watching the rest of these guys! BTW--I liked your user name... Take your time when going through it and I think you will find that you have a really enjoyable time---coins is something that grows on you....but its a fast growing plant....so watch out And hang around here---if you decided there is nothing more that you can do and you just have to become a coin collector let us know so we can plan the party!!!!!! J/K! Speedy
Speedy. You are not a "kid" in the numismatic sense. You've already accumulated a lifetime of knowledge and everyone here benefits from your sharing it.
Up in the hills of KY it takes over---after a few years if you don't do something you have a farm of that stuff....it will grow you right out of house and home....to bad its not good for anything or those guys would be rich! Speedy
