Well, I just got back from a visit to my old Uncle in poor health. He showed me his stacks of what I call numismatic bullion consisting of a bunch of proof coins and sets of Gold, Silver, Platinum American Eagles, all in boxes with COA. In addition to that fine collection of things, hes got some of the other stuff like a full proof set of JFK Silver Halfs from the whole time and some other what I call Commemorative stuff like, 2010 Boy Scouts of America Centennial proof Silver Dollar and Presidential Coin proof sets for various Presidents ( Filmore, Pierce, Buchanan, Lincoln).. It goes on and on. He's kind of lead me to believe he was just stacking metal, not all of them Proof sets, etc. I've made a list of it all, and want to get some basic wholesale numbers for estimating the value and give my Aunt some reasonable way to liquidate this stuff when its time. Of course, she has no knowledge of any of this other than getting some gifts over the years..Not that we need to sell the whole pile at one time either, but I just want to start getting the basic values together so we can see what to sell, and when to sell it if you know what I mean. I'm tempted to have her pack up a bag of it and go see some dealers, but I want to get prepared with the basics of what to expect in that kind of visit. I'd welcome your tips on best way to handle this.. Thanks again.
START by getting a copy of THIS book. It is excellent. https://www.amazon.com/Cash-Your-Coins-Selling-Inherited/dp/0794842380 Does it cover EVERYTHING? Maybe, maybe not. But it is ON TOPIC and covers about 95% of similar needs.
A thorough inventory is the first order of business. You can probably get a ballpark idea of worth from the inventory. If you take some to a dealer, they can give you an estimate only on what you present. Show them the inventory or do the work yourself online to get values. Then there is the tax angle. If there is a capital gain, then it might be best to hold the collection as an inheritance because the basis will become the value of the coins on the day the owner dies. If there is little or no gain or maybe a loss, selling now might be best. If there is a loss, there may be a tax deduction. The complicating factor is inheritance taxes. If the entire estate is large and subject to inheritance tax, then consult an accountant or lawyer for advice. Finally, the uncle should have a will and possibly a trust. Cal
With the info provided, the best you're going to get is generic answers. That said, aside from the more bullion-based material (if indeed the real deal), I fear much of the collection may be fairly cut and dry in regard to any actual mint products. If memory serves me, the Kennedy set shown is, unfortunately, one sold by one of the shyster outfits where you're not likely to get more than a small percentage of the original cost as a return. If you've already made a list of everything, simply start googling each to get an idea of (likely high) retail asking prices. While this may not help you directly, it should help to separate the very average from anything with more potential.
I like this POD-cast and text from Charles Morgan of CoinWeek that you might find relevant. http://coinweek.com/opinion/commentary/finding-ruth-thoughts-family-coin-collection/
Thank you. Thats a great example. Should I get a copy of the Blue Book? I'm pretty much just using spot price to value things until I get moving on selling some of it.
I would look at pricing on Provident Metals or JM Bullion for your silver, gold, platinum bullion. That will give you ball park of what that stuff sells to consumers for. Dealers would give you percentages of Spot pricing for those metals depending on the market.
Generally speaking, the blue book is a fine reference for those wishing to take advantage of others as opposed to paying reasonable wholesale for their individual market. As stated earlier, your best bet for now is to figure out what carries little to no premium above melt, and separate it from whatever does or may. Researching each individual piece of the collection is likely to garner you a greater return in the long run. Also, do be careful of any unsolicited offers to buy, including any that may come from this forum.
Years ago , I dealt with a small dealer in downtown Palm Springs, small shop but knowledgeable on older coins. There are several, including one that handles estates, in Palm Desert on 111, that I remember from a nearby show. But any of them is going to favor their side as natural, so have some idea of value before googling with your location Coin dealer palm springs, Coin Dealer Palm Desert, or even Riverside for more variety. If upper desert such as Victorville, etc. same idea. Jim
Thanks Guys.. thats a big help. I've got her list of treasures, now I have to figure it all out. (Years, Mintage, etc..)
