I am a real nubie to coins. The wife of a very close friend who recently passed away has asked for my help in valueing his collection. A couple of questions. 1. How does one find a dealer or other person to value coins that can be trusted. The range seems to vary widely based on grades and the assignment of grades seems somewhat arbitrary to me. 2. One 1955 S wheat penny that he had was sealed in a celuloid folder and looks like it may have come from the mint. It still has its original red copper color, has no tarnish at all on it. Uncirculated and no scratches. Can I call this a grade 68 or higher. How do I know. Sorry to be such a numbie but the value of the coins varies so widely based on appearance. Thanks Lamar
Most dealers will give you a free appraisal if it is a small collection. If it is larger or if you need a written appraisal (e.g., for estate or tax purposes) they will probably charge by the hour.
Welcome Lamar. Perhaps if you tell us what area you are in someone will know a reputable dealer that they can recommend. Odds of that 1955-S actually being MS68RD are incredibly remote, and even that that is an understatement.
most common grade for uncirculated 1955 s cent is ms66, so far only 1 ms68 have been graded by pgcs none by ngc.
Thanks for the quick responses from a couple of folks. I am located in Atlanta. As fo the 1955S penny, I was shocked to see it when I opened the envelope it was in, not the sealed one, even I know better than that. The coin looked exactly like it just came from the mint. Any additional help appreciated. Lamar
http://www.coingrading.com/gradems1.html MS68 General Rules: Marks: Nearly Perfect Coin Strike: Exceptionally Sharp Luster: Will be full and glow Eye Appeal: Exceptional MS66 General Rules: Marks: May be noticable, but very minor Strike: Well-Struck Luster: Above average Any toning should be appealing and only minimally affect luster Eye Appeal: Above Average Unless you really understand each of these four areas and have studied many-many examples in-hand I would say you cannot grade a coin accuratly to ANA or a reputible Third Party Grading (TPG) standard. The actual rules are much more specific and deal in detail to the different areas of the coin. I would say that based on the comments of the others on known grades by the two TPG's mentioned that it would be like winning the lottery if your example graded as high by a TPG. Hope this helps answer your question. Good luck with helping your friend. Best Regards Darryl
Hello Lamar, Someone here has to hook you up with a local dealer as stated and perhaps (if they have the time) meet you there. A dealer will most likely take you more seriously if you're with someone they know rather than "some guy off the street".
Lamar, I don't want to sound negative but unless there are some rare, Key Date, Semi-Key Date coins or exceptionally nice grade old Silver Dollars, Halfs, Quarters, Dimes, Half Dimes as well as Three Cent pieces, Two Cent Pieces, Buffalo and earlier Nickels, Early Lincoln and earlier Small and Large Cents, then an Appraisal may not be worth the cost! If you could give us an idea of what is in the Collection with Denominations, Dates and Mintmarks and a guess at the conditions, we might be able to determine if it is worth having the coins appraised. In the meantime, you might want to pick up a Redbook "a Guide to U.S. Coins" and a Coin Values Magazine from a local Book Store to get some idea of what the coins are worth. The Redbook even has a section on grades at the front of almost every Series and/or Denominations in the book which will tell what is needed (detail and condition) on a specific Series and Denomination of coin to make a certain grade. You can also wait until the next Georgia Numismatic Association Coin Show being held April 18-20, 2008 in Dalton. Some Coin Dealers there or Coin Grading Service Reps. might give you an idea as to what they are worth. Good luck! Frank
I would just add to tell your friend's wife not to be in a hurry and don't be anxious to sell unless there is a need for immediate cash. She should be careful about permitting the coins to leave her possession even when dealing with a "reputable" dealer [or even a lawyer]. It would be wise to make a list of every denomination, date and mintmark and an estimate of the grade. It might be sufficient to just start with uncirculated, circulated and heavily circulated categories. It's enormously difficult to liquidate a collection for close to full value unless you know a lot about coins and the coin market and use some sort of auction market to sell them. The Redbook is a good source of information to identify potentially rare and valuable coins, but don't expect to get the prices in the book if they are sold.
WELCOME TO THE EDUCATIONAL FORUM. Basically what huntsman53 said. To only add to this, keep far away from coin shops. In general they will give you a low, low price on everything hoping you will sell it to them. Also, any coin dealers anywhere. Once they sence you are not aware of coins values, most will low ball you as much as possible. I suggest you buy a Coin Book called The Red Book. Even if you find one a few years old, it will give you an idea of coin prices and values and grades. You may find one at a coin show, coin store, flea market or even a used book store. The latest is 2008 but a few years old is OK for general info. You could also find them on the Walmart web site for books at a really low price. You should sit down and attempt to document all the coins as to at least dates and type of coin. If nothing else you could look up approximate values on some coin web sites such as PCGS. They have a substantial price guide but is badly over valued. The main thing is to take your time and learn what is there.
I agree the red book would be the best place to start. Take your time and use it and if you are not sure of some of the coins you can always post them here under "What it Worth".
