Ohio Appraiser? Newbie...and...Very Sorry

Thank you for taking the time to open this thread. I know everyone that is well-versed in coins probably despise newbies and their questions...and again, I do apologize in advance....

My husband and I live in Cleveland. We need to find a coin appraiser and not sure how to go about it. My husband inherited LOTS of coins from his uncle and we do not want to sell them...I want to get proper insurance on them. My husband plans on having his godson inherit these coins (as we do not have any children...although we spent alot of $ of fertility doctors and treatments)...ok, sorry, just a little background. Anyways, anybody have a referral for Cleveland? Or tips on finding a reputable appraiser?

Thank you.
Janeen

 

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Welcome to Coin Talk!
We like "newbes"!!!

You might want to try a book store near you and pick up a "Red Book" in the Hobby area of the store.

The red book will give you a idea on prices but they are not always right so remember that.

Look in the phone book under coin dealers and see if there is any and they might be able to give you a ball park price on the value on the collection.
Most places will not insure coins as there are many out there...some other members will know more about that.


Hope this helps.
Speedy

 

Speedy...thanks for the quick reply! I appreciate it more than you know. I am always scared to post things in forums because usually there is such a click and the members do not take well to new people posting. Anyways...

That is very helpful information. My husband tried to look up some values today (he is VERY computer UNSKILLED..LOL) Then I tried...I could not believe the different values on a "for example" 1891 "O" silver dollar. The difference was absolutely unbelievable. Then I looked at pictures...the one we have is very silver and bright...however, the pictures on both sides either never had the definition of detail in the pictures...or they are wore out. However, We have several other silver dollars...different years...but 2 identical years...and they are very defined. Anyways, i guess I learned today the intricacies of coins...

In your opinion...when we find an appraiser...should we be present for the inventory and appraisal?

Thank you very much in advance.
Janeen

 

Janeen,

I'm pretty much a beginner, too, but you'll be welcome here.

Somebody will chime in tomorrow with advice about appraisers, I expect.

Meanwhile, I can tell you one thing: DON'T CLEAN THE COINS until you get some expert advice, and maybe not even then.

 

Janneen
Go ahead and post the photos...nobody is going to care at all...
I would ask a few dealers how much it would cost and how they would do the apperisal and then pick what one you want...the cheap one might not be the best one.
I think I know a dealer in the Cleveland OH area..I will cheak tomorrow.

Speedy

 

Thanks alot everyone! I feel very welcome here. I really do appreciate it. As for the appraisers, appraisals, etc. I have pretty much thought about everything that you all posted (and again, appreciate the posts!). I am just one of those people who have to research everything so "hopefully" we don't get burned. Unfortunately, I (we) have learned from being too nice and getting burned to the tune of $20,000 about 9 years ago. bummer. but you live and learn.

Even though my husband inherited all these coins...and I guess alot of them are old and rare (according to my husband)...I do not really anticipate retiring on it! LOL. Actually, before my husband's uncle died, his house was burglarized and most of the truly "rare" coins were stolen... ( We live right off the highway and every corner has a hotel...most of the hotels house conventions and the like. There was a coin convention a couple weeks ago and we were going to go, but we have never been to a convention that we were not invited to and were not really sure if we could attend. Probably would have been the perfect opportunity? I don't know.

Again, I want to get the coins insured. It is our intention to at least keep them in my husband's family.

You all are awesome! Thanks for taking the time.
Janeen

OH! Edited to say that I do not have a digital camera...so I cannot post pictures. Sorry. (I think we are 1 of 10 people left in the US! lol)

 

I knew if I hung around here long enough I might be able to return the favor on helping out.
On insurance, check with your insurance agent. Often times they have someone that does appraisals or know where to go or whom to talk to. I got 2 different appraisals and they both came very close to each other. I have a complete set of Walking Liberty halves, (except a 1946 DDR) it was worth insuring.
Also doing an inventory of what you have...type of coin and mint mark, will give you peace of mind. A picture of the coins will help...film camera will work, just so you and the appraiser know the same coins get back to you.
And they do make you feel welcome here, heck they even let me win a contest !
Gary

 

Hi Janeen!

I'm not sure about your area, but here in rural Indiana there are plenty of Auction houses. Almost all of these auctioneers have a coin appraiser at their disposal to handle estates with coins, which there are many. That's another option to consider.

For insurance, all I did was contact my agent and they just took out a rider policy for my collection. I was told that your standard home policy will only insure them for face value wheras a rider will insure them for their appraised value. Be prepared to pay more for the extra coverage though. My rider wasn't cheap.

 

My own opinion is that while it is entirely possible that you have some valuable coins, my guess is that most are probably not worth as much as you might think. I say this because if the previous owner were really into rare coins, many of these would be slabbed (graded) by professional companies, for example. I suspect this is a hoard/collection like many of us have. There might be a rarity tucked away, but don’t think that because a coin is 100 or 150 years old that it is “rare” or “valuable”. I only mention this so that you are realistic about it. It is possible that an appraiser may not even be the right placed to go. No need to pay someone $100 to tell you that you have $200 worth of coins.

I would recommend that you first try to find out what you have. Separate them by denomination, for example, and design type. You can ask lots of questions here after that.

Also, the price differences you see for each date are probably mainly in the upper grade categories. For these sorts of prices, the coins would have to be in new condition, and if they were, they would be in holders already. The uncle would not have thrown Mint condition coins in a box to roll around with others.

This could be a fun project, but take your time and proceed slowly, first to understand what the coins are, and then you can start splitting hairs on condition to determine accrual value.

And, has been said before – do not clean anything.

 

Janeen, u can try a book called "Photo Grade". Alot of pps use it, fairly accurately. Good Luck

 

Another start point might be a nearby investment firm. I use AGEdwards as my broker; when they learned I collect coins, they asked me if I wanted to do appraisals. I begged off since my knowledge and experience is restricted to only a few coin types, but they said they try to keep a list of several appraisers since often people use coin collections as investments and/or part of their portfolio.

I'll also agree with the other posts regarding most (but definitly not all) casual cigar box collections not being worth all that much, relatively speaking. I've done a few informal appraisals of these and had the sad task to inform the owners that most of their coins were barely above bullion value. Nevertheless, each coin must be individually surveyed; a one-in-a-thousand coin just might be in there.

 

One additional tip, wear gloves as you go through the coins. In the event that they are "raw" (i.e. not graded and put into a protective air tight container commonly referred to as a "slab") you do NOT want to get fingerprints on the coins. Fingerprints will damage a coin and can greatly reduce any potential value it may have.

P.S Welcome to the Forum! This forum is a rare gem itself. I am still a bit of a "newbie" myself, and have never run into any clique/snob issues. Just a bunch of great coin enthusiest here, who love to share the hobby and help it to grow.

 

Another thought, just to connect a couple dots suggested here: The Red Book and Photograde are good suggestions if you want to do an evaluation or preliminary ballpark evaluation yourself. You use Photograde to assess the condition, or grade, of each coin. Once you have determined a grade, you go to the Red Book and look up an approximate market value.

Beware that on some of the rarer coins slight deviations in condition can mean big differences in market value. Someone offering you money for a coin can undergrade it for its actual condition as well as underprice it for its actual condition. For example, if a MS-67 coin has a market value of $600, and a MS-65 coin has a market value of $400, a shifty buyer might tell you that your MS-67 coin is only a MS-65, but he is offering you the great price of $450, $50 over a MS-65's value. In reality he is paying you $150 less than the MS-67's value.

Complicating this is that published market value prices are just a guide. You also need to be aware of whether the prices are wholesale or retail. And, there is some subjectivity in grading.

So don't expect absolutes, but you can arm yourself with a lot of knowledge.

 

Janeen
Sorry I don't have a dealer there either...thought I did.

I agree with GDJMSP--try and find a coin club--since you had a coin show in your town more than likely there is a coin club...I also agree that many collections are not worth much...I know this may seems like we are all down on this type of collection but I would much rather tell you that it might not be wort much than to tell you it is worth a lot and then you find out I was wrong and feel bad.

I think that if you can find a club the members will be honest---ask the presidents and such...since they are voted in as preisdent they would more than likely be trusted by the other members.
I wish you could have gone to the coin show as there are alot of nice guys and gals there.

I still think you are going to have a hard time getting insurance on the coins...coins are not like cars and house...

Lawdogct made a good point but if the coins are circulated then your fingers won't hurt them...but if the coins are uncirculated then DON'T hold them any other way then by the edge or rim.

I agree with Bacchus...get the Red Book and Photograde...then make a list of the coins and put it in the "Whats It Worth" forum here at CT and maybe we can help you.

Speedy

 

One more thing: someone who offers you MS-65 money for a MS-67 coin isn't necessarily being "shifty"; it could easily be true that MS-65 is his honest opinion of the grade of the coin. Shifty is when he personally grades the coin as 67 but tells you it's only 65.

 

Having read all the posts to date, and can only say that if it were me, I would only pay attention to the one posted by MorganFred. It contained the best suggestion for what you ask for to begin with.
GDJMSP as well as janeen had some good info also. Some of the rest of the stuff, I wouldn't touch with a ten foot pole. Basicly it will boil down to your spending a small amount on an appraisal, conducted by an appraiser who knows you are not in the market to sell, and only want it for insurance purposes. A good insurance or investment company can surely provide such a person. Its a relatively small cost in comparasin to the value of the coins and peace of mind.

I wish you success with your appraisal.

 

I too hope in researching this collection you get Hooked and start adding to the collection for your self. I ordered What's call a grey sheet or a Coin Dealer Newsletter this would be a whole sale price list generally lower then magazines or the red book. it shows BID and ASK prices which meen buy and sell price and they offer as part of the subscription a national dealer listing that would help you locate a dealer in your area. weather they would be reputable or not I don't know but it will give you some leeds. Just a thought

 

I’m pretty much a coin newbie myself, so I understand. As a newbie, I recommend looking for The Red Book and a book or two on coin basics at the local public library. This will at least give you a little reference to help you understand what you are dealing with, and you might have a better understanding before you talk to an appraiser. And—like everyone else here hopes—maybe the more you learn about it, the more interesting it will become to you, and you’ll become a collector yourself. Coins are a great window on history, economics, even science.

Whatever the collection is worth now, it will surely be worth more if you or your husband take an interest in it and look for ways to add to it, improve it, make trades, and preserve it

 

I am also a coin n00b,and would highly suggest taking a month or so and educate yourself as much as possible before venturing out and puting all your trust in someone you've never met.