I inherited a large collection of coins.....mostly silver dollars (morgan and peace) but also a large qty of silver half dollars, silver quarters, and silver dimes. Also, a large number of proof and mint sets. By a large collection I'm talking about several hundred morgan dollars, perhaps a hundred peace dollars, and up to 50 rolls each of quarters and dimes.....all silver. Some of the morgans and peace dollars are BU; most are VF to VG. I haven't had time to inventory the entire collection but will do so over the holidays. My question: How best to evaluate the value of the collection. Have someone from a large coin shop take a look....or get a grading/value book and start from there....or contact one of the vendors I've found from a Google search? I'm in no hurry to sell....in fact, I don't know IF I'll sell.....but I would like to know what the entire collection is worth, and how best to go about determining its value. Thanks for your advice.
Here's a good start: http://www.cointalk.org/showpost.php?p=5965&postcount=1 Also, I would get The Official Red Book by R.S. Yeoman (58th edition) to give you any idea of what your coins are worth. You can buy it at any book store. Another book for grading purposes is Photograde (18th edition) by James Ruddy Also, here are some other links I use: http://www.ecoinprices.com/ http://www.coinfacts.com/ http://www.numismedia.com/fmv/fmv.shtml http://www.pcgs.com/prices/ http://www.users.globalnet.co.uk/~wwcoins/cleanedcoins.htm That should get you going.
If you have a lot of Morgan and Peace dollars, don't forget about the varieties. There are thousands of VAMs identified for these two coin types. Some of the common non-variety prices may be $10-$40, but many of their counterpart VAMs list for thousands of dollars each. Don't miss out. http://vamlink.com/ http://www.vamsandmore.com/ http://www.ashmore.com/ http://www.rcicoins.com/
It wouldn't hurt to have them appraised by a professional dealer, either. It helps to have someone experienced. As long as you are in no hurry to sell, you can take whatever information you get and look into it yourself. There are so many variables with coin values that are not on the pages of a book (although yes, that is the best start - you do need the books, now that you have the coins). Welcome to the forum, too!
Well I would get a Red-Book like Ed said but remember that the prices in that book are not always right. Its more of a guide book and since you said most of the coins were circulated I'd get Photograde. nesvt said to look for VAM but for the first few times going through the coins I wouldn't untill you get used to looking at them and grading them...I have never looked for VAMS and probably never will but that is just me--what ever floats the boat....and I'm not trying to put nesvt down I'm just giving the other side If you find a rare coin in BU do NOT hold it with your finger tips on the face of the coin...always hold the coin (BU or not) by the edge (or rim). Some Morgan dollars have been conterfeited so beware of that too. I saw a 1893-S yesterday in VG it had been cleaned (NEVER CLEAN A COIN) and it was marked $2,000.00. Hope you find sometihng good. Speedy
So I have to agree with Speedy (and disagree with myself? ). I'm new to Morgan collecting this year. I looked at some of my coins this week that I have already examined several times. I found more VAMs in my small collection. I'll probably look at them again in a few months and identify more. Some are worth ten times what I paid (as a variety). Yesterday someone offered me $300 for a VAM (I paid under $20 one week ago). You'll go bug-eyed if you start looking for VAMs on the first few passes. What I should have said is... I wouldn't sell the lot unless someone has checked for varieties. I'd hate to see you sell a coin for $10 that's worth $5,000.
nesvt I didn't mean for you to have to dissagree with yourself.... I think its great to look for things like that if you have the time and books. My library is small so when it comes to VAMS and things like that I know little and that is why I don't look for them. It sounds like you got a bargan on the Morgan...are you going to sell it?? Maybe someday I'll have to get the VAM book--I see ANA members get $10.00 off the list price...... Speedy
Good Pointers, but..... Is VAM something more than another grading system for coins? I note that some of you use the term almost as a substitution for the actual coins and this has me confused. Can someone give a layman's definition for VAM and, more importantly, give me a good reason to learn more about the topic. Thanks.
"VAM" is short hand for "Van Allen and Mallis" who have written one of the definitive works on Morgan dollar varieties. When someone refers to something being a VAM, they are referring to something being listed as a variety in this book. Of particular interest to most Morgan specialists are the "Top 100" VAMs, which are considered to be the most valuable and/or most desirable of all the varieties. The Top 100 are the subject of a book by Michael Fey and Jeff Oxman.
VAM for Morgans mean die variety types. Two guys, Leroy C. Van Allen and George Mallis (Van Allen & Mallis) put together the Comprehensive Catalog and Encyclopedia of Morgan & Peace Dollars. Hence the name of VAM for their namesakes was born as these two guys really had too much time on their hands. [Sorry to the numismatic community, but to examine some of these varieties that are not visible under 5X power doesn't excite me much!] As of 1997, the VAM text lists nearly 2,000 differant die combinations which is twice as much as those listed in 1971. You look hard enough and you might find your own VAM! An "S" mark within an "O" mint mark, a doubled-headed obverse with two complete sets of lips, chins and nose, a doubled eagle with doubled feathers are examples of VAM's. Some are worth more than others...
The advice to start with a Red Book is sound. You can find a new one at a coin shop or bookstore. Your local library may have an older one. Prices, per se, are mostly irrelevant. A 1902-O in Extremely Fine might be listed at $12 or $16 or whatever, but in any case you can see from the Red Book that the coin is not "rare" as many coins in the same grade will have the same price. However, a 1928-P (no Mint mark) Peace Dollar is rare, whether the nominal price in XF is $150 or $175 or whatever. Relative to other silver dollars, it stands out. The Red Book also gives guidelines for grading. They are only guidelines, but they do help. As for Van Allen and Mallis, that would be fine for your silver dollars, once you are comfortable with the Red Book. The Red Book does list some varieties such as the 1900-O-over-CC and the 1880-O "Hot Lips." A large collection for a new collector is both a lot of work and a lot of fun.
I was joking around. Just wanted to say that searching for VAMs can be endless and very time consuming.... but don't miss out. I spent hours looking at an 1878-P with a 10x loupe over a one month period. It had a double date and doubled stars, etc... but I had to give up (it was taking time from my full-time job). I couldn't match it in the books. Spent more time than it was worth. I posted a picture and had an answer within 30 seconds. Experience is key (and I'm still learning). No, I'm not going to sell any of mine. I'm more into the uniqueness of the varieties than the value of the coins. I'm trying to get different types of VAMs (double dates, triple stars, doubled eyes, die breaks, etc). About the 5x.... I just upgraded my 10x loupe for a 16x one. What are you saying? I think I may have to invest in an electron microscope. There are several on eBay. Here are some of my favorites.... 1921-P VAM-8 dot under wing 1882-O O/S VAM-3 O over S mint mark 1882-P VAM-1A dot on two in date 1886-P VAM-1B die gouge in designer's initial
