Retired...what to do with unwanted accumulated common circulated coins

I'm recently retired and have been jumping back into focused coin collecting with gusto.

With retirement comes uncluttering and focusing on the few remaining decades I may have.

The problem is that I have tubes and tubes of old wheat Lincoln penny, pre 1964 Jefferson nickles, misc Roosevelt dimes.. I accumulated years ago when I was a teen back in the 70-80's. Maybe a couple tubes of "something" Lincolns during the "roll" fad.

I spent Dad's jars of circulated Bicentennial quarters and early Statehood dollars at the liquor store. He though those were really cool and horded them.

Considering this small mass of old/new (inc Sac/Presidential Dollars), a bunch of fingerprint-marred proof Statehood quarters (using cheap cotton gloves that accumulated finger oils) I've since replaced...

...what's to do with a collection's castoffs and misfits??

 

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I had a similar problem. Here is a link to part of my solution.
https://www.cointalk.com/threads/what-to-do-with-my-accumulation.341614/

 

Thanks...some good ideas here!

 

Hand them out to 'Trick or Treaters' on Halloween....

 

I recently just consigned all my "widgets " with a local estate auctioneer.
He had a couple of other consigners also.
We were piggybacking a large estate auction. He charged 10% sellers fee.
As a group we did surprisingly well.
Part of my lot was 1500 wheat cents.
I had put them in lots of 500 each.
They brought 9¢ each.
Also sold a couple of rolls of very low grade buffalo nickels a a small lot of V nickels. All brought much more than I expected.
If there is any coin clubs in your area,
most have "selling meetings".

 

Well short of putting them in your estate plan and giving them to somebody else who probably doesn’t want them I’d just spend them before they had the chance to spend them.

 

I retired a while back. This gave me the time to start selling most of the collection. I started with the coins that would bring the most money. Great Collections has been a big help selling graded coins and with sending raw coins to PCGS and CAC.

I have sold 150 coins so far and GC are working on 300 more. I'm now working of all of my Dansco albums and it's a slow process pulling out the coins that need to be graded before selling. I'm saving all the money I raise for now. I need to get a better idea of what I owe in income tax on what I have sold this year. It's going to be a large amount. Never figured I would actually make a profit.
Whatever profit is leftover will go towards my Bust coin collection.

I won't be selling any gold or silver that is only worth bullion value. I'm going to wait on that. My big problem will be all the low value raw coins and medals. I'm not ready to start selling on Ebay again. It's just too much work and it would eat up all of my free time.

That's my plan as of now.

 

Sounds like you are going to reinvest your profit.

 

Yes. I hope to use it on quality that my family can deal with with. The less coins the better. They understand the hobby really well. It will be less work on their part to sell it and less worry about paying taxes.

 

Can any taxes be deferred if you reinvest?